2019 CFA level 3 qbank reading 36 evaluating portfolio performance questions

Question #1 of 170With regard to the use of value added return in the measurement of hedge fund performance, which of the following statements is most accurate?. The table belowdetails r

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Question #1 of 170

With regard to the use of value added return in the measurement of hedge fund performance,

which of the following statements is most accurate?

A) Value added return is calculated as the di erence between the portfolio return, given

benchmark weightings, and the actual portfolio return

B) Value added return is simply the di erence between the portfolio return and the

benchmark return

C) Although weights sum to zero a return is calculated by summing the performance

impacts of the individual long positions

Which of the following measures would be the most appropriate one to use when comparing

the results of two portfolios in which each portfolio contains only a few number of stocks

representing a limited number of industries?

A) Sharpe ratio.

B) Information ratio.

C) Treynor measure.

Frank Belanger would like to calculate the rate of return for an illiquid asset He states that he

will use matrix pricing to obtain a substitute for the security's current price Which of the

following most accurately describes matrix pricing? In matrix pricing, the analyst uses:

A) dealer quotes for similar securities.

B) the price from the last trade for the same security.

C) an average of recent prices.

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Which of the following is the least likely to be an input into micro performance evaluation?

A) The sector return for the manager.

B) The return on the risk-free asset.

C) The weight of a sector in the benchmark.

Bill Smith is evaluating the performance of four large-cap equity portfolios: Funds A, B, C and D

As part of his analysis, Smith computed the Sharpe ratio and the Treynor measure for all four

funds Based on his nding, the ranks assigned to the four funds are as follows:

Fund Treynor Measure Rank Sharpe Ratio Rank

The di erence in rankings for Funds A and D is most likely due to:

A) a lack of diversi cation in Fund A as compared to Fund D.

B) a di erence in risk premiums.

C) di erent benchmarks used to evaluate each fund’s performance.

Suppose that all of a rm's managers are outperforming the benchmark, some by a little, some

by a lot If the con dence intervals for a quality control charts in portfolio management were

widened, what would the most likely e ect be?

A) Type I error would become less likely and Type II error would become more likely.

B) Type I error would become more likely and Type II error would become less likely.

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C) Type I error would become more likely and Type II error would become more likely.

Which of the following is least likely to be a step in the construction of a custom security-based

benchmark?

A) Calculate the historical mean and standard deviation for the benchmark.

B) Identify the manager’s investment process.

C) Use the same weights for the benchmark as the manager.

Which of the following is NOT required for macro performance attribution?

A) Fund returns, valuations, and external cash ows.

B) Tactical asset allocations.

C) Benchmark portfolio returns.

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An analyst has gathered the following information about the performance of an equity fund

and the S&P 500 index over the same time period

Equity Fund S&P 500

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Which of the following statements about style indexes is least accurate?

A) They are widely available, widely understood and widely accepted.

B) Some style indexes can contain weightings in certain securities and/or sectors that may

be larger than considered prudent

C) They help fund sponsors better understand a manager’s investment style, by capturing

factor exposures

Which of the following best describes the use of quality control charts in portfolio

management? Quality control charts are used to determine if a manager has:

A) strayed from their stated style.

B) statistically signi cant excess returns.

C) substantial excess returns.

Markus Smith, CFA, is looking at di erent measures of risk for bond portfolios as well as stock

and bond mutual funds He has several projects currently underway

Smith's rst project is to decompose the various sources of return for the BBB Bond Fund (BBB)

which yielded a return of 12% The actual treasury yield was 8%, which is 1.0% better than the

expected yield of 7.0% In addition, Smith has ascertained that the BBB portfolio bene ted by

0.50% due to maturity management and 1.25% from spread/quality management

Smith's second project involves AAA Bond Fund (AAA) Smith gathers the following data:

Actual AAA portfolio return = 10% (duration of portfolio = 10 years)

Lehman Brothers Benchmark Index return = 8% (duration of portfolio = 8 years)

According to the bond market line (BML), the return for a portfolio with a10-yearduration should be 9%

The AAA Bond Fund's long-term strategic portfolio has a duration of 9 years, and a targetreturn of 8.5%

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Smith now turns his attention towards his third project, Star Equity Fund The table below

details relevant information:

Asset Class Star Fund Weights Star Fund Returns Benchmark Returns

Overall Star Fund return = 11.60%

Overall benchmark return = 13.82%

Smith's last project is for the Plumb America Index Fund

Plumb America S & P 500

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The ratio of return to systematic risk for an investment portfolio is 0.70, while the market is

0.50 This information suggests that the portfolio:

A) exhibits inferior performance because it has more risk than the market.

