““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 ”
Remembering Sydney Pollack
Legendary film director Sydney Pollack, who died of cancer on May 26 at age 73, was the subject of a December 2005 cover story in Business Jet Traveler. Pollack-whose credits include The Way We Were, Tootsie and the seven-Oscar-winning Out of Africa-wound up in our pages because he owned a Cessna Citation X and ostensibly loved flying privately as much as he loved moviemaking. In fact, he had a pilot's license for decades; and he told us that if he'd failed in movies, he would have opted for a career in aviation, probably as a charter pilot.
"There's something primal and primitive about [flying]," he said, "because you feel like you're entering territory that human beings aren't really meant to be in-it's for the birds. So you feel super privileged.
"One side [of the brain] is satisfied by doing a precise job of navigating from one part of the globe to another through weather and regulations and all that," he added. "The other side of your brain gets the same thrill you get from dancing or trapeze flying or roller-coaster riding." -Jeff Burger