““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 ”
L'Avion to Paris, All Business Class
L'Avion, the first all-business-class French airline, is adding a Saturday flight to its New York-Paris schedule and expects to introduce a second aircraft on December 22. Like its first jet, which launched the service in January 2007, the second will be a Boeing 757-200 equipped to carry 90 passengers, 110 less than in its typical three-class configuration. In January, meanwhile, L'Avion is slated to double its flight frequency, starting with Friday and Sunday flights. Round-trip fares begin at $2,166, but a $1,412 promotional fare applies through December 30. The airline uses Newark Liberty International Airport (a 30-minute drive from New York City) and Orly Sud in Paris. L'Avion said it has transported more than 24,000 passengers since it began operations on January 3 this year and it claimed that 95 percent of its departures are on time.