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- Published online January 14, 2020.
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- †Wenchao Li is an assistant professor of economics at School of Business and Management, Shanghai International Studies University; email: wenchao{at}shisu.edu.cn.
- ‡Changcheng Song is an assistant professor of finance at Lee Kong Chian School of Business, Singapore Management University; email: ccsong{at}smu.edu.sg.
- §Shu Xu is a professor of economics at School of Economics, Southwestern University of Finance and Economics; email: xushu{at}swufe.edu.cn.
- ¶Junjian Yi is an assistant professor of economics at Department of Economics, National University of Singapore; email: junjian{at}nus.edu.sg.