““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 ”
ABACE 2012 Gaining Steam, Says NBAA
NBAA said that major business aircraft manufacturers have committed to exhibit at the 2012 Asian Business Aviation Conference & Exhibition, which will be held February 28 to March 1 next year in Shanghai. 'When NBAA and the Asian Business Aviation Association (AsBAA) announced our plans for ABACE 2012 [in October], the overwhelming support for the show expressed by industry leaders and CEOs was unprecedented,' said NBAA president and CEO Ed Bolen. 'We are delighted that virtually all the major manufacturersÉhave turned their declarations of support for the show into commitments to exhibit.' NBAA's announcement about the exhibitors' commitments follows an Abace planning meeting held two weeks ago in Shanghai between Bolen and high-ranking government and Hongqiao Shanghai Airport officials. The meeting provided the Shanghai officials with an overview of the efforts under way. NBAA and AsBAA hosted their first Abace in Shanghai in 2005, with subsequent shows in Hong Kong. However, the show has not been held since the organizers cancelled the 2009 conference on short notice due to 'economic turmoil.'