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5*
Analysis of Relationship between Stock Return, Trade Volume and
Volatility: Evidences from the Bankin Sector of !akistani "arket

S+a,ar -ussain .orresponding aut+or"
M!+il S/+olar( !a0istan Institute of 1e2elopment E/onomi/s
!o Bo3 No 1091 Islama4ad ))000( !a0istan
E-mail5 s+a,ar6afar7gmail./om

-assan Jamil
M!+il S/+olar( !a0istan Institute of 1e2elopment E/onomi/s
!o Bo3 No 1091 Islama4ad ))000( !a0istan
E-mail5 +assan,amilf/7gmail./om

Maa6Ja2ed
M!+il S/+olar( !a0istan Institute of 1e2elopment E/onomi/s
!o Bo3 No 1091 Islama4ad ))000( !a0istan
E-mail5 maa6,a2ed81$7pide.edu.p0

9a:ar ;+med
M!+il S/+olar( !a0istan Institute of 1e2elopment E/onomi/s
!o Bo3 No 1091 Islama4ad ))000( !a0istan

Abstract
<+is resear/+ is aim to in2estigate t+e relations+ip 4etween t+e sto/0 return( trade 2olume and 2olatilit= of t+e
!a0istani 4an0ing se/tor listed in t+e >ara/+i Sto/0 E3/+ange. <+e stud= is aimed to ta0e a sample period from
Jan 2012 to June 201). <+e estimation te/+ni:ues applied to /+e/0 t+e 2olatilit= 4= ;?.- and @;?.-. <o test
t+e relations+ip 4etween t+e sto/0 return( trading 2olume( t+e te/+ni:ue of &;? applied. <+e results s+ow t+e
/ausal relations+ip 4etween t+e sto/0 return and t+e trade 2olume. <+e 2arian/e e:uation of t+e @;?.- Model
s+ows t+e intera/tion 4etween t+e trading 2olume and sto/0 return. <+e results s+ow t+at pre2ious da= 2olume
+as signifi/ant effe/ts on t+e /urrent sto/0 return( it s+ows t+at t+e 4ot+ t+e last da=s return and 2olume +as
power to effe/t t+e /urrent returns.
#eywords: !a0istan Ban0ing Se/tor( &;?( ;?.--@;?.-( &olatilit=

