Faculty News

Professor David Yermack is quoted in a story examining Kodak board member George Karfunkel's recent stock gift of $116 million to a charity he started

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Excerpt from The Wall Street Journal -- "David Yermack, a New York University finance professor who has studied stock gifts, said he wasn’t familiar with the Karfunkels’ donation, but 'in general there’s a lot of circumstantial evidence that people backdate charitable gifts to local maximums in the stock price, when they could get the maximum charitable deduction.' He said the chances of such favorable timing are greater when the donor has ties to both sides of the transaction—as did Mr. Karfunkel with the congregation."

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