““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's Citation XLS+ Makes First Flight Cessna Aircraft's Citation
XLS+ completed its first flight in late August at Rockwell Collins' Cedar Rapids, Iowa
facility. The aircraft performed as expected with several new modifications, according to
Citation XLS+ program manager Kevin Steinert. In addition to new Pratt & Whitney Canada PW545C FADEC-equipped engines and a new Collins Pro Line 21 avionics system, the airplane has a slight change to the nose section. "It's going to be the same performance numbers even though the engines and nose section have changed," said a Cessna spokeswoman.
The aircraft will now undergo further evaluation and testing. Cessna expects type certification in the first quarter of next year, with deliveries to follow by summer. The XLS+ is priced at $11.59 million.