B) exhibits superior performance because the return per unit of risk is above that of the

market

C) is not diversi ed enough, and more securities should be purchased to bring the

portfolio in line with the market

Kelli Blakely, a portfolio manager with the Miranda Fund, a large cap index fund, achieved a

10.2% return during the past year while the S&P 500 lost 22.5% for the same period Her

portfolio consisted of stocks and cash Blakely was able to produce such returns through her

exceptional market timing and securities selection skills During the year, the S&P exhibited a

standard deviation of 44% while Blakely's portfolio standard deviation was 37% The calculated

beta on the Miranda Fund was 1.10 The market proxy and benchmark for performance

measurement purposes is the S&P 500

Using the S&P 500 as a benchmark for the year, the allocation between stock and cash was a

constant 97% and 3%, respectively During the year, Blakely was concerned that the

combination of a weak economy and geopolitical uncertainties would negatively impact the

market returns Taking a bold step, she changed her market allocation to an average of 50% in

stocks and 50% in cash Throughout the year, the risk-free rate of cash returns was 2%

What is the total value added?

A) 21.26%.

B) 34.70%.

C) 32.70%.

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For a global portfolio, the money-weighted returns for the four quarters of last year are: 3%,

-2%, 5%, and 2.5% The corresponding time-weighted returns are: 2.5%, -1%, 4%, and 3.5%

What would an investor report as the annual rate of return on the portfolio?

A) 9.23%.

B) 9.0%.

C) 8.64%.

In using micro attribution analysis to break down the performance of the manager of a fund,

the analyst nds the following for a particular asset class:

Portfolio Weight 9%

Sector Benchmark Weight 7%

Sector Portfolio Return 4%

Sector Benchmark Return 3%

Which of the following statements relating to allocation/selection attribution and fundamental

factor model attribution is least accurate?

A) The strength of allocation/selection attribution is that it is relatively easy to calculate.

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B) The strength of fundamental factor analysis is its simplicity and the reliability of the

correlations it produces

C) The strength of allocation/selection attribution is that it disaggregates performance

e ects of manager’s decisions between sectors and securities

The following data pertains to the UBZ Balanced Fund:

Asset Class

Fund Weight

Benchmark Weight

Fund Return (%)

Benchmark Return (%)

B) Allocation/selection attribution is relatively easy to calculate.

C) Allocation/selection attribution can lead to spurious correlations.

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Which of the following is the most appropriate method of calculating the manager's active

return? The manager's active return is the:

A) portfolio return minus the market return.

B) market return minus the benchmark return.

C) portfolio return minus the benchmark return.

Suppose that a portfolio management rm has abnormally high turnover in their sta Which of

the following is the most likely scenario?

A) The rm’s Type I error rate is high and their Type II error rate is high.

B) The rm’s Type I error rate is high and their Type II error rate is low.

C) The rm’s Type I error rate is low and their Type II error rate is high.

Which of the following measures would be the most appropriate one to use when comparing

the results of two portfolios in which each portfolio contains many stocks from a broad

selection of di erent industries?

A) Treynor measure.

B) Sharpe ratio.

C) Information ratio.

The following information is available for the Trumark Fund:

The Trumark Fund has an average annual return of 12% over the last ve years

Trumark has a beta value of 1.35

Trumark has a standard deviation of returns of 16.80%

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During the same time period, the average annual T-bill rate was 4.5%.

During the same time period, the average annual return on the S&P 500 portfolio was18%

and the S&P 500 index over the same time period. Using Jensen's Alpha to measure the

risk/return performance of the Equity fund and the S&P 500, which of the following conclusions

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A) The equity fund underperformed the S&P 500 by 6.12%.

B) The S&P 500 underperformed the equity fund by 2.67%.

C) The S&P 500 outperformed the equity fund by 3.24%.

Which of the following is least likely to be utilized in macro performance evaluation?

A) External cash ows into the fund.

B) Beginning of period fund valuations.

C) Pure sector allocation e ects.

Which of the following statements in relation to the e ect of the external interest environment

is least accurate?

A) The overall e ect represents the performance of a passive, default free bond portfolio.

