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Business,Golden,parachutes Rip-cord economics商业 ,金色降落伞,打开经济降落伞。Pay-offs for the boss need to be better designed企业老板薪酬结构须改善。RICH rewards for departing bosses are not popular.离职的老板还领着厚饷总让人难以接受。After Sir Fred Goodwin led Royal Bank of Scotland into a ditch and dumped the bill on British taxpayers, he left with a pension of over £700,000 (0,000) a year.弗雷德?古德温爵士(Sir Fred Goodwin)把苏格兰皇家(Royal Bank of Scotland)推进深坑,继而用英国纳税人的真金白银买单走人之后,居然每年还享有70万英镑(折合98万美元)的退休金。The Sun, a tabloid, said he had ;screwed the nation;.英国小报《太阳报》直陈其;把整个国家都搞砸了;。Yet golden parachutes have their uses.不过金色降落伞条款也并非一无是处。If well-designed, they align the bosss interests more closely with those of shareholders.如果妥善拟备该等条款,老板的利益会更紧密地和股东利益协调一致。Suppose, for example, a takeover is brewing.例如,在拟收购的项目中,该等条款的作用就可见一斑。Takeovers are usually lucrative for shareholders of the target firm: in America between 1990 and 2008, they have received a median premium of 35%.对于目标公司的股东而言,收购通常会带来丰厚回报:在美国1990年至2008年间的收购项目中,目标公司股东的收益溢价中值为35%。But the bosss interests are quite different. If the firm is acquired, he is likely to be fired.但老板的权益相去甚远;如果公司最终被收购,其可能官位难保。A golden parachute can persuade the boss not to obstruct a takeover.妥善的金色降落伞条款可促使老板不为收购设置障碍。But their notoriety dissuades firms from using them.但鉴于该条款通常不受欢迎,公司不太会动用。Dirk Jenter of Stanford University and Katharina Lewellen of Tuck Business School find that golden parachutes are rarer and stingier than they should be.斯坦福大学(Stanford University)的德克?珍特(Dirk Jenter)和塔克商学院(Tuck Business School)的卡特琳娜?卢埃林(Katharina Lewellen)研究认为:金色降落伞条款不应该像现在这般罕见且苛刻。To test whether bosses block takeovers, they looked at what happens when they are nearing retirement, and therefore have no future career to sacrifice.为核查企业老板是否会因其自身原因选择阻碍收购,这两位学者研究了临近退休的老板(收购的达成不会影响其业已结束的职业生涯)会如何处理收购项目。Using data on American public firms from 1992 to 2008, they found that companies with a boss aged 65 or over were 50% more likely to be taken over.他们分析了1992年至2008年美国上市公司的数据,结果显示:老板年龄在65岁以上(包括65岁)的公司被收购的可能性高出50%。Another paper, by Eliezer Fich and Ralph Walkling of Drexel University and Anh Tran of Cass Business School, found that when golden parachutes are larger, proposed mergers are more likely to be completed, but buyers pay less for the shares of the target firm.德雷塞尔大学(Drexel University)的埃利泽?芬奇(Eliezer Fich)、拉尔夫?沃克林(Ralph Walkling)与卡斯商学院(Cass Business School)的陈安(Anh Tran)在一篇共同发表的论文中指出:如果金色降落伞的力度增强,拟合并项目达成的可能性更大,但买方就目标公司股份所付的对价则减少。The data from Mr Jenter and Ms Lewellen show that when the boss of the target firm is old, buyers pay an average premium of 26%. For younger bosses, the premium is 33%.珍特与卢埃林的统计数据显示:如果目标公司的老板年届退休,买方付的平均溢价为26%;而对于老板年龄较轻的公司,则为33%。This makes sense. If younger bosses are more reluctant to sell, it will cost more to overcome their objections.这就说明了问题所在:年轻的老板相对不太愿意售出其公司,所以买方须付更高溢价以平息其反对意见。So boards must strike a balance.所以,董事会必须寻求一种平衡。If the bosss golden parachute is too miserly, he may block a deal that would benefit shareholders.若金色降落伞条款对企业老板过于不利,其可能会干预对股东有利的交易;If it is too generous, he may fail to negotiate hard with potential buyers.反之,若金色降落伞条款对其过于优厚,其可能不愿尽心尽力与拟收购方谈判。As with real parachutes, poor design can have serious consequences.跟真正的降落伞一样,劣质的金色降落伞所带来的后果可能不堪设想。 /201211/210441

