[1] Univ Calif Santa Barbara, Dept Econ, IZA, Santa Barbara, CA 93106 USA
[2] NBER, Cambridge, MA 02138 USA
[3] Hunan Univ, Sch Econ & Trade, Changsha, Peoples R China
[4] Hunan Univ, Ctr Econ Finance & Management Studies, Changsha, Peoples R China
[5] Chinese Univ Hong Kong, Sch Management & Econ, Shenzhen, Peoples R China
[6] Shenzhen Finance Inst, Shenzhen, Peoples R China