Role of the Fiis in the Development of the Indian Stock Market: an Econometric Analysis

Journal of Economics, Management and Trade

20(1): 1-14, 2017; Article no.JEMT.38090 ISSN: 2456-9216 (Past name: British Journal of Economics, Management & Trade, Past ISSN: 2278-098X)

Role of the FIIs in the Development of the Indian Stock Market: An Econometric Analysis

Harshit Agarwal1* and Rashi Agarwal2

1Department of Economics and Finance, Portsmouth Business School, University of Portsmouth, University House, Winston Churchill Ave, Portsmouth PO1 2UP, United Kingdom. 2Department of Finance and Economics, Southampton Business School, University of Southampton, University Rd, Southampton SO17 1BJ, United Kingdom.

Authors’ contributions

This work was carried out in collaboration between both authors. Author HA designed the study, performed the statistical analysis, wrote the protocol and wrote the first draft of the manuscript. Author RA managed the analyses of the study and the literature searches. Both authors read and approved the final manuscript.

Article Information

DOI: 10.9734/JEMT/2017/38090 Editor(s): (1) Chiang-Ming Chen, Department of Economics, National Chi Nan University, Taiwan. Reviewers: (1) Jones Osasuyi Orumwense, University of Namibia, Namibia. (2) Sylvester Ohiomu, Edo University, Nigeria. Complete Peer review History: http://www.sciencedomain.org/review-history/22197

Received 10th November 2017 th Original Research Article Accepted 30 November 2017 Published 7th December 2017

ABSTRACT

The stock market of a country operates in the economy of that country and the economic conditions of the country affect the stock prices of the stocks listed in the stock exchanges of the country. And it is believed that macroeconomic variables of a country and the stock prices of the stocks listed in the stock exchanges of the country are co-integrated. In this paper, in the context of India, the relationship of 8 macroeconomic variables with the stock market was examined. These variables are IIP, WPI, Gold Price, M3, Call Money Rate, FIIs Investment, Real Effective Exchange Rate and Foreign Exchanges Rates. Two periods have been taken for the study, 1991 to 2002 and 2003 to 2016. 1991 to 2002 saw a flat stock market growth and 2003 to 2016 saw exponential growth. The credit of this exponential growth in the latter period is given to the Foreign Institutional Investors Investments (FIIs). By employing the Bi-variate Johansen Co-integration Test, Granger Causality Test and the Step-wise Regression, it was concluded that during 1991 to 2002 no macroeconomic variable affected the stock market in the long-run and during 2003 to 2016 only FIIs were able to influence the stock market in the long-run.

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*Corresponding author: E-mail: [email protected], [email protected];

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Keywords: Indian stock market; FIIs; macroeconomic variables; post-2003; foreign investment.

1. INTRODUCTION taken because of the different movement of the stock market between these periods. 1991 to The stock market of a country operates in the 2002 showed flat growth and 2003 to 2016 economy of that country, the economic showed extraordinary growth. Then in the next conditions of that country will affect the sales, section effect of GDP will be analyzed on the revenues, profits, borrowings, investments, stock market. Then by forming a panel investor sentiment and eventually the stock regression effect of G20 economies’ on their prices of the companies listed on the stock respective stock markets will be seen. And then exchanges of that country. Thus, it is said that a state level analysis will be done in which state the macroeconomic variables of a country affect variables of India will be taken and their effect the stock market of that country and share a will be seen on the Indian stock market. long-run co-integration. 2. LITERATURE REVIEW In this part, we will we will analyze the effect of the macroeconomic variables of India on the A short review of the researches done in the past Indian stock market by taking 8 variables into two decades on the effect of the macroeconomic account. Periods will be taken from 1991 to 2002 variables on the Stock Market. and 2003 to 2016. Different periods have been

Table 1. Researches on the impact of the macroeconomic variables on the stock market

