Flexjet Announces Learjet 85 Fractional Program

Thursday, August 25, 2011 - 7:38am

Bombardier-owned Flexjet will offer fractional shares in its parent company's new eight-passenger
Learjet 85. The model, built primarily from carbon composites, has greater range (3,000 nautical miles) and more cabin space than any previous Learjet and offers high-speed cruise of Mach 0.82. Other features include advanced avionics, entertainment and wireless Internet systems. To encourage current Flexjet owners to place a deposit on a share in the new model, the company will waive early-termination fees for existing contracts on other aircraft types that will not expire until after delivery of the Learjet 85.

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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