““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 ”
XOJet Flights Increased 30 Percent Last Year
San Francisco-based XOJet experienced 30 percent year-over-year growth in flight hours in 2011. By comparison, the private aviation industry overall experienced 5 percent growth, according to the FAA. During 2011, the company opened a 22,000-square-foot operations center in Sacramento, Calif., added Hawker 800XP aircraft to its fleet and introduced two programs: XOJet Coast2Coast, which was designed for travelers who fly cross-country more than three times a year; and XOJet Preferred Access, which offers reduced-cost flights for those willing to be flexible about such factors as departure date, time and aircraft.