““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 ”
Going Places: Attention, Ferrari Fans
One of the premier events for car aficionados, the Palm Beach [Fla.] Cavallino Classic, takes place January 22 to 27 at the Breakers Hotel in that city. Ferrari owners will find much to see and do, including a track meet; a touring rally with vintage and classic Ferraris; and-the high point of the show-the Concorso d'Eleganza, which will feature more than 100 classic cars.
Coinciding with the Cavallino Classic, Jet Aviation's La Bella Macchina will take place at the company's West Palm Beach facility on January 24. The invitation-only cocktail reception will celebrate Ferraris, private aircraft, yachts and other luxuries. Among the highlights of the annual event-which attracts thousands of Ferrari owners, socialites and business people- are tours of the aircraft on display. Info: