““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 ”
Netjets and Wynn Las Vegas Unveil Partnership
NetJets and the Wynn Hotel in Las Vegas have announced an agreement to provide benefits to customers of the fractional-jet-share provider. Current NetJets share owners and Marquis Jet Card holders who stay at Wynn Las Vegas or Encore, its sister hotel, will receive special access to resort amenities, concierge services, VIP admission to events, preferred rates and room upgrades. Likewise, guests at the hotels will receive special benefits when they purchase their first NetJets fractional share or 25-hour Marquis Jet Card. (The concierge staffs at Wynn and Encore can facilitate the transaction.) Those benefits include complimentary private aviation consultations and gifts of amenities and services at Wynn Las Vegas, including its golf course, spa and casino.