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1、MBA英语历年真题阅读理解及参考答案详解 RuthSimmonsjoinedGoldmanSachs'sboardasanoutsidedirectorinJanuary2000;ayearlatershebecamepresidentofBrownUniversity.Fortherestofthedecadesheapparentlymanagedbothroleswithoutattractingmuchcriticism.Butbytheendof2009Ms.SimmonswasunderfireforhavingsatonGoLdman'scompensationcommitt
2、ee;howcouldshehaveletthoseenormousbonuspayoutspassunremarked?ByFebruarythenextyearMs.Simmonshadlefttheboard.The positionwastakinguptoomuchtime,shesaid. OutsidedirectorsaresupposedtoserveashelpfuL,yetlessbiased,advisersonafirm'sboard.Havingmadetheirwealthandtheirreputationselsewhere,theypresumably
3、haveenoughindependencetodisagreewiththechiefexecutive'sproposals.Ifthesky,andtheshareprice,isfalling,outsidedirectorsshouldbeabletogiveadvicebasedonhavingweatheredtheirowncrises. TheresearchersfromOhioUniversityusedadatabasethatcoveredmorethan10,000firmsandmorethan64,000differentdirectorsbetween19
4、89and2004.Thentheysimplycheckedwhichdirectorsstayedfromoneproxystatementtothenext.ThemostLikeLyreasonfordepartingaboardwasage,sotheresearchersconcentratedonthose"surprise"departure,theprobabilitythatthecompanywillsubsequentlyhavetorestateearningsincreasesbynearly20%.Thelikelihoodofbeingnamedinafede
5、ralclass-actionlawsuitalsoincreases,andthestockislikelytoperformworse.Theeffecttendedtobelargerforlargerfirms.Althoughacorrelationbetweenthemleavingandsubsequentbadperformanceatthefirmissuggestive,itdoesnotmeanthatsuchdirectorsare alwaysjumpingoffasinkingship.Oftenthey"tradeup,"leavingriskier,smal
6、lerfirmsforlargerandmorestablefirms. Buttheresearchersbelievethatoutsidedirectorshaveaneasiertimeofavoidingablowtotheirreputationsiftheyleaveafirmbeforebadnewsbreaks,evenifareviewofhistoryshowstheywereontheboardatthetimeanywrongdoingoccurred.Firmswhowanttokeeptheiroutsidedirectorsthroughtoughtimem
7、ayhavetocreateincentives.OtherwiseoutsidedirectorswillfollowtheexampleofMs.Simmons,onceagainverypopularoncampus. 21.AccordingtoParagraph1,Ms.Simmonswascriticizedfor_______. A.gainingexcessiveprofits B.fa
