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 dy1@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 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 interview: “What Is a Meme Coin? Trump's Cryptocurrency Explained.”

Professor David Yermack interview: “T. Rowe Price Just Gave Its CEO a Huge Raise to Keep Up With the Joneses.”

Professor David Yermack interview: “New York’s Role in Securities Industry Continues Shrinking.”

Professor David Yermack interview: “Bitcoin Hits Record High as Republicans Edge Closer to Full Control of Congress.”

Professor David Yermack interview: “Private Jet Use Raises Questions.”

Professor David Yermack interview: “Trump, Republicans Court Crypto Votes and Dollars at 'Bitcoin 2024' Conference.”

Professor David Yermack interview: “Could a Financial Crisis End Crypto’s Bull Run?”

Professor David Yermack interview: “Shareholders OK With Soaring Executive Pay in U.S.”

Professor David Yermack interview: “‘DIVEST’: College Endowments Turn Into Flash Point of Student Protests.”

Professor David Yermack interview: “Trump Isn't Buying Into a Digital Dollar. But Small Businesses Could Gain a Lot From One.”

Professor David Yermack interview: “Is El Salvador's Crypto Push Working? Some Concerns Remain Amid Sharp Reforms.”

Commentary from Professor David Yermack is mentioned: “The Bitcoin V. Gold Tussle Is Just Gearing Up.”

Where and Why Fintech Thrives in Sub-Saharan Africa

Blockchains: Coming soon to your market?

Cryptocurrency 201

Cryptocurrency 101

Distant Shareholder Meetings Signal Trouble

How Managers Behave When They Have Something to Hide

Areas of Expertise

Ethics

  • Law & Business

Finance

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

Industry

  • Non-Profit
  • Sports