Complete the crossword by answering the clues with the proper terms. All answers have numbers after them telling you the number of letters in the word $($ex: $(9)).$ If there are two words in the answer, it will look like this: $(9,4).$

Across

$20$

The return an investment manager is compared to for performance evaluation.$(5)$

$18$

Ratio of alpha to the standard deviation of diversifiable risk.$(11,5)$

$17$

Probability distribution for a variable before adjusting for empirical evidence on its likely value.$(5,12)$

$16$

Bias in the average returns of a sample of funds induced by excluding past returns on funds that left the sample because they happened to be unsuccessful.$(12,4)$

$15$

Forecast of security returns derived from the assumption that the market is in equilibrium where current prices reflect all available information. Passive market$-$index portfolio: A market$-$index portfolio that can be formed without conducting security ana$(8,9)$

$14$

A market$-$index portfolio that can be formed without conducting security analysis.$(7,12,9)$

$11$

Ratio of excess return to beta.$(9,7)$

$10$

An average $($often a geometric average$)$ of the period$-$by$-$period holding$-$period returns of an investment.$(13,7)$

$8$

The set of money managers employing similar investment styles, used for assessing the relative performance of a portfolio manager.$(10,8)$

$5$

Asset allocation in which the investment in the market is increased if one forecasts that the market will outperform T$-$bills.$(6,6)$

$4$

The historical record of the forecasting errors of a security analyst.$(11,6)$

Down

$19$

The different between the return on a managed portfolio and that of a benchmark portfolio against which the manager is evaluated.$(8,5)$

$13$

Forecasts for alpha that are modulated to account for statistical imprecision in the analyst's estimate.$(8,6)$

$12$

An analyst's opinion on the likely performance of a stock or sector compared to the market$-$consensus expectation.$(5)$

$9$

The alpha of an investment.$(8,5)$

$7$

Portfolio against which a manager is to be evaluated.$(9,9)$

$6$

The abnormal rate of return on a security in excess of what would be predicted by an equilibrium model like the CAPM.$(5,5)$

$3$

The internal rate of return on an investment.$(15,4,2,6)$

$2$

Revised probability distribution for a variable after adjustment for empirical evidence on its likely value.$(9,12)$

$1$

Reward$-$to volatility ratio; ratio of excess return to portfolio standard deviation.$(6,5)$

Check