$% &ntroduction
Sto/0 E3/+ange is a pla/e w+ere s+ares se/urities" of different /ompanies are 4oug+t and sold among different
in2estors. ;gents w+o are selling and 4u=ing t+ese s+ares are 0nown as in2estors. <+e sto/0 mar0et rea/ts
positi2el= or negati2el=" on t+e 4asis of t+e information t+at is /oming in and out from t+e mar0et. ;s a result of
t+is information( t+e trade 2olume in/reases in t+e mar0et w+i/+ de/reases t+e spreads as well as 2olatilit=.
&olatilit= is 4asi/all= a rate at w+i/+ t+e pri/e of a sto/0 mo2es up and down. %n t+e ot+er side( trading 2olume
is 4asi/all= t+e total :uantit= of t+e sto/0 s+are" 4oug+t and sold in t+e sto/0 mar0et 4= t+e in2estors. <+e
trading 2olume +as a 2er= important role in t+e sto/0 mar0et. Ma,orit= of in2estors 0eep a /lose e=e on it
4e/ause it is a 0ind of /lue for t+e uninformed in2estors from t+e informed in2estors t+at if t+ere is somet+ing
going to +appen in t+e sto/0s". Informed in2estors are t+ose in2estors w+i/+ +a2e some inside information
related to t+e sto/0s" w+i/+ +as not 4een spread a/ross t+e mar0et. ;s a result of t+is inside information( t+e
trade 2olume in/reases w+i/+ gi2es t+e signal to t+e ot+er in2estors t+at somet+ing is going to +appen in t+e
pri/es" of t+e sto/0s". Asuall= in2estors ta0e t+e unusual in/rease in t+e trade 2olume in a positi2e wa= w+i/+
in/reases t+eir e3pe/tations a4out t+e sto/0s". ;s a result( t+e in2estors rea/t to it w+i/+ in/reases t+e trade
2olume and t+us( influen/ed t+e sto/0 pri/es.
In !a0istan( resear/+ +as 4een /ondu/ted to find t+e relations+ip 4etween t+e trading 2olume( sto/0 pri/es and
returns in w+i/+ t+e= +a2e ta0en t+e manufa/turing se/tors t+at are registered at t+e >ara/+i Sto/0 E3/+ange. <o
fill t+e gap( t+is stud= anal=6e t+e relations+ip 4etween sto/0 return( trade 2olume and sto/0 2olatilit= of t+e
finan/ial se/tor of t+e >ara/+i Sto/0 E3/+ange in w+i/+ Ban0ing se/tor is 4eing fo/used in parti/ular. <+is
stud= is uni:ue in a wa= t+at it e3plores t+e relations+ip 4etween sto/0 return( trade 2olume and sto/0 2olatilit=
4= onl= fo/using on t+e single se/tor of t+e >ara/+i Sto/0 E3/+ange t+at is 4an0ing se/tor. Moreo2er( t+e time
period of data used in t+is stud= is t+e most re/ent w+i/+ would ma0e ena4le us to understand t+e re/ent
d=nami/s of t+ese relations+ips in t+e >ara/+i Sto/0 E3/+ange. Man= resear/+es +a2e 4een /ondu/ted in t+is
area in t+e de2eloped mar0ets of t+e world 4e/ause of t+eir +uge importan/e. !lent= of de2elopments and
e3tensi2e resear/+ in t+is area of stud= is still in progress. -owe2er( a 2er= limited resear/+ wor0 is a2aila4le to
European Journal of Business and Management www.iiste.org
ISSN 2222-1905 !aper" ISSN 2222-2#$9 %nline"
&ol.'( No.20( 201)

5#
anal=6e t+e relations+ip 4etween sto/0 return( trade 2olume and sto/0 2olatilit= wit+ referen/e to t+e !a0istani
sto/0 mar0et. <+e >ara/+i Sto/0 E3/+ange is t+e largest sto/0 e3/+ange of !a0istan and its performan/e is
usuall= ,udged 4= t+e >SE100 inde3.
<+e purpose of t+is stud= is to find and anal=6e t+e relations+ip 4etween sto/0 return( trade 2olume and sto/0
2olatilit= for t+e >ara/+i Sto/0 E3/+ange. <+e time frame of t+is stud= is from Jan 2012( to June 201). <+e
stud= will find t+e /ausal relations+ip 4etween trading 2olume and sto/0 returns as well as t+e sto/0 returns
2olatilit=.
<o re2eal t+e relations+ip 4etween t+e sto/0 return( trade 2olume and 2olatilit= on t+e 4an0ing se/tor of t+e >SE
following +=pot+esis will 4e tested.
-o15 <+ere is no signifi/ant relations+ip 4etween t+e sto/0 return and trade 2olume.
-o2 5 <+ere is no signifi/ant relations+ip 4etween t+e trade 2olume and 2olatilit=.
-o$ 5 <+ere is no /ausal relations+ip 4etween t+e sto/0 return and trade 2olume.
-o) 5 <+ere is no dependen/= of t+e sto/0 return and pre2ious trade 2olume.
-o5 5 <+ere is no dependen/= of t+e trade 2olume and t+e pre2ious da= return.
<+e finan/ial se/tor stud= will +elp towards understanding t+e 4e+a2ior of t+e finan/ial sto/0s. <+is stud= will
4e 4enefi/ial to t+e indi2idual in2estors in/luding e3isting as well as t+e perspe/ti2e in2estors for t+e
di2ersifi/ation. <+e resear/+er( 4an0ers and finan/ial anal=st will 4e 4enefited as well a/ademi/ians.
<+e future resear/+ /an 4e furt+er done in t+e 2arious se/tors /omparati2el= 4etween t+e ot+er se/tors as well
t+e 4= using 2arious ma/+ine 4ased met+ods to predi/t t+e relations+ip 4etween t+e sto/0 return ( trade 2olume
and 2olatilit= to 4enefit t+e perspe/ti2e as well t+e e3isting in2estors in t+e mar0et.
<+is stud= is organi6ed as follows. <+e literature re2iew dis/usses in t+e se/tion 2. 1ata and met+odologi/al
framewor0 dis/usses in t+e se/tion $. <+e empiri/al findings of t+is stud= dis/usses in t+e se/tion ). <+e se/tion
5 w+i/+ is t+e last se/tion of t+is stud= dis/usses t+e /on/lusion of t+e stud=.

