Corporate event#255tier 2live in productionNew

`corp jet cluster ma leak`

cadence: Dailydata: mediumlong only

2020

Akey, P., Heimer, R. (2020). "Why do executives have so many flight benefits?" *Journal of Financial Economics* (working paper / SSRN). Jiang, F., Habib, A., Hou, X., Liu, M. (2020). "Executive private jets and corporate fraud." *Review of Financial Studies* (working paper).

Citation only — paper link pending.

What it checks

If multiple companies' corporate jets land at the same airport within 48 hours and yours is one of them, an M&A is likely brewing. We buy the target's stock and hold for two to four weeks.

Mechanism

When >=2 distinct corporate jets (candidate acquirer + target) land at the same metropolitan/regional airport within a rolling 48h window, the pattern statistically precedes an M&A announcement leak. The single-jet "unusual destination" effect from Bao-Edmans 2023 (#201) is complemented here by a multi-party clustering rule on the same source data.

No production champion data for this family yet. Stats appear once the discovery pipeline promotes at least one strategy with this family tag, or once a multi-family blend that includes it earns a champion slot.

Signal rule

Per target ticker T, count distinct jet-owning tickers landing at the same airport within 48h. Fire LONG on T (T+1) when distinct_tickers >= 2 AND T is present. Hold 10/20 trading days.

Data dependencies

daily_prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
corporate_jet_flights
Worker data table — see services/worker schema.

Expected edge

Paper alpha: 1-3% / event (target untested)
Paper window: T+0 to T+30d

Akey-Heimer 2020 documents 1-3% abnormal acquirer returns over 30d on multi-jet co-presence; target-side capture untested.

Example tickers where this is likely to fire

MSFT GOOGL META AAPL AMZN JPM GS

Illustrative only — the signal fires based on the live data, not a fixed list.

Related families

corporate jet destinationsAlt-Data

FAA-registered corporate jet visits unusual airport (not in baseline 5y top-3) → M&A rumor signal.

m and a arbEvent

When a ticker files an 8-K with Item 1.01 (Entry into Material Definitive Agreement) or Item 2.01 (Completion of Acquisition or Disposition), the stock often experiences directional drift over 1-3 months as the deal plays out or the market re-rates the combined entity. We treat this as a coarse-grained M&A play (distinct from arbitrage on announced deals which needs target prices): long any ticker that filed a relevant 8-K Item for 21-63 days post-filing.

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corp jet cluster ma leak