Thomas Smith

Professor in the Practice of Finance; Academic Director, Master of Finance Emory University, Goizueta Business School

  • Atlanta GA

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Biography

Tom Smith is considered a specialist in the areas of labor economics, pricing, film finance, sports economics and finance, and the economics of the entertainment and health care industries. Described as a “jack of all trades and master of them all,” he’s one of Goizueta Business School’s most sought-after experts. Tom brings his research on micro- and macro-economics into the classroom; considered timely and insightful, his perspective has been published by local outlets and international publications alike, including Time. He regularly appears as a financial expert on television and radio – CNN, NPR, and The Huffington Post to name a few – and is frequently quoted in the press regarding trends in unemployment, inflation, trade, and economics-driven topics. An energetic and enthusiastic professor, Tom eschews narrow definitions of leadership. Through forging genuine connections with participants, Tom helps them expand their thinking and develop a more holistic approach to business that, in turn, enhances their approach to leadership and results in greater success.

Smith holds a PhD in economics from the University of Illinois at Chicago.

Education

University of Illinois at Chicago

PhD

Cultural Economics and Policy in Labor and Demography

1998

University of Illinois at Chicago

MS

Economics

1994

Illinois Wesleyan University

BS

Economics

1992

Areas of Expertise

Cultural Economics
Economics of the Arts
Economics of Sports
Economics of Religion
Urban and Real Estate Economics
Labor Economics
Economic Education

Publications

The impact of government funding on private contributions to nonprofit performing arts organizations

Annals of Public and Cooperative Economics

2007

This paper tests the crowding-out hypothesis for a balanced panel of nonprofit performing arts organizations between 1998 and 2003. This research uses a number of model specifications and estimating techniques to appropriately capture the ...

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Selection models in the music industry: Comment

Journal of Cultural Economics

2007

In an earlier volume of this journal, Andrea Ordanini (2006) examines the extent to which the selection into the music industry—direct or agency—impacts an artist's success in the Italian music charts. The selection model is considered 'direct' if the musician (or band) signs ...

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Research Spotlight

2 min

Goizueta Professors on Olympic Fandom, Viewership, Economics of the Games

As we countdown to the July 26 opening of the Olympic Games in Paris, we have two Goizueta Business School experts who can discuss the Olympics, including fandom, viewership, and the economics of the Paris Games. Professor Mike Lewis studies fandom and has spent many years tracking how sports can stay relevant and lucrative across generations. “While the Olympics is presented as a pure sports competition, it’s actually a unique sports entertainment event that leverages underpaid athletes and national identities to create one of the foremost sports-based advertising platforms.” His research on this year’s Olympics finds: Viewership skews to an older audience with Baby Boomers showing the biggest fandom. The Games have an ongoing challenge to attract a younger audience. The Olympic broadcast will have to work hard to gain the attention of Gen Z and Millennials. Olympic fans are pretty even between genders, which is very different from typical sports fans that are more than 50% male. Check out his latest research: And his latest podcast on the Games: Professor Tom Smith studies the economics of sports. He can discuss: The economic impact of the Games for Paris during what is usually a high tourist season. The economics of decisions by city leaders to repurpose current facilities, landscape and architecture for the Paris games. What other cities can learn from the Paris games. Both Tom and Mike are available to speak with media about the upcoming Olympic Games simply click on either expert's icon now to arrange an interview today.

Thomas SmithMichael Lewis

1 min

Super Tuesday and Biden’s State of the Union Address - Emory University’s Goizueta Business School Experts Available for Interview

It's going to be a busy week in America when it comes to politics. And if you're covering we have experts who can help with any of your questions or stories. Tom Smith Professor in the Practice of Finance Professor Smith is an expert in labor economics, entertainment and healthcare economics, as well as real estate and urban economies. David Schweidel Professor of Marketing Professor Schweidel has been closely researching the impact of AI in society, especially elections. He can speak on the impact AI is expected to have in this year’s elections. Professor Schweidel also has extensive work in election marketing. He researched negative campaign advertising and if a negative tone has a positive impact on election results. Ramnath Chellappa Professor of Information Systems & Operations Management Professor Chellappa is available to discuss the economics of information security and privacy. He can also discuss the economics and impact of AI. Raymond Hill  Professor Emeritus Hill is available to discuss any issues on the economy related to energy. If you are looking to arrange an interview simply click any of the listed expert's icons to set up a time today or email Kim Speece for assistance.

