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Faculty Profile

Dr. Vichet Sum
Dr. Vichet Sum
Chair & Associate Professor

Post-Doc, University of Florida
Ph.D., Southern Illinois University


Kiah Hall, Suite 2102
Phone: 410-651-6531
E-mail: vsum [at] umes.edu

» Curriculum Vitae
» Personal Website
» SSRN Author Page
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» BePress SelectedWorks
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A native of Cambodia, Dr. Vichet Sum is currently Chair of the Department and an Associate Professor of Finance. His areas of specialization include Financial Theories, Financial Economics and Econometrics, Financial Management, Managerial & Financial Accounting, Real Estate Finance, Macroeconomics of Imperfect Capital Markets, Monetary Policy Economics, Development Economics, Workforce Training & Development, Corporate Training Management, Industrial Management, and Assessments and Evaluations of the Competitiveness of the Nations.

Dr. Sum is very well published and highly recognized nationally and internationally for his intellectual contributions. His published papers have been cited in many leading academic journals, books, industry reports and both national and international media outlets such as Wall Street Journal Market Watch, Bloomberg, Yahoo! Finance, MorningStar, Washington Post, Chicago Tribune, Businessweek, Australia Financial Review and Les Échos (French Financial Newspapers). Dr. Sum is also a regular academic guest engaging in global economic and monetary policy discussions at the IMF and World Bank Spring and Annual Meetings. Per invitation from the National Bank of Cambodia, Dr. Sum conducted a workshop on "Using Vector Autoregression Model to Analyze Monetary Policy Transmission" for a large group of researchers and economists at the National Bank of Cambodia in Phnom Penh, Cambodia, on December 24, 2014.

Dr. Sum completed his Post-Doctoral Program in Finance at the University of Florida in 2011. He holds a Ph.D. in Workforce Education and Development and a minor in Finance and Economics from Southern Illinois University. He also has a Master of Training and Development in Human Resource Training and Development from Idaho State University and a Master of Management Science in Industrial Management from National Cheng Kung University, Taiwan. Dr. Sum's first alma mater is the Royal University of Phnom Penh, Cambodia, where he completed his Bachelor of Education in English and Teaching English as a Foreign Language. Dr. Sum enjoys watching and attending sport events, traveling to different places, and sampling different dishes.

Courses Taught      
    » Investment & Security Analysis
    » Future and Options
    » Research Methods in Finance
    » Financial and Managerial Accounting
    » Management & Organizational Behavior
    » Human Resource Management
    » Small Business Management & Entrepreneurship
    » Introduction to Business
    » Professional Development
Research Interests      
    » Stock Market Efficiency
    » Asset Pricing
    » Behavioral Finance
    » Corporate Finance
    » Real Estate Finance
    » Investments
    » Financial Intermediaries
    » Macroeconomics and Monetary Policy Economics
    » Managerial & Financial Accounting
    » Strategic Human Resource Management
Selected Publications [Refereed Journal Articles]
  1. Sum, V. (In Press). Can business confidence and consumer confidence jointly explain stock
    market returns? Evidence from panel data. Advances in Investment Analysis and Portfolio
    Management
    , Forthcoming. Link to Article

  2. Sum, V. (In Press). Economic policy uncertainty and stock market returns. International Review of Applied Financial Issues and Economics. Forthcoming. Link to article

  3. Lin, J. C., & Sum, V. (2015). A comparative analysis on the volume-return relationship of the ETF and stock market. Journal of Trading, 10(2), 5-22.   Link to Article

  4. Sum, V. (2015). Can firms with the best training program withstand the storm of economic
    policy uncertainty
    ? Journal of Business Economics and Management, 16(1), 206-213.
    Link to article

  5. Sum, V., & Lin, J. C. (2015). Short interest ratio and equity market return: Causality and
    impulse response functions. Advances in Financial Planning and Forecasting, 6,
    233-247.   Link to Article

  6. Sum, V. (2014). Dynamic effects of financial stress on the U.S. real estate market performance. Journal of Economics and Business, 75, 80-92. Link to Article    

