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　　Text 1文章取自The Economist(经济学家)2010年5月4日，原文标题为Outside directors and children first。文章分析的公司外部董事方面的内容。

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　　Outside directors and children first

　　RUTH SIMMONS joined Goldman Sachs's board as an outside director in January 2000; a year later she became president of Brown University in Rhode Island. For the rest of the decade she apparently juggled both roles (as well as several other directorships) without attracting much criticism. But by the end of 2009 Ms Simmons was under fire from students and alumni for having sat on Goldman's compensation committee; how could she have let those enormous bonus payouts pass unremarked? By February Ms Simmons had left the board. The position was just taking up too much time, she said。

　　Ms Simmons's decision to leave makes perfect sense, according to research conducted by Rüdiger Fahlenbrach at the École Polytechnique Féderale in Lausanne, Angie Low of Nanyang Technological University in Singapore, and René Stulz of The Ohio State University. The three are co-authors of a new working paper suggesting that when trouble looms for a firm, outside directors have more incentives to quit than to stay。

　　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. Leaders from other fields are frequently in demand: former presidents or Cabinet members, retired CEOs, and yes, university presidents. 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 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, reported Dr Fahlenbrach。

　　Bail out before the bail-out

　　The obvious conclusion might be that outside directors, with inside knowledge of tricky times ahead, prefer to save their own reputations, rather than those of the company they are serving. But 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, such as increasing pay, says Dr Fahlenbrach. Otherwise outside directors will follow the example of Ms Simmons, once again very popular on campus。

　　Text 2文章取自The Economist(经济学家)2010年6月10日，原文标题为Newspapers not dead yet。文章讲述的是报纸业的衰落，并分析了其衰落的原因。

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　　Newspapers not dead yet

　　Newspapers have cut their way out of crisis. More radical surgery will be needed。

　　WHATEVER happened to the death of newspapers? A year ago the end seemed near. The recession threatened to remove the advertising and readers that had not already fled to the internet. Newspapers like the San Francisco Chronicle were chronicling their own doom. America’s Federal Trade Commission launched a round of talks about how to save newspapers. Should they become charitable corporations? Should the state subsidise them? It will hold another meeting on June 15th. But the discussions now seem out of date。

　　In much of the world there is little sign of crisis. German and Brazilian papers shrugged off the recession (see article). Even American newspapers, which inhabit the most troubled corner of the global industry, have not only survived but often returned to profit. Not the 20% profit margins that were routine a few years ago, but profit all the same。

　　It has not been much fun. Many papers stayed afloat by pushing journalists overboard. The American Society of News Editors reckons that 13,500 newsroom jobs have gone since 2007. Readers are paying more for slimmer products. Some papers even had the nerve to refuse delivery to distant suburbs. Yet these desperate measures have proved the right ones and, sadly for many journalists, they can be pushed further。

　　Demolishing the house that Otis built

　　Newspapers are becoming more balanced businesses, with a healthier mix of revenues from readers and advertisers. American papers have long been highly unusual in their reliance on ads. Fully 87% of their revenues came from advertising in 2008, according to the OECD. In Japan the proportion is 35%. Not surprisingly, Japanese newspapers are much more stable。

　　The whirlwind that swept through newsrooms harmed everybody, but much of the damage has been concentrated in areas where newspapers are least distinctive. Car and film reviewers have gone. So have science and general business reporters. Foreign bureaus have been savagely pruned. Newspapers are less complete as a result. But completeness is no longer a virtue in the newspaper business. Just look at the fate of Otis Chandler’s creation。

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