【FRM每日一题】二级：案例强化（5）
备考FRM二级 | 2015-12-02
Blue Sky Funds, a private equity fund, has suffered low returns for the last five years. As a result, the fund has decided to quit reporting returns. The fund did report returns each year for the last 10 years when performance was strong. This problem of reporting leads to:
A.Survivorship bias.
B.Sample selection bias.
C.Infrequent trading bias.
D.Attrition bias.
Answer: A
There are no requirements for certain types of funds, like private equity funds, to report returns. As such, poorly performing funds have a tendency to stop reporting. Additionally, many poorly performing funds ultimately fail. Performance studies generally include only those funds that were successful enough to survive over the entire period of analysis, leaving out the returns of funds that no longer exist. Both of these factors result in reported returns that are too high. This is called survivorship bias.【FRM奖学金】
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