  7. Sum, V. (2014). Dynamic effect of Tobin's q on price-to-earnings ratio.
    Managerial Finance
    , 40(6), 634-643. Link to Article

  8. Sum, V. (2014). Why should you invest in the best companies to work for?
    Journal of Investing, 23(2), 69-73. Link to Article

  9. Sum, V. (2014). Covariance patterns of the commodity and equity markets:
    A recent surprise. Journal of Index Investing, 5(1), 33-37. Link to Article

  10. Sum, V., & Chorlian, J. (2014). Training and the firm's competitiveness: A survey of
    practitioners. Economics, Management, and Financial Markets, 9(2), 11-26.
    Link to Article

  11. Sum, V. (2014). Equity trading activity and credit spread shock.
    Journal of Trading
    , 9
    (2), 21-26. Link to Article

  12. Sum, V. (2014). Stock market performance: Variance decomposition of price-earnings ratio,
    dividend yield and Tobin's Q. Journal of Financial Transformation, 39, 63-67.
    Link to Article

  13. Sum, V. (2014). Effects of business and consumer confidence on stock market returns:
    Cross-sectional evidence. Economics, Management, and Financial Markets, 9(1),
    21-25. Link to Article.

  14. Sum, V. (2014). Quality of the firm’s training and stock returns.
    Journal of Wealth Management, 16(4), 48-54. Link to Article

  15. Sum, V. (2014). Stock market returns and liquidity: Dynamic relationships and causality.
    Journal of Trading
    , 9(1), 34-40. Link to Article

  16. Sum, V. (2013). The ASEAN stock market performance and economic policy uncertainty in the United States. Economic Papers: A Journal of Applied Economics and Policy, 32(4), 512-521. Link to Article

  17. Sum, V. (2013). Response of business and consumer confidence to monetary policy shocks. The Empirical Economics Letters, 12(11), 1259-1265. Link to Article

  18. Sum, V. (2012). The impulse response functions of economic policy uncertainty and stock market returns: A Look at the Eurozone. Journal of International Finance Studies, 12(3), 100-105.  Link to article

  19. Sum, V., & Chorlian, J. (2012). Stock returns and employee turnover.
    International Economics and Finance Journal
    , 7(2), 347-354. Link to article

  20. Sum, V. (2012). A comparison of strategic involvement of training professionals
    employed in small, medium and large firms. Academy of Business Journal, 2,
    63-71. Link to article

  21. Sum, V. (2010). The January and size effects on stock returns: More evidence. International
    Journal of Applied Accounting and Finance
    , 1(1), 47-52. Link to article

  22. Brown, K., & Sum, V. (2010). Determinants of dividend payments.
    International Journal of Applied Accounting and Finance
    , 1(1), 40-46. Link to article
Other Publications [Refereed Journal Articles]
  1. Sum, V., Chorlian, J., & Lin, J. C. (2013). The effect of the demand side’s confidence on
    the supply side’s confidence: The mediating role of financial stress. Investment Management and Financial Innovations, 10(4), 43-47. Link to Article.

  2. Sum, V., & Lin, J. C. (2013). Financial stress and commercial bank loan delinquency.
    Banks and Bank Systems, 8(3), 72-75. Link to Article

  3. Sum, V., & Chorlian, J. (2013). Stock market risk premiums, business confidence and consumer confidence: Dynamic effects and variance decomposition. International
    Journal of Economics and Finance
    , 5(9), 45-49.
    Link to article

  4. Sum, V., & Chorlian, J. (2013). Strategic involvement of training professionals in the firm’s
    business strategies: Evidence from the United States. Global Journal of Business Research,
    7
    (4), 127-134. Link to article

  5. Sum, V. (2013). The impulse response functions of stock market returns to temperature and
    precipitation innovations. International Research Journal of Applied Finance, 4(3),
    429-450.  Link to Article

  6. Sum, V. (2013). Commercial paper rates and stock market excess returns. Journal of Finance and Investment Analysis, 2(1), 77-83. Link to Article

