Vichet Sum, Ph.D.
 
     
 
 
Selected Publications [Refereed Journal Articles]
  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). Quality of the firm’s training and stock returns.
    Journal of Wealth Management, 16(4), 48-54. Link to Article

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

  14. 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.

  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. (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.

  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). 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 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 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, 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 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

  44. 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


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

  46. 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


  47. 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

  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. 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
   
© 2014 Vichet Sum, Ph.D