Editorial Board 　 Co-Editors: Rong Chen Rutgers University, Piscataway Su-Yun Huang Academia Sinica, Taipei Xiaotong Shen University of Minnesota, Minneapolis 　 Associate Editors: Makoto Aoshima University of Tsukuba, Tsukuba Raymond J. Carroll Texas A&M University, College Station Ngai Hang Chan The Chinese University of Hong Kong, Hong Kong Jinyuan Chang Southwestern University of Finance and Economics, Chengdu Kani Chen Hong Kong University of Science and Technology, Hong Kong Kehui Chen University of Pittsburgh, Pittsburgh Ray-Bing Chen National Cheng Kung University, Tainan Xiaohui Chen University of Illinois at Urbana-Champaign, Urbana-Champaign Yi-Hau Chen Academia Sinica, Taipei Ying Chen National University of Singapore, Singapore Yuguo Chen University of Illinois at Urbana-Champaign, Urbana-Champaign Ke Deng Tsinghua University, Beijing Xinwei Deng Virginia Tech, Blacksburg Hani Doss University of Florida, Gainesville Yang Feng New York University, New York Wenjiang Fu University of Houston, Houston Anil K. Ghosh Indian Statistical Institute, Kolkata Subhashis Ghoshal NC State University, Raleigh Lajos Horvath University of Utah, Salt Lake City Inchi Hu Hong Kong University of Science and Technology, Hong Kong Yen-Tsung Huang Academia Sinica, Taipei Hung Hung National Taiwan University, Taipei Ching-Kang Ing National Tsing Hua University, Hsinchu Hui Jiang University of Michigan, Ann Arbor Jiancheng Jiang University of North Carolina at Charlotte, Charlotte Jiming Jiang University of California, Davis Jiashun Jin  Carnegie Mellon University, Pittsburgh Zhezhen Jin Columbia University, New York Takafumi Kanamori Tokyo Institute of Technology, Tokyo Kengo Kato University of Tokyo, Tokyo Jae Kwang Kim Iowa State University, Ames Yongdai Kim Seoul National University, Seoul Alois Kneip University of Bonn, Bonn Michael Levine Purdue University, West Lafayette Guodong Li University of Hong Kong, Hong Kong Hongzhe Li University of Pennsylvania, Philadelphia Dennis K. J. Lin Purdue University, West Lafayette Shiqing Ling Hong Kong University of Science and Technology, Hong Kong Po-Ling Loh University of Wisconsin-Madison, Madison Wenbin Lu North Carolina State University, Raleigh Shujie Ma University of California, Riverside David S. Matteson Cornell University, Ithaca Yajun Mei Georgia Institute of Technology, Atlanta Yang Ning Cornell University, Ithaca Changyi Park Seoul National University, Seoul Chien-Yu Peng        Academia Sinica, Taipei Annie Qu University of California, Irvine Yiyuan She Florida State University, Tallahassee Weining Shen University of California, Irvine Jian Shi Chinese Academy of Sciences, Beijing John Stufken University of North Carolina at Greensboro, Greensboro Zhiqiang Tan Rutgers University, Piscataway Boxin Tang Simon Fraser University, Burnaby Cheng Yong Tang Temple University, Philadelphia Masanobu Taniguchi Waseda University, Tokyo Jung-Ying Tzeng North Carolina State University, Raleigh Hansheng Wang Peking University, Beijing Junhui Wang City University of Hong Kong, Hong Kong Peng Wang University Of Cincinnati, Cincinnati Sijian Wang Rutgers University, Piscataway Suojin Wang Texas A&M University, College Station Yichao Wu North Carolina State University, Raleigh Han Xiao Rutgers University, Piscataway Gongjun Xu University of Michigan, Ann Arbor Lan Xue Oregon State University, Corvallis Dan Yang University of Hong Kong, Hong Kong Lijian Yang Tsinghua University, Beijing Min Yang University of Illinois at Chicago, Chicago Fang Yao Peking University, Beijing Tso-Jung Yen Academia Sinica, Taipei Shinsheng Yuan Academia Sinica, Taipei Donglin Zeng University of North Carolina at Chapel Hill, Chapel Hill Emma Jingfei Zhang University of Miami, Coral Gables Ting Zhang Boston University, Boston Xin Zhang Florida State University, Tallahassee Zhengjun Zhang University of Wisconsin-Madison, Madison Shurong Zheng Northeast Normal University, Changchun Xinghua Zheng Hong Kong University of Science and Technology, Hong Kong Wenxuan Zhong University of Georgia, Athens Shuheng Zhou University of California, Riverside Hongtu Zhu University of North Carolina at Chapel Hill, Chapel Hill Ji Zhu University of Michigan, Ann Arbor Lixing Zhu Hong Kong Baptist University, Hong Kong Hui Zou University of Minnesota, Minneapolis Jian Zou Worcester Polytechnic Institute, Worcester   Managing Editor: Shin-Sheng Yuan Academia Sinica, Taipei 　 Past Editors: George C. Tiao University of Chicago, Chicago (1991-1993) Chien-Fu Jeff Wu The Georgia Institute of Technology, Atlanta (1993-1996) Ching-Shui Cheng Academia Sinica, Taipei (1996-1999) Ker-Chau Li Academia Sinica, Taipei (1999-2002) Yi-Ching Yao Academia Sinica, Taipei (1999-2002) Hwai-Chung Ho Academia Sinica, Taipei (2002-2005) Jane-Ling Wang University of California, Davis (2002-2005) Michelle Liou Academia Sinica, Taipei (2005-2008) Xiao-Li Meng Harvard University, Cambridge (2005-2008) Peter Hall The University of Melbourne, Melbourne (2008-2011) Jing-Shiang Hwang Academia Sinica, Taipei (2008-2011) Kung-Yee Liang The Johns Hopkins University, Baltimore (2008-2011) Jeng-Min Chiou Academia Sinica, Taipei (2011-2014) Naisyin Wang University of Michigan, Ann Arbor (2011-2014) Qiwei Yao London School of Economics, London (2011-2014) Hsin-Cheng Huang Academia Sinica, Taipei (2014-2017) Ruey S. Tsay The University of Chicago Booth School of Business, Chicago (2014-2017) Zhiliang Ying Columbia University, New York (2014-2017) Yuan-chin Ivan Chang Academia Sinica, Taipei (2017-2020) Hans-Georg Müller University of California, Davis (2017-2020) Yazhen Wang University of Wisconsin-Madison, Madison (2017-2020) 　 Past Consulting Editor: John Gurland University of Wisconsin-Madison, Madison (1991-1998) Nils Donald Ylvisaker University of California, Los Angeles (1998-2019) 　 Editorial Assistants: Vicky Ho Academia Sinica, Taipei     Yuvia Hsiang Academia Sinica, Taipei