  7. Sum, V. (2013). Innovation and firm performance: Evidence from the capital market.
    Journal of Modern Accounting and Auditing
    , 9(2), 272-277. Link to article

  8. Sum, V. (2013). Employee benefits and stock returns: A look at health care benefits. Accounting and Taxation, 5(1), 1-8. Link to article

  9. Sum, V. (2013). Economic policy uncertainty in the United States and Europe:
    A cointegration test. International Journal of Economics and Finance, 5(2), 98-101.
    Link to article

  10. Sum, V. (2013). The orthogonal response of stock returns to dividend yield and price-to-earnings innovations. Accounting and Finance Research, 2(1), 47-53. Link to Article

  11. Sum, V. (2013). Impulse response functions and causality test of financial stress and stock market risk premiums. International Journal of Financial Research, 4(1), 1-4.
    Link to article


  12. Sum, V. (2012). Most admired companies: Admirable performance. Journal of Applied Finance and Banking, 2(6), 191-199. Link to article

  13. Sum, V., & Fanta, F. (2012). Long-run relation and speed of adjustment of economic policy
    uncertainty and excess return volatility. International Research Journal of Finance and
    Economics
    , 102, 6-12. Link to article

  14. Sum, V., & Brown, K. (2012). Real estate sector response to economic policy uncertainty shocks.    International Research Journal of Applied Finance, 3(12), 1739-1747.
    Link to article


  15. Sum, V. (2012). Financial stress and economic policy uncertainty: Impulse response function and causality. International Research Journal of Applied Finance, 3(11), 1633-1637.
    Link to article

  16. Sum, V. (2012). The effect of economic policy uncertainty in the US on the stock market
    performance in Canada and Mexico. International Journal of Economics and Finance,
    4(11),    165-171. Link to article

  17. Sum, V. (2012). Economic policy uncertainty and stock market performance: Evidence from the European Union, Croatia, Norway, Russia, Switzerland, Turkey and Ukraine. Journal of Money, Investment and Banking, 25, 99-104. Link to article

  18. Sum, V. (2012). Does economic policy uncertainty in the United States affect stock market
    performance in Europe? International Research Journal of Finance and Economics,
    98
    , 40-45.  Link to article

  19. Sum, V. (2012). Most ethical companies and stock performance: empirical evidence.
    International Research Journal of Applied Finance
    , 3(9), 1286-1292. Link to article

  20. Lim, S., Sum, V., & Khun, C. (2012). Interest rate sensitivity of stock returns: Effects across the maturity profile and direction of interest rate changes. International Research
    Journal of Applied Finance
    , 3(8), 1151-1162. Link to article

  21. Sum, V. (2012). Workforce diversity and stock returns. International Research Journal of
    Finance and Economics
    , 92, 82-86. Link to article

  22. Lim, S., Khun, C, & Sum, V. (2012). On the functional forms and stability of money
    demand: The U.S., Japan and Australia. Research in Business and Economics Journal, 6,
    150-168. Link to article

  23. Sum, V. (2012). Stock performance and the firm's training program. International Research
    Journal of Applied Finance
    , 3(5), 554-559. Link to article

  24. Lin, J. C., & Sum, V. (2012). Bank ownership and performance in Taiwan:
    Do politics matter? Journal of Finance and Accountancy, 10, 12-30. Link to article

  25. Sum, V. (2011). Integrating training in business strategies means greater impact of training on the firm’s competitiveness. Research in Business and Economics Journal, 4, 1-19.
    Link to article


  26. Sum, V., McCaskey, S. J., & Kyeyune, C. (2010). A survey research of satisfaction levels of
    graduate students enrolled in a nationally ranked top-10 program at a mid-western
    university. Research in Higher Education Journal, 7(2), 1-17. Link to article

  27. Sum, V. (2009). Strategic integration of training and innovation: Significantly connected. Journal of Global Information Technology, 4(1-2), 7-20. Link to article

