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An analyst has compiled stock returns for the first 10 days of the year for a sample of firms and estimated the correlation between these returns and changes in book value for these firms over the just ended year. What objection could be raised to such a correlation being used as a trading strategy? A. Use of year-end values causes a time-period bias. B. The study suffers from look-ahead bias. C. Use of year-end values causes a sample selection bias. |