““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 ”
The Air Force opts for synthetic fuel
Last December 17, 104 years to the day after the Wright Brothers' historic first flight, a U.S. Boeing C-17 Globemaster III accomplished another milestone. The heavy lift cargo jet touched down at McGuire Air Force Base in New Jersey, completing the type's first transcontinental journey using a synthetic fuel blend.
The flight of the unmodified aircraft, described by its chief pilot as "unremarkable," represents an important step in the use of fuel other than petroleum in aviation. "The Air Force is taking a leadership role in testing and certifying the use of synthetic fuel in aircraft," said Air Force Secretary Michael Wynne, who vowed to certify the service's entire fleet on synthetic fuel by 2011. The Air Force is the U.S. government's largest fuel consumer.
Based on a chemical process developed in the 1920s, which synthesizes jet fuel from coal or natural gas, the initiative hopes to bring America's other energy resources into play. The program aims to reduce fleet fuel consumption, dependency on foreign oil and environmental impact. With domestic production of the synthetic fuel planned to begin in 2012, aircraft owners may soon have another option when it comes to filling up their tanks.