B) Return on the default-free benchmark assumes no change in the forward rates.

C) The return due to the external interest rate environment is estimated from a term

structure analysis of AAA rate corporate securities

Which of the following is NOT a conclusion regarding quality control charts and how they are

typically used to evaluate manager performance?

A) This is a two-tailed test.

B) Keeping a manager who generates no value added would be a Type I error.

C) H0 will be that the manager adds no value; Ha is that the manager adds positive value

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The following information relates to the Fabregas Pension Fund.

Contributions received on September 1st $1,050,000

Value of the fund if:

net contributions value is invested based

on the fund sponsor's policy allocations $220,369,968 passively invested in the aggregate of the

manager's respective benchmarks $221,031,078 invested in the aggregate of the

manager's actual portfolios $221,141,594 The actual value of the fund at the end of September

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What was the incremental percentage return contribution attributable to Asset Category?

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Custom security-based benchmarks re ect the manager's investment universe, weighted to

re ect a particular approach Which of the following is NOT an advantage of this type of

benchmark?

A) Allows fund sponsors to e ectively allocate risk across investment management teams.

B) It meets all the required benchmark properties and all of the benchmark validity

criteria

C) It is cheap to construct and easy to maintain.

Which of the following statements regarding the Sharpe ratio is most accurate?

A) The denominator of the Sharpe ratio is standard deviation which is comprised partly of

systematic risk called beta

B) The measure of risk used in the denominator of the Sharpe ratio is standard deviation

also known as unsystematic risk

C) Beta is not a component of the Sharpe ratio.

One limitation of the money-weighted return is the fact that it:

A) penalizes managers for cash ows that occur outside of their control.

B) computes the return independent of the cash ows.

C) requires computations every time a cash ow occurs.

If a portfolio had an alpha of −10 bps, then the portfolio:

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A) earned 10 bps less than the market.

B) had less risk than the market.

C) earned 10 bps less than the market on a risk-adjusted basis.

There should be minimal systematic bias in the benchmark relative to the account Which of the

following statements about systematic bias is least accurate?

A) A manager's active decisions should be uncorrelated with the manager’s investment

style

B) The manager can calculate the historical beta of the account to the benchmark.

C) A beta signi cantly below one would be ideal as this would indicate that the manager’s

account is signi cantly less risky than the benchmark

You manage the UBZ Balanced Fund, and the following data apply

Asset Class

Fund Weight

Benchmark Weight

Fund Return (%)

Benchmark Return (%)

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Which of the following least accurately characterizes the weighted return? The

time-weighted return:

A) can be expensive and error prone.

B) is similar to the internal rate of return.

C) is most appropriate for a manager who cannot control the timing of the cash ows in

and out of the fund

Which of the following is NOT regarded to be an essential characteristic of a valid benchmark?

A) Appropriate to the manager’s investment approach and style.

B) Re ective of past investment opinion.

The following table summarizes the performance attribution analysis for two xed income

managers of the Ashburton Fund for the year ending December 31, 2005:

Ashley Asset Management

Thierry Asset Management

Bond Portfolio Benchmark

Interest rate e ect –

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Interest rate e ect –

Ashley Asset Management states that its strategy is to outperform the index through active

interest rate management and bond selection

Thierry Asset Management states its policy is to immunize against interest rate exposure and to

earn positive contribution from bond selection

The two fund manager's active management process has yielded excess returns over the

benchmark How much of the excess performance is attributable to interest rate management

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Given the data in the above table can the manager's positive performance be attributed

primarily to their stated management objectives?

Ashley Asset Management Thierry Asset Management

Which of the following statements about the interest rate e ects on the performance of a

xed-income portfolio is least accurate?

A) The expected return is the return from implied forward rates.

B) The overall e ect represents the performance of a passive default-free bond portfolio.

C) The expected return is the return from the on-the-run Treasury spot rate curve.

Jack Jensen is the president of Jensen Management Jensen prides himself on the care of his

employees He states that in 30 years of portfolio management, he has only had to re two

employees Tom Mercer is president of Analytical Investors His policy has been to replace

poorly performing managers, where poor performance equals underperforming their

benchmark for two successive quarters Which of the following best describes these managers'

continuation decisions?

A) Jensen is not likely to be committing any error and Mercer is likely committing Type II

error

B) Jensen is likely committing Type I error and Mercer is likely committing Type II error.

