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:
It can be inferred from the last paragraph that outside directors().