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Faculty Profile

Dr. Vichet Sum
Dr. Vichet Sum
Associate Professor

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


Kiah Hall, Suite 2117
Phone: 410-651-6531
E-mail: vsum [at] umes.edu

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A native of Cambodia, Dr. Vichet Sum is currently a tenured Associate Professor in the Department of Business, Management and Accounting where he teaches management, finance and accounting courses; Dr. Sum's AACSB classification is academically qualified (AQ) or scholarly academic (SA). His areas of specialization include Financial Theories, Financial Economics and Econometrics, Financial Management, Managerial and Financial Accounting, Real Estate Finance, Macroeconomics of Imperfect Capital Markets, Monetary Policy Economics, Development Economics, Inferential Statistics, Strategic Human Resource Training & Development, Industrial Management, and Assessments and Evaluations of the Competitiveness of the Nations. Dr. Sum's research studies have appeared in various leading economics and finance journals. In addition, Dr. Sum's research articles have been cited in leading academic journals, books, industry reports and both national and international media outlets such as Bloomberg, Yahoo! Finance, Washington Post, Chicago Tribune, Businessweek, Australia Financial Review, Les Échos (French Financial Newspapers), International Business Times, China National News. Dr. Sum is also a member of the American Economic Association and American Finance Association.

Dr. Sum completed his Post Doctorate in Finance and Accounting in the Hough Graduate School of Business, University of Florida, in July 2011, through which he obtained his AACSB academically qualified status. Dr. Sum holds a Ph.D. in Workforce Education and Development [this graduate program is ranked 6th in the United States by the US News and World Report as of 2/20/2012] 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. When he is not teaching, doing research, or attending various committee meetings, 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
Editoral Board Member:  
    » Economics, Management, and Financial Markets, USA [ISSN: 1842-3191]
    » Accounting and Finance Research, Canada [ISSN: 1927-5986]
Referee For:  
    » Journal of Economics, Finance and Administrative Science (ELSEVIER), Netherlands
        [ISSN: 2077-1886]
    » Empirical Economics, Germany [ISSN: 0377-7332]  
    » Applied Financial Economics, UK [ISSN: 0003-6846]
    » Cogent Economics & Finance, UK [ISSN: 2164-9480]
    » 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]
Publications [Refereed Journal Articles]
  1. Sum, V., & Lin, J. C. (In Press). Short interest ratio and equity market return: Causality and
    impulse response functions. Advances in Financial Planning and Forecasting,
    Forthcoming.   Link to Article

  2. 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

  3. Sum, V. (In Press). Can firms with the best training program withstand the storm of economic
    policy uncertainty
    ? Journal of Business Economics and Management, Forthcoming.
    Link to article

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

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

  29. 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

  30. 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


  31. 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

  32. 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

  33. 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

  34. 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

  35. 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

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

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

  38. 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

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

  40. 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

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

  42. 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

  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

  44. 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


  45. 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

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

  47. 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

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

  49. 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

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

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

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

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

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

  6. 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

  7. 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

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

  9. A Comparative Analysis on the Volume-Return Relationship of the ETF and Stock Market
    [4/28/2014]    http://ssrn.com/abstract=2430537

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

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

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

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

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

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

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

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

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

  19. 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

  20. Stock Market Dividend Yield and Tobin's Q [07/14/2013]
    http://papers.ssrn.com/abstract=2293520
  21. Stock Market Liquidity and Corporate Profit Growth [07/31/2013]
    http://papers.ssrn.com/abstract=2304487

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

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

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

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

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

  27. 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

  28. 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

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

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

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

  32. 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

  33. 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

  34. 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

  35. 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

  36. A Trade-Off Analysis between Cost Reduction and Product Differentiation for
    Sustained Competitive Advantage [06/23/2011] http://papers.ssrn.com/abstract=1867905



University of Maryland Eastern Shore | Princess Anne, MD 21853 | 410-651-6531 Comments: Webmaster - Last Updated: At 9:20 AM EST on June 16, 2012
2012 Department of Business, Management, and Accounting | School of Business and Technology


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