Experience Faculty & Research

Share / Print

David L. Yermack

David L. Yermack

Joined Stern 1994

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 9-70
New York, NY 10012

E-mail dyermack@stern.nyu.edu
Personal website

View/Download C.V.


David L. Yermack is the Albert Fingerhut Professor of Finance and Business Transformation at New York University Stern School of Business. He serves as Chairman of the Finance Department and Director of the NYU Pollack Center for Law and Business. Professor Yermack teaches joint MBA - Law School courses in Restructuring Firms & Industries and Bitcoin & Cryptocurrencies, as well as PhD research courses in corporate governance, executive compensation, and distress and restructuring.

Professor Yermack has been with NYU Stern since 1994. His primary research areas include boards of directors, executive compensation, and corporate finance. Professor Yermack has published more than 25 articles in leading academic journals in Finance, Accounting, Economics, and Law. He is a Faculty Research Associate of the National Bureau of Economic Research and has been a Visiting Scholar at the U.S. Federal Reserve Bank.

Professor Yermack received his Bachelor of Arts in Economics (1985), Master of Business Administration (1991), Juris Doctor (1991), Master of Arts in Business Economics (1993), and Doctor of Philosophy in Business Economics (1994) from Harvard University.

Research Interests

  • Corporate governance
  • Executive compensation
  • Law and economics

Courses Taught

  • Bitcoin and Cryptocurrencies
  • Restructuring Firms and Industries

Academic Background

Ph.D., Business Economics, 1994
Harvard University

M.A., Business Economics, 1993
Harvard University

J.D., 1991
Harvard University

M.B.A., 1991
Harvard University

B.A., Economics, 1985
Harvard University

Selected Publications

Yermack, D. (2015)
Is Bitcoin a Real Currency?
The Handbook of Digital Currency (Elsevier)

Wei, C., and Yermack, D. (2011)
Investors' Reactions to CEO Inside Debt Incentives
Review of Financial Studies

Yermack, D. (2006)
Flights of Fancy: Corporate Jets, CEO Perquisites, and Inferior Shareholder Returns
Journal of Financial Economics

Yermack, D. (1997)
Good Timing: CEO Stock Option Awards and Company News Announcements
Journal of Finance

Yermack, D. (1996)
Higher Market Valuation of Companies with a Small Board of Directors
Journal of Financial Economics

Related News & Research

Professor David Yermack is interviewed about his course on bitcoin for a feature trend story on the popularity of cryptocurrency courses in b-schools

Professor David Yermack is interviewed about Stern's strength in fintech and the growing student interest in his course on the subject

Professor David Yermack explains how central banks could utilize blockchain

Professor David Yermack is quoted in a feature story about the use of cryptocurrencies in Iran

Professor David Yermack is interviewed about the growing interest in his course on cryptocurrency

In a feature story on the demand for items worn by Meghan Markle, Professor David Yermack is interviewed about his research on the influence of Michelle Obama's wardrobe choices

Professors Kathleen DeRose and David Yermack are interviewed ‚Äčin a roundup of the best b-schools for FinTech that features Stern

Professor David Yermack comments on the risk associated with investing in bitcoin

Professor David Yermack discusses the evolution and expansion of Stern's cryptocurrency course offerings

Professor David Yermack is interviewed about bitcoin's security

Professor David Yermack weighs in on the evolution of public perception of bitcoin

Professor David Yermack shares his views on bitcoin

Professors Kathleen DeRose and David Yermack, along with MBA student Matthew Scannella, are interviewed about Stern's FinTech offerings

Professor David Yermack's joint research on cryptocurrency is referenced

Professor David Yermack shares his views on bitcoin as an investment

Professor David Yermack shares his thoughts on regulation and security of virtual currencies

Professor David Yermack discusses how small businesses can use cryptocurrency

Professor David Yermack underscores the importance of background research before purchasing a cryptocurrency

Professor David Yermack is interviewed about bitcoin mines and security

Professor David Yermack comments on bitcoin's use as currency among merchants

Areas of Expertise


  • Law & Business


  • Corporate Finance
  • Corporate Governance
  • Executive Pay
  • Mergers & Acquisitions


  • Non-Profit
  • Sports