““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 ”
Obama Runs User Fees Up the Budget Flagpole
A line in President Obama's budget proposal for fiscal year 2010 has put general aviation lobbyists on high alert: "the budget proposes repealing some aviation excise taxes and replacing these taxes with direct user charges."
A spokesman for the National Business Aviation Association said it is "very troubled," because the line appears to leave the door open to consideration of aviation user fees for funding the FAA.
The National Air Transportation Association expressed hope that Congress will reject the user-fee proposal as it has done previously. According to NATA president
Jim Coyne, "I agree with House Transportation and Infrastructure Committee chairman James Oberstar [D-Minn.], who said, 'The current system of aviation excise taxes has proved to be a stable and efficient source of funding for our aviation system.'"