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  3. Ruth Simmons joined Goldman Sachs’s board as an outside director in January 2000; a year later she became president of Brown Uni

Ruth Simmons joined Goldman Sachs’s board as an outside director in January 2000; a year later she became president of Brown Uni

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问题     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 Goldman’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 board. Having 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, 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 "surprise" 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 "trade up," 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.
According to the researchers from Ohio University, after an outside director’s surprise departure, the firm is likely to______.
选项 A、become more stable
B、report increased earnings
C、do less well in the stock market
D、perform worse in lawsuits.
答案C
解析 本题信息点是atter an outside director’s surprise departure，the firm is likely to，在文章中查阅该信息，我们找到该信息点出现在文章第三段第三句：so the researchers concentrated on those“surprise”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 perle}rm worse．The effect tended to be larger for larger firms。研读本句便可以理清outside director意外离开后有以下结果：1)重申盈利的可能性增加；2)被联邦集体诉讼的可能性增加；3)股市表现更差。由此可见选项C符合文章内容，为本题答案。本题B选项和D选项都有很强的干扰性，但是他们都犯了“偷换概念”的错误。
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