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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, 9-56
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

Spotlight on Digital Currency at Stern’s MS in Risk Management Roundtable

Professor David Yermack and Assistant Dean Roy Lee are interviewed about Stern's new Executive Education short course on the blockchain and digital currency

Professor David Yermack on executive compensation disclosure

Professor David Yermack on the addition of concerts to Walmart's shareholder meeting

Prof. David Yermack on disagreements within family-run corporations

Prof. David Yermack's research on creeping acquisitions of stock is highlighted

Prof. David Yermack on the increasing number of virtual shareholder meetings

Prof. David Yermack's course on bitcoin is highlighted

Prof. David Yermack discusses his course on Bitcoin

Prof. David Yermack discusses the future of bitcoin

Prof. David Yermack's research on corporate governance is cited

Prof. David Yermack's research on the connection between CEO vacation and stock returns is featured

Prof. David Yermack discusses investor interest in Bitcoin

Prof. David Yermack's course on Bitcoin is featured

Prof. David Yermack discusses Kentucky State University interim president Raymond Burse's $90,000 pay cut

Prof. David Yermack on Eric Cantor's new position as Vice Chairman of Moelis

Prof. David Yermack on the connection between a company's success and the size of its board of directors

Prof. David Yermack's research on CEO vacations is highlighted

Prof. David Yermack on golden parachutes offered to CEOs during mergers

Prof. David Yermack's research on Bitcoin is highlighted

Areas of Expertise


  • Law & Business


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


  • Non-Profit
  • Sports