16. When forming capital market expectations, the use of sample estimators are improved by a. using fewer observations b. employing higher frequency sampling c. ignoring regime changes 17. To which input is mean-variance optimization most sensitive? a. expected variance b. historical correlation c. expected mean return 18. Holdings-based attribution a. Typically uses weights and returns to estimate allocation and selection effects b. Estimates Beta-adjusted returns, information ratios and style exposures c. Both a and b 19. What is a MV utility function? a. Expected return less a measure of risk weighted by a risk aversion parameter b. Highest level of return c. Highest level of risk 20. Asset-liability management is most often pursued by which type of client? a. Public defined benefit pension plan b. High net worth family c. University endowment