““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 ”
Charter Operator Donates to Help Animals
San-Diego charter firm Schubach Aviation ended its yearlong “One Cent Per Mile” fundraising campaign for orphaned animals by donating $10,160 to Helen Woodward Animal Center, which is also located in San Diego. Schubach began the campaign in January of last year, promising to donate one cent for every mile flown by its 15 aircraft through the end of 2011. The company also gave its customers the opportunity to make a small donation of their own, based on their trip miles.
“We’re very pleased to have supported Helen Woodward Animal Center this past year,” said president Henry Schubach, whose own golden retriever and rescued Labrador-mix are permanent fixtures at the firm’s Palomar Airport headquarters. “We’re big dog people here, as are many of our customers, who use our private aviation services sometimes mainly so they can safely and comfortably bring their own dogs with them on their flights.”