““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’s inspiring new landscapes
Longtime BJT golf columnist Bradley S. Klein takes “a journey across the landscapes of modern golf” in his latest book, Wide Open Fairways. According to University of Nebraska Press, the publisher, the book discusses how today’s courses “inspire us, stimulate our senses and reveal the special nature of particular places” and offers an “absorbing view of golf courses as cultural markers, linking the game to larger issues of land use, ecology, design and imagination.”
Besides writing for this magazine, Klein serves as architecture editor of Golfweek and runs its national golf-course rating system. His previous books include Discovering Donald Ross: The Architect and His Golf Courses and Rough Meditations: From Tour Caddie to Golf Course Critic: An Insider’s Look at the Game.