Which of the following statements regarding portfolio attribution and portfolio performance analysis are CORRECT?
- Performance analysis is used to determine the statistical significance of information ratios (IR).
- Performance attribution analysis focuses on portfolio returns over a single period.
- Returns-based performance analysis is based on a top-down approach.
- Portfolio-based analysis involves a three step process: cross-sectional analysis, portfolio attribution, and performance analysis.
A. I, II, III and IV.
B. I, II and IV.
C. II, III and IV.
D. I, II and III.
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