During the past 15 years, the most important component of executive pay packages, and the one .most responsible for the large increase in the level of such compensation, has been stock-option grants. The increased use of option grants was justified as a way to align executives’ interests with shareholders’. For various tax, accounting, and regulatory reasons, stock-option grants have largely comprised "at-the-money options": rights to purchase shares at an "exercise price" equal to the company’s stock price on the grant date. In such at-the-money options, the selection of the grant date for awarding options determines the options’ exercise price and thus can have a significant effect on their value.
Earlier research by financial economists on backdating practices focused on the extent to which the company’s stock price went up abnormally after the grant date, My colleagues and I focused instead on how a grant-date’s price ranked in the distribution of stock prices during the month of the grant. Studying the universe of about 19,000 at-the-money, unscheduled grants awarded to public companies’ CEOs during the decade 1996-2005, we found a clear relation between the likelihood of a day’s being selected as a grant date for awarding options, and the rank of the day’s stock price within the price distribution of the month: a day was most likely to be chosen if the stock price was at the lowest level of the month, second most likely to be chosen if the price was at the second-lowest level, and so forth. There is an especially large incidence of "lucky grants" (defined as grants awarded on days on which the stock price was at the lowest level of the month): 12 percent of all CEO option grants were lucky grants, while only 4 percent were awarded at the highest price of the month.
The passage of the Sarbanes-Oxley Act in August 2002 required firms to report grants within two days of any award. Most firms complied with this requirement, but more than 20 percent of grants continued to be reported after a long delay. Thus, the legislation could be expected to reduce but not eliminate backdating. The patterns of CEO luck are consistent with this expectation: the percentage of grants that were lucky was a high 15 percent before enactment of the law, and declined to a lower, but still abnormally high, level of 8 percent afterwards.
Altogether, we estimate that about 1,150 CEO stock-option grants owed their financially advantageous status to opportunistic timing rather than to mere luck. This practice was spread over a significant number of CEOs and firms: we estimate that about 850 CEOs ( about 10 percent) and about 720 firms ( about 12 percent) received or provided such lucky grants. In addition, we estimate that about 550 additional grants at the second-lowest or third-lowest price of the month owed their status to opportunistic timing.
The cases that have come under scrutiny thus far have led to a widespread impression that opportunistic timing has been primarily concentrated in "new economy" firms. But while the frequency of lucky grants has been somewhat higher in such firms, more than 80 percent of the opportunistically timed grants have been awarded in other sectors. Indeed, there is a significantly higher-than-normal incidence of lucky grants in each of the economy’s 12 industries.
According to the author, the Sarbanes-Oxley Act

A:effectively eliminated the practice of backdating. B:leads to a larger percentage of lucky grants. C:guarantees that grants are reported immediately. D:helps to reduce the incidence of lucky grants.

In 1957 a doctor in Singapore noticed that hospitals were treating an unusual number of influenza-like cases. Influenza is sometimes called “flu” or a “bad cold”. He took samples from the throats of patients in his hospital and was able to find the virus of this influenza.
There are three main types of the influenza virus. The most important of these are types A and B, each of them having several sub-groups. With the instruments at the hospital the doctor recognized that the outbreak was due to a virus group A, but he did not know the sub-group. He reported the outbreak to the World Health Organization in Geneva. W. H.O. published the important news alongside reports of a similar outbreak in Hong Kong, where about 15%—20% of the population had become ill.
As soon as the London doctors received the package of throat samples, they began the standard tests. They found that by reproducing itself at very high speed, the virus had multiplied more than a million times within two days. Continuing their careful tests, the doctors checked the effect of drugs used against all the known sub-groups of virus type A. None of them gave any protection. This then, was something new: a new influenza virus against which the people of the world had no ready help whatsoever. Having isolated the virus they were working with, the two doctors now dropped it into the noses of some specially selected animals, which contact influenza in the same way as human beings do. In a short time the usual signs of the disease appeared. These experiments revealed that the new virus spread easily, but that it was not a killer. Scientists, like the general public, called it simply “Asian” flu.
The first discovery of the virus, however, was made in China before the disease had appeared in other countries. Various reports showed that the influenza outbreak started in China, probably in February of 1957. By the middle of March it had spread all over China. The virus was found by Chinese doctors early in March. But China was not a member of the World Health Organization and therefore did not report outbreaks of disease to it. Not until two months later, when travelers carried the virus into Hong Kong, from where it spread to Singapore, did the news of the outbreak reach the rest of the world. By this time it was started on its way around the world.
Thereafter, WHO’s Weekly Reports described the steady spread of this virus outbreak, which within four months swept through every continent.
W. H. O, reported the influenza because

