Where snowbirds fly

Business Jet Traveler » April 2008
Tuesday, April 1, 2008 - 5:00am

You know where you went this past winter. Ever wonder where everyone else was headed? Wonder no longer. Private jet fractional and charter operator Flight Options has released its annual list of the top 10 December private jet destinations.

Florida claimed five spots on the list, including number one. Seven of the 10 cities are known for warm weather, while the other three are popular ski destinations.

The list:

1. West Palm Beach, Fla.
2. Salt Lake City, Utah
3. Las Vegas, Nev.
4. Naples, Fla.
5. Boca Raton, Fla.
6. Sarasota, Fla.
7. Jacksonville, Fla.
8. Aspen, Colo.
9. Grand Junction, Colo.
10. Cabo San Lucas, Mexico

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Quote/Unquote

““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