First Author:   Gong Liutang Guanghua School of Management,Peking University ltgong@gsm.pku.edu.cn   Guanghua School of Management,Peking University, Beijing, 100871, China Beijing, 100871, China   (8610) 6275-7768(Phone) (8610) 6275-7768(Fax) Second Author: Zhu Shenghao Department of Economics, New York University sz463@nyu.edu   Department of Economics, New York University, New York, 10011, USA New York, 10011, USA