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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

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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 potential business implications stemming from Facebook's development of its own cryptocurrency

Professor David Yermack offers insights on University endowment investment strategies

Professor David Yermack's joint research on nonprofit endowments' investment returns is referenced

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

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

Professor David Yermack's research on how executives’ use of private jets impacts their companies’ investor returns is cited

Professor David Yermack's joint research on the performance of endowment funds is featured

Professor David Yermack is interviewed for a feature story on bitcoin ATMs

Professor David Yermack speaks to the growing need for regulatory compliance talent at Fintech companies

Professor David Yermack's joint research on endowment fund performance is featured

Professor David Yermack's joint research on the financial performance of major endowments is spotlighted

Where and Why Fintech Thrives in Sub-Saharan Africa

Professor David Yermack is interviewed about his joint research on nonprofits' investment returns

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

Professors Kathleen DeRose and David Yermack are quoted in a trend story highlighting Stern's strength in Fintech

Professor David Yermack is interviewed about the evolution of his course on blockchain; MBA students Hannah Diaz and Evan Eisman highlight the value of knowledge of blockchain for their careers

Professor David Yermack's comments at the 2018 Ross Roundtable on how AI and blockchain will influence the future of accounting are featured

Professor David Yermack weighs in on Netflix's funding strategies to finance new content creation

Stern's course offerings in Fintech, taught by Professors Sabrina Howell and David Yermack, are highlighted in an article on blockchain at US universities

Professor David Yermack is quoted in a story about cryptocurrency regulation

Areas of Expertise


  • Law & Business


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


  • Non-Profit
  • Sports