Avanti II Order Is a Go

Business Jet Traveler » December 2007
Saturday, December 1, 2007 - 4:00am

Piaggio Aero, the Italian aircraft manufacturer, has signed an agreement that calls for 22 Avanti II twin turboprop business aircraft to be delivered to U.S. fractional ownership operator Avantair from 2011 through 2012. Valued at $150 million, the deal represents "one of the largest sales in the history of Piaggio Aero," said company CEO Josй Di Mase.

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““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