New Program Manages Personal Use of Business Jets

Business Jet Traveler » December 2006
Friday, December 1, 2006 - 4:00am

New World Jet Corporation describes its recently introduced 91Plus program as a turnkey solution for companies dealing with reimbursements for personal and entertainment use of corporate aircraft. New World CEO Bruce McNelly noted that a variety of governmental agencies now closely monitor such corporate aircraft use and many companies require executives to pay for any personal use. The 91Plus program, he said, is designed to help companies operate personal-use flights legally and without interfering with business flights. For additional information, contact New World Jet at (972) 687-9021.

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““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