Why Dogs Bark?犬吠为何?Have you ever wondered why do dogs bark?你可曾想过犬缘何而吠呢?In terms of evolution, there has to be a reason for barking, or it probably wouldn’t be there. Is it to warn of predators? But dogs bark when there are no predators around. Is it play? Some dogs play without barking. In fact, people who study canine behavior find there isn’t much of a pattern to barking–it seems to be an all-purpose noise.从进化的角度来说,汪汪叫肯定是有理由的,要不这叫声肯定在漫长的进化过程中给淘汰掉了。那么这叫声是为了警告捕食者么?但是周围没有捕食者的时候也会汪汪叫。那么它只是在玩耍么?有些玩的时候也没有发出叫声呀。事实上,研究类行为的专家告诉我们,的叫声并没有固定的形式。它只是是一种多用途的响声。Now here’s another fascinating thing: adult wolves don’t bark. They growl, and they whine, but no barking. And dogs evolved from wolves. So where did the bark come in?另一件让人着迷的事情是:成年的狼并不会吠叫。它们只是嚎叫、哀鸣,但并不吠叫。但是是从狼进化而来的,那么,的这种吠叫声是从何而来的呢?Mark Feinstein and Ray Coppinger of Hampshire College in Massachusetts have a theory. These biologists have noted that while adult wolves don’t bark, adolescents do. Wolf pup barking seems to be an intermediate noise you grow out of.对此,来自马萨诸塞州罕布什尔学院的马克·范斯坦和雷·科平杰提出了一个理论。这两位生物学家注意到,虽然成年的狼不会吠叫,但是狼崽会。狼崽的吠声就好比是在它成长发声过程中的一个中间产物。(译者注:就好比我们在学习一门新的语言时产生的中介语)Now, a few tens of thousands of years ago, wolves and people started becoming friendly species. You can imagine a person tossing a bone to a friendly wolf from time to time. But “friendly” is the key. Nobody ever gets close to a hostile wolf. So over many thousands of years we would have been gradually selecting for certain behavioral traits–playfulness, low hostility, the ability to bond. Very puppy-like behaviors!现在我们来谈谈人的因素,数万年前,狼和人便开始进化成为可以友好相处的物种。你可以想象人们会时不时地向一只温顺的狼扔块骨头,但是“温顺”二字是关键,没人会靠近一只充满敌意的狼。因此,实际上,成千上万年以来,人类都在渐渐地、有意识地进行着选择,选择具有特定行为特征的狼群。这些特征包括爱嬉戏玩闹,温顺,合群。这些行为难道不像小吗?See what’s happening? A species that resembles a wolf puppy that never grows up may have slowly evolved in this way. That species would retain its puppy-like behaviors, such as barking, but never grow into growling, howling adult wolves. That species we would now call “dogs.”现在明白这是怎么回事了吗?就像这样,一种类似于狼崽的物种开始慢慢的进化着。这一物种保留了那些幼崽般的行为特征,比如吠叫,它们也不会进化为嚎叫的成年狼。这一物种便是我们现在把它称之为“”的动物。 /201302/227544

IT TOOK a month or so, but the killing of Trayvon Martin, a teenager who was shot in Florida in late February, has developed into a predictable political circus. Barack Obama has opined on it, as have the Republicans hoping to wrest the presidency from him in November. Rush Limbaugh, a shrill right-wing radio host, has weighed in, and so has Al Sharpton, an equally excitable but ideologically opposite pundit-cum-activist. Mr Sharpton says he will “occupy” Sanford, the town where the shooting took place, until justice is done.2月末,一名叫特雷万马丁的少年在佛罗里达州被杀。一个月后,这场击案已经迅速发酵,演变成一场意料之中的政治闹剧。巴拉克奥巴马已经对此事表明态度,而共和党人也希望藉由此事在11月的大选中将奥巴马从总统宝座上拉下来。 一名言辞犀利的右翼电台主持鲁什林堡加入论战。另一名同样易激动且思想上与林堡相反的人权领袖阿尔#8226;夏普顿也加入战团。夏普顿称除非正义得到伸张,他将;占领;击案发生地点三福城。An online petition calling for the arrest of the gunman, George Zimmerman, who is 28, has attracted over 2m signatures. The New Black Panther Party, a confrontational protest group, has offered ,000 in exchange for a “citizen’s arrest” of Mr Zimmerman. LeBron James, a basketball star, wrote “RIP Trayvon Martin” on his shoe before a game on March 23rd. He and other members of his team, the Miami Heat, also posed in hooded sweatshirts like the one Mr Martin was wearing when Mr Zimmerman decided to follow him, convinced he was “up to no good”.一场呼吁逮捕28岁的手齐默曼的网上请愿活动已经征集了超过200万份签名。一个激进抗议组织新黑豹党愿意提供1万美元悬赏,奖给逮捕齐默曼的人。篮球明星勒布朗詹姆斯在3月23日的比赛前,在自己的鞋子上写上“愿特雷万马丁安息”的字样。他和迈阿密热火队的队友穿着帽衫拍了合影。那身穿着恰恰马丁当晚的穿着,就在那天晚上,齐默曼认为他;行为不轨;,决定跟踪。