Definition: [crh] Usually pertaining to fund manager or individual investor performance. Suppose we examined the performance over the last ten years of a group of managers that exist today. This performance is bDefinition: iased upwards because we are only considering those that survived for 10 years. That is, some dropped out because of poor performance. Hence, in evaluating performance, oneDefinition: has to be careful to include both the current and the managers that dropped out of the sample due to poor performance.
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