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Tom Smith

PERSONAL PROFILE

Professor Tom Smith is one of the leading finance academics in Australia and has been ranked as the number one finance academic in Australia and New Zealand by both the Journal of Financial Literature and the Pacific Basin Finance Journal.  Tom is the leading researcher in Environmental Finance, Asset Pricing Theory and Tests; Design of Markets – Market Microstructure; and Derivatives. Tom has supervised over 50 PhD students to completion and his PhD students have over 50 tier 1 papers in their own names.

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TEACHING

Teaching

 

2017 – 2022                Head of Applied Finance, School of Business,

                                    Macquarie University.

 

2017 – present             Emeritus Professor, UQ Business School

 

2012 – 2017                Frank Finn Professor of Finance, UQ Business School.

 

2002 – 2012                Professor of Finance, ANU.

 

1995 – 2002                Professor of Finance, AGSM, UNSW.

 

1992 – 1995                Associate Professor of Finance, Fuqua School of Business, Duke

                                    University.

 

1988 – 1992                 Assistant Professor of Finance, Fuqua School of Business, Duke

                                    University.

 

1981-1984                   Lecturer in Accounting and Finance, Brisbane College of Advanced Education.

 

1977-1981                  Tutor Group IV in Accounting, Computing and Law, University of Queensland (Australia)

