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  • 阅读理解A
    题干:RuthSimmonsjoinedGoldmanSachs’sboardasanoutsidedirectorinJanuary2000;ayearlatershebecamepresidentofBrownUniversity.Fortherestofthedecadesheapparentlymanagedbothroleswithoutattractingmuchcriticism.Butbytheendof2009Ms.SimmonswasunderfireforhavingsatonGoldman’scompensationcommittee;howcouldshehaveletthoseenormousbonuspayoutspassunremarked?ByFebruarythenextyearMs.Simmonshadlefttheboard.Thepositionwasjusttakinguptoomuchtime,shesaid.Outsidedirectorsaresupposedtoserveashelpful,yetlessbiased,advisersonafirm’sboard.Havingmadetheirwealthandtheirreputationselsewhere,theypresumablyhaveenoughindependencetodisagreewiththechiefexecutive’sproposals.Ifthesky,andtheshareprice,isfalling,outsidedirectorsshouldbeabletogiveadvicebasedonhavingweatheredtheirowncrises.TheresearchersfromOhioUniversityusedadatabasethatcoveredmorethan10,000firmsandmorethan64,000differentdirectorsbetween1989and2004.Thentheysimplycheckedwhichdirectorsstayedfromoneproxystatementtothenext.Themostlikelyreasonfordepartingaboardwasage,sotheresearchersconcentratedonthose“surprise”disappearancesbydirectorsundertheageof70.Theyfoundthatafterasurprisedeparture,theprobabilitythatthecompanywillsubsequentlyhavetorestateearningsincreasedbynearly20%.Thelikelihoodofbeingnamedinafederalclass-actionlawsuitalsoincreases,andthestockislikelytoperformworse.Theeffecttendedtobelargerforlargerfirms.Althoughacorrelationbetweenthemleavingandsubsequentbadperformanceatthefirmissuggestive,itdoesnotmeanthatsuchdirectorsarealwaysjumpingoffasinkingship.Oftenthey“tradeup,”leavingriskier,smallerfirmsforlargerandmorestablefirms.Buttheresearchersbelievethatoutsidedirectorshaveaneasiertimeofavoidingablowtotheirreputationsiftheyleaveafirmbeforebadnewsbreaks,evenifareviewofhistoryshowsthattheywereontheboardatthetimeanywrongdoingoccurred.Firmswhowanttokeeptheiroutsidedirectorsthroughtoughtimesmayhavetocreateincentives.OtherwiseoutsidedirectorswillfollowtheexampleofMs.Simmons,onceagainverypopularoncampus.
    题目: The author’s attitude toward the role of outside directors is().
  • A 、permissive
  • B 、positive
  • C 、scornful
  • D 、critical

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参考答案

【正确答案:B】

A. 宽容放任的;B. 积极的;C. 轻蔑鄙视的;D. 批判的
文中Outside directors are supposed to serve as helpful, yet less biased, advisers on a firm’s board.( 外部董事应该是有益,少偏见的顾问)表明作者认为外部董事的角色应该是正面的,故答案选B。

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