““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 ”
BJT Wins Two Awards
The National Business Aviation Association has presented its 2011 Gold Wing Award for Reporting Excellence to BJT editor Jeff Burger for the work done by him and his colleagues to produce "The Bizav Advantage," a 10-part special section that appeared in our October/November 2010 issue. Burger received the award at the NBAA's annual convention in Las Vegas on October 10.
In addition, Burger's article "Is the Fractional Business Model Broken?" has won a Silver Award in the annual Folio: Eddies editorial competition. The piece, which appeared in our February/March 2011 issue, was recognized in the Best Single Article in a Transportation/Travel Magazine category. Burger received his award in New York City on November 1. Folio:'s annual awards program–the largest and most inclusive of its kind in the industry–is open to all business and consumer magazines in the U.S. This year's contest attracted more than 2,000 entries.
These are the 14th and 15th editorial prizes that BJT and its staff have won since 2005.