单选题 An analyst does research about survivorship bias and its impact to measurement ratios. Hedge fund data bases and indexes that suffer from survivorship bias because of a failure to comply with performance presentation standards are most likely to overstate:
A. Sharpe ratios.
B. standard deviation of returns.
C. correlations with returns from common stocks.

【正确答案】 A

【答案解析】[解析] 对冲基金有生存偏差，统计的历史业绩中只包含那些生存下来的基金的业绩，而那些由于业绩不佳而被清盘的基金的业绩不包括在内，这就高估了对冲基金的平均收益率，低估了对冲基金收益率的标准差，所以导致高估了夏普比率。同时，由于对冲基金的业绩看上去很稳定，但并不能反映市场的情况，这就低估了与普通股收益率之间的相关系数。