C为何错误？

问题如下：

Compared with holdings-based style analysis (HBSA), a returns-based style analysis (RBSA):

选项：

A.

is subject to window dressing.

B.

requires less effort to acquire data.

C.

is more accurate when illiquid securities are present.

解释：

B is correct.

RBSA typically does not require a large amount of additional, or difficult to acquire, data. HBSA requires data on each security in the investment portfolio. HBSA is a snapshot of the portfolio at a single point of time and thus is subject to window dressing. Both HBSA and RBSA are subject to difficulties in interpreting returns when illiquid securities are present.