First Author:   Kosuke Hirose Graduate School of Economics, The University of Tokyo h-kosuke@g.ecc.u-tokyo.ac.jp   #202 (Matsuoka B) 5-27-5, Hongo Bunkyo(-ku), 113-0033, Japan       Second Author: Sang-ho Lee College of Business Administration, Chonnam National University sangho@chonnam.ac.kr         Third Author: Toshihiro Matsumura Institute of Social Science, The University of Tokyo matsumur@iss.u-tokyo.ac.jp