UK Environmental Protest Disrupts Bizav

Business Jet Traveler » October 2007
Monday, October 1, 2007 - 5:00am

British environmental protesters targeted business aviation recently when they blockaded main entrances to two London-area airports. The demonstrations were an offshoot of a week-long protest at London Heathrow Airport.

At Biggin Hill, passengers and crew had to be diverted through alternate entrances while police removed protesters who had chained themselves to the gates, charging 10 of them with aggravated trespass. Around 18 protesters tried to block the entrance to Farnborough Airport in the morning peak period, but that demonstration soon dispersed after the airport opened alternative entrances.

Richard George, a spokes-man for the Biggin Hill protesters, said that the group had deliberately targeted business aircraft passengers. "They are saying they will not only continue to fly, but they will fly in the most carbon-inefficient way possible," he commented.

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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