Zhejiang University of Science and Technology, Zhejiang University of Science and Technology, Zhejiang University of Science and Technology, Zhejiang University of Science and Technology, Zhejiang University of Science and Technology, Zhejiang University of Science and Technology, South China University of Technology, Zhejiang University of Science and Technology, Zhejiang University of Science and Technology, School of Economics &Management, affiliation not provided to SSRN, affiliation not provided to SSRN, Nanjing University and The Education University of Hong Kong