NO.PZ2023122201000097
问题如下：
Which of the following statements concerning the historical record of alternative investments is most likely correct?
选项：
A.The inclusion of previous return data for funds that enter the index leads to a downward bias in index performance.
B.The exclusion of returns of funds that have been liquidated leads to an upward bias in index performance.
C.The use of appraised values instead of market prices leads to an upward bias in volatility.
解释：
The exclusion of returns of funds that have been liquidated is called survivorship bias. It is most likely that only poor performers are eliminated and thus reported returns are artificially inflated
题目考察的是bias对于另类投资的影响，bias都是往好的方面去估计，因此会高估收益，低估风险，所以选B
exclusion of fund怎么理解
