““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 ”
U.S. Helicopter To Relaunch Wall Street Service
U.S. Helicopter hoped to resume flights from New York's Wall Street heliport before this issue went to press, according to a spokesman for the company. The firm was forced to suspend its scheduled, $159-per-passenger Sikorsky S-76B service from New York's Downtown/Wall Street heliport to Newark and JFK airports after the heliport's new operator, FirstFlight, failed to develop a TSA-approved security plan. A new security plan was approved December 11 and U.S. Helicopter and FirstFlight were working to resolve outstanding "commercial issues" before service resumes. When it does, passengers and luggage will be security screened at the heliport, allowing travelers to proceed directly to airline gates at the airports.