““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 ”
Dassault order losses exceed sales
Dassault Aviation logged $1.28 billion in Falcon sales in the first half of the year, down from $1.56 billion in the same period last year after order cancellations far exceeded sales. Thus, Dassault's consolidated orders for the first six months equaled negative $1.5 billion, compared with $3.4 billion in the year-ago period. The company delivered 26 Falcons in the first half of this year, versus 34 in the same span last year. Despite the weak first half, Dassault said it is still committing resources to developing the Falcon 900LX and the super-midsize Falcon SMS.