First Author:   Shyh-Wei Chen Department of Finance, Da-Yeh University shyhwei.chen@gmail.com   Changhua, Taiwan       Second Author: Mei-Rong Lin Department of Money and Banking, National Chengchi University meironglong@gmail.com   Taipei, Taiwan       Third Author: Chung-Hua Shen Department and Graduate Institute of Finance, National Taiwan University chshen01@ntu.edu.tw   Taipei, Taiwan