A:a doctor found its virus and reported to it. B:many people in Hong Kong suffered from it. C:it spread widely in Singapore for the first time. D:the doctor belonged to that organization.

Government officials reported three new cases of mad cow, bringing the total so far this year to 99. Last year, France recorded just 31 cases of the mad cow disease. The rising numbers are in part (1) a new testing program that focuses on cows that are most (2) . That program has (3) 39 cases. But still 60 new cases were identified in the usual way, (4) were found in 1999. Many scientists (5) that this year, five years after safety precautions were (6) , the number of cases would be (7) .
The rise in cases has (8) some scientists to question whether the disease can be transmitted in ways not yet understood. Scientists are still (9) the disease, first recognized in cows in 1986.
It appears that it is not caused by a bacteria, virus or fungus, but (10) infectious particles called prion, perhaps (11) a virus or other agent. The disease kills cells in the brain, (12) it spongy and full of holes.
France has taken more steps to (13) safety than most European countries, (14) refusing to take English beef (15) the European Union. But some scientists believe that France has not been (16) in imposing the ban on feed that (17) animal pans.
Some French officials hope that the sudden interest in mad cow disease will mean that French consumers will become educated about it, thereby recognizing that French beef is actually (18) controlled. Every cow is given a passport at birth, and extensive information about its parentage and (19) it was raised must be (20) to any slaughterhouse. When a diseased animal is found, the entire herd is destroyed.

Read the following text. Choose the best word (s) for each numbered blank and mark A, B, C or D on ANSWER SHEET 1.20（）

A:subjected B:submitted C:reported D:registered

There are a number of formats for reporting research, such as articles to appear in journals, reports addressed to funding agencies, theses or dissertations as part of the requirements for university degrees, and papers to be presented at conferences. These formats differ from one another mostly in their purposes and the audiences whom they address. We will now briefly describe them.
The journal article is a way of reporting research for professional journals or edited collections. The research is reporting in a brief, yet informative way, focusing mostly on the main features of the research such as the purpose, review of the literature (often referred to as "background"), procedures used for carrying out the research accompanied by tables, charts, and graphs, and interpretations of the results (often referred to as discussion).
The content and emphasis of the journal article will vary according to the intended readers (research or practitioners) and it is important for the researcher to be aware of the background and interest of the readers of the journal. Articles intended to be read by practitioners will emphasize the practical implications and recommendations of the research, while articles intended to be read by researchers will describe in detail the method used to collect data, the construction of data collection procedures, and the techniques used for analyzing the data It is important for the novice researcher to be aware of the fact that articles submitted to journals go through a process of evaluation by experts who make a judgment and recommend whether they should be published or not.
The thesis or dissertation is a format for reporting research which graduate students write as part of fulfilling the requirements for an advanced academic degree. The student is expected to describe in great detail all the phases of the research so it can be examined and evaluated carefully by the reader. Thus the thesis or dissertation includes the purpose and significance of the study, the rationale, a thorough review of the literature, detailed information as to the research tools and the procedures involved in their development, a description of data analysis and the results, and an interpretation of the results in the form of conclusions, implications, and recommendation. This detailed description of the process of the research is needed to provide the professors with an indication of the student’s ability to carry out research.
The conference paper is a way of reporting research at conferences, seminars and colloquia. At such meetings research papers are usually presented orally. They are similar to the research article since research is reported in a concise, yet informative way, focusing on the most essential elements of the research. Handouts and transparencies can also accompany the presentations. As with the research article, here too, the content and emphasis of the oral report will depend to a large extent on the type of audience present at the meeting, and whether they are researchers or practitioners.