'% (iterature Review
Earlier e3tensi2e studies +a2e 4een /ondu/ted to e3amine t+e relations+ip 4etween sto/0 return( trade 2olume
and 2olatilit=. <+e main fo/us of t+e studies on t+e sto/0 2olume and returns remained on t+e +=pot+esis t+e
latest news and effe/ts on t+e flows. If t+e in2estors in t+e mar0et are e3pe/ting good news( t+e sto/0 pri/es will
rise and if t+e= are e3pe/ting 4ad news( t+e sto/0 pri/es goes down and e:uili4rium sets on t+e new le2el of
information so t+at we /an measure t+e future 2olume form t+e past 2olatilit= as t+e= mo2e toget+er pro2ided
e2iden/e from t+e Bollersle2 and Ju4ins0i 1999". ;nd earlier studies 4ased on t+is +=pot+esis t+at is mi3ture of
1istri4ution M1-". ;not+er +=pot+esis is used 4= t+e Smirlo/0 and Star0s 19#5" and 1arrat et al. 200$" to
predi/t t+e /urrent 2olume and 2olatilit= relations+ip 4ased on t+e lagged 2alues of t+e 2olatilit=. <+is +=pot+esis
is 0nown as se:uential information arri2al +=pot+esis SI;-". ;//ording to SI;-" t+e traders donBt respond
e:uall= to an= information to ma0e t+e e3pe/tations w+i/+ tends to in/omplete e:uili4rium. ;ll traders in t+e
mar0et tend to respond on t+e signals of t+e information simultaneousl= w+i/+ ena4les to predi/t t+e 2olume
a//uratel=. B+ar and Mailairis 199#" e2iden/ed t+at t+e pri/e is t+e determinant of t+e 2olatilit= and also t+at
t+e /+ange t+at o//ur in t+e pri/e pro/ess e3plained t+e /+ange in t+e 2olatilit=. <+e relations+ip 4etween pri/es
and 2olatilit= also e3plained 4= t+e Suominen 2001" t+at suggest t+at t+e pri/e /+anges are not enoug+ to
predi/t t+e 2olatilit= as well as t+e information t+at affe/ts t+e trade 2olume( is also re:uired. Mustafa and Nis+at
200#" +as also e3plained ot+er fa/tors t+at affe/t t+e 2olatilit= and 2olume ot+er t+an t+e information t+at are
s+ort selling and ma,orl= 4= t+e inside trading 4= t+e pla=ers.
Man= Studies used t+e ;?.- and @;?.- to test t+e /onditional 2olatilit= in returns effe/ted 4= t+e trading
2olume as well t+e pre2ious da= trading +as signifi/ant effe/t t+e /urrent mar0et returns as e2iden/e t+roug+ t+e
studies earlier in/luding t+e Camoureu3 and Castrapes 1990"( Mu4ari0 and Ja2ed 2009"( >won and Sun 2009"
and <issaoui and ;loui 201)". <+e a//ura/= is 55D measured 4= t+e pre2ious da= data to predi/t t+e sto/0
pri/es 4= t+e >won and Sun 2009". Ani2ariate ;?.- models to measure t+e ma,or fa/tors t+at /ontri4ute
towards t+e sto/0 returns also t+e trading 2olume 4ot+ in /ase of se:uential or instantaneous flow as suggested
4= t+e <issaoui and ;loui 201)". <+e findings of t+e a4o2e literature /omprises of t+e pre2ious da= return +as
t+e e3planator= power of t+e trade 2olume and pre2ious da= 2olume to sto/0 return in /ase of indi2idual sto/0.
;lso t+ere is lagged relations+ip 4etween t+e sto/0 return and trade 2olume and t+e /reden/e of t+e signifi/ant
relations+ip 4etween t+e trading 2olume and 2olatilit=.

