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Selected Publications [Refereed Journal Articles]
» Sum, V. (In Press). Stock market performance: Variance decomposition of
price-earnings ratio, dividend yield and Tobin's Q. Journal of Financial
Transformation, 39, Forthcoming. Link to Article
» Sum, V. (In Press). Why should you invest in the best companies to work for?
Journal of Investing [Institutional Investor Journals], Forthcoming. Link to Article
» Sum, V. (In Press). Quality of the firm’s training and stock returns.
Journal of Wealth Management [Institutional Investor Journals], Forthcoming.
Link to Article
» Sum, V. (In Press). Dynamic effect of Tobin's q on price-to-earnings ratio.
Managerial Finance [Emerald], Forthcoming. Link to Article
» Sum, V. (In Press). Stock market returns and liquidity: Dynamic relationships and causality. Journal of Trading [Institutional Investor Journals], Forthcoming.
Link to Article
» Sum, V., & Chorlian, J. (In Press). Training and the firm's competitiveness: A survey of practitioners. Economics, Management, and Financial Markets, 9(2), Forthcoming.
Link to Article
» Sum, V. (In Press). The ASEAN stock market performance and economic policy uncertainty in the United States. Economic Papers: A Journal of Applied Economics
and Policy [Wiley-Blackwell], Forthcoming. Link to Article
» 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 [Elsevier], Forthcoming. Link to Article
» Sum, V., Chorlian, J., & Lin, J. C. (In Press). 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, Forthcoming. Link to Article.
» Sum, V. (In Press). Effects of business and consumer confidence on stock market
returns: Cross-sectional evidence. Economics, Management, and Financial Markets,
9(1), Forthcoming. Link to Article.
» Sum, V. (In Press). Can firms with the best training program withstand the storm of economic policy uncertainty? Journal of Business Economics and Management
[Taylor & Francis], Forthcoming. Link to article
» Sum, V. (In Press). Economic policy uncertainty and stock market returns.
International Review of Applied Financial Issues and Economics. Forthcoming.
Link to article
» Sum, V. (2013). Response of business and consumer confidence to monetary policy
shocks. The Empirical Economics Letters, 12(11), 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). 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). 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). 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
» 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
» 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
Papers Under Review
» 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
» Determinants of U.S. Government Bond Risk Premia [08/22/2012]
http://papers.ssrn.com/abstract=2130164
» 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
Working Papers
» 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
» Short Interest Ratio and Equity Market Return: Causality and Impulse Response
Functions [09/27/13] http://papers.ssrn.com/abstract=2333154
» Equity Trading Activity and Credit Spread Shock [09/26/13]
http://papers.ssrn.com/abstract=2331698
» 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
» Dynamic Response of Equity Market Returns to Corporate Profit Growth Shock
[07/31/2013] http://papers.ssrn.com/abstract=2304471
» Covariance Patterns of the Commodity and Equity Markets: A Recent Surprise
[07/27/2013] http://papers.ssrn.com/abstract=2298718
» Stock Market Dividend Yield and Tobin's Q [07/14/2013]
http://papers.ssrn.com/abstract=2293520
» 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
» Dynamic Effects of Financial Stress on the U.S. Real Estate Market Performance
[Last Update: 06/04/2013] http://papers.ssrn.com/abstract=2196251
This Paper Was Presented at: Department of Economics, University of Maryland,
College Park, MD
» Do Stock Markets in South Asia Respond to Economic Policy Uncertainty in the
United States? [06/27/2012] http://papers.ssrn.com/abstract=2094688
» How Does Economic Policy Uncertainty in Europe Affect the the U.S. Stock Market?
[07/24/2012] http://papers.ssrn.com/abstract=2094195
» 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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