C) Jensen is likely committing Type II error and Mercer is likely committing Type I error.

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In global performance evaluation, performance attribution seeks to:

A) di erentiate whether returns come from a manager’s luck or skill.

B) measure the risk and return of the portfolio.

C) identify the sources of di erence between portfolio and benchmark return.

You have performed attribution analysis for the XVX Portfolio and have determined that the

sector e ect was 0.322%, the within-sector selection was -0.157%, and the allocation/selection

e ect was 0.061% The benchmark return was 8.441% How much was the manager's total

value added for XVX, and what was the XVX Portfolio's return during the period?

A) 0.226%, 8.667%.

B) 0.418%, 8.859%.

C) 0.226%, 8.215%.

Bud Seilman is the portfolio manager of a well-diversi ed equity portfolio The following

information is available about the portfolio for the latest year

Weight Return Asset Class Fund Benchmark Fund Benchmark

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B) Both market timing and sector rotation.

C) Selecting assets within a market segment that will outperform the assets contained

within the corresponding benchmark index

Frank Busby is on the board for a pension fund and would like to evaluate the fund's

performance and determine its sources of return Which of the following is Busby most likely to

utilize?

A) Performance decomposition analysis.

B) Micro performance evaluation.

C) Macro performance evaluation.

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Jack Gallon is a portfolio manager whose fund sponsor would like to evaluate his performance

It is very important to the fund sponsor to minimize tracking risk Which of the following would

be most appropriate for evaluating his performance?

A) The information ratio.

B) Jensen’s alpha.

C) The Treynor ratio.

Which of the following statements regarding diversi cation and risk adjusted performance

measures is least accurate?

A) Treynor's performance measure assumes a well diversi ed portfolio.

B) Treynor's performance measure should be used to evaluate portfolios that will be an

addition to an overall larger portfolio

C) Investors want their portfolio managers to completely diversify their portfolios.

The Sharpe ratio, Treynor measure, the M2 measure and Jensen's Alpha techniques all measure

the risk/return performance of portfolios Which of the following statements about these

measurement techniques is least accurate?

A) Using the capital market line the M2 compares the account's return to the market

return and is a comparative measure

B) The Sharpe ratio measures the slope of the capital allocation line (CAL), with the lowest

slope having the most desirable risk/return combination

C) While the Treynor measure computes excess return per unit of risk, Jensen's Alpha

measures di erential return for a given level of risk

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Of the Sharpe, Treynor, and Jensen's Alpha measures, when measuring the risk/return

performance of actively managed portfolios, which is the most appropriate to use?

A) Both measures are equally appropriate.

B) Jensen's Alpha.

C) Sharpe ratio.

Tom Stovall is a portfolio manager who tracks the Wilshire 5000 Index He received a large cash

in ow from a client prior to a bull market Which of the following most accurately characterizes

the relationship for the time-weighted return and the money-weighted return for Tom? The

time-weighted return will be:

A) una ected by the timing of the cash in ow and the time-weighted return will be larger

than the money-weighted return

B) in ated by the timing of the cash in ow and the time-weighted return will be larger

C) una ected by the timing of the cash in ow and the time-weighted return will be smaller

Peter Michaels, CFA, works at Composite Investment Management Consulting (Composite),

where he is in charge of evaluating the performance of all separate account managers that

Composite uses for its institutional clientele His main tasks are to measure and evaluate the

sources of return that can be attributed to manager performance Michaels understands the

importance of incorporating risk into his analyses, but realizes there are limitations associated

with some performance measurement techniques in accomplishing that particular objective

Currently Michaels is working on an evaluation of the AMG large capitalization growth fund and

has assembled the following one-year return information

AMG Fund S&P 500

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If the AM Growth Fund is considered a focused, undiversi ed portfolio, which measure would

be more appropriate in evaluating its risk/return performance?

A) The Treynor measure.

B) Jensen's Alpha measure.

C) The Sharpe ratio.

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Consider the following relationships:

A = P – B

S = B – Mwhere:

A = the management's active management decisions

P = the investment manager's portfolio return

B = the benchmark return

S = the manager's investment style

M = the market index

In the context of systematic bias which of the following outcomes is most desirable?

A) A manager's active returns should be positively correlated with the manager’s

The following four funds are being considered for investment If Treasury bills (T-bills) yielded

5% during the period, which fund had the highest average annual return?