EDUCATION

1990  PhD in Finance, Graduate School of Business, Stanford University

1982  Masters of Financial Management, University of Queensland

1980  Bachelor of Commerce (Honours), University of Queensland

PUBLICATION and PROJECTS

  • Kaczynski, Dan, Salmona, Michelle and Smith, Tom (forthcoming) Qualitative research in finance. Edward Elgar.
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  • Sadeghi, Nazanin and Smith, Tom (forthcoming) Ethics in Qualitative Research, Qualitative Research in Finance. Edward Elgar.
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  • Smith, Tom, Salmona, Michelle & Kaczynski, Dan, (forthcoming), What journal editors are looking for in Finance , Qualitative Research in Finance. Edward Elgar.
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  • Smith, Tom, Michelle & Kaczynski, Dan, (forthcoming) Publishing your Work, Qualitative Research in Finance. Edward Elgar.
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  • Shen, Yun and Smith, Tom (forthcoming), Qualitative Research in Finance: A systematic literature review. Qualitative Research in Finance. Edward Elgar.
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  • Harris, Katie and Smith, Tom (forthcoming), Qualitative Comparative Analysis and Content Analysis. Qualitative Research in Finance. Edward Elgar.
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  • Smith, Tom, Salmona, Michelle & Kaczynski, Dan, (forthcoming), Lintner’s model of dividend payments. Qualitative Research in Finance. Edward Elgar.
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  • Guthrie AM, J., Linnenluecke, M. K., Martin‐Sardesai, A., Shen, Y., & Smith, T. (2021). On the resilience of Australian public universities: why our institutions may fail unless vice‐chancellors rethink broken commercial business models. Accounting & Finance.
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  • Buchanan, J., Shen, Y., & Smith, T. (2021). Dirty money. Accounting, Auditing & Accountability Journal 34, 1, p. 244-245
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  • Linnenluecke, M. K., Smith, T., Shen, Y., Zhu, Y. & Liang, Z ., (2020) What does the CAPM say about the operating leverage?. In Abacus. 56 2, p. 288 – 291.
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  • Deng, K., Zhu, Y., Smith, T. & McCrystal, A., (2020), Tax and leverage: Evidence from China, In: China Economic Review. 62 ,p. 20. 101479.
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  • Linnenluecke, M. K., Zhou , C., Smith. T., Thompson, N. & Nucifora, N., (2020) The impact of climate change on the Australian sugarcane industry. In: Journal of Cleaner Production. 246, P. 13., 118974.
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  • Marrone, M., Linnenluecke, M. K., Richardson, G., & Smith, T. (2020). Trends in environmental accounting research within and outside of the accounting discipline. Accounting, Auditing & Accountability Journal. 33, 8, p. 2167-2193
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  • Drienko, J., Smith, T. & Von Reibnitz, A., (2019) A review of the return-illiquidity relationship. In: Critical Finance Review. 8 1-2, p. 127-171.
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  • Linnenluecke, M. K. & Smith, T., (2019) A Primer on global environmental change. In: Abacus. 55  4, p. 810-924.
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  • Brammer, S.J., Branicki, L., Linnenluecke, M. & Smith, T., (2019) Grand challenges in management research: attributes, achievements, and advancement. In: Australian Journal of Management
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  • Han, J., Linnrnlurecke, M.K., Liu, F. Pan, Z. & Smith, T.,. (2019) A general equilibrium approach to pricing volatility risk. PLOS ONE
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  • Aman, H Han, J., Linnenluecke, M., Pan, Z., Smith, T., et al. (2019).  Responsible science: Celebrating the 50-year legacy of Ball and Brown (1968) using a registration-based framework.   Pacific-Basin Finance Journal, 56, 129-150.
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  • Linnenluecke, M. K. Han, J., Pan, Z. & Smith, T., (2019) How markets will drive the transition to a low carbon economy. In: Economic Modelling. 77, 42-54.
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  • Linnenluecke, M. K., Han, J., Pan, Z. & Smith, T.,. (2019) The wealth effects of the announcement of the Australian carbon pricing scheme. Pacific-Basin Finance Journal 53: 399-409.
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  • Katselas, D., Sidhu, B., Smith, T., Yu, C., (2019) Independently-certified industry-specific disclosures to the capital market: The JORC Code in the Australian mining industry The JORC Code Disclosures to the Capital Market. Abacus.
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  • Linnenluecke, M. K.., Smith, T. & Whaley, R.E., (2018). The unpaid social cost of carbon: Introducing a framework to estimate “legal looting” in the fossil fuel industry. In: Accounting Research Journal. 31, 3, p. 122- 134.
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  • Chan, K., Powell, J., Shi, J., & Smith, T. (2018).  Dividend persistence and dividend behaviour.   Accounting and Finance, 58 (1), 127-147.  
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  • Linnenluecke, M. & Smith, T., (2018), Adaptation of MSMEs to climate change: a review of the existing literature in Private-sector action in adaptation: Perspectives on the role of micro, small and medium size enterprises. Schaer, C. & Kuruppu, N. (eds.). Copenhagen: UNEP DTU Partnership, p. 19-27 9 p. (UDP Perspectives).