)%*ata and "ethodoloy
<+e main 2aria4les of our resear/+ are sto/0 returns( trading 2olume and 2olatilit=. 9e too0 t+edail= data of
sto/0 returns /losing pri/es" and trading 2olume of all listed 4an0s in >ara/+i sto/0 e3/+ange. <+e data ta0en
on dail= 4asis for t+e period Jan 2012 to June 201)( t+e most re/ent period to /+e/0 t+e re/ent trend in t+e
!a0istani mar0et. 1ata sour/e is >SE >ara/+i Sto/0 E3/+ange".
<+e return is ta0en as log first differen/e of /losing pri/e of sto/0s at ea/+ da=. Sto/0 return is +ow mu/+ =ou
European Journal of Business and Management www.iiste.org
ISSN 2222-1905 !aper" ISSN 2222-2#$9 %nline"
&ol.'( No.20( 201)

59
gain 4= trading t+e sto/0.
?t E ln!t" F ln!t-1"
9+ere ?t is t+e sto/0 return at t time( ln!t" is t+e log of t+e /urrent da= pri/e and ln!t-1" is log of pre2ious da=
pri/e.
<+e trading 2olume is ta0en as log of dail= turno2er of ea/+ sto/0. <+e trade 2olume +ig+ lig+ts t+e li:uidit= of
sto/0s and +ow mu/+ trade is done in terms of s+ares in a da=. I will ta0e dail= turno2er of 4an0s.
&t E ln &it"
9+ere &t is mar0et return at time t" and ln &it"is t+e log of indi2idual sto/0 i" return at t" time
Gor stationarit= of t+e time series data( ;1G ;ugmented 1i/0e= Guller" test used.<o /+e/0 t+e auto /orrelation
4etween t+e sto/0 return and trade 2olume t+e 1ur4on 9atson test will 4e applied on t+e residuals.
&;? &e/tor ;utoregressi2e model" used to /apture t+e linear interdependen/ies among t+e time series data of
4etween sto/0 return and trade 2olume.
<o test t+e /ausal relations+ip Engle @ranger /ausalit= test t+at will re2eal w+eat+er t+e sto/0 returns is useful in
fore/asting t+e 2olume or ot+erwise.
;nd 2olatilit= defines t+e flu/tuations in t+e sto/0 t+at +ow mu/+ /+anges o//urred in t+e sto/0 during a
parti/ular period of time. If t+e 2olatilit= is +ig+ in t+e sto/0 in2estors a2oid trading in t+e sto/0. -ig+ 2olatilit=
of sto/0 /onsidered to 4e ris0=. <o test t+e relations+ip 4etween sto/0 return and 2olatilit= we will use ;?.-
and @;?.- model as suggested 4= t+e earlier studies as well t+e re/ent literature as e2iden/ed t+e Mu4ari0 and
Ja2ed 2009" and ;l-Jafari and <liti 201$".

