NO.PZ202304040200002102
问题如下：
The events of 2012 to 2016 would be expected to:
选项：
A.bias the historical ERP estimate upward.
bias the historical ERP estimate downward.
have no effect on the historical ERP estimate.
解释：
B is correct. The events of Year 12 through Year 16 depressed share returns but (1) are not a persistent feature of the stock market environment, (2) were not offset by other positive events within the historical record, and (3) have led to relatively low valuation levels, which are expected to rebound.
No.PZ2023040402000021
来源: 经典题
An equity index is established in Year 1 for a country that has recently moved to a market economy. The index vendor constructed returns for the four years prior to Year 1 based on the initial group of companies constituting the index in Year 1. From Year 12 to Year 16, a series of military confrontations concerning a disputed border disrupted the economy and financial markets. The dispute is conclusively arbitrated at the end of Year 16. In total, 20 years of equity market return history is available. Other selected data are in the following tables.
