Bias in Appraisal‐Based Returns
量化并扩展了Giliberto关于基于评估的回报中偏差的分析，区分了持有期回报偏差和时间序列算术平均回报偏差两种类型，发现两者符号相反可能相互抵消。
This note quantifies and extends Giliberto's [AREUEA Journal 16(1)] analysis of bias in appraisal‐based returns. An important clarification and distinction is made, defining two different perspectives from which one may view appraisal return bias. The Giliberto analysis addressed bias in the holding period return only. Here, after reviewing and extending Giliberto's analysis in this regard, bias is considered from another perspective, that of the arithmetic mean of a time‐series of appraisal‐based returns. The two types of bias are likely to be of opposite sign, thereby possibly offsetting one another, so that we may often observe very little bias in the means of empirical appraisal‐based returns time‐series.