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
B.
bias the historical ERP estimate downward
C.
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.
Year1加入market economy不是会boost股市吗？那前四年的ERP不是应该Downward？
