University of Maryland Eastern Shore
Locate UMES




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]

» Curriculum Vitae
» Personal Website
» SSRN Author Page
» Google Scholar Page
» BePress SelectedWorks

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 & Development, 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 [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 Management, 7, 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 Trading, 10(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 Management, 16(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 Forecasting, 6,
    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 Business, 75, 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 competitiveness: A 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 Transformation, 39, 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 Markets, 9(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 Papers: A Journal of Applied Economics and Policy, 32(4), 512-521. Link to Article

  16. Sum, V. (2013). Response of business and consumer confidence to monetary policy shocks. The Empirical Economics Letters, 12(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 Innovations, 10(4), 43-47. Link to Article.

  18. Sum, V., & Lin, J. C. (2013). Financial stress and commercial bank loan delinquency.
    Banks and Bank Systems, 8(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,
    (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 Finance, 4(3),
    429-450.  Link to Article

  22. Sum, V. (2013). Commercial paper rates and stock market excess returns. Journal of Finance and Investment Analysis, 2(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 Taxation, 5(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 Finance, 5(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 Research, 2(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 Research, 4(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 Studies, 12(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 Journal, 2,
    63-71. Link to article

  31. Sum, V. (2012). Most admired companies: Admirable performance. Journal of Applied Finance and Banking, 2(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
    , 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 Finance, 3(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 Finance, 3(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 Banking, 25, 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,
    , 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 Journal, 6,
    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 Accountancy, 10, 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 Journal, 4, 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 Journal, 7(2), 1-17. Link to article

  5. Sum, V. (2009). Strategic integration of training and innovation: Significantly connected. Journal of Global Information Technology, 4(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 Development, 2. Retrieved from 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]

  7. Banking Sector Performance and Credit Spread [7/27/2014]

  8. The Power of T-1 Returns [7/27/2014]

  9. Short Interest and Credit Spread Dynamics [7/26/2014]

  10. Economic Growth Risk: The Role of Foreign Development Assistance and Its Uncertainty 

  11. Economic Growth, Stock Market Performance, Economic Growth Uncertainty and
    Foreign Participation in Local Equity Market: A Cross-Sectional Examination of 63 Countries

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

  13. Economic Growth Risk and Stock Market Performance: Cross-Sectional
    Evidence from 70 Countries [5/8/2014]

  14. Does Short Selling Erode Market Liquidity? [1/16/14]

  15. Global Stock Markets and Investment Opportunities in the United States [1/12/14]

  16. U.S. Credit Spread and Global Stock Markets [1/12/14]

  17. Can Retail Investors Drive Up Stock Prices? [10/15/13]

  18. Stock Market Price-to-Earnings Ratio and Credit Spread: Dynamic Response and Causality

  19. Dynamic Response of Credit Spread to S&P 500 Dividend Yield Shock [10/03/13]

  20. Short Interest and Tobin’s Q Ratios: Dynamic Response and Causality [10/02/13]

  21. Credit Spread and Aggregate Tobin's Q [09/30/13]

  22. Dynamic Response of Equity Market Returns to Corporate Profit Growth Shock [07/31/2013]

  23. Dynamic Response of Market Dividend Yield and Price-to-Earnings Ratio to
    Corporate Profit Growth Shock [07/31/2013]

  24. Stock Market Dividend Yield and Tobin's Q [07/14/2013]

  25. Stock Market Liquidity and Corporate Profit Growth [07/31/2013]

  26. Tobin's Q and Stock Market Performance [07/14/2013]

  27. Commercial Real Estate Loan Delinquency and Real Estate Market Performance

  28. Commercial Bank Performance and Loan Delinquency [06/27/2013]

  29. Stock Market Performance: High and Low Months [06/05/2013]

  30. Unemployment, Consumer Confidence, Business Confidence, Inflation and Monetary
    Policy [09/16/2012]

  31. The Reaction of Stock Markets in the BRIC Countries to Economic Policy Uncertainty
    in the United States [07/12/2012]

  32. How Do Stock Returns on the U.S. Manufacturing Industry Respond to Raw Materials
    Price Shock? [08/29/2012]

  33. Determinants of U.S. Government Bond Risk Premia [08/22/2012]

  34. How Does Economic Policy Uncertainty in Europe Affect the the U.S. Stock Market?

  35. Do Stock Markets in South Asia Respond to Economic Policy Uncertainty in the
    United States? [06/27/2012]

  36. Can Economic Policy Uncertainty in the United States Predict the Performance of Stock Markets in South America? [06/26/2012]

  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]

  38. How Do Stock Markets in China and Japan Respond to Economic Policy Uncertainty in the
    United States? [06/26/2012]

  39. The Effect of Economic Policy Uncertainty in the United States on Stock Market Performance  of the Asian Tiger Economies [06/26/2012]

  40. A Trade-Off Analysis between Cost Reduction and Product Differentiation for
    Sustained Competitive Advantage [06/23/2011]
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]

University of Maryland Eastern Shore | Princess Anne, MD 21853 | 410-651-6531 Comments: Webmaster - Last Updated:  
  Department of Business, Management, and Accounting | School of Business and Technology

University System of Maryland University of Maryland Eastern Shore University of Maryland Eastern Shore University of Maryland Eastern Shore