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is Research Professor of Finance at NYU Stern. He has been with NYU Stern since 1990. Before joining NYU, Professor Brenner was an Associate Professor of Finance at the Hebrew University in Jerusalem. He was also a visiting professor at the University of California at Berkeley, the University of Bergamo, University of Melbourne and Tel-Aviv University. He also served as an Advisor to the Bank of Israel, and was a member of the board of directors of the Tel Aviv Stock Exchange and of the advisory panel on Emerging Markets Investable Indices at the International Finance Corporation. Professor Brenner received his Bachelor of Science in Economics from Hebrew University, Jerusalem and his Master of Arts and Doctor of Philosophy in Business Administration from Cornell University.

Professor Brenner’s primary areas of research include derivative markets structure, option pricing, infl ation expectations, auctions, market effi ciency and liquidity. His articles have been published in numerous publications including the Journal of Finance, Journal of Financial Economics, Journal of Business and Journal of Financial and Quantitative Analysis.


is the Max L. Heine Professor of Finance at NYU Stern and the Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. He has been a visiting professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management in Sydney, Luigi Bocconi University in Milan and CEMFI in Madrid. Professor Altman was named to the Max L. Heine endowed professorship at Stern in 1988.

Professor Altman was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation and was named “Profesor Honorario” by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association (2003) and a FMA Fellow in 2004. In 2005, Professor Altman was named one of the “100 Most Influential People in Finance” by the Treasury & Risk Management magazine.

Professor Altman is one of the founders and an Executive Editor of the Journal of Banking and Finance and Advisory Editor of the John Wiley Frontiers in Finance Series. He has published or edited almost two-dozen books and more than 130 articles in scholarly finance, accounting and economic journals. He was the editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions and the author of Distressed Securities, Managing Credit Risk and Bankruptcy, Credit Risk and High Yield Junk Bonds (2002), Recovery Risk (2005), Corporate Financial Distress & Bankruptcy (3rd ed., 2005) and Recovery Risk (2005).

Professor Altman’s primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management and regulation in banking, corporate finance and capital markets. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Board of the New York State Common Retirement Fund’s Investment Committee.


is Associate Professor of Finance at NYU Stern. Professor Carpenter teaches an MBA course on Debt Instruments and Markets, and a PhD course on continuous time finance. Professor Carpenter received her Bachelor of Science in Economics, Master of Arts in Finance, Master of Arts in Mathematics, and Doctor of Philosophy in Finance from the University of Pennsylvania.

Professor Carpenter has been with Stern since 1995. Her primary research areas include executive stock options, fund manager compensation, survivorship bias, corporate bonds, and option pricing. She has published in numerous journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Business.

Before coming to Stern, Professor Carpenter worked at Goldman Sachs & Company in the fixed income division. She was also lecturer at the University of Pennsylvania.


has been on the faculty of New York University since 1978. He received his B.A. in Economics from Michigan State University in 1974 and his Ph.D. in Economics from Harvard University in 1978. At NYU Stern, he served as Faculty Director of Executive MBA Programs during 2007-2009, as Academic Director of the Langone MBA Program during 2004-2008, as Vice Dean for Faculty during 1994-1998, and as chairperson of the International Business Area during 1990-1994 and 1998-2003. He was Visiting Professor at the School of International Politics, Economics and Business at Aoyama Gakuin University, Japan, during 1985-1986, and a member of the U.S. Faculty of the National Center for Industrial Science and Technology Management Development at Dalian, Peoples Republic of China, in 1983. He was a Visiting Scholar at the Board of Governors of the Federal Reserve System in 1980.

Professor Pugel’s research focuses on international industrial competition, with emphasis on market structure, strategy, and performance, and on government policies toward international trade and industry. He is co-author of Microelectronics: An Industry in Transition and the co-editor of Fragile Interdependence: Economic Issues in U.S.-Japanese Trade and Investment. He has published numerous articles in professional journals and chapters in books. He is the author of the textbook International Economics (fourteenth edition). His teaching interests include global macroeconomics, the economics of firms and markets, and the economics of international trade and investment.

