Institution: | 1. School of Economics, University of Nottingham, University Park, Nottingham, Notts., NG7 2RD, UK.e‐mail:arijit.mukherjee@nottingham.ac.uk;2. Research Institute for Economics & Business, Kobe University, Kobe 657‐8501, Japan.e‐mail:zhao@rieb.kobe‐u.ac.jp |