Research title Researchers and Research aim Research outcome publication The Impact of (Giri and Joshi, To check whether There exists a long-run Macroeconomic 2017) [1]. there is an equilibrium relationship between Fundamentals relationship between macroeconomic variables and on Stock Prices several stock market index because Revised: A macroeconomic they are cointegrated. Bi- Study of Indian variables and stock directional Granger causality is Stock Market market index in the also present for some variables. long run or not Dynamic (Laopodis and To establish the There is a highly positive interactions Papastamou, 2016) influence of significant relationship between between stock [2]. macroeconomic the movement in the stock markets and variables on the market and the change in the the real movement of the stock exchange rate and crude oil. economy. market The Impact of (Islam and Habib, To examine the Amongst 10 variables 3 factors Macroeconomic 2016) [3]. influence of are selected which are positively Variables on macroeconomic reflected and show the Indian Stock variables on the Indian significant result in influencing Market using stock market the stock market. Factor Analysis performance with the Approach. relevance of emerging markets using factor analysis approach. The cross- (Wang and Di Iorio, To analyze the Results show that the firm sectional 2007) [4]. relationship between characteristics like the size and relationship some characteristics book to market ratio are between stock specific to firms, a significant to influence the stock returns and local beta, two local returns and the findings also domestic and betas and the stock show that the global stock global factors in market returns using markets and the Hong Kong the Chinese A- the Fama and stock market do not influence share market Macbeth approach. the Chinese A-share market.

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Research title Researchers and Research aim Research outcome publication Globalization (Lam and Ang, To measure the extent Both macroeconomic factors and stock 2006) [5]. to which domestic or and global market risk factor market returns global risk factors can significantly affect the stock influence the stock market returns and in case of market returns. developed markets domestic factors provide four times less explanatory ability than the global factors Cointegration (Kwon and Shin, To explain whether the Indices of stock prices are and causality 1999) [6]. stock market returns in Cointegrated with some chosen between Korea is affected by macroeconomic variables and macroeconomic the current economic hence there is a long run variables and activities using equilibrium relationship and the stock market Cointegration, Granger key finding is that the price returns causality and the indices of stocks are not the top VECM tests. indicator for variables.

3. RESEARCH GAP contributed in the economic stagnation and dismal growth rates from 1947 to 1990s. From the literature, it was quite clear that there is still scope for analyzing the impact of the FIIs on In 1990 there came a period when India was in a the Indian stock market. We have taken two serious economic crisis and the Indian periods for our analysis for testing the effect of government was on the verge of bankruptcy. It the macroeconomic variables on the Indian stock had money left to import only 3 weeks of imports market. First pre-2003 and second post-2003, and Indian government was forced to go to the the Indian stock market growth post-2003 are IMF for help, it had to pledge 67 tonnes of gold largely credited to the FIIs. Pre-2002, the growth and as per the conditions of the IMF, it had to of the stock market was flat and there was no forcefully accept economic reforms. It had to significant role of the FIIs. And this two-period open its markets for the foreign investors, study will help us find the impact of the FIIs on dismantle controls over the economy, had to the Indian stock market which has not been done break state monopolies on the businesses and till now. had to reduce tariffs. And this event in the history of Indian economy is popularly known as 4. INDIAN ECONOMY PRE AND POST Liberalization of 1991. LIBERALIZATION AND THE BOMBAY STOCK EXCHANGE It was the result of the liberalization that from $132 million in 1991-92, foreign investment India became independent from the British rule in reached to $5.3 billion in 1995-96. The real fruits 1947, since independence till 1990s India was of the reforms started to come in the 2000s when only able to grow at a rate of 3 to 3.5% annually. Indian economy started to grow in double digits The capital growth rate was even worse at annually. And the biggest impact which economic around 1.3%. The main reason behind this slow reforms of 1991 had was on the Bombay stock growth was centralized-economic planning- exchange of India. model followed by the Indian government after the independence. This model was inspired by Bombay stock exchange is the Asia's oldest the Soviet Union socialist-economic model. It stock exchange which began 140 years ago was this model which gave rise to extensive under a banyan tree. It has been India's primary bureaucracy, red tape, unnecessary regulations stock exchange for a long time, it is today the and trade barriers in India. India's protectionist 11th largest stock exchange in the world in terms policies, Nehru's five-year plans, License Raj of market capitalization. Its real growth started to drove economic planning and a failure to open pick from 2003 and since then it has not looked the markets to foreign investments, all back.

