This working paper is preliminary and is distributed by the Centre for Corporate Governance and Financial Policy (CCGFP) of Hong Kong Baptist University (HKBU) with the sole purpose of generating academic discussion and for soliciting comments. The views expressed in this working paper are those of the author(s) and do not necessarily reflect the views of CCGFP or HKBU. It is distributed with the understanding that CCGFP, HKBU, or their office bearers, or any of their representatives are not responsible for the results of any actions taken on the basis of the research reported in this working paper nor for any errors or omissions.