““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 ”
Virgin Charter partners with travel agencies
Online booking agent Virgin Charter has become the exclusive air charter solution for global travel-management specialist Radius. Radius has 90 travel agencies worldwide specializing in both business and leisure bookings and will now use the Virgin Charter marketplace to find and book flights. Radius member agents will receive multiple quotes for each trip from hundreds of operators competing for the business. Meanwhile, Virgin Charter stated that recent staff reductions "were related to the evolution of our business strategy." CEO Scott Duffy said that the company had seen a drop in sales due to recent economic turmoil.