““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 ”
Raytheon Hawker 4000 Gets Its FAA Certificate
Calling it "the most advanced super-midsize jet in the world today," Raytheon chairman and CEO Jim Schuster announced last month the certification of the Wichita, Kan. manufacturer's Hawker 4000, some 10 years after the model was announced. It features a 72-inch-high, 77-inch-wide flat-floor cabin and an aft baggage compartment that allows in-flight access. An eight-passenger configuration is standard, with fully articulating executive seating in double-club format. The 4000 offers all-composite construction, a maximum speed of 477 knots and a maximum range with four passengers of 3,341 nautical miles (NBAA IFR reserves). Certification came just weeks after Raytheon announced replacement of its popular Hawker 850XP with two derivatives-the Hawker 900XP and Hawker 750. The 900XP is expected to have a range of about 2,800 nautical miles with six passengers, while the 750 is expected to offer a 2,100-nautical-mile range with four passengers. With standard equipment, they will sell for $13.9 million (900XP) and $12 million (750).