Private Jets Ready for Takeoff

Business Jet Traveler » April 2010
Monday, April 5, 2010 - 12:01pm

You know the economy is improving when private jets return to the skies. And that's exactly what is happening now. Encouraged by rising profits and the diminished likelihood of a double-dip recession, some corporations and high-net-worth highfliers who had idled their jets through the downturn are venturing back into business aviation. The broadening economic recovery is giving many publicly traded companies all the reason they need to pull their jets out of their hangars and start flying again. The great deals that can be had on used jets, meanwhile, are starting to entice buyers who had been waiting for the long-anticipated market bottom.

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Quote/Unquote

““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