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Dr. Vichet Sum

  • Vichet Sum Picture (1)

    Associate Professor 

    Post Doctorate, University of Florida 
    Ph.D., Southern Illinois University


    Kiah Hall, Suite 1114
    Phone: 410-651-6531
    E-mail: vsum [at] umes.edu

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    » Personal Website
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    A native of Cambodia, Dr. Vichet Sum is currently 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 WatchBloombergYahoo! FinanceMorningStarWashington Post, Chicago Tribune, BusinessweekAustralia 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. Dr. Sum has also conducted various workshops for economists and staff at the National Bank of Cambodia.

    Dr. Sum completed his Post-Doctoral Program in Finance at the University of Florida in 2011. He holds a Ph.D. in Workforce Education & Development with additional emphasis 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.

    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 [Last Five Years]

    1. Sum, V., Ali, M., & Das, M. (2016). Can business confidence and consumer confidence jointly explain stock market returns? Evidence from panel data. Advances in Investment Analysis and Portfolio Management7, 1-7. Link to Article 

    2. Lin, J. C., & Sum, V. (2015). A comparative analysis on the volume-return relationship of the ETF and stock market. Journal of Trading10(2), 5-22.   Link to Article 

    3. Sum, V. (2015). Can firms with the best training program withstand the storm of economic 
      policy uncertainty? Journal of Business Economics and Management16(1), 206-213. 
      Link to article

    4. Sum, V., & Lin, J. C. (2015). Short interest ratio and equity market return: Causality and 
      impulse response functions. Advances in Financial Planning and Forecasting6
      233-247.   Link to Article

    5. Sum, V. (2014). Dynamic effects of financial stress on the U.S. real estate market performance. Journal of Economics and Business75, 80-92. Link to Article    

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

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

    8. 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

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

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

    11. Sum, V. (2014). Stock market performance: Variance decomposition of price-earnings ratio, 
      dividend yield and Tobin's Q. Journal of Financial Transformation39, 63-67. 
      Link to Article

    12. Sum, V. (2014). Effects of business and consumer confidence on stock market returns: 
      Cross-sectional evidence. Economics, Management, and Financial Markets9(1), 
      21-25. Link to Article.

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

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

    15. Sum, V. (2013). The ASEAN stock market performance and economic policy uncertainty in the United States. Economic PapersA Journal of Applied Economics and Policy32(4), 512-521. Link to Article

    16. Sum, V. (2013). Response of business and consumer confidence to monetary policy shocks. The Empirical Economics Letters12(11), 1259-1265. Link to Article

    17. 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 Innovations10(4), 43-47. Link to Article.

    18. Sum, V., & Lin, J. C. (2013). Financial stress and commercial bank loan delinquency.
      Banks and Bank Systems8(3), 72-75. Link to Article

    19. 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

    20. 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 

    21. Sum, V. (2013). The impulse response functions of stock market returns to temperature and 
      precipitation innovations. International Research Journal of Applied Finance4(3), 
      429-450.  Link to Article

    22. Sum, V. (2013). Commercial paper rates and stock market excess returns. Journal of Finance and Investment Analysis2(1), 77-83. Link to Article

    23. 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

    24. Sum, V. (2013). Employee benefits and stock returns: A look at health care benefits. Accounting and Taxation5(1), 1-8. Link to article

    25. Sum, V. (2013). Economic policy uncertainty in the United States and Europe: 
      A cointegration test. International Journal of Economics and Finance5(2), 98-101.
      Link to article

    26. Sum, V. (2013). The orthogonal response of stock returns to dividend yield and price-to-earnings innovations. Accounting and Finance Research2(1), 47-53. Link to Article

    27. Sum, V. (2013). Impulse response functions and causality test of financial stress and stock market risk premiums. International Journal of Financial Research4(1), 1-4.
      Link to article

    28. Sum, V. (2012). The impulse response functions of economic policy uncertainty and stock market returns: A Look at the Eurozone. Journal of International Finance Studies12(3), 100-105.  Link to article

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

    30. Sum, V. (2012). A comparison of strategic involvement of training professionals 
      employed in small, medium and large firms. Academy of Business Journal2
      63-71. Link to article

    31. Sum, V. (2012). Most admired companies: Admirable performance. Journal of Applied Finance and Banking2(6), 191-199. Link to article

    32. 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

    33. Sum, V., & Brown, K. (2012). Real estate sector response to economic policy uncertainty shocks.    International Research Journal of Applied Finance3(12), 1739-1747.
      Link to article


    34. Sum, V. (2012). Financial stress and economic policy uncertainty: Impulse response function and causality. International Research Journal of Applied Finance3(11), 1633-1637. 
      Link to article

    35. 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

    36. 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 Banking25, 99-104. Link to article

    37. 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

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

    39. 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

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

    41. 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 Journal6,
      150-168. Link to article

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

    43. Lin, J. C., & Sum, V. (2012). Bank ownership and performance in Taiwan: 
      Do politics matter? Journal of Finance and Accountancy10, 12-30. Link to article


    Other Publications

    1. 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

    2. Brown, K., & Sum, V. (2010). Determinants of dividend payments. 
      International Journal of Applied Accounting and Finance
      1(1), 40-46. Link to article

    3. Sum, V. (2011). Integrating training in business strategies means greater impact of training on the firm’s competitiveness. Research in Business and Economics Journal4, 1-19.
      Link to article


    4. 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 Journal7(2), 1-17. Link to article

    5. Sum, V. (2009). Strategic integration of training and innovation: Significantly connected. Journal of Global Information Technology4(1-2), 7-20. Link to article

    6. Sum, V. (2007). A framework for managing training programs to enhance organizational operation performance. Online Journal for Workforce Education and Development2. Retrieved from http://opensiuc.lib.siu.edu/ojwed/vol2/iss3/6/ Link to article

    7. 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 


    Editorial 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),     [ISSN: 1059-0560]
      » Journal of Applied Economics (ELSEVIER),  [ISSN: 1514-0326] 
      » Journal of Economics, Finance and Administrative Science (ELSEVIER),     [ISSN: 2077-1886]
      » Journal of Sustainable Finance & Investment (Taylor & Francis), UK [ISSN: 2043-0795]
      » Empirical Economics, Germany [ISSN: ]  
      » Applied Financial Economics, UK [ISSN: 0003-6846] 
      » Cogent Economics & Finance, UK [ISSN: 2164-9480]
      » Economic Notes (Wiley), USA [ISSN: ]
      » 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]