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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

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Biography

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 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

Professor David Yermack is interviewed about bitcoin's growth

Professor David Yermack explains why bitcoin is unlikely to replace national currencies

Professor David Yermack comments on a new report on executive compensation in 2016

Professor David Yermack's research on the impact of Michelle Obama's wardrobe choices is referenced

Professor David Yermack's research on the impact of Michelle Obama's wardrobe choices is featured

Professor David Yermack is interviewed about his research measuring the impact of Michelle Obama's fashion choices

Professor David Yermack's research on the impact of Michelle Obama's fashion choices is referenced

Professor David Yermack discusses the uncertainties facing corporate leaders in the Trump era

Professor David Yermack comments on the Federal Reserve's research paper on distributed ledgers

Professor David Yermack explains why large severance packages are common in the entertainment industry

Professor David Yermack discusses Stern's strength in FinTech

Professor David Yermack is interviewed about Melania Trump's future influence on the fashion industry as First Lady

First Annual NYU Stern FinTech Conference

Professor David Yermack is interviewed about blockchain's impact on the securities industry

Areas of Expertise

Ethics

  • Law & Business

Finance

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

Industry

  • Non-Profit
  • Sports