CitationAir Offers Five-Hour Jet Card

Wednesday, November 9, 2011 - 10:30am

Looking for a generous and unusual gift to give this holiday season? CitationAir has introduced an abbreviated version of its jet card that is good for five hours of flying on any of its business jets, including the Cessna CJ3, XLS, Sovereign and Citation X. The cost, including taxes and fees, starts at $31,145 (for time on a CJ3). The offer expires Dec. 31, 2011, and flights covered by the card must be taken by Dec. 31, 2012.

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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