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  • Linnenluecke, M. K., & Smith, Tom (2018) Business studies and the environment. In: Castree, N., Hume, M. and Proctor, J. (Eds.), The Companion to Environmental Studies. London, UK and New York: Routledge (forthcoming).
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  • Linnenluecke, Martina K., Chen, Xiaoyan, Ling, Xin, Smith, Tom and Zhu, Yushu (2017) Research in Finance: A Review of Influential Publications and a Research Agenda. Pacific-Basin Finance Journal 43, 188-199.
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  • Gepp, A., Linnenluecke, M. K., O’Neill, T., & Smith, Tom (2017). Big data techniques in auditing research and practice: Current trends and future opportunities. Journal of Accounting Literature (forthcoming)
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  • Smith, Tom and Zhou, Qing (2016) Comments and Rejoinders to Shan and Walter: Towards a set of design principles for executive compensation contracts. Abacus 52(4), 619-684.
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  • Linnenluecke, Martina K., Birt, Jacqueline, Chen, Xiaoyan, Ling, Xin and Smith, Tom (2016) Accounting Research in Abacus, A&F, AAR and AJM from 2008-2015: A Review and a Research Agenda. Abacus 53(2), 159-179.
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  • Benson, Karen and Smith, Tom (2016) Reply to So, who really is a “noted author” within the accounting literature? A reflection on Benson et. al.. (2015). Australian Journal of Management 41 4: 656-659.
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  • Benson, Karen Benson, Karen, Clarkson, Peter M., Smith, Tom and Tutticci, Irene (2016) Errata to: A Review of Accounting Research in the Asia Pacific Region. Australian Journal of Management, , 41, 4: 660-661.
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  • Linnenluecke, M. K., Smith, T. and McKnight, B. (2016) Environmental finance: a research agenda for interdisciplinary finance research. Economic Modelling 59 124-130
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  • Linnenluecke, Martina K., Chen, Xiaoyan, Ling, Xin, Smith, Tom and Zhu, Yushu (2016) Emerging trends in Asia-Pacific finance research: a review of recent influential publications and a research agenda. Pacific-Basin Finance Journal, 36 66-76. doi:10.1016/j.pacfin.2015.12.002
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  • Jacobs, Kerry, Linnenluecke, Martina K. and Smith, Tom (2016) Are we impaired? Accoutning, Auditing & Accountability Journal 29 (3)
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  • Benson, Karen, Faff, Robert and Smith, Tom (2015) Injecting liquidity into liquidity research. Pacific Basin Finance Journal, 35, 533-540.
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  • Linnenluecke, Martina K., Meath, Cristyn, Rekker, Saphira, Sidhu, Baljit and Smith, Tom (2015) Divestment from fossil fuel companies: confluence between policy and strategic viewpoints. Australian Journal of Management, 40 3: 478-487. doi:10.1177/0312896215569794 
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  • Salmona, Michelle, Kaczynski, Dan, and Smith, Tom. (2015) Qualitative theory in finance: Theory into practice. Australian Journal of Management, 40 3: 403-413. doi:10.1177/0312896214536204
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  • Smith, Tom (2015) Editorial to 40th issue of AJM. Australian Journal of Management, 40 3: 399-402. doi:10.1177/0312896215596120
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  • Gippel, Jennifer, Smith, Tom and Zhu, Yushu (2015) Endogeneity in accounting and finance research: natural experiments as a state-of-the-art solution. Abacus, 51 2: 143-168. doi:10.1111/abac.12048
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  • Benson, Karen, Clarkson, Peter M., Smith, Tom and Tutticci, Irene (2015) A review of accounting research in the Asia Pacific region. Australian Journal of Management, 40 1: 36-88. doi:10.1177/0312896214565121
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  • Benson, Karen, Faff, Robert and Smith, Tom (2014) Fifty years of finance research in the Asia Pacific Basin. Accounting and Finance, 54 2: 335-363. doi:10.1111/acfi.12081
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  • Barraclough, Kathryn, Robinson, David T., Smith, Tom and Whaley, Robert E. (2013) Using option prices to infer overpayments and synergies in M&A transactions. Review of Financial Studies, 26 3: 695-722. doi:10.1093/rfs/hhs119
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  • Kaczynski, Dan, Salmona, Michelle and Smith, Tom (2013) Qualitative research in finance. Australian Journal of Management, 2013 1-9. doi:10.1177/0312896212469611
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  • Smith, Tom and Walsh, Kathleen (2013) Why the CAPM is half-right and everything else is wrong. Abacus, 49 Suppl.1: 73-78. doi:10.1111/j.1467-6281.2012.00387.x
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  • Benson, Karen L., Faff, Robert W. and Smith, Tom (2010) The simultaneous relation between fund flows and returns. Australian Journal of Management, 35 1: 51-18. doi:10.1177/0312896209354217
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  • Powell, John, Shi, Jing, Smith, Tom and Whaley, Robert (2009) Common divisors, payout persistence, and return predictability. International Review of Finance, 9 4: 335-357. doi:10.1111/j.1468-2443.2009.01095.x
