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 just 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" 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 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 times may have to create incentives. Otherwise outside directors will follow the example of Ms. Simmons, once again very popular on campus.

Part B

Directions: Write an essay of 160-200 words based on the following information. (20 points)

Write an essay based on the following chart. In your writing, you should 1) interpret the chart and 2 ) give your comments.

You should write at least 150 words.

Write your essay on ANSWER SHEET 2. (15 points)

Part A

Directions: Write a composition/letter of no less than 100 words on the following information. (10 points)

Suppose your cousin Li Ming has just been admitted to a university. Write him/her a letter to

1) congratulate him/her, and

2) give him/her suggestions on how to get prepared for university life. You should write about 100 words on ANSWER SHEET 2.

Do not sign your own name at the end of the letter. Use "Zhang Wei" instead. Do not write the address. (10 points)

Part C

Directions: Read the following text carefully and then translate the underlined segments into Chinese. (10 points)

  Who would have thought that, globally, the IT industry produces about the same volume of greenhouse gases as the world's airlines do—roughly 2 percent of all C02 emissions?

  Many everyday tasks take a surprising toll on the environment. A Google search can leak between 0. 2 and 7. 0 grams of C02, depending on how many attempts are needed to get the "right" answer. To deliver results to its users quickly, then, Google has to maintain vast data centres around the world, packed with powerful computers. While producing large quantities of C02, these computers emit a great deal of heat, so the centres need to be well air-conditioned, which uses even more energy.

  However, Google and other big tech providers monitor their efficiency closely and make improvements. Monitoring is the first step on the road to reduction, but there is much more to be done, and not just by big companies.

A Department of Health spokesperson proposed that______.

Jamie Oliver seemed to believe that______.

Dinesh Bhugra suggested that______.

Terence Stephenson agreed that______.

Part B (10 points)

Leading doctors today weigh in on the debate over the government's role in promoting public health by demanding that ministers impose "fat taxes" on unhealthy food and introduce cigarette-style. warnings to children about the dangers of a poor diet.

  The demands follow comments made last week by the health secretary, Andrew Lansley, who insisted the government could not force people to make healthy choices and promised to free businesses from public health regulations.

  But senior medical figures want to stop fast-food outlets opening near schools, restrict advertising of products high in fat, salt or sugar, and limit sponsorship of sports events by fast-food producers such as McDonald's.

  They argue that government action is necessary to curb Britain's addiction to unhealthy food and help halt spiraling rates of obesity, diabetes and heart disease. Professor Terence Stephenson, president of the Royal College of Paediatrics and Child Health, said that the consumption of unhealthy food should be seen to be just as damaging as smoking or excessive drinking.

  " Thirty years ago, it would have been inconceivable to have imagined a ban on smoking in the work-place or in pubs, and yet that is what we have now. Are we willing to be just as courageous in respect of obesity? I would suggest that we should be, "said the leader of the UK's children's doctors.

  Lansley has alarmed health campaigners by suggesting he wants industry rather than government to take the lead. He said that manufacturers of crisps and candies could play a central role in the Change 4 Life campaign, the centrepiece of government efforts to boost healthy eating and fitness. He has also criticised the celebrity chef Jamie Oliver's high-profile attempt to improve school lunches in England as an example of how "lecturing" people was not the best way to change their behaviour.

  Stephenson suggested potential restrictions could include banning TV advertisements for foods high in fat, salt or sugar before 9 pm and limiting them on billboards or in cinemas. "If we were really bold, we might even begin to think of high-calorie fast food in the same way as cigarettes—by setting strict limits on advertising, product placement and sponsorship of sports events, "he said.

  Such a move could affect firms such as McDonald's, which sponsors the youth coaching scheme run by the Football Association. Fast-food chains should also stop offering "inducements" such as toys, cute animals and mobile phone credit to lure young customers, Stephenson said.

  Professor Dinesh Bhugra, president of the Royal College of Psychiatrists, said: " If children are taught about the impact that food has on their growth, and that some things can harm, at least information is available up front.

  He also urged councils to impose "fast-food-free zones" around schools and hospitals—areas within which takeaways cannot open.

  A Department of Health spokesperson said: "We need to create a new vision for public health where all of society works together to get healthy and live longer. This includes creating a new ' responsibility deal' with business, built on social responsibility, not state regulation. Later this year, we will publish a white paper setting out exactly how we will achieve this. "

  The food industry will be alarmed that such senior doctors back such radical moves, especially the call to use some of the tough tactics that have been deployed against smoking over the last decade.

[A]  ＂ fat taxes＂ should be imposed on fast-food producers such as McDonald＇s.

[B]  the government should ban fast-food outlets in the neighborhood of schools.

[C]  ＂lecturing＂ was an effective way to improve school lunches in England.

[D]  cigarette-style. warnings should be introduced to ch

To solve the euro problem, Germany proposed that_________.

Regarding the future of the EU, the author seems to feel_________.