Abstract

http://ssrn.com/abstract=2022813
 
 

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Tailspotting: Identifying and Profiting from CEO Vacation Trips


David Yermack


New York University (NYU) - Stern School of Business

November 25, 2013

NYU Law and Economics Research Paper No. 12-07

Abstract:     
This paper shows close connections between CEOs’ absences from headquarters and corporate news disclosures. I identify CEO absences by merging corporate jet flight histories with records of CEOs’ property ownership near leisure destinations. I find that CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. When CEOs are away, companies announce less news than usual, mandatory disclosures are more likely to occur late, and stock prices exhibit sharply lower volatility. Volatility increases when CEOs return to work. CEOs spend fewer days out of the office when their ownership is high and when the weather is bad at their vacation homes.

Number of Pages in PDF File: 56

Keywords: Disclosure, corporate jets, CEO vacations

JEL Classification: G14, G34

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Date posted: March 16, 2012 ; Last revised: December 13, 2013

Suggested Citation

Yermack, David, Tailspotting: Identifying and Profiting from CEO Vacation Trips (November 25, 2013). NYU Law and Economics Research Paper No. 12-07. Available at SSRN: http://ssrn.com/abstract=2022813 or http://dx.doi.org/10.2139/ssrn.2022813

Contact Information

David Yermack (Contact Author)
New York University (NYU) - Stern School of Business ( email )
44 West 4th Street
Suite 9-160
New York, NY 10012-1126
United States
212-998-0357 (Phone)
212-995-4220 (Fax)
HOME PAGE: http://www.stern.nyu.edu/~dyermack
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