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  • Powell, John G., Shi, Jing, Smith, Tom and Whaley, Robert E. (2009) Political regimes, business cycles, seasonalities, and returns. Journal of Banking and Finance, 33 6: 1112-1128. doi:10.1016/j.jbankfin.2008.12.009
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  • Sidhu, Baljit, Smith, Tom, Whaley, Robert E. and Willis, Richard H. (2008) Regulation fair disclosure and the cost of adverse selection. Journal of Accounting Research, 46 3: 697-728. doi:10.1111/j.1475-679X.2008.00286.x
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  • Dolan, Phil and Smith, Tom (2008) Editorial to Special Issue on Delegated Portfolio Management. Australian Journal of Management, 32 3: e0-e2.
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  • Powell, John G ., Shi, Jing, Smith, Tom and Whaley, Robert E . (2007) The persistent presidential dummy. The Journal of Portfolio Management, 33 2: 133-143. doi:10.3905/jpm.2007.674799
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  • Birt, Jacqueline L., Bilson, Chris M., Smith, Tom and Whaley, Robert E. (2006) Ownership, competition, and financial disclosure. Australian Journal of Management, 31 2: 235-263.
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  • Bollen, Nicolas P. B., Smith, Tom and Whaley, Robert E. (2004) Modeling the bid/ask spread: Measuring the inventory-holding premium. Journal of Financial Economics, 72 1: 97-141. doi:10.1016/S0304-405X(03)00169-7
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  • Gray, Stephen F., Smith, Tom and Whaley, Robert E. (2003) Stock splits: Implications for investor trading costs. Journal of Empirical Finance, 10 3: 271-303. doi:10.1016/S0927-5398(02)00049-X
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  • Bollen, Nicolas P. B., Smith, Tom and Whaley, Robert E. (2003) Optimal contract design: For whom?. The Journal of Futures Markets, 23 8: 719-750. doi:10.1002/fut.10086
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  • Boudoukh, Jacob, Richardson, Matthew, Smith, Tom and Whitelaw, Robert F. (1999) Ex ante bond returns and the liquidity preference hypothesis. Journal of Finance, 54 3: 1153-1167. doi:10.1111/0022-1082.00140
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  • Foster, F. Douglas, Smith, Tom and Whaley, Robert E. (1997) Assessing goodness-of-fit of asset pricing models: The distribution of the maximal R2. Journal of Finance, 52 2: 591-607. doi:10.2307/2329491
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  • MacAdam, Alastair and Smith, Tom (1995) Statutes: Rules and examples 3rd ed. Sydney: Butterworths, 1995.
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  • Smith, Tom (1994) Econometrics of financial models and market microstructure effects. Journal of Financial and Quantitative Analysis, 29 4: 519-540. doi:10.2307/2331108
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  • Richardson, Matthew and Smith, Tom (1994) A unified approach to testing for serial correlation in stock returns. Journal of Business, 67 3: 371-399. doi:10.1086/296638
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  • Smith, Tom and Whaley, Robert E. (1994) Estimating the effective BID/ASK spread from time and sales data. Journal of Futures Markets, 14 4: 437-455. doi:10.1002/fut.3990140406
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  • Smith, Tom and Whaley, Robert E. (1994) Assessing the costs of regulation: The case of dual trading. Journal of Law and Economics, 37 1: 215-246. doi:10.1086/467312
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  • Richardson, Matthew and Smith, Tom (1994) A direct test of the mixture of distributions hypothesis: Measuring the daily flow of information. Journal of Financial and Quantitative Analysis, 29 1: 101-116. doi:10.2307/2331193
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  • Boudoukh, Jacob, Richardson, Matthew and Smith, Tom (1993) Is the ex-ante risk premium always positive? A new approach to testing conditional asset pricing models. Journal of Financial Economics, 34 3: 387-408. doi:10.1016/0304-405X(93)90033-8
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  • Richardson, Matthew and Smith, Tom (1993) A test for multivariate normality in stock returns. Journal of Business, 66 2: 295-321. doi:10.1086/296605
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  • Richardson, Matthew, Richardson, Paul and Smith, Tom (1992) The monotonicity of the term premium: Another lock. Journal of Financial Economics, 31 1: 97-105. doi:10.1016/0304-405X(92)90013-N
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  • Richardson, Matthew, Richardson, Paul and Smith, Tom (1991) Measuring aggregate economic fundamentals from short-term premiums. The Journal of Fixed Income, 1 3: 75-85. doi:10.3905/jfi.1991.408025
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  • Richardson, Matthew and Smith, Tom (1991) Tests of financial models in the presence of overlapping observations. Review of Financial Studies, 4 2: 227-254. doi:10.1093/rfs/4.2.227
  • Smith, Tom. (1982).
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  • Taxation of partnerships Honours Thesis, School of Business, The University of Queensland.
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  • Priddle, Les and Smith, Tom (1980) The effects of the new rules on the taxation of income of infants. Taxation in Australia, 15 1.
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  • Smith, Tom and Mason, Harvey (1979) Insider trading – A review of Australian and United States regulation. Accounting and Finance, 19 1: 52-70. doi:10.1111/j.1467-629X.1979.tb00003.x