NO.PZ202210140200000101
问题如下：
The inclusion of index returns prior to Year 1 would be expected to:
选项：
A.bias the historical ERP estimate upward
bias the historical ERP estimate downward
have no effect on the historical ERP estimate
解释：
A is correct. The backfilling of index returns using companies that have survived to the index construction date is expected to introduce a positive survivorship bias into returns.
看下了自己的上课笔记，没有找到相关的概念，麻烦老师提示下。
