““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 ”
ARenowned Steakhouse Chain Takes Flight
The Air Culinaire chain of business aviation caterers has announced a partnership with the nationwide Morton's Restaurant Group that will allow customers in 12 of its 14 U.S. markets to order from Morton's menu of steaks, as well as seafood, appetizers and more. With 24 hours' notice, the Air Chef-owned Air Culinaire chain will coordinate the logistics, packaging, delivery and onboard service for each Morton's order.
Meanwhile, Air Culinaire International has opened in London to serve airports in its metropolitan area. The facility is the first Culinaire kitchen outside the U.S.