在每年的FRM备考中，尤其是冲洗阶段，考生有很多的真题练习室需要做的，这对于顺利通 关考试是很有帮助的，下面是小编整理的真题解析，希望对备考的你有所帮助！


You are doing analysis on hedge funds investing, you are curious that one hedge fund who reported returns each year for the last 10 years has stopped reporting. Some of your friends told you that the fund has suffered a big loss this year. This reflects:

A) Infrequent trading bias.

B) Unsmoothing returns.

C) Sample selection bias.

D) Survivorship bias.

答案：D

解析：There are no requirements for certain types of funds, like private equity funds, to report returns. As such, poorly performing funds have a tendency to stop reporting.

Additionally, many poorly performing funds ultimately fail. Performance studies generally include only those funds that were successful enough to survive over the entire period of analysis, leaving out the returns of funds that no longer exist. Both of these factors result in reported returns that are too high. This is called survivorship bias.

Which of the following variables is not an illiquidity factor that affects equity returns?

A) On the run/off the run.

B) Trading Frequency.

C) Bid-ask spread.

D) Quote size

答案：A

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解析：There are several variables related to illiquidity that are shown to impact equity returns. They are bid-ask spreads, volume, turnover, volume measured by whether the trade was initiated by buyers or sellers, the ratio of absolute returns to dollar volume, the price impact of large trades, informed trading measures (i.e., adverse selection), quote size and depth, the frequency of trades, the number of zero returns, and return autocorrelations. On the run/off the run spread is illiquidity phenomenon you observe in U.S Treasury markets.

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