““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 ”
Miami-Area FBO Opens
Fontainebleau Aviation has opened an FBO at south Florida’s Opa-locka Executive Airport. The facility incorporates five hangars with more than 100,000 square feet of space and can accommodate aircraft as large as a Boeing Business Jet. It also has 19,000 square feet of executive and maintenance offices, many with direct hangar access, and work is underway on a new main building that will be completed in 2012. The FBO offers contract fuel and fuel discounts for tenants; conference rooms with audio/visual and web conferencing capabilities; a pilots’ lounge; flight-planning facilities; 24/7 line service availability; concierge and catering services; and discounts at nearby Turnberry Hotel Group properties.