First Author:   Tsangyao Chang Department of Finance, Feng Chia University, Taichung, Taiwan tychang@fcu.edu.tw   Department of Finance, Feng Chia University Taichung, 40724, Taiwan       Second Author: Yang-Cheng Lu Department of Finance, Ming Chuan University, Taipei. Taiwan yclu@mcu.edu.tw   Department of Finance, Ming Chuan University, Taipei, Taiwan