Thomas SmithDavid SchweidelRamnath K Chellappa

3 min

Holiday Season is Almost Here and Goizueta Business School has Holiday Experts Ready to Help

The holidays are the difference between operating in the red and operating in the black for many retail businesses. The Goizueta Business School has experts who can provide insight and expertise on a wide range of stories. Economics of the Holiday Season Economist Tom Smith can discuss seasonal hiring, retail expectations, and the importance of the holiday season to retailers. Black Friday Doug Bowman can discuss retail expectations and the importance of the holiday season to retailers. He expects this year shoppers will go to fewer stores and not travel long distances, delivery capacity will be an issue, and work from home/school purchases will be hot. AI Changing How We Shop David Schweidel can discuss how new AI tools are changing how we shop and how brands are using AI to reach prospective customers. Product Reviews See Huge Increases: How Reviews Impact Holiday Shopping What do reviews mean for the shopping experience and do reviews impact purchase? Reshma Shah can discuss the impact reviews have on the point of purchase. Product Returns Marat Ibragimov can discuss the retail strategy and impact of holiday gift returns, comparing online returns to brick and mortar. Food and Travel Pricing Saloni Firasta Vastani can discuss the cost of this year’s holiday dinners. What’s gone up and what’s gone down? She can also discuss the cost of travel this holiday season and what consumers can do to get a better deal. Avoiding Holiday Overspend Rohan Ganduri can discuss how holiday shopping can expose consumers to credit products like store credit cards that offer various incentives to take up the credit card, often resulting in overspending. Ganduri can discuss his latest research paper on how taking up store credit cards can impact consumers’ future credit outcomes. Social Media & Advertising David Schweidel can discuss how micro influencers work, how using product placement can cut through the advertising clutter, and the power of product reviews. The Constantly Changing Online Retail Experience Styling videos, personal shoppers, messaging, and even Augmented Reality (AR) are being used to generate purchases. Doug Bowman can discuss how stores are reimagining the shopping experience to attract customers in person and online. Influencers Influencing Our Purchases How are creators impacting the economy and are influencers impacting our purchasing decisions? Marina Cooley looks at the creator economy and how TikTok and Instagram are impacting our holiday wish lists and what it takes for a product to go from unknown to trending. She can also discuss how this holiday season will help normalize in-app TikTok shopping (something Instagram has struggled to execute on). How to Attract Customers to the Store this Holiday: Merging Online and In-person Experiences May be the Answer Shopping looks different and it is up to retailers to stand out not just in the brick and mortar world but also online. The success of a business can balance on the customer experience. Reshma Shah can discuss the policies brick and mortar retailers need to have in place to successfully merge online shopping and the in-person shopping experience. To book your expert interview, call Kim Speece at (404) 849-6579 or email her at kim@leffassociates.com or simply click on the icon available. To find an expert on a specific topic, click the “Search” feature at https://goizueta.emory.edu/faculty/profiles. To check out other recent research, visit https://www.emorybusiness.com/faculty-research/.

Thomas SmithDouglas BowmanDavid SchweidelReshma ShahAizhan Anarkulova
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In the News

A record amount of Americans are quitting their jobs due to pandemic burnout

CBS Evening News  online

2021-10-22

"Done with a cubicle. I'm done commuting. I'm done sitting in an office," said professor Tom Smith, who studies the pandemic's labor market trends at Emory University's business school in Atlanta.

When asked why he thought people were making the leap now, Smith said, "Maybe the looking at the craziness in the eye and coming out on the other end made people reevaluate how much risk is actually involved."

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Why are so many people leaving their jobs during 'The Great Resignation'?

11Alive  online

2021-09-15

Tom Smith of Emory’s Goizueta Business School said many have used the pandemic as a time to reflect.

“Some people are thinking they don’t need the rat race,” said Smith. “They don’t need to get up at 6 a.m. and deal with Atlanta traffic, drive an hour to sit in a cubical.”

With all of the changes brought on by the pandemic, workers believe there are job opportunities waiting elsewhere.

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The Great Resignation Could See Half the Nation's Workers Changing Jobs

Nasdaq  online

2021-09-01

“It's time to re-evaluate compensation and work environment,” says Tom Smith, a professor at the Goizueta Business School at Emory University. “If your workforce is hesitant to get back into the office then perhaps it's time to implement a flex schedule. Employees have a lot of choice right now. … Workers are looking for flexibility - and companies that are willing and able to provide that flexibility will have a better path going forward to attract and retain the best employees.”

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Answers

Economic Impact of Early Georgia Primary - Election Coverage
Thomas Smith

A new study from professor Tom Smith at Emory University's Goizueta Business School finds that Georgia’s position as fourth in the presidential primary lineup could have a sizable economic impact on the state.He says in the most likely scenario, which includes 11 Republican candidates and 1 Democratic candidate, he estimates an early presidential primary in Georgia could generate $1.12 billion and create more than 10,000 jobs.$220 million of the overall projected gains and over 2,200 jobs come from direct economic benefit to the state’s economy as a result of campaign spending, wages earned, and new tax revenue. The impact would be spread across the entire state.Over $900 million of the overall projected gains and 8,700 of the estimated jobs come in the form of potential ‘rewards’ for Georgia by a current candidate or future president who campaigned early in our state. The majority of this impact would be felt outside of the Metro Atlanta region.

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Tech Layoffs
Thomas Smith

Many of the big tech companies are announcing layoffs at the same time job numbers are at an all-time high. What is happening in the tech sector and is this a leveling off of previous over-hiring? What does this mean for the economy? Goizueta professor, economist, and labor market expert Tom Smith is available to discuss.

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