+% Results and *iscussion
&;? s+ows following results t+at depi/ts t+ere is a positi2e relations+ip 4etween trading 2olume and sto/0
returns. Summar= statisti/s is gi2en in <a4le 01.
;//ording to t+e ta4le all /oeffi/ient 2alues are positi2e w+i/+ s+ows t+e positi2e relation 4etween sto/0 return
and trading 2olume. Cag lengt+ /riteria is sele/ted 4= S. S/+war6 information /riterion" w+i/+ suggest t+ree
lags and &;? of order fi2e is estimated. Gor /ausalit= test @?;N@E? /ausalit= test is done and 4= t+is t+e null
and alternati2e +=pot+esis for two /ases is tested. <+e @?;N@E? /ausalit= test results s+own in <a4le 02.<+at
pre2ious return +as a signifi/ant and a positi2e impa/t on toda=Bs 2olume 4ut pre2ious 2olume +as not a
signifi/ant impa/t on toda=Bs return.<+e /ausal relations+ip s+ows t+at t+e stronger impa/t of sto/0 returns to
2olume rat+er t+an 2olume to returns.
?esults indi/ate t+at t+e trading 2olume is not /ausing t+e sto/0 returns 4ut it is t+e sto/0 return w+i/+ /auses t+e
trading 2olume in finan/ial se/tor. In first /ase alternati2e +=pot+esis is not a//epted and in t+e se/ond we
re,e/ted null +=pot+esis so t+e result s+ows t+at /ausation is from sto/0 returns to trading 2olume.
<+e ne3t we applied @;?.- 1(1" and t+e results are as follows
.onditional mean E:uation5
1ependent &aria4le5 1S?
Met+od5 MC - ;?.- Mar:uardt" - Normal distri4ution
In/luded o4ser2ations5 '1* after ad,ustments
.on2ergen/e a/+ie2ed after 1* iterations
!resample 2arian/e5 4a/0/ast parameter E 0.*"
@;?.- E .)" H .5"I?ESI1-1"J2 H .'"I@;?.--1" H .*"I1<&-1"
&aria4le .oeffi/ient Std. Error 6-Statisti/ !ro4.
. 0.000990 0.00050' 1.95'15' 0.050)
1S?-1" 0.1#2*10 0.052$)9 $.)902'# 0.0005
1<&-1" -0.001)15 0.0009#1 -1.))2)*1 0.1)92

.onditional 2arian/e E:uation5
. 1.1)E-05 $.)5E-0' $.$0'0$# 0.0009
?ESI1-1"J2 0.19*0#2 0.0)$51* ).52###' 0.0000
@;?.--1" 0.*)115$ 0.050'9) 1).'202' 0.0000
1<&-1" -*.#*E-0' 1.0$E-05 -0.*'2'#1 0.))5*
?-s:uared 0.0)0'5) Mean dependent 2ar 0.0011#1
;d,usted ?-s:uared 0.0$'5*1 S.1. dependent 2ar 0.012'''
S.E. of regression 0.012)$2 ;0ai0e info /riterion -'.0')0$'
Sum s:uared resid 0.0*2')$ S/+war6 /riterion -'.002)#5
1ur4in-9atson stat 1.9))'#)

;//ording to t+e /onditional mean e:uation tells us t+at returns are determined positi2e and signifi/ant as t+e p-
European Journal of Business and Management www.iiste.org
ISSN 2222-1905 !aper" ISSN 2222-2#$9 %nline"
&ol.'( No.20( 201)

'0
2alue of 1S? -1" is 0.0005 and t+e /oeffi/ient 2alue is 0.1#2*10 4= past returns +owe2er past 2olume does not
affe/t t+e returns 4e/ause t+e trading 2olume determined negati2e and insignifi/ant as t+e p-2alue is 0.1)92 and
t+e /oeffi/ient is -0.001)15.
.onditional 2arian/e e:uation s+ows t+at 2olatilit= is determined error s:uare and t+e pre2ious 2olatilit= as
;?.- K @;?.- are signifi/ant and positi2e 4ut t+e 2olume is negati2e and insignifi/ant. <+e 1ur4in-9atson
stat 2alue is 1.9))'#) w+i/+ is near to two and s+ows t+at t+ere is no pro4lem of auto/orrelation.<+e results
s+ow 4= t+e ;?.--@;?.- Model t+at t+ere is signifi/an/e relations+ip of intera/tion 4etween t+e 2olume and
2olatilit=. %ur findings and results are supported 4= t+e earlier wor0s done in t+e same /onte3t 4= t+e Mustafa
and Nis+at 200'" and Mu4ari0 and L.Ja2ed 2009" for t+e >ara/+i Sto/0 E3/+ange in t+e !a0istan.

