““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 ”
Adam A700 passes cold tests
Adam Aircraft of Englewood, Colo., successfully completed initial environmental testing of its A700 very light jet at the McKinley Climatic Laboratory at Eglin AFB in Florida. During the five-day exercise, the twinjet was subjected to temperatures as low as -40 degrees F to evaluate the effects of cold on the flight controls, avionics, environmental control system, engine starters and other critical systems. In addition, the A700's Williams FJ33-4 engines were exposed to freezing fog, freezing rain and blowing snow to evaluate the ground performance of the engine inlet anti-ice system. Adam expects to earn FAA certification of the A700 in the fourth quarter of this year.