““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 Rolls Out First NetJets Global 6000
Bombardier Aerospace and NetJets celebrated the rollout of the fractional provider’s first Global-series jet on January 31, a Global 6000 (neé XRS). Last March, NetJets placed an order for 50 Globals worth $2.8 billion, as well as options for 70 more, breaking the fractional provider’s tradition of buying only Gulfstreams for its large-cabin fleets. NetJets’ Global 6000s, to be configured for up to 13 passengers, will feature an aft-cabin stateroom and full-service galley. NetJets’ firm order includes 30 ultra-long-range Global 5000s and 6000s, with deliveries set to begin in the fourth quarter; and 20 extended-range Global 7000s and 8000s, for delivery starting in 2017.