,% -onclusion
<+e stud= /ondu/ted on t+e >ara/+i Sto/0 E3/+ange 100 inde3 on t+e w+ole Ban0ing Industr= form t+e Jan2012
to June 201) to anal=6e t+e relations+ip 4etween sto/0 return( 2olume and 2olatilit=. <+e results s+ow t+at
pre2ious da= 2olume +as signifi/ant effe/ts on t+e /urrent sto/0 return( it s+ows t+at t+e 4ot+ t+e last da=s return
and 2olume +as power to effe/t t+e /urrent returns. <+e /ausal relations+ip s+ows t+at t+e stronger impa/t of
sto/0 returns to 2olume rat+er t+an 2olume to returns. <+e results s+ow 4= t+e ;?.--@;?.- Model t+at t+ere
is signifi/an/e relations+ip of intera/tion 4etween t+e 2olume and 2olatilit=. %ur findings and results are
supported 4= t+e earlier wor0s done in t+e same /onte3t 4= t+e Mustafa and Nis+at 200'" and Mu4ari0 and
L.Ja2ed 2009" for t+e >ara/+i Sto/0 E3/+ange in t+e !a0istan.

References
Mu4ari0( Gau6ia. and Ja2ed( ;tti=a L. 2009"(B?elations+ip 4etween Sto/0 ?eturn( <rading &olume and
&olatilit=5 E2iden/e from !a0istani Sto/0 Mar0etB( Asia Pacific Journal of Finance and Banking Research, &ol.
$( No. $.
Bar/la=( M.J. and -enders+ott( <.( 200$"( M!ri/e 1is/o2er= and <rading ;fter -oursB The Review of Financial
Studies, &ol.1' )"( 10)1-10*$.
B+ar( ?. and Malliaris( ;. @.( 199#"( M&olume and &olatilit= in Goreign .urren/= Guture Mar0etsB( Review of
Quantitative Finance and Accounting, &ol.10( pp. 2#5-$02.
Bollersle2( J. and Ju4ins0i(1.( 1999"( ME:uit= trading &olume and &olatilit=( Catent Information ;rri2als and
.ommon Cong ?un 1ependen/iesB( Journal of Business and Econoic Statistics,&ol.1* 1"( 9-21.
Suominen( M.( 2001"( M<rading &olume and Information ?e2elation in Sto/0 Mar0etsB( The Journal of
Financial and Quantitative Anal!sis, &ol.$' )"( 5)5-5'5.
Mustafa( >. and Nis+at( M.( 200#"(B<rading &olume and Serial .orrelation in Sto/0 ?eturns in in !a0istanB(
Phili""ine Review of Econoics, &ol.)5 2".
Camoureu3( ..@. and Castrapes( 9.1.( 1990"( M-eteros0edasti/it= in sto/0 ?eturn 1ata5 &olume 2ersus
@;?.- Effe/tsB( The Journal of Finance, &ol. )5(221-2$0.
>won( L. >.( K Sun( -. 1. 2011( ;ugust". ; +=4rid s=stem integrating a pie/ewise linear representation and a
neural networ0 for sto/0 predi/tion.In Strategic Technolog! #$F%ST&, '()) *th $nternational Foru on &ol. 2(
pp. *9'-*99".IEEE.
@am6o( ?. ;. 201)". Algorithic trading, arket efficienc! and the oentu effect 1o/toral dissertation".
;l-Jafari( M. >.( K<liti( ;. 201$". ;n empiri/al in2estigation of t+e relations+ip 4etween sto/0 return and
trading 2olume5 E2iden/e from t+e Jordanian 4an0ing se/tor. Journal of A""lied Finance + Banking( ,$"( )5-
').
<issaoui( >.( K;loui( .. 201)". !u4li/ and pri2ate information5 Cessons from t+e emerging <unisian sto/0
mar0et. $nternational Journal of -anageent Science and Engineering -anageent( a+ead-of-print"( 1-$0.
Sind+u( M. I.( K9aris( G. 201)". %2er/onfiden/e and turno2er5 E2iden/e from t+e >ara/+i Sto/0
E3/+ange. Euro"ean Journal of Business and -anageent(**"( 12#-1$5.
European Journal of Business and Management www.iiste.org
ISSN 2222-1905 !aper" ISSN 2222-2#$9 %nline"
&ol.'( No.20( 201)