The shooting took place in the gated community where Mr Zimmerman lives. He had recently started a neighbourhood-watch scheme and he frequently called the police to report everything from potholes to people hethought might be involved in a spate of burglaries. When he spotted Mr Martin while out driving on a rainy evening, he called the police from his car. The operator told him there was no need to follow Mr Martin, but Mr Zimmerman did so anyway. From that point, details are scant: the two men somehow got into a fight, during which Mr Zimmerman says his nose was broken, before he shot the unarmed 17-year-old. Mr Martin, it turns out, had been walking back to the house of his father’s girlfriend in the gated community, having bought some sweets and iced tea at a nearby corner store.击案发生在齐默曼所居住的封闭式小区。齐默曼最近刚刚加入邻里守望计划,他时常向警方报告附近发生的一切事情,报告内容从路面的新出的大坑一直到他认为可能参与盗窃案的嫌疑人。当他在雨夜驾车外出时发现了马丁,并在自己的车里报了警。警方接线员告诉他没有必要追踪马丁,但齐默曼不听劝告。从那时开始,后面发生具体情节语焉不详。两人不知何故打了起来,打斗中,齐默曼的鼻子被打折,然后他向这名手无寸铁的17岁少年开了。后来才知道,马丁刚刚从街角商店买完甜食和冰茶后,正赶回位于该小区的父亲的女友家里。The local police did not arrest Mr Zimmerman, saying they had no evidence to dispute his claim that he had acted in self-defence. That decision prompted a cascade of protest, from other branches of government as well as the public. Sanford’s city council passed a motion of no confidence in the city’s chief of police, who is now suspended. The Justice Department announced it would conduct an investigation into the killing. Local prosecutors said they would convene a grand jury to consider the incident on April 10th.齐默曼称自己的行为是正当防卫,当地警方认为并没有据能够推翻这一点,于是没有逮捕齐默曼。这一决定引发了一连串的抗议活动,有的抗议来自公众,有的来自政府其他分机构。三福市议会通过了对该市警察局长的不信任案,警察局长现已停职。司法部宣布将对此次击案展开调查。当地检察官们表示将要在4月10日召开大陪审团会议讨论此事。Florida is one of 20-odd states to have adopted a “stand your ground” law, which exempts those with reason to believe their lives are in jeopardy from any legal obligation to attempt to retreat before resorting to deadly force. Many have speculated that the police thought that the existence of the law would impede Mr Zimmerman’s prosecution. Findings of justifiable homicide have tripled since the law took force in 2005. But Mr Zimmerman’s lawyer says he does not intend to invoke the law if his client is arrested, while one of the law’s authors says it would not apply in this case, anyway, as Mr Zimmerman seems to have gone out of his way to confront Mr Martin.佛罗里达州是采用“无限防卫权”法律的20多个州的一员。这项法律规定若行为人有理由认为自己的生命面对威胁,可以在诉诸致命暴力前免除首先尝试逃跑的法律义务。很多人推测警方可能认为这项法律是阻碍起诉齐默曼的绊脚石。自2005年,这项法律生效以来,正当杀人的案件增长了两倍。但是齐默曼的律师表示如果他的当事人被捕,自己并不打算援引这项法律。同时这项法律的一名起草人表示不管怎样,这项法律并不适合这一案件。因为齐默曼本可以避免遇到马丁。Others have focused on the role of race in the killing. The National Association for the Advancement of Coloured People, for instance, has complained that the authorities neglected the case because Mr Martin was black. Many assume that Mr Zimmerman, whose father is white and whose mother is Hispanic, decided that Mr Martin looked suspicious simply because of the colour of his skin. Mr Obama seemed to allude to such a view when he said, “If I had a son, he would look like Trayvon.”而其他人把注意力放在本案的种族因素上。例如,全国有色人种进步联合会对此案颇有微词,认为当局之所以忽视此案是因为马丁是名黑人。很多人假设,齐默曼之所以认为马丁形迹可疑理由仅仅是马丁的肤色,而齐默曼的父亲是名白人,母亲是拉丁裔。奥巴马似乎暗示自己赞同这种假设,因为他说,“如果我有个儿子,他长得会跟特雷万一样”。Rick Santorum and Newt Gingrich, two of the four remaining Republican presidential candidates, saw that as an opening, as did Mr Limbaugh. They declared themselves appalled that the president would view theshooting through the lens of race. From the left, Mr Obama has been criticised for not speaking loudly enough about the racial aspect of the killing. No incident is too tragic, it seems, for political point-scoring.在四名尚未退出共和党初选的总统候选人中,只有里克桑托勒姆和纽特金里奇这两位跟林堡一样,将此事看做一个契机。他们都发表声明称总统竟然从种族的视角看待此案,令人震惊。而从左派的角度出发,奥巴马因未能充分强调这场击案的种族因素而备受指责。看来,对政治较量来看,任何事件都可利用,因而都不能算是悲剧。201204/176547

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