““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 ”
VistaJet Moves into U.S. with Jet Aviation and Wheels Up
Europe-based VistaJet is entering the U.S. private-lift market with two unexpected alliances. Jet Aviation’s Flight Services division will operate 12 Bombardier Globals on its behalf while startup membership-based program Wheels Up will offer VistaJet’s Flight Solutions Program (FSP) to U.S. customers.
Wheels Up, which is preparing to launch service with a fleet of Beechcraft King Air 350i twin turboprops later this year, will be VistaJet’s exclusive general sales agent in the U.S. for FSP clients. Its own members will be able to book flights on VistaJet’s U.S.-based fleet.