MBA英语翻译练习及解析二

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　　The researchers from Ohio University used a database hat 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” disappearances by directors under the age of 70. They found that after a surprise departure, the probability that the company will subsequently have to restate earnings increased 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.

　　来自俄劾俄大学的研究者使用一个数据库，数据库包含从1989年到2004年10000个公司和64000多个外部董事的信息。接下来，他们只是检查哪些董事曾经辞职。在离开董事会的理由中，可能性最大的因素是年龄，因此，研究者将关注焦点放在了那些不满70岁董事的“意外”离职上。他们发现在意外离职后，公司随后必须重述盈余的可能性增加了20%。联邦集体诉讼案入选的可能性也会增加，股票可能更糟。对大公司的影响更大。不过，尽管外部董事离任与该公司随后的糟糕表现之间的关联暗示着这一点，但这并不意味着此类董事总是在跳出正在沉没之船。他们常常是在“另觅良枝”，即离开风险更大、规模更小的公司，前往规模更大、更加稳定的公司。

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　　编辑推荐：

　　MBA英语翻译练习及答案四

    MBA英语翻译练习及答案三

    MBA英语翻译练习及答案二

    MBA英语翻译练习及答案一