““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 ”
The Next Jet Set
Some parents are booking jets to fly their children to summer camp rather than sending them off by bus, according to two New York-based
air charter companies. Revolution Air assigned more than 20 aircraft to the task in June, and Blue Star Jets has reported making "more and more" such flights.
"The kids don't really want to go three and a half hours on the bus and it's very traumatic [for parents] to see the kids go on the bus," said Revolution Air president Ronald Goldstein. "So they hop on the plane and it gives them a good memory." He added that in past years some of his customers used the airlines to deliver their kids to camp but "service has deteriorated. And no one wants to have their nine-year-old going through security, taking their shoes off."
The flights to camp typically cost $7,000 to $10,000 and last about 40 minutes, according to Marco Larsen, vice president of publicity for Blue Star Jets. He said parents generally book three such trips-first to drop their offspring at camp; then to come up on visiting day; and finally, to take the kids home.
Goldstein reported that his camp flights cost an average of $8,000 and often are from the New York area to upper New England. He did, however, recall one flight that replaced a mere 90-minute drive from Teterboro, N.J., to Monticello, N.Y.
Revolution Air has developed a special onboard menu for the youngsters that features peanut-butter-and-jelly sandwiches, chicken fingers and ice cream sundaes. "If it's a morning flight, we make sure we have children's cereal for them," Goldstein said, confirming that one child put in a request for Cap'n Crunch.