Which of the following statements is not mentioned in this passage（　）

A:Both journal articles and conference papers are reported in a brief and informative way. B:All the theses or dissertations and conference papers are reported in spoken languages. C:Both the journal articles and conference papers are influenced greatly by the intended receivers. D:The various formats of research reports may be presented in different ways.

In 1957 a doctor in Singapore noticed that hospitals were treating an unusual number of influenza-like cases. Influenza is sometimes called “flu” or a “bad cold”. He took samples from the throats of patients in his hospital and was able to find the virus of this influenza.
There are three main types of the influenza virus. The most important of these are types A and B, each of them having several sub-groups. With the instruments at the hospital the doctor recognized that the outbreak was due to a virus group A, but he did not know the sub-group. He reported the outbreak to the World Health Organization in Geneva. W. H.O. published the important news alongside reports of a similar outbreak in Hong Kong, where about 15%—20% of the population had become ill.
As soon as the London doctors received the package of throat samples, they began the standard tests. They found that by reproducing itself at very high speed, the virus had multiplied more than a million times within two days. Continuing their careful tests, the doctors checked the effect of drugs used against all the known sub-groups of virus type A. None of them gave any protection. This then, was something new: a new influenza virus against which the people of the world had no ready help whatsoever. Having isolated the virus they were working with, the two doctors now dropped it into the noses of some specially selected animals, which contact influenza in the same way as human beings do. In a short time the usual signs of the disease appeared. These experiments revealed that the new virus spread easily, but that it was not a killer. Scientists, like the general public, called it simply “Asian” flu.
The first discovery of the virus, however, was made in China before the disease had appeared in other countries. Various reports showed that the influenza outbreak started in China, probably in February of 1957. By the middle of March it had spread all over China. The virus was found by Chinese doctors early in March. But China was not a member of the World Health Organization and therefore did not report outbreaks of disease to it. Not until two months later, when travelers carried the virus into Hong Kong, from where it spread to Singapore, did the news of the outbreak reach the rest of the world. By this time it was started on its way around the world.
Thereafter, WHO’s Weekly Reports described the steady spread of this virus outbreak, which within four months swept through every continent.

W. H. O, reported the influenza because（）

A:a doctor found its virus and reported to it B:many people in Hong Kong suffered from it C:it spread widely in Singapore for the first time D:the doctor belonged to that organization

Government officials reported three new cases of mad cow, bringing the total so far this year to 99. Last year, France recorded just 31 cases of the mad cow disease. The rising numbers are in part (1) a new testing program that focuses on cows that are most (2) . That program has (3) 39 cases. But still 60 new cases were identified in the usual way, (4) were found in 1999. Many scientists (5) that this year, five years after safety precautions were (6) , the number of cases would be (7) .
The rise in cases has (8) some scientists to question whether the disease can be transmitted in ways not yet understood. Scientists are still (9) the disease, first recognized in cows in 1986.
It appears that it is not caused by a bacteria, virus or fungus, but (10) infectious particles called prion, perhaps (11) a virus or other agent. The disease kills cells in the brain, (12) it spongy and full of holes.
France has taken more steps to (13) safety than most European countries, (14) refusing to take English beef (15) the European Union. But some scientists believe that France has not been (16) in imposing the ban on feed that (17) animal pans.
Some French officials hope that the sudden interest in mad cow disease will mean that French consumers will become educated about it, thereby recognizing that French beef is actually (18) controlled. Every cow is given a passport at birth, and extensive information about its parentage and (19) it was raised must be (20) to any slaughterhouse. When a diseased animal is found, the entire herd is destroyed.