'1
Table.$ VAR Summary Statists
1<&-1" -0.$*01$* -0.000)10
0.0)5#)" 0.00119"
N-#.0*)92O N-0.$))*5O
1<&-2" -0.22191' 0.000)$*
0.0)5#)" 0.00119"
N-).#)10$O N 0.$'*55O
1S?-1" 5.#*11*5 0.2002))
1.#12#0" 0.0)'99"
N $.2$#*)O N ).2'115O
1S?-2" -1.$**'1* 0.05)5*'
1.#11)*" 0.0)'9'"
N-0.*'050O N 1.1'221O
. -0.00$20) 0.000##$
0.0222$" 0.0005#"
N-0.1))12O N 1.5$1')O

Table .'@ranger .ausalit= <est
Null -=pot+esis5 %4s G-Statisti/ !ro4.
1<& does not @ranger .ause 1S? '15 0.$*0)) 0.**))
1S? does not @ranger .ause 1<& ).'5$2) 0.00$2

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There are more than 30 peer-reviewed academic journals hosted under the hosting
platform.
Prospective authors of journals can find the submission instruction on the
following page: http://www.iiste.org/journals/ All the journals articles are available
online to the readers all over the world without financial, legal, or technical barriers
other than those inseparable from gaining access to the internet itself. Paper version
of the journals is also available upon request of readers and authors.

MORE RESOURCES
Book publication information: http://www.iiste.org/book/

IISTE Knowledge Sharing Partners
EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open
Archives Harvester, Bielefeld Academic Search Engine, Elektronische
Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial
Library , NewJour, Google Scholar


Business, Economics, Finance and Management Journals PAPER SUBMISSION EMAIL
European Journal of Business and Management EJBM@iiste.org
Research Journal of Finance and Accounting RJFA@iiste.org
Journal of Economics and Sustainable Development JESD@iiste.org
Information and Knowledge Management IKM@iiste.org
Journal of Developing Country Studies DCS@iiste.org
Industrial Engineering Letters IEL@iiste.org
Physical Sciences, Mathematics and Chemistry Journals PAPER SUBMISSION EMAIL
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Chemistry and Materials Research CMR@iiste.org
Journal of Mathematical Theory and Modeling MTM@iiste.org
Advances in Physics Theories and Applications APTA@iiste.org
Chemical and Process Engineering Research CPER@iiste.org
Engineering, Technology and Systems Journals PAPER SUBMISSION EMAIL
Computer Engineering and Intelligent Systems CEIS@iiste.org
Innovative Systems Design and Engineering ISDE@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Information and Knowledge Management IKM@iiste.org
Journal of Control Theory and Informatics CTI@iiste.org
Journal of Information Engineering and Applications JIEA@iiste.org
Industrial Engineering Letters IEL@iiste.org
Journal of Network and Complex Systems NCS@iiste.org
Environment, Civil, Materials Sciences Journals PAPER SUBMISSION EMAIL
Journal of Environment and Earth Science JEES@iiste.org
Journal of Civil and Environmental Research CER@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Life Science, Food and Medical Sciences PAPER SUBMISSION EMAIL
Advances in Life Science and Technology ALST@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Biology, Agriculture and Healthcare JBAH@iiste.org
Journal of Food Science and Quality Management FSQM@iiste.org
Journal of Chemistry and Materials Research CMR@iiste.org
Education, and other Social Sciences PAPER SUBMISSION EMAIL
Journal of Education and Practice JEP@iiste.org
Journal of Law, Policy and Globalization JLPG@iiste.org
Journal of New Media and Mass Communication NMMC@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Historical Research Letter HRL@iiste.org
Public Policy and Administration Research PPAR@iiste.org
International Affairs and Global Strategy IAGS@iiste.org
Research on Humanities and Social Sciences RHSS@iiste.org
Journal of Developing Country Studies DCS@iiste.org
Journal of Arts and Design Studies ADS@iiste.org