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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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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 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

Professor David Yermack's comments on blockchain technology at the Imperial Fintech Conference are highlighted

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

Professor David Yermack shares his views on Wells Fargo's decision to rescind CEO John Stumpf's pay

Professor David Yermack discusses blockchain's impact on jobs in the financial services industry

Professor David Yermack discusses Stern's new FinTech specialization for MBA students

Professor David Yermack discusses his research on First Lady Michelle Obama's impact on the fashion industry

Preparing for a World Without Cash

Professor David Yermack reacts to a court decision in Florida in connection with bitcoin

Professor David Yermack comments on top general counsels' compensation

Professor David Yermack discusses ComScore's executive compensation

Professor David Yermack illustrates the impact of Brexit on bitcoin

Stern Faculty Examine the Implications of “Brexit”

Stern Faculty Examine the Implications of “Brexit”

Professor David Yermack discusses the challenges and opportunities brought on by blockchain technology; his forthcoming course on the subject is highlighted

Professor David Yermack's research on the impact of First Lady Michelle Obama's fashion choices is featured

Areas of Expertise


  • Law & Business


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


  • Non-Profit
  • Sports