Rongxi Zhou, Xiuguo Wang, Xuefan Dong, Ze Zong 1, first School of Economics and Management, Beijing University of Chemical Technology, Beijing 100029, China, zhourx@buct.edu.cn 2 School of Banking and Finance, University of New South Wales, Sydney, NSW 2052, Australia, zhourx@buct.edu.cn School of Applied Mathematics, Central University of Finance and Economics, Beijing 100081, China 4, Corresponding Author School of Business, University of Nottingham Ningbo China, Ningbo 315100, China 5, School of Economics and Management, Beijing University of Chemical Technology, Beijing 100029, China