问题如下：
Compared with holdings-based style analysis (HBSA), a returns-based style analysis (RBSA):
选项：
A.is subject to window dressing.
requires less effort to acquire data.
is more accurate when illiquid securities are present.
解释：
B is correct.
RBSA typically does not require a large amount of additional, or difficult to acquire, data. HBSA requires data on each security in the investment portfolio. HBSA is a snapshot of the portfolio at a single point of time and thus is subject to window dressing. Both HBSA and RBSA are subject to difficulties in interpreting returns when illiquid securities are present.
return-based appraoch has the cons of DATA MANIPULATION, such that how is it possible to require less data?