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Fig. 1. Exponential growth in per capita income of India Post-2000

Fig. 2. Real growth of Bombay stock exchange started to pick Post-2003

The credit of its growth post-2003 is given to the represents the status of production in the 1991 economic reforms. The main driver of its industrial sector in India. growth post-2003 has been FIIs and it was the reforms of 1991 which allowed FIIs to invest in Expected Relationship: Positive Relationship. the Indian stocks through Indian stock Higher IIP → Higher Production → Higher Sales exchanges. BSE SENSEX is the primary index of → Higher Profits → Higher Stock Prices. the Bombay stock exchange, it is a market index of financially sound and well-established 30 5.2 WPI companies listed on the Bombay stock exchange. BSE SENSEX is often regarded as the Information: Wholesale Price Index of India. An barometer of the Indian economy and we will be abstract number that represents the price of a taking this index in our research as the proxy representative basket of wholesale goods of representing the Indian stock market. India. Used to signify domestic inflation.

5. INFORMATION ABOUT THE MACRO- Expected Relationship: Negative Relationship. ECONOMIC VARIABLES TAKEN IN A. Higher WPI → Higher Prices → Lower THE STUDY Purchasing Power → Lower Demand → Lower Sales → Lower Profits → Lower Stock Prices. 5.1 IIP B. Higher WPI → Higher Prices of Inputs → Information: Index of Industrial production of all Higher Costs → Lower Profits → Lower Share commodities of India. An abstract number that Prices.

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Pre-2003 (% Change in Values) 60

-20

-40

-60 90 91 92 93 94 95 96 97 98 99 00 01 02

SENSEX IIP

Fig. 3. Movement of IIP and SENSEX (1990-2003)

Post-2003 (% Change in Values) 30

-10

-20

-30

-40

-50

-60 03 04 05 06 07 08 09 10 11 12 13 14 15 16

BSE_SENSEX__INDEX_ IIP__INDEX_

Fig. 4. Movement of IIP and SENSEX (2003-2016)

Pre-2003 (% Change in Values) 60

-20

-40

-60 90 91 92 93 94 95 96 97 98 99 00 01 02

SENSEX WPI

Fig. 5. Movement of WPI and SENSEX (1990-2003)

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Post-2003 (% Change in Values) 30

-10

-20

-30

-40

-50 03 04 05 06 07 08 09 10 11 12 13 14 15 16

BSE_SENSEX__INDEX_ WPI__INDEX_

Fig. 6. Movement of WPI and SENSEX (2003-2016)

5.3 Gold Price deposits, repurchase agreements and all other deposits. Quantities are in INR Crores. Used to Information: Price of Gold per 10 grams in signify domestic money supply.

Mumbai. Quantities are in rupees. Used to signify Expected Relationship: Positive Relationship. A. domestic gold prices. Higher M3→ Higher Money Supply → Lower

Expected Relationship: Negative Relationship. Borrowing Rates, Mortgage Rates, etc → Higher Higher Gold Prices → Lesser Investment in Gold Purchasing Power → Higher Demand → Higher Sales → Higher Profits → Higher Stock Prices. → Higher Investment in Stocks → Higher Demand for Stocks → Higher Stock Prices. B. Higher M3→ Higher Money Supply → Lesser Interest Rates → Lesser Investments in 5.4 M3 Instruments like bonds, etc → Higher Investment in Stocks → Higher Demand for Stocks → Higher Information: A broad monetary aggregate that Stock Prices. includes operational deposits in the central bank, money in savings accounts and current accounts, C. Higher M3 → Higher Money Supply → Higher all banknotes and coins circulating in the Money to Invest in Stocks → Higher Demand for economy, certificates of deposit, money market Stocks → Higher Stock Prices.

