Charter Industry Seeks New Audit Standard

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

The Air Charter Safety Foundation is working to develop an industry-wide audit standard by the end of this year. Such a standard would free charter operators from the need to undergo audits by each of several competing companies. Auditors from CharterX/Wyvern and ARG/US, the industry leaders, have been invited to participate in the project, and representatives from such private-jet companies as Flight Options, NetJets and Sentient have already signed on. Participating companies have committed to adhering to the standards once they are published.

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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