20（）

A:subjected B:submitted C:reported D:registered

Unidentified Flying Object (UFO) is any object or light, reportedly sighted in the sky, that cannot be immediately explained by the observer. Sightings of unusual flying objects date back to ancient times, but UFOs (sometimes called flying saucers) became widely discussed only after the first widely publicized U. S sighting in 1947. Many thousands of such observations have since been reported worldwide.
At least 90 percent of UFO sightings can be identified as conventional objects, although time—consuming investigations are often necessary for such identification. The objects most often mistaken for UFOs are bright planets and stars, aircraft, birds, balloons, kites, aorial flares, peculiar clouds, meteors, and satellites. The remaining sightings most likely can be attributed to other mistaken sightings or to inaccurate reporting, tricks, or delusions, although to disprove all claims made about UFOs is impossible.
From 1947 to 1969 the U. S. Force investigated UFOs as a possible threat to national security. A total of 12,618 reports were received, of which 701 reports, or 5.6 percent, were listed as unexplained. The air force concluded that "no UFO reported, investigated, and evaluated by the Air Force has ever given any indication of threat to our national security". Since 1969 no agency of the U.S. government has had any active program of UFO investigation.
Some persons, however, believe that UFOs are extraterrestrial spacecraft, even though no scientifically valid evidence supports that belief. The possibility of extraterrestrial civilizations is not the stumbling block; most scientists grant that intelligent life may well exist elsewhere in the universe. A fully convincing UFO photograph has yet to be taken, however, and the scientific method requires that highly speculative explanations should not be adopted unless all of the more ordinary explanations can be ruled out.
UFO enthusiasts persist, however, and some persons even claim to have been captured and taken aboard UFOs. No one has produced scientifically acceptable proof of these claims. Behavioral scientist Carl Sagan once proposed that "certain psychological needs are met by belief in superior beings from other worlds. /
The second paragraph of the passage focuses on ______.

A:some explanations about UFO sightings B:different kinds of UFOs reported C:people’s negative reaction to UFOs D:interesting claims made about UFOs

Hypnotized patients are reported to_____

A:how much someone wants it to succeed B:A form of deep thought C:A condition similar to sleep D:Have increased self-control and a reduced sense of pain E:Hypnosis can’t reduce or end a patient’s pain F:Persons can’t be forced to do something they would normally oppose

The most active areas of pandemic influenza transmission currently are in central and eastern Europe. Focal(集中的) increases in rates during recent week were (51) in at least two eastern European countries. A high intensity of respiratory(呼吸的) disease activity with concurrent(同时存在的 ) circulation of pandemic influenza still (52) in parts of southern and eastern Europe, (53) in Greece,Poland, and Ukraine.
In Western Europe, influenza transmission remains (54) and widespread,but overall disease activity has peaked. All influenza viruses in Western Europe were pandemic H1N1 2009, (55) ,very small numbers of seasonal influenza viruses, covering less than 1% of all influenza viruses found, were reported in Russia. In (56) , limited available data indicate that active,, high intensity transmission is occurring in Northern African countries (57) the Mediterranean coast.
In Central Asia, limited data (58) that influenza virus circulation remains active, but transmission may have recently peaked in some places. In West Asia, Israel,Iran, and Iraq also appear to have passed their (59) period of transmission within the past month, though both areas continue to have some active transmission and levels of respiratory disease activity have not yet (60) to baseline levels. In East Asia, influenza transmission remains active but appears to be (61) overall. Slight increases in ILI were reported in Mongolia after weeks of declining activity following a large peak of activity (62) one month age.
In North America,influenza transmission (63) widespread but has declined quickly in all countries. In the tropical regions of Central and South America and the Caribbean, influenza transmis- sion remains geographically widespread but overall disease (64) has been declining or remains unchanged in most parts (65) for focal increases in respiratory disease activity in a few countries.

A:reported B:expected C:marked D:caused