U.S. universities are currently under fire. Professor Yermack’s talk will provide the background of the current debate and discuss possible solutions. Thereby, he will show that U.S. universities obtain significant research funding from government, especially in medicine and laboratory sciences. The Trump administration has upended this relationship, cancelling some grants, limiting overhead cost reimbursement, and leveraging future research funding to cause changes in universities’ culture and governance. Potential changes to tax laws also threaten universities’ funding from alumni donors. He will discuss the alternatives for universities to respond, including cutting ties with government and seeking alliances with commercial businesses.

David L. Yermack is the Albert Fingerhut Professor of Finance and Business Transformation at the Stern School of Business, New York University. He has a J.D. and a PhD in Economics from Harvard University. His research focuses on Corporate Finance, Corporate Governance, Digital Currency and Blockchains. He has been Chairman of the Finance Department of the Stern School from 2015-2023. Professor Yermack currently teaches the Master course “Restructuring Firms and Industries” of our Summer School in Law, Business and Economic Policy.

Join us for a lively debate!