Pre-2003 (% Change in Values) 50

-10

-20

-30 90 91 92 93 94 95 96 97 98 99 00 01 02

SENSEX GOLD PRICE

Fig. 7. Movement of gold price and SENSEX (1990-2003)

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Post-2003 (% Change in Values) 30

-10

-20

-30 03 04 05 06 07 08 09 10 11 12 13 14 15 16

BSE_SENSEX__INDEX_ GOLD_PRICE__INR_PER_10_G

Fig. 8. Movement of gold price and SENSEX (2003-2016)

Pre-2003 (% Change in Values) 50

-10

-20

-30 90 91 92 93 94 95 96 97 98 99 00 01 02

SENSEX MONEY SUPPLY

Fig. 9. Movement of M3 and SENSEX (1990-2003)

Post-2003 (% Change in Values) 40

-20

-40

-60

-80

-100 03 04 05 06 07 08 09 10 11 12 13 14 15 16

BSE_SENSEX__INDEX_ M3__INR_CRORES_

Fig. 10. Movement of M3 and SENSEX (2003-2016)

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

5.5 Call Money Rate become the main driver of the stock prices in India. Quantities took in INR Crores. Information: Rate at which short-term funds are lent and borrowed in the money market. Call Expected Relationship: Positive relationship. money loan duration is one day. Used to signify Higher FIIs investment → Higher Demand for the domestic interest rates. stocks→ Higher Stock Prices.

Expected Relationship: Negative Relationship. 5.7 REER A. Higher Call Money Rate → Higher Interest Rates → Higher Cost of Borrowing → Lower Information: Real Effective Exchange Rate of Purchasing Power → Lower Demand → Lower Indian Rupee. Calculated by the Reserve Bank Sales → Lower Profits → Lower Stock Prices. of India by taking bilateral weights of 36 currencies. Used to signify exchange rate. B. Higher Call Money Rate → Higher Borrowing Expected Relationship: Negative Relationship. Rates → Higher Debt Expenses of Companies Lower REER → Lower value of Rupee → Lower → Lower Profits → Lower Stock Prices. Cost of Rupee → Lower Cost of Indian Products 5.6 FIIs in Other Countries → Higher Demand of Indian Products in Other Countries → Higher Indian Information: The foreign investment which is Exports → Higher Indian GDP → Higher made through financial markets like stock Demand of Stocks Listed on Indian Stock exchanges. Post-2003, FIIs investments have Exchanges → Higher Stock Prices.

Pre-2003 (% Change in Values) 400

300

200

100

-100 90 91 92 93 94 95 96 97 98 99 00 01 02

CALL MONEY RATE SENSEX

Fig. 11. Movement of call money rate and SENSEX (1990-2003)

Post-2003 (% Change in Values) 800

700

600

500

400

300

200

100

-100 03 04 05 06 07 08 09 10 11 12 13 14 15 16

CALL_MONEY_RATE____ BSE_SENSEX__INDEX_

Fig. 12. Movement of call money rate and SENSEX (2003-2016)

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Pre-2003 (% Change in Values) 8,000

6,000

4,000

2,000

-2,000 90 91 92 93 94 95 96 97 98 99 00 01 02

SENSEX FIIs

Fig. 13. Movement of FIIs and SENSEX (1990-2003)

Post-2003 (% Change in Values) 10,000

-10,000

-20,000

-30,000

-40,000

-50,000

-60,000

-70,000 03 04 05 06 07 08 09 10 11 12 13 14 15 16

FIIS__INR_CRORES_ BSE_SENSEX__INDEX_

Fig. 14. Movement of FIIs and SENSEX (2003-2016)

Pre-2003 (% Change in Values) 60

-20

-40 90 91 92 93 94 95 96 97 98 99 00 01 02

EFFECTIVE EXCHANGE RATE SENSEX

Fig. 15. Movement of real effective exchange rate and SENSEX (1990-2003)

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

5.8 FER Expected Relationship: Positive Relationship. Higher Foreign Exchange Reserves → Higher Information: Foreign Exchange Reserves kept Confidence of the Investors → Higher by the government in the shape of currencies Investments → Higher Demand for the stocks → which helps in an emergency situation and in an Higher Stock Prices. exchange rate crisis. Quantities took in US$.

