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Which of the following best describes the impact of survivorship bias on using manager universes as benchmarks? A. Fund sponsors will terminate underperforming managers, underperforming accounts will not survive, and the median will be biased upwards. B. As consistently underperforming funds are terminated by the fund sponsors, the surviving funds shrink in number such that in a fairly short period of time the number of funds is too small to allow meaningful benchmarking. C. Fund sponsors are reluctant to terminate underperforming funds, these accounts survive in the benchmark, and the median will be biased downwards. |