Golfer Adam Scott Sells Gulfstream Jet

Wednesday, January 12, 2011 (All day)

Pro golfer
Adam Scott-the subject of BJT's October/November 2008 cover story-has sold his brand new Gulfstream G450 before taking delivery.

Without giving exact pricing details, Scott strongly insinuated that he made a nice profit on the deal and that he sold the aircraft after getting an offer he could not refuse. There is an approximately two-year waiting list for the G450, so it appears an eager (undisclosed) buyer has now jumped to the front of the line. Scott ordered the jet in 2008 after signing a promotional deal with Gulfstream.

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Quote/Unquote

““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