Jet Card Targets Travelers in Northeastern U.S.

BJT Waypoints
Magellan creates special jet card for Northeast travelers
Photo: Max Gough
Thursday, December 8, 2011 - 9:30pm

Magellan Jets has launched what it calls the Business Travel Jet Card. Aimed at fliers in the Northeast, it covers 10 hours aboard an Eclipse 500 and costs $34,950 with no blackout dates, daily minimums or fuel surcharge. The offer currently has no expiration date.

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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