He has served as a research consultant to a number of U.S. government agencies, international organizations, and business organizations. Included among these are J.P. Morgan, Citicorp, Chrysler Corporation, the Federal Trade Commission, the Joint Economic Committee of the U.S. Congress, and the United Nations.


is the Charles E. Merrill Professor of Finance and Economics at NYU Stern. He holds a degree in Mechanical Engineering from the Indian Institute of Technology, Madras, a post-graduate diploma in Business Administration from the Indian Institute of Management, Ahmedabad and a doctorate in Finance and Economics from the Massachusetts Institute of Technology.

Professor Subrahmanyam has published numerous articles and books in the area of corporate finance, capital markets and international finance. He has been a visiting professor at leading academic institutions in Australia, England, France, Universita Guido Carli LUISS, Rome, Italy, Singapore Management University and Churchill College, Cambridge University.

He has served as a consultant for several corporations, industrial groups and financial institutions in the U.S., Europe, Asia and Latin America. He also sits on the boards of several companies including the ICICI Bank Ltd. (NYSE: IBN), Infosys Technologies Ltd. (NASDAQ: INFY), Metahelix Life Sciences (P) Ltd, Nomura Asset Management Inc, and the board of advisers of Apollo Management L.P. He serves as an advisor to international and government organizations including the Securities and Exchange Board of India. He has taught extensively on executive programs in more than twenty countries around the world.

Professor Subrahmanyam currently serves or has served as an Associate Editor of the European Financial Management, Journal of Banking and Finance, Journal of Business and Accounting, Journal of Finance, Management Science, Journal of Derivatives, Journal of International Finance and Accounting, and Japan and the World Economy. He is the Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include valuation of corporate securities, options and futures markets, equilibrium models of asset pricing, market microstructure and the term structure of interest rates. He has published several papers in these areas in many of the leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and The Review of Financial Studies. His recent books include Recent Advances in Corporate Finance (Irwin, 1985) and Financial Options: From Theory to Practice (Dow Jones-Irwin, 1992). He is currently working on a new book, Interest Rate Derivative Products.

Professor Subrahmanyam has won several teaching awards including, most recently, New York University’s Distinguished Teaching Medal in 2003.


is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics at NYU Stern, and also serves as Director of the Stern Global Business Institute, an independent academic research center focusing on global economic and management issues.

Professor Walter received his B.A. and M.S. degrees from Lehigh University and his Ph.D. degree in 1966 from New York University. He taught at the University of Missouri - St. Louis from 1965 to 1970 and has been on the faculty at New York University since 1970. From 1971 to 1979 he was Associate Dean for Academic Affairs and subsequently served a number of terms as Chairman of International Business and Chairman of Finance as well as Director of the New York University Salomon Center for the Study of Financial Institutions from 1990 to 2003. He has had visiting professorial appointments at the Free University of Berlin, University of Mannheim, University of Zurich, University of Basel, the Institute for Southeast Asian Studies in Singapore, and various other academic and research institutions including a collateral appointment as Professor of International Management at INSEAD since 1986.

Professor Walter’s principal areas of academic and consulting activity include international trade policy, international banking, environmental economics, and economics of multinational corporate operations. He has published papers in various professional journals in these fields and is the author, co-author or editor of 26 books, including Street Smarts: Linking Professional Conduct and Shareholder Value in the Securities Industry (Boston: Harvard Business School Press, 1997), The Political Economy of European Financial Integration (Manchester, Manchester University Press and Cambridge: MIT Press, 1997), High Finance in the Euro-Zone (London: Financial Times - Prentice Hall, 2000), and Mergers and Acquisitions in Banking and Finance – What Works, What Fails and Why? (New York: Oxford University Press, 2004). His new book, co-authored with Roy C. Smith, is Governing the Modern Corporation (New York: Oxford University Press, 2006).

Professor Walter has served as a consultant to various corporations, banks, government agencies and international institutions, and has held a number of board memberships.

Albert Fingerhut Professor of Finance and Business Transformation

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.