NO.PZ201512300100000301
问题如下：
1. The inclusion of index returns prior to 2001 would be expected to:
选项：
A.bias the historical equity risk premium estimate upwards.
B.bias the historical equity risk premium estimate downwards.
C.have no effect on the historical equity risk premium estimate.
解释：
A is correct.
The backfilling of index returns using companies that have survived to the index construction date is expected to introduce a positive survivorship bias into returns.
An equity index is established in 2001 for a country that has relatively recently established a market economy.
虽然刚好碰对了答案， 但是我是看的第一句， 最近才 established a MARKET economy。