Fund Treynor Measure Beta Std Dev.

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Which of the following statements regarding fundamental factor model micro attribution is

least accurate?

A) The results will look very similar to a returns-based style analysis.

B) It will be necessary to identify the fundamental factors that will generate systematic

returns

C) The results will indicate the source of portfolio returns, based upon benchmark factor

exposures versus the manager’s normal factor exposures

The following data has been collected to appraise the performance of four asset management

rms:

Dixon Fund

Adams Fund

Bould Fund

Winterburn Fund

Market Index

Using the Treynor measure, rank the four funds in terms of the risk adjusted excess returns

starting with the highest performing fund and ending with the lowest performing fund:

A) Bould, Adams, Dixon, Winterburn.

B) Adams, Bould, Dixon, Winterburn.

C) Adams, Bould, Winterburn, Dixon.

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Using the M2 Measure, rank the four funds in terms of the risk adjusted excess returns starting

with the highest performing fund and ending with the lowest performing fund:

A) Adams, Dixon, Winterburn, Bould.

B) Adams, Bould, Dixon, Winterburn.

C) Bould, Adams, Dixon, Winterburn.

Using the Sharpe Measure, rank the four funds in terms of the risk-adjusted excess returns

starting with the highest performing fund and ending with the lowest performing fund:

A) Adams, Bould, Dixon, Winterburn.

B) Bould, Adams, Dixon, Winterburn.

C) Adams, Bould, Winterburn, Dixon.

Which of the following measures used to evaluate the performance of a portfolio manager is

(are) NOT subject to the assumptions of the capital asset pricing model (CAPM)?

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Jim Kyle has been the manager of the Superior Asset Portfolio for the past ten years During

this time, Superior's average return was 14.50% For the purpose of performance evaluation,

the Superior Asset Portfolio is compared to the S&P 500 During the same time period, the S&P

500 had an average annual return of 18% The standard deviation of surplus return is 23%

What is Superior's information ratio?

A) 0.16.

B) –0.15.

C) -0.56.

The following details are available for the Prime Growth Fund, the S&P 500 (market), and the

U.S T-bill rate (risk-free rate) for the 5-year period from 1995 to 2000

Prime Growth S&P 500 T-bill

Average annual rate of

Based on the results, we can conclude that the Prime Growth Fund:

A) out-performed the market on a total risk-adjusted basis.

B) contains virtually no unsystematic risk.

C) seems to have under-performed the market based on total risk basis but

out-performed the market based on a systematic risk-adjusted basis

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Robert Meznar is currently employed as a senior software architect in a large established

software company He is 38 years old, and his current salary is $80,000 after tax Meznar

recently sold his stock (acquired through stock options) in an Internet start up company The

entire proceeds of $2 million is held in treasury securities

Meznar is currently married with 3 children He is concerned with the potential educational

expenses of his children and wants to set aside $500,000 for his favorite charitable

organization The family needs $150,000 to maintain its current lifestyle The expected in ation

rate is 6% and Meznar pays a 20% tax rate on his investment income Meznar does some

investment research on his own, is con dent, careful and methodical, and tries to avoid

extreme volatility However, he has a strong preference for good, brand name companies

John Snow, CFA, of Capital Associates has been forwarded the le of Meznar to suggest an

appropriate portfolio Snow relies heavily on the following forecasts, furnished by the rm, for

long term returns for di erent asset classes He has already developed three possible

portfolios for Meznar

Asset Class Return Deviation Standard X Y Z

Assume the expected standard deviation of X, Y, and Z are 10.74%, 19%, and 22% respectively

If the risk free rate is 5%, what are the Sharpe ratio measures of portfolio X, Y and Z?

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The Sharpe Ratio is correctly de ned as a measure of a fund's:

A) return earned compared to its total risk.

B) excess return earned compared to its systematic risk.

C) excess return earned compared to its total risk.

All of the following would be regarded as a speci c disadvantage of factor-based-models,

EXCEPT:

A) the benchmark may not be investable.

B) it is possible to construct multiple benchmarks, all having the same factor exposures

but with di erent returns

C) the manager’s style may deviate from the style re ected in the benchmark.

One limitation of the time-weighted return is the fact that it:

A) penalizes managers for cash ows that occur outside of their control.

B) requires the computation of the internal rate of return every time a cash ow occurs.

C) requires computations every time a cash ow occurs.

