Tailspotting: Identifying and profiting from CEO vacation trips

• 成果类型: Article
• 署名作者: Yermack, David
• 署名单位: New York University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2014.04.008
• 发表日期: 2014
• 页码: 252-269
• 关键词: disclosure; Corporate jets; CEO vacations

摘要

This paper shows connections between chief executive officers' (CEOs') absences from headquarters and corporate news disclosures. I identify CEO absences by merging records of corporate jet flights and CEOs' property ownership near leisure destinations. CEOs travel to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news releases. When CEOs are away, companies announce less news, mandatory disclosures occur later, and stock volatility falls sharply. Volatility increases when CEOs return to work. CEOs spend fewer days out of the office when ownership is high and when weather is bad at their vacation homes. (C) 2014 Elsevier B.V. All rights reserved.