I've been using that equation for years and once saw the derivation, but a quick look in my library found this one:
AISC Steel Construction Manual, 13th Edition, Spec. Chapter G6, Round HSS.
"The nominal shear strength, Vn, of round HSS, according to the limit states of shear yielding and shear buckling, is
Vn = FcrAg/2 "
Fcr is the critical buckling stress and depends on D/t ratio, Ag is the gross area, and HSS stands for Hollow Structural Section which pertains to a specific type of pipe used in structures.
Note that the AISC spec is not intended to design watchband pins and the like, but I've used it for hollow pins as small as 1/2".
My first post alluded to other failure modes such as local buckling; this equation and the ones further along in the text take those issues into account. However, if you have a good feel for the material and proportions of the pin and know it won't fail in those modes, I think the S=2F/A number is a good one to compare to the yield stress.