Closing in on the Open

Business Jet Traveler » April 2007
Sunday, April 1, 2007 - 5:00am

From June 11 to 17, the Oakmont [Pa.] Country Club will host the U.S. Open, one of golf's premier events, for the eighth time.

The venue has a long and storied tradition in championship golf, and the sport's greatest players will once again contend with the course's 180 deep bunkers, hard and slick greens and tight fairways. (For more about the facility, visit www.oakmont-countryclub.org.)

The nearest place to land your business jet is Allegheny County Airport, which has a 6,500-foot runway and Jet-A fuel. Its 24-hour FBO, Corporate Air (888-429-5377), will be running shuttles to the U.S. Open.

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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