[1] Natl Kaohsiung Univ Sci & Technol, Dept Risk Management & Insurance, Kaohsiung, Taiwan
[2] Univ N Carolina, Dept Finance, Charlotte, NC 28262 USA
[3] Natl Univ Mongolia, Dept Finance, Ulaanbaatar, Mongolia
[4] Brigham Young Univ, Southwestern Univ Finance & Econ, Dept Econ, Chengdu, Peoples R China
[5] Feng Chia Univ, Dept Risk Management & Insurance, Taichung, Taiwan