[1] Columbia Univ, Dept Econ, New York, NY 10027 USA
[2] Nankai Univ, Sch Finance, Tianjin, Peoples R China
[3] Princeton Univ, Dept Operat Res & Financial Engn, Princeton, NJ 08544 USA
[4] Princeton Univ, Bendheim Ctr Finance, Princeton, NJ 08544 USA
[5] Fudan Univ, Sch Data Sci, Shanghai, Peoples R China
[6] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA