““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 ”
Giving Back: Pajama Program
BJT readers—who represent one of the highest-net-worth magazine audiences anywhere—clearly have the means to contribute to a better world. To help you do that, we’re spotlighting one deserving organization per issue. All of them have received a four-star overall rating from Charity Navigator (charitynavigator.org), which evaluates philanthropic institutions based on their finances, accountability and transparency.
Pajama Program (pajamaprogram.org)
Pajama Program provides new pajamas and books to needy children, many of whom have been abandoned, abused or neglected and are waiting to be adopted. These children are frequently shuffled through group homes, shelters and temporary housing and many have never enjoyed clean, warm pajamas or a bedtime story. Since 2001, Pajama Program has provided more than two million pajamas and books to such children via 62 locations in 32 U.S. states.
The group also offers literacy programs tailored for kids of all ages. For example, during “Reading Round-Up” volunteers read to pre-kindergarten-aged children in small groups. Middle school and high school students can partake in programs that focus on topics ranging from expression through poetry to online technology. There’s also a class called “Money Matters,” which helps to educate teens about smart financial practices.