Berlin's Downtown Airport Gathers Support

Business Jet Traveler » April 2008
Tuesday, April 1, 2008 - 5:00am

Defenders of Berlin Tempelhof Airport in downtown Berlin have reported progress in their fight to keep the airfield open, as they have gathered the 170,000 votes required to force a public referendum. For the referendum to be valid, however, 25 percent of the city's 2.425 million voters must participate. Even then, the result would not be binding: a court has already confirmed that the Berlin Senate is authorized to make the closing decision, and it will probably stick with plans to shut down the airport in October.

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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