1. National University of Singapore, Singapore 119077;
2. Asian Bureau of Finance and Economic Research, Singapore 117592;
3. Columbia Business School, Columbia University, New York, New York 10027;
4. Cheung Kong Graduate School of Business, Beijing 100006, China;
5. National Bureau of Economic Research, Cambridge, Massachusetts 02138;
6. School of Finance, Shanghai University of Finance and Economics, Shanghai, China 200437;
7. Shanghai Institute of International Finance and Economics, Shanghai 200433, China