# Prof. David Yermack's research on the link between CEO vacations and stock prices is featured

1 Faculty News June 13, 2012 ![Australian Financial Review logo](/sites/default/files/styles/246w/public/assets/images/con_031073.jpg?itok=ouTCQlql)>

Excerpt from the [Australian Financial Review](http://afr.com/p/opinion/vapour_trails_of_holiday_frame_of_pfsFj74Kq7FWSz5tmYwXKL#) -- “'Regardless of the direction of causation, the movement of a company’s aircraft to and from a CEO’s vacation residence provides a very visible signal of pending news announcements and silences,' \[[Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack)\] writes in his study, published by the National Bureau of Economic Research."
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Read more  ](http://afr.com/p/opinion/vapour_trails_of_holiday_frame_of_pfsFj74Kq7FWSz5tmYwXKL#)