Q. Which of the following statements concerning the historical record of alternative investments is most likely correct?
- The exclusion of returns of funds that have been liquidated leads to an upward bias in index performance.
- The use of appraised values instead of market prices leads to an upward bias in volatility.
- The inclusion of previous return data for funds that enter the index leads to a downward bias in index performance.
烦请老师解答一下这道题，谢谢
