““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”
AAA Five Diamonds for Nemacolin Falling Rock
Nemacolin Falling Rock, a woodlands resort in the Laurel Mountains south of Pittsburgh, has been awarded AAA Five Diamond status, a designation held by fewer than 90 North American hotels and resorts.
We featured Nemacolin in our Getaways department in February/ March 2005 and, more recently, BJT contributor Nigel Moll drove a BMW M6 convertible to the resort (see page 58 of our June/July issue). "The food at Nemacolin remains excellent, and the service and surroundings are flawless," reported Moll. "It's a great place for recharging and refreshing."
The resort features an 18-hole golf course that hosts the PGA Tour 84 Lumber Classic as well as a 3,900-foot-long hard runway (but no fuel).