““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 ”
Cessna Logs Milestones for Mustang and CJ4
Cessna Aircraft has delivered its 100th Citation Mustang. The buyer, Thai businessman Supap Puranitee, had put a deposit down on the very light jet the day the program was launched at the 2002 National Business Aviation Association Convention. The first Citation Mustang entered service in April 2007 and Cessna delivered 45 of them by the end of that year. The company expects to deliver another 100 this year and about 150 next year. It also said it has orders for more than 500 of the aircraft, with about three of every five going to customers outside the U.S.
Meanwhile, the first production Citation CJ4 made its maiden flight in east Wichita in August. FAA certification of that model is planned for the second half of next year, followed by customer deliveries beginning in the first half of 2010.