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  3. The list of famous companies founded during economic downturns is long and varied. A 2009 study found that over half of Fortune

The list of famous companies founded during economic downturns is long and varied. A 2009 study found that over half of Fortune

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问题    The list of famous companies founded during economic downturns is long and varied. A 2009 study found that over half of Fortune 500 companies got their start during a downturn or a bear market. A recession, it seems, may not be an entirely bad time to start a company. Indeed, busts (and booms) cast a longer shadow on the business landscape than is commonly realised, because they influence both the rate of business formation and how existing firms are run.
   Some argue that recessions speed up the process of economic restructuring—what Joseph Schumpeter called "creative destruction" . The destruction part is easy to see: downturns kill businesses, leaving boarded-up windows on the high street as their gravestones. But recessions may also spur the creation of new businesses.
   When people suddenly have less money to spend, clever entrepreneurs may see an opportunity to set up businesses that give them what they want more cheaply or efficiently. Downturns may also swell the ranks of potential firm creators, because many who might otherwise have sought a
   stable salary will reinvent themselves as entrepreneurs.
   Tough times do not suddenly prompt everyone to start a business. The vast majority of people who reach working age during a downturn still look for a job. But research also suggests that recessions have lasting effects on how executives manage businesses. Antoinette Schoar and Luo Zuo of the Massachusetts Institute of Technology found that those who began their management careers during a bust were substantially more risk-averse, took on less debt and generally were more conservative managers than the rest of the sample, even many decades later. That will strike critics of the over-leveraged company as thoroughly good news, but it is hard to say whether this effect is entirely benign.
   Bosses whose careers began in a recession also tend to be so concerned about cost-effectiveness that the companies they go on to run spend less on research and development. They may thus be too conservative: firms with bosses whose professional baptism came in a weak economy have lower returns on assets than those run by other managers. Why should this be? One plausible explanation is that recessions affect the way people take decisions.
   Whether they were set up during a boom or a bust, today’s firms are deeply affected by the economic fluctuations of the past.
   
The managers who began their careers in a recession don’t tend to be_____.
选项 A、heavily in debt
B、risk-averse
C、concerned about cost-effectiveness
D、too conservative
答案A
解析 细节题。注意此题是反向选择题。根据题干关键词定位到第四、五段。第四段提到took on less debt，即那些人负债更少，A项heavily in debt“负债多”很明显不是他们的特点，因此选A项。
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