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B) Rebalance the portfolio on a periodic basis.

C) Use the same assets for the benchmark as the manager.

Equity Fund S&P 500

Which of the following is the most likely impact of receiving a contribution into an account at

the beginning of the period as opposed to the end of the month?

A) Return will be una ected at the impact of the contribution has an equal impact on the

numerator and denominator

B) Return will be lower because the contribution is added to the assets in the denominator

and reduces the size of the numerator

C) Return will be lower because the impact on the numerator outweighs the impact of the

contribution on the denominator

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The Information ratio is also referred to as the bene t-cost ratio What is cost de ned as?

A) The standard deviation of surplus returns.

B) The standard deviation of benchmark returns.

C) The standard deviation of portfolio returns.

Fund Sponsors often use the median account in a particular universe of account returns as an

appropriate benchmark This form of benchmark has a number of drawbacks Which of the

following is NOT a drawback that would be associated with using the median account as a

benchmark?

A) It is not measurable as its value cannot be determined on a reasonably frequent basis.

B) As the median manager is unknown, the measure is ambiguous.

C) It is virtually impossible to identify the median manager in advance.

Pension Advisors, Inc (PAI), has been asked by E cient Industries (E cient) to evaluate the

pension fund's bond managers E cient is currently using Alpha Fixed Income Management

(Alpha) and Beta Bond Advisors (Beta) E cient hired Alpha on the basis of its proprietary rate

anticipation model Beta was engaged because of its fundamental analysis process for

identifying undervalued securities

Bond returns over the trailing one-year period have been unusually robust due to a series of

aggressive rate cuts by the Federal Reserve The trustees are concerned that the managers may

have strayed from their stated investment processes in an attempt to capitalize on the

extraordinary economic and monetary environment

Art Gunnlow, a PAI analyst, has been assigned the task of reviewing the data and preparing a

report for E cient Gunnlow has assembled the following quarterly returns for Alpha and Beta:

Quarter Alpha Return Beta Return

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2 0.89% 1.15%

Alpha's trailing return was 1.38% in excess of its market portfolio benchmark, while Beta's

return was 0.53% in excess of its corresponding index benchmark

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In comparing macro and micro performance attribution methodologies to evaluate the drivers

of investment performance, it is most correct to say that:

A) both macro and micro evaluation focus on the deviations from benchmarks.

B) macro evaluation is an incremental approach and micro evaluation focuses on

deviations from benchmarks

C) micro evaluation is an incremental approach and macro evaluation focuses on

deviations from benchmarks

Which of the following would be least likely to be used in both returns based style analysis and

fundamental factor model micro attribution?

A) The amount of leverage used in the fund.

B) The returns to a small-cap stock index.

C) The sensitivities of the portfolio to index returns.

Which of the following is NOT a conclusion that could be derived from plotting a manager's

value-added returns relative to the benchmark on a quality control chart?

A) If returns are consistently above the horizontal axis this would indicate superior

performance on the part of the manager under review

B) If value added returns are distributed randomly around the horizontal axis then

manager’s added value returns are more or less random

C) The chart can be used to determine whether or not the potential superior performance

is statistically signi cant

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Of the Sharpe, Treynor, and Jensen's Alpha measures, when dealing with a sector fund which

will be added to the investor's overall larger portfolio, which is the most relevant measurement

technique to assess relative risk/return performance?

A) Sharpe ratio.

B) Both measures are equally appropriate.

C) Treynor measure.

What is the major di erence between the money-weighted and time-weighted rate of return?

The money-weighted return:

A) penalizes managers for cash ows that occur outside of their control while the

time-weighted return does not

B) computes the return more precisely using the internal rate of return computation while

time-weighted return computation is an approximation

C) is averaged across periods to arrive at an annual rate of return while the time-weighted

return is compounded across periods to arrive at an annual rate of return

Which of the following is least likely to be a property of a valid benchmark?

A) It is possible for the investor to replicate the benchmark.

B) The benchmark is consistent with the manager’s style.

C) The weights of the securities in the benchmark should be based on market values.

Which of the following best describes the impact of survivorship bias on using manager

universes as benchmarks?

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Tiêu đề	Evaluating Portfolio Performance Questions
Trường học	Kaplan
Chuyên ngành	Finance
Thể loại	Question Bank
Năm xuất bản	2018
Thành phố	Unknown

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Số trang	70
Dung lượng	1,01 MB