Post-2003 (% Change in Values)

-10

-20

-30 03 04 05 06 07 08 09 10 11 12 13 14 15 16

REAL_EFFECTIVE_EXCHANGE_ BSE_SENSEX__INDEX_

Fig. 16. Movement of real effective exchange rate and SENSEX (2003-2016)

Pre-2003 (% Change in Values)

-20

-40 90 91 92 93 94 95 96 97 98 99 00 01 02

SENSEX FOREIGN EXCHANGE RESERVES

Fig. 17. Movement of Foreign exchange reserves and SENSEX (1990-2003)

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Post-2003 (% Change in Values) 30

-10

-20

-30 03 04 05 06 07 08 09 10 11 12 13 14 15 16

BSE_SENSEX__INDEX_ FOREIGN_EXCHANGE_RESERVE

Fig. 18. Movement of Foreign exchange reserves and SENSEX (2003-2016)

6. ECONOMETRIC TESTING AND Econometric Tests: Bivariate Johansen ANALYSIS cointegration test, multiple stepwise regression and Granger causality test were done. The Dependent Variable: BSE Sensex as assumptions for all the tests were checked and representing the Indian Stock Market. data were transformed accordingly. Unit root test was performed and Johansen cointegration test was performed when the variables were found to Independent variables: IIP, WPI, Gold Price, be of the same order. For lag length selection SC M3, Call Money Rate, FIIs Investments, Real criteria were used. Effective exchange rate and Foreign exchange reserves. Statistical Software Used: SPSS Statistics 24, Eviews 8.0. Period of analysis: 1991 to 2002 (Pre-2003) and 2003 to 2016 (Post-2003). Pre-2003:

The frequency of data: Monthly observations A. Johansen Cointegration Test: Long-run were taken. cointegration of SENSEX was found with call money rate, effective exchange rate, FIIs, foreign

exchange reserves, gold price and money supply Data source: RBI handbook of statistics. (See Table 2).

Table 2. Cointegration test

P value for trace statistic P value for maximum eigen value statistic None At most 1 None At most 1 Sensex and Call money rate 0.0000 0.0061 0.0000 0.0061 Sensex and effective 0.0000 0.0100 0.0000 0.0100 exchange rate Sensex and FIIS 0.0173 0.0027 0.2493 0.0027 Sensex and foreign 0.0002 0.0073 0.0020 0.0073 exchange reserves Sensex and Gold Price 0.0229 0.0773 0.0445 0.0773 Sensex and IIP 0.0758 0.0109 0.4006 0.0109 Sensex and Money supply 0.0000 0.0159 0.0000 0.0159 Sensex and WPI 0.0654 0.0363 0.1913 0.0363

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

B. Multiple Stepwise Regression: Stepwise 0.16822, the real effective exchange rate at Regression was performed taking the 0.7141 p-values and F statistic 0.33747 and FIIs independent variables which passed the at 0.8401 p-values and 0.17455 F-statistic (See Johansen Cointegration test. The stepwise Table 5). regression test gave a model with 3 variables Foreign exchange reserves, Real Effective D. Conclusion: For the pre-2003 period, no exchange rates and the FIIs to be the most variable was found to be affecting the Indian appropriate for explaining the value of BSE stock market. SENSEX which explained 65.6% value of the BSE SENSEX, with F statistics of 52.873 (See Post-2003: Table 3). A. Johansen Cointegration Test: Long-run Most Adequate Model, Model 3: All the 3 cointegration of SENSEX was found with call variables found to be having the positive money rate, FIIs and foreign exchange reserves relationship with BSE SENSEX with (See Table 6). unstandardized coefficients to be 0.086, 19.499 and 0.320 for Foreign exchange reserves, real B. Multiple Stepwise Regression: Stepwise effective exchange rate and FIIs, respectively Regression was performed taking the (See Table 4). independent variables which passed the C. Granger Causality Test: But when the Johansen Cointegration test. The stepwise Granger Causality test was performed it rejected multiple regression gave a model with 3 variables, all the variables and concluded that none of Foreign exchange reserves, FIIs and Call money these variable Granger cause Sensex in the pre- rate explaining the 85.2% of the value of BSE 2003 period. Foreign exchange reserves were SENSEX as the most appropriate model (See rejected at 0.8453 p-values and F statistic of Table 7).

