[1] Asia Univ, Dept Finance, Taichung 41354, Taiwan
[2] Univ Sydney, Business Sch, Discipline Business Analyt, Sydney, NSW 2006, Australia
[3] Erasmus Univ, Erasmus Sch Econ, Econometr Inst, NL-3062 Rotterdam, Netherlands
[4] Univ Complutense Madrid, Dept Econ Anal & ICAE, Madrid 28040, Spain
[5] Yokohama Natl Univ, Inst Adv Sci, Yokohama, Kanagawa 2408501, Japan