““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 ”
Grob Light Jet Crashes
The second prototype of the eight-passenger Grob SPn light jet crashed shortly after takoff from the company's airfield in Tussenhausen-Mattsies, Germany, on November 29, killing the chief test pilot, who was the sole occupant. The airplane had logged 28 hours since its first flight on September 29. Before the accident, Grob had expected the multi-role, $7.1 million SPn to receive its European approval in the third quarter of 2007, followed by FAA certification before the end of 2007. A third SPn prototype is under construction and expected to fly in early 2007.