NO.PZ2023103101000015
问题如下：
Q. Private equity funds whose vintage year occurs in the expanding phase of the business cycle tend to earn excess returns by investing in companies that are:
选项：
A.mature.
B.distressed.
C.early stage.
解释：
C is correct. Fund performance is greatly determined by the vintage year and the coinciding phase of the business cycle. Funds seeded during the expanding phase tend to earn excess returns investing in early-stage companies. Funds seeded during the contracting phase tend to do best with distressed companies. Results may be intermediate with mature, stable companies.
在成熟期或者破产期不是更不容易获得超额收益么