  28. Sum, V. (2007). A framework for managing training programs to enhance organizational operation performance. Online Journal for Workforce Education and Development, 2. Retrieved from http://opensiuc.lib.siu.edu/ojwed/vol2/iss3/6/ Link to article

  29. Lin, C., Hsieh, H., Yuok, N., Savary, C., & Sum, V. (2004). Evaluating the competitiveness
    of least-developed countries - the example of Cambodia.
    Asia Pacific Management Review
    , 9(2), 205-227. Link to article
Working Papers
  1. Unintended Consequences of Unconventional Monetary Policies [11/11/2014]

  2. Economic and Social Danger of Artificial Liquidity [11/11/2014]

  3. Rent Extraction and Artificial Liquidity [11/11/2014]

  4. Who Benefits the Most in the World of Artificial Liquidity? [11/11/2014]

  5. Artificial Liquidity, Investment Decisions, Speculations and Asset Prices [11/11/2014]

  6. Corporate Profit and Credit Spread Dynamics [8/14/2014] http://ssrn.com/abstract=2480308

  7. Banking Sector Performance and Credit Spread [7/27/2014]
    http://ssrn.com/abstract=2472721

  8. The Power of T-1 Returns [7/27/2014] http://ssrn.com/abstract=2472679

  9. Short Interest and Credit Spread Dynamics [7/26/2014] http://ssrn.com/abstract=2472386

  10. Economic Growth Risk: The Role of Foreign Development Assistance and Its Uncertainty 
    [6/26/2014] http://ssrn.com/abstract=2459334

  11. Economic Growth, Stock Market Performance, Economic Growth Uncertainty and
    Foreign Participation in Local Equity Market: A Cross-Sectional Examination of 63 Countries
    [5/12/2014]  http://ssrn.com/abstract=2436194

  12. Long-Term Private Sector External Debt and Equity Returns: Cross-Sectional Evidence
    from 26 Emerging and Frontier Markets [5/11/2014]  http://ssrn.com/abstract=2435716

  13. Economic Growth Risk and Stock Market Performance: Cross-Sectional
    Evidence from 70 Countries [5/8/2014]    http://ssrn.com/abstract=2434832

  14. Does Short Selling Erode Market Liquidity? [1/16/14]
    http://ssrn.com/abstract=2379931

  15. Global Stock Markets and Investment Opportunities in the United States [1/12/14]
    http://ssrn.com/abstract=2378041

  16. U.S. Credit Spread and Global Stock Markets [1/12/14]
    http://ssrn.com/abstract=2378040

  17. Can Retail Investors Drive Up Stock Prices? [10/15/13]
    http://papers.ssrn.com/abstract=2340801

  18. Stock Market Price-to-Earnings Ratio and Credit Spread: Dynamic Response and Causality
    [10/04/13]  http://papers.ssrn.com/abstract=2335873

  19. Dynamic Response of Credit Spread to S&P 500 Dividend Yield Shock [10/03/13]
    http://ssrn.com/abstract=2335251

  20. Short Interest and Tobin’s Q Ratios: Dynamic Response and Causality [10/02/13]
    http://papers.ssrn.com/abstract=2334597

  21. Credit Spread and Aggregate Tobin's Q [09/30/13]
    http://papers.ssrn.com/abstract=2333317

  22. Dynamic Response of Equity Market Returns to Corporate Profit Growth Shock [07/31/2013]
    http://papers.ssrn.com/abstract=2304471

  23. Dynamic Response of Market Dividend Yield and Price-to-Earnings Ratio to
    Corporate Profit Growth Shock [07/31/2013]    http://papers.ssrn.com/abstract=2304493

  24. Stock Market Dividend Yield and Tobin's Q [07/14/2013]
    http://papers.ssrn.com/abstract=2293520

  25. Stock Market Liquidity and Corporate Profit Growth [07/31/2013]
    http://papers.ssrn.com/abstract=2304487

  26. Tobin's Q and Stock Market Performance [07/14/2013]
    http://papers.ssrn.com/abstract=2293527

  27. Commercial Real Estate Loan Delinquency and Real Estate Market Performance
    [07/7/2013] http://papers.ssrn.com/abstract=2290804

