““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 ”
Cessna To Upgrade Citation X
Cessna has announced a revamped version of its Mach 0.92 Citation X, which it first delivered in 1996. What's new? For starters, the X is gone-the model has been rebranded the Citation Ten. More significantly, the Ten boasts a 15-inch-longer cabin with new interior; an iPhone-like cabin-management system with controls at each seat; and the Garmin G5000 avionics suite. It is also slightly faster than its predecessor and will burn 145 gallons less fuel on a typical 2,500-nautical-mile trip. Design and equipment changes will result in a 214-pound increase in maximum payload; a 211-nautical-mile boost in range at high-speed cruise (to 3,107 nautical miles); and a higher initial maximum cruise altitude.
The Citation Ten is scheduled to make its first flight at the end of 2011 and is to enter into service in 2013. No price has been set.