Text 1　　Financial regulators inBritain have imposed a rather unusual rule on the bosses of big banks. Startingnext year, any guaranteed bonus of top executives could be delayed 10 years iftheir banks are under investigation for wrongdoing. The main purpose of this“clawback” rule is to hold bankers accountable for harmful risk-taking and torestore public trust in financial institutions. Yet officials also hope for amuch larger benefit: more long-term decision-making not only by banks but byall corporations, to build a stronger economy for future generations.
　　“Short-termism”, or the desire for quick profits, hasworsened in publicly traded companies, says the Bank of England's topeconomist, Andrew Haldane. He quotes a giant of classical economics, AlfredMarshall, in describing this financial impatience as acting like “children whopick the plums out of their pudding to eat them at once” rather than puttingthem aside to be eaten last.
　　The average time for holding a stock in both theUnited States and Britain, he notes, has dropped from seven years to sevenmonths in recent decades. Transient investors, who demand high quarterlyprofits from companies, can hinder a firm's efforts to invest in long-termresearch or to build up customer loyalty. This has been dubbed “quarterlycapitalism”.
　　In addition, new digital technologies have allowedmore rapid trading of equities, quicker use of information, and thus shorterattention spans in financial markets. “There seems to be a predominance ofshort-term thinking at the expense of long-term investing.” said CommissionerDaniel Gallagher of the US Securities and Exchange Commission in a speech thisweek.
　　In the US, the Sarbanes-Oxley Act of 2002 has pushedmost public companies to defer performance bonuses for senior executives byabout a year, slightly helping reduce “short-termism”. In its latest survey ofCEO pay, The Wall Street Journalfinds that “a substantial part” of executive pay is now tied to performance.
　　Much more could be done to encourage “long-termism”,such as changes in the tax code and quicker disclosure of stock acquisitions.In France, shareholders who hold onto a company investment for at least twoyears can sometimes earn more voting rights in a company.
　　Within companies, the right compensation design canprovide incentives for executives to think beyond their own time at the companyand on behalf of all stakeholders. Britain's new rule is a reminder to bankersthat society has an interest in their performance, not just for the short termbut for the long term.

 all stakeholders. Britain's new rule is a reminder to bankersthat society has an interest in their performance, not just for the short termbut for the long term.

　　“Short-termism”, or the desire for quick profits, hasworsened in publicly traded companies, says the Bank of England's topeconomist, Andrew Haldane. He quotes a giant of classical economics, AlfredMarshall, in describing this financial impatience as acting like “children whopick the plums out of their pudding to eat them at once” rather than puttingthem aside to be eaten last.
　　The average time for holding a stock in both theUnited States and Britain, he notes, has dropped from seven years to sevenmonths in recent decades. Transient investors, who demand high quarterlyprofits from companies, can hinder a firm's efforts to invest in long-termresearch or to build up customer loyalty. This has been dubbed “quarterlycapitalism”.
　　In addition, new digital technologies have allowedmore rapid trading of equities, quicker use of information, and thus shorterattention spans in financial markets. “There seems to be a predominance ofshort-term thinking at the expense of long-term investing.” said CommissionerDaniel Gallagher of the US Securities and Exchange Commission in a speech thisweek.
　　In the US, the Sarbanes-Oxley Act of 2002 has pushedmost public companies to defer performance bonuses for senior executives byabout a year, slightly helping reduce “short-termism”. In its latest survey ofCEO pay, The Wall Street Journalfinds that “a substantial part” of executive pay is now tied to performance.
　　Much more could be done to encourage “long-termism”,such as changes in the tax code and quicker disclosure of stock acquisitions.In France, shareholders who hold onto a company investment for at least twoyears can sometimes earn more voting rights in a company.
　　Within companies, the right compensation design canprovide incentives for executives to think beyond their own time at the companyand on behalf of all stakeholders. Britain's new rule is a reminder to bankersthat society has an interest in their performance, not just for the short termbut for the long term.

Alfred Marshall is quoted to indicate _____.

A.theconditionsforgeneratingquickprofits

B.governments'impatienceindecision-making

C.thesolidstructureofpubliclytradedcompanies

D.“short-termism”ineconomicactivities