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Publications [Refereed Journal Articles]
- Sum, V. (2024). Stock market dividend yield and Tobin's Q. Empirical Economics Letters, 23(2), 89-96.
- Sum, V. (2022). Dynamic response of equity market returns to corporate profit growth shock. Empirical Economics Letters, 21(12), 1-9.
- Sum, V. (2022). Long-term private sector external debt and equity returns: Cross-sectional evidence from 26 emerging and frontier markets. Empirical Economics Letters, 21(11), 1-7.
- Sum, V. (2022). Economic growth risk: The role of foreign development assistance and its uncertainty. Empirical Economics Letters, 21(9), 1-11.
- Sum, V., & Ali, M. (2020). How do stock returns on the U.S. manufacturing industry respond to raw materials price shock? Empirical Economics Letters, 19(3), 191-196.
- 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
- 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
- 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
- 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
- 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
- Sum, V. (2014). Dynamic effect of Tobin's q on price-to-earnings ratio. Managerial Finance,
40(6), 634-643. Link to Article
- Sum, V. (2014). Why should you invest in the best companies to work for?
Journal of Investing, 23(2), 69-73. Link to Article
- 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
- 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
- Sum, V. (2014). Equity trading activity and credit spread shock. Journal of Trading, 9(2), 21-26. Link to Article
- 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
- Sum, V. (2014). Quality of the firm’s training and stock returns.
Journal of Wealth Management, 16(4), 48-54. Link to Article
- Sum, V. (2014). Stock market returns and liquidity: Dynamic relationships and causality. Journal of Trading, 9(1), 34-40. Link to Article
- 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.
- 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.
- 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
- Sum, V. (2013). Response of business and consumer confidence to monetary policy shocks. The Empirical Economics Letters, 12(11), 1259-1265.
Link to Article
- Sum, V., & Lin, J. C. (2013). Financial stress and commercial bank loan delinquency. Banks and Bank Systems, 8(3), 72-75. Link to Article
- 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
- 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
- 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
- Sum, V. (2013). Commercial paper rates and stock market excess returns. Journal of Finance and Investment Analysis, 2(1), 77-83. Link to Article
- 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
- Sum, V. (2013). Employee benefits and stock returns: A look at health care benefits. Accounting and Taxation, 5(1), 1-8. Link to article
- 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
- 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
- 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
- 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
- Sum, V., & Chorlian, J. (2012). Stock returns and employee turnover. International Economics and Finance Journal, 7(2), 347-354. Link to article
- 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
- Sum, V. (2012). Most admired companies: Admirable performance. Journal of Applied Finance and Banking, 2(6), 191-199. Link to article
- 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
- 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
- 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
- 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
- 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
- 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
- Sum, V. (2012). Most ethical companies and stock performance: empirical evidence. International Research Journal of Applied Finance, 3(9), 1286-1292. Link to article
- 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
- Sum, V. (2012). Workforce diversity and stock returns. International Research Journal of
Finance and Economics, 92, 82-86. Link to article
- 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
- Sum, V. (2012). Stock performance and the firm's training program. International Research
Journal of Applied Finance, 3(5), 554-559. Link to article
- 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
- 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
- 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
- Brown, K., & Sum, V. (2010). Determinants of dividend payments. International Journal of Applied Accounting and Finance, 1(1), 40-46. Link to article
- 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
- Sum, V. (2009). Strategic integration of training and innovation: Significantly connected. Journal of Global Information Technology, 4(1-2), 7-20.
Link to article
- 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
- 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
- Unintended Consequences of Unconventional Monetary Policies [11/11/2014]
- Economic and Social Danger of Artificial Liquidity [11/11/2014]
- Rent Extraction and Artificial Liquidity [11/11/2014]
- Who Benefits the Most in the World of Artificial Liquidity? [11/11/2014]
- Artificial Liquidity, Investment Decisions, Speculations and Asset Prices [11/11/2014]
- Corporate Profit and Credit Spread Dynamics [8/14/2014] http://ssrn.com/abstract=2480308
- Banking Sector Performance and Credit Spread [7/27/2014]
http://ssrn.com/abstract=2472721
- The Power of T-1 Returns [7/27/2014] http://ssrn.com/abstract=2472679
- Short Interest and Credit Spread Dynamics [7/26/2014] http://ssrn.com/abstract=2472386
- 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
- Economic Growth Risk and Stock Market Performance: Cross-Sectional
Evidence from 70 Countries [5/8/2014] http://ssrn.com/abstract=2434832
- Does Short Selling Erode Market Liquidity? [1/16/14]
http://ssrn.com/abstract=2379931
- Global Stock Markets and Investment Opportunities in the United States [1/12/14]
http://ssrn.com/abstract=2378041
- U.S. Credit Spread and Global Stock Markets [1/12/14]
http://ssrn.com/abstract=2378040
- Can Retail Investors Drive Up Stock Prices? [10/15/13]
http://papers.ssrn.com/abstract=2340801
- Stock Market Price-to-Earnings Ratio and Credit Spread: Dynamic Response and Causality
[10/04/13] http://papers.ssrn.com/abstract=2335873
- Dynamic Response of Credit Spread to S&P 500 Dividend Yield Shock [10/03/13]
http://ssrn.com/abstract=2335251
- Short Interest and Tobin’s Q Ratios: Dynamic Response and Causality [10/02/13]
http://papers.ssrn.com/abstract=2334597
- Credit Spread and Aggregate Tobin's Q [09/30/13]
http://papers.ssrn.com/abstract=2333317
- 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
- Stock Market Liquidity and Corporate Profit Growth [07/31/2013]
http://papers.ssrn.com/abstract=2304487
- Tobin's Q and Stock Market Performance [07/14/2013]
http://papers.ssrn.com/abstract=2293527
- Commercial Real Estate Loan Delinquency and Real Estate Market Performance [07/7/2013] http://papers.ssrn.com/abstract=2290804
- Commercial Bank Performance and Loan Delinquency [06/27/2013]
http://papers.ssrn.com/abstract=2286040
- Stock Market Performance: High and Low Months [06/05/2013]
http://ssrn.com/abstract=2275061
- Unemployment, Consumer Confidence, Business Confidence, Inflation and Monetary
Policy [09/16/2012] http://papers.ssrn.com/abstract=2146497
- 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
- Determinants of U.S. Government Bond Risk Premia [08/22/2012]
http://papers.ssrn.com/abstract=2130164
- How Does Economic Policy Uncertainty in Europe Affect the the U.S. Stock Market?
[07/24/2012] http://papers.ssrn.com/abstract=2094195
- Do Stock Markets in South Asia Respond to Economic Policy Uncertainty in the
United States? [06/27/2012] http://papers.ssrn.com/abstract=2094688
- 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
- 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
- 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
- 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
- A Trade-Off Analysis between Cost Reduction and Product Differentiation for
Sustained Competitive Advantage [06/23/2011] http://papers.ssrn.com/abstract=1867905
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