““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 ”
NBAA Releases Guide on Reimbursement of Flight Expenses
The National Business Aviation Association (NBAA) has produced a guide to getting reimbursed for flight expenses. The 15-page handbook, which is aimed at owner-pilots operating business aircraft, is intended to help NBAA members understand the accommodations and limitations allowed by the Federal Aviation Regulations (FARs), including requirements relating to humanitarian or nonprofit flights. Also included in the handbook is a Reimbursement Summary Table for pilots, which makes looking up the reimbursement regulations a little bit easier.