Thomas D. Shohfi

Assistant Professor, Lally School of Management

Tom Shohfi is an assistant professor of accounting and finance at the Lally School of Management at Rensselaer Polytechnic Institute.  Before his current role, he was a co-founder of SmicroCaps, Inc. and a senior analyst focused on the technology, media and telecom (TMT) sector.  In 2001, he co-founded Empowering Media, an information technology services firm with hundreds of SMB clients.  Later, he was an integral leader in developing the software and infrastructure behind the growth of Did-It Search Marketing, a member of Deloitte's Technology Fast 500.  Prior to founding SmicroCaps, Tom worked as a summer Research Associate in the enterprise software group at Banc of America Securities.

Tom served as an assistant adjunct professor for the undergraduate Applied Investment Management class at the University of North Carolina at Chapel Hill’s Kenan-Flagler Business School.  He was also a member of the board of advisors for UNC Chapel Hill's BSBA and MBA Applied Investment Management funds.  Prior to joining Lally, Tom was a research assistant and teaching fellow at the Joseph M. Katz Graduate School of Business at the University of Pittsburgh.

Mr. Shohfi was a Dean's scholar at New York University and earned a BA in computer science and mathematics from that institution.  He also received his MBA from Kenan-Flagler Business School at the University of North Carolina at Chapel Hill and holds the Chartered Financial Analyst, Chartered Alternative Investment Analyst, and Financial Risk Manager designations.  He was awarded a doctorate in financial economics from the University of Pittsburgh in 2015. 

Tom’s research interests include corporate credit markets and financial analyst behavior.  His research has been featured in journals including Accounting, Organizations, and Society, Journal of Corporate Finance, Financial Management, Financial Review, Frontiers in Applied Mathematics and Statistics, Journal of Banking & Finance, Journal of Operational Risk, Journal of Small Business Management, Managerial Finance, and Review of Financial Economics as well as presented at the annual meetings of the American Accounting Association (AAA), AAA FARS midyear meeting, Financial Management Association, Northern Finance Association, Eastern Finance Association, Southern Finance Association, Southwestern Finance Association, Midwest Finance Association, China International Conference in Finance, and the Academy of Behavioral Finance and Economics.  He has also presented his work at industry leading investment management firms including Citadel, BlackRock, and T. Rowe Price.

Tom grew up on Long Island and is very glad to be back in New York.  He enjoys playing basketball, suffering through football season with the Jets, and fine dining (both in and out) with his wife Courtenay. 


University of Pittsburgh – Katz Graduate School of Business, Ph.D., 2015

Chartered Financial Analyst Designation, 2011

Chartered Alternative Investment Analyst Designation, 2018

Financial Risk Manager Designation, 2019

University of North Carolina at Chapel HillKenan-Flagler Business School, M.B.A. concentrating in Investment Management and Entrepreneurship, 2008

New York UniversityCollege of Arts and Sciences, B.A. in Computer Science and Mathematics, 2001 

Research Focus
  • Analyst Behavior
  • Corporate Credit Markets
  • Corporate Governance
  • Institutional Investors
  • Investor Behavior
Select Works
  • Do Sin Tax Hikes Spur Cheating in Interpersonal Exchange?, Accounting, Organizations, and Society
  • Which Buy-Side Institutions Participate in Public Earnings Conference Calls? Implications for Capital Markets and Sell-Side Coverage, Journal of Corporate Finance
  • Bank Loan Renegotiation and Credit Default Swaps, Journal of Banking & Finance
  • Bulk Volume Classification and Information Detection, Journal of Banking & Finance
  • The Dark Side of Individual Blockholder Philanthropy, Financial Management (available at
  • Investor Awareness or Information Asymmetry? Wikipedia and IPO Underpricing, The Financial Review
  • Angels or Sharks? The Role of Personal Characteristics in Angel Investment Decisions, Journal of Small Business Management