  28. Commercial Bank Performance and Loan Delinquency [06/27/2013]
    http://papers.ssrn.com/abstract=2286040

  29. Stock Market Performance: High and Low Months [06/05/2013]
    http://ssrn.com/abstract=2275061

  30. Unemployment, Consumer Confidence, Business Confidence, Inflation and Monetary
    Policy [09/16/2012] http://papers.ssrn.com/abstract=2146497

  31. The Reaction of Stock Markets in the BRIC Countries to Economic Policy Uncertainty
    in the United States [07/12/2012] http://papers.ssrn.com/abstract=2094697

  32. How Do Stock Returns on the U.S. Manufacturing Industry Respond to Raw Materials
    Price Shock? [08/29/2012] http://papers.ssrn.com/abstract=2137442

  33. Determinants of U.S. Government Bond Risk Premia [08/22/2012]
    http://papers.ssrn.com/abstract=2130164

  34. How Does Economic Policy Uncertainty in Europe Affect the the U.S. Stock Market?
    [07/24/2012] http://papers.ssrn.com/abstract=2094195

  35. Do Stock Markets in South Asia Respond to Economic Policy Uncertainty in the
    United States? [06/27/2012] http://papers.ssrn.com/abstract=2094688

  36. Can Economic Policy Uncertainty in the United States Predict the Performance of Stock Markets in South America? [06/26/2012] http://papers.ssrn.com/abstract=2093687

  37. Does Economic Policy Uncertainty in the United States Have Any Impact on the Stock
    Market Performance in Australia and New Zealand? [06/27/2012]
    http://papers.ssrn.com/abstract=2092377

  38. How Do Stock Markets in China and Japan Respond to Economic Policy Uncertainty in the
    United States? [06/26/2012] http://papers.ssrn.com/abstract=2092346

  39. The Effect of Economic Policy Uncertainty in the United States on Stock Market Performance  of the Asian Tiger Economies [06/26/2012]
    http://papers.ssrn.com/abstract=2092097

  40. A Trade-Off Analysis between Cost Reduction and Product Differentiation for
    Sustained Competitive Advantage [06/23/2011] http://papers.ssrn.com/abstract=1867905
Editoral Board Member:  
    » Economics, Management, and Financial Markets, USA [ISSN: 1842-3191]
    » Accounting and Finance Research, Canada [ISSN: 1927-5986]
Referee For:  
    » International Review of Economics and Finance (ELSEVIER), Netherlands
       [ISSN: 1059-0560]
    » Journal of Applied Economics (ELSEVIER), Netherlands [ISSN: 1514-0326]
    » Journal of Economics, Finance and Administrative Science (ELSEVIER), Netherlands
        [ISSN: 2077-1886]
    » Journal of Sustainable Finance & Investment (Taylor & Francis), UK [ISSN: 2043-0795]
    » Empirical Economics, Germany [ISSN: 0377-7332]  
    » Applied Financial Economics, UK [ISSN: 0003-6846]
    » Cogent Economics & Finance, UK [ISSN: 2164-9480]
    » Economic Notes (Wiley), USA [ISSN: 1468-0300]
    » Journal of Investing, USA [ISSN: 1068-0896]
    » Eastern European Economics, USA [ISSN: 0012-8775]
    » Journal of Accounting and Taxation [ISSN 2141-6664]    
    » The Institute for Business and Finance Research, USA
    » International Review of Applied Financial Issues and Economics, EU [ISSN: 9210-1737]
    » Human Resource Management [ISSN: 1099-050X], USA
    » Journal of Global Information Technology [ISSN 1931-8162], USA
    » World Journal of Social Sciences, Australia
    » Journal for the Advancement of Developing Economies, USA [ISSN 2161-8216]
    » International Journal of Economics and Business Research, USA [ISSN 1756-9850]



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