““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 ”
Bombardier Revamps Block Charter Program
Bombardier has revamped its Skyjet International block charter program, unveiling the new Jet Member card. The company claims its terms make the program the most flexible block charter offering in the market.
The most apparent change is the introduction of fixed prices for every route flown, so customers pay surcharges to cover fuel costs or holding times at busy airports. For same-day round trips, members will get a 20-percent discount off the fixed prices. There is no minimum-hour purchase, although buyers of 25 or more hours will earn perks, including upgrades to larger aircraft and discounts on goods and services.
The program introduces much greater flexibility in terms of aircraft type availability, prior-notice requirements and ground-handling and catering arrangements, according to Skyjet International managing director Judith Moreton. Essentially, Moreton said, it means customers don't have to pay for options that aren't important to them and can focus on specifying those program features that most closely meet their needs.