Bizav Flying Declined in December

Hawker 850XP
A Hawker 850XP
Thursday, January 19, 2012 - 11:30am

Business aircraft flying activity in the U.S. fell 2.2 percent in December, compared with the same month a year ago, according to data from aviation services company Argus. While Part 91 (corporate) flying increased 2.1 percent compared with December 2010, fractional and charter flights declined 3.6 and 8.4 percent respectively. Flights of large-cabin jets were down 6.3 percent, followed by turboprops (down 2.4 percent) and midsize jets (down 2.3 percent). Light jets eked out a 0.6 percent rise in flying activity. The data reflects “serial-number-specific aircraft arrival and departure information on all IFR flights in the U.S.”

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““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 ”

-David Yermack