Haoyuan Ding School of International Business Administration, Shanghai University of Finance and Economics   Institute of Global Economics and Finance The Chinese University of Hong Kong Shatin, N.T., , Hong Kong   ding.haoyuan@mail.shufe.edu.cn   http://www.cuhk.edu.hk/eco/staff/tlchong/tlchong3.htm           JEL Areas: C1 : Econometric and Statistical Methods: General G1 : General Financial Markets: General (includes Measurement and Data)