““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 ”
Golf Legend Says Goodbye to the Cockpit
Arnold Palmer, who appeared on the February/March 2010 cover of BJT, took what he said would be his last flight as a pilot on January 31 when he flew his Cessna Citation X from Palm Springs, Calif., to his home in Orlando, Fla. Palmer, 81, flew for almost 55 years and logged more than 20,000 hours in the cockpit.
He has owned 10 airplanes, progressing from his first, a 1961 Aero Commander 500, to his current Citation X, which he bought in 2002. In 1969, he piloted a Boeing 747 before the airplane went into commercial service. In 1976, he set a round-the-world speed record that still stands. Taking off from Denver in a Learjet 36, Palmer circumnavigated the globe in 57 hours, 25 minutes and 42 seconds with stops in Boston, Paris, Tehran, Sri Lanka, Jakarta, Manila, Wake Island and Honolulu.
Today Palmer is a passionate champion of business aviation, appearing in print and Web ads for the National Business Aviation Association's "No Plane, No Gain" advocacy campaign.