Table 3. Stepwise regression

Model Variables R square ANNOVA ANNOVA (F statistic) (SIG.) 1. (Constant), Foreign Exchange .420 61.574 .000 Reserves 2. (Constant), Foreign Exchange .574 56.662 .000 Reserves, Real Effective Exchange Rate 3. (Constant), Foreign Exchange .656 52.873 .000 Reserves, Real Effective Exchange Rate, FIIS

Table 4. Model 3

Variables Unstandardized B SIG. (Constant) -88.611 .829 Foreign exchange reserves .086 .000 Real effective exchange rate 19.499 .000 FIIs .320 .000

Table 5. Granger causality test

Null hypothesis F-Statistic Prob. Foreign Exchange Reserves does not Granger cause Sensex 0.16822 0.8453 Sensex does not Granger cause Foreign Exchange Reserves 4.47705 0.0130 Real effective exchange Rate does not Granger cause Sensex 0.33747 0.7141 Sensex does not Granger cause Real effective exchange Rate 0.25917 0.7721 FIIS does not Granger cause Sensex 0.17455 0.8401 Sensex does not Granger cause FIIS 0.82631 0.4403

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

Most adequate model. Model 3: All the rejected at 0.4167 p-value and 0.88039 F variables were found to be having the positive statistic but FIIs were accepted as causing the relationship with the BSE SENSEX with 0.078, SENSEX with 0.0036 p values and F statistic of 0.225 and 330.684 unstandardized coefficients of 5.83023. Also in the analysis, it was found that in foreign exchange reserves, FIIs and call money the post-2003 period Sensex is responsible for rate, respectively (See Table 8). determining the value of foreign exchange reserves and call money rate (See Table 9). C. Granger Causality Test: But in the Granger causality test Foreign exchange reserves D. Conclusion: For the post-2003 period, only causing the SENSEX was rejected at 0.7235 p FIIs were found to be affecting the stock market values and 0.32437 F statistic, call money rate of India significantly.

Table 6. Cointegration test

P value for trace statistic P value for Maximum Eigen value statistic None At most 1 None At most 1 Sensex and Call money rate 0.0065 0.3468 0.0052 0.3468 Sensex and effective exchange 0.2288 0.2877 0.2398 0.2877 rate Sensex and FIIS 0.0001 0.3199 0.0001 0.3199 Sensex and foreign exchange 0.0013 0.3318 0.0010 0.3318 reserves Sensex and Gold Price 0.8899 0.9219 0.8428 0.9219 Sensex and IIP 0.0638 0.2311 0.0694 0.2311 Sensex and Money supply 0.5569 0.1106 0.7871 0.1106 Sensex and WPI 0.7220 0.3954 0.7352 0.3954

Table 7. Results of step-wise regression

Model Variables R square ANNOVA ANNOVA (F statistic) (SIG.) 1. (Constant), Foreign Exchange .834 811.738 .000 Reserves 2. (Constant), Foreign Exchange .846 439.612 .000 Reserves, FIIS 3. (Constant), Foreign Exchange .852 305.527 .000 Reserves, FIIS, Call money Rate

Table 8. Model 3

Variables Unstandardized B SIG. (Constant) -5696.180 .000 Foreign Exchange Reserves .078 .000 FIIS .225 .000 Call money rate 330.684 .011

Table 9. Results of pairwise Granger causality (Post 2003)

Null hypothesis F-statistic Prob. Foreign Exchange Reserves does not Granger cause Sensex 0.32437 0.7235 Sensex does not Granger cause Foreign Exchange Reserves 5.86287 0.0035 Call money rate does not Granger cause Sensex 0.88039 0.4167 Sensex does not Granger cause call money Rate 3.40848 0.0356 FIIS does not Granger cause Sensex 5.83023 0.0036 Sensex does not Granger cause FIIS 4.89200 0.0087

Agarwal and Agarwal; JEMT, 20(1): 1-14, 2017; Article no.JEMT.38090

7. CONCLUSION REFERENCES

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Peer-review history:

The peer review history for this paper can be accessed here: http://sciencedomain.org/review-history/22197