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英语历年真题阅读理解及参考答案详解
Ruth Simmons joined Goldman Sachs's
board as an
outside director in January
2000; a year later she became
president
of Brown University. For the rest of the decade
she
apparently managed both roles
without attracting much
criticism. But
by the end of 2009 Ms. Simmons was under fire
for having sat on GoLd man's
compensation committee; how
could she
have let those enormous bonus payouts pass
unremarked? By February the next year
Ms. Simmons had left
the board. The
position was taking up too
much time, she said.
Outside directors are supposed to serve
as helpfuL, yet
less biased, advisers
on a firm's made their
wealth and
their reputations elsewhere, they presumably
have enough independence to disagree
with the chief
executive's proposals.
If the sky, and the share price, is falling,
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outside directors should
be able to give advice based on
having
weathered their own crises.
The researchers from Ohio University
used a database
that covered more than
10,000 firms and more than 64,000
different directors between 1989 and
2004. Then they simply
checked which
directors stayed from one proxy statement to
the next. The most LikeLy reason for
departing a board was
age, so the
researchers concentrated on those
departure, the probability that the
company will
subsequently have to
restate earnings increases by nearly
20%. The likelihood of being named in a
federal class-action
lawsuit also
increases, and the stock is likely to perform
worse.
The effect tended to be larger
for larger firms. Although a
correlation between them leaving and
subsequent bad
performance at the firm
is suggestive, it does not mean that
such directors are
always jumping off a sinking ship.
Often they
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leaving riskier, smaller
firms for larger and more stable firms.
But the researchers believe
that outside directors have
an easier
time of avoiding a blow to their reputations if
they
leave a firm before bad news
breaks, even if a review of
history
shows they were on the board at the time any
wrongdoing occurred. Firms who want to
keep their outside
directors through
tough time may have to create incentives.
Otherwise outside directors will follow
the example of Ms.
Simmons, once again
very popular on campus.
21.
According to Paragraph 1, Ms. Simmons was
criticized
for_______.
A. gaining excessive profits
B. failing to fulfill her
duty
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C. refusing to make
compromises
D. leaving the
board in tough times
22.
We learn from Paragraph 2 that outside directors
are
supposed to be _______.
A. generous investors
C. share price forecasters
B. unbiased executives
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D. independent advisers
23. According to the
researchers from Ohio University,
after
an outside director's surprise departure, the firm
i8 likely
to _______.
A. become more stable
B. report increased earnings
C. do less well in the
stock market
D. perform
worse in lawsuits.
can be inferred from the last paragraph that
outside
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