Some asset classes have smoothed data due to infrequent trading or valuation. Which of the following statements regarding the impact of smoothed data is correct?

Select one:

a.The smoothed data can cause the return of those asset classes to be strongly correlated with other asset classes, such as equity and bond

b.All of the statements are correct

c.The smoothed data can lead to underestimation of the diversification benefits of those asset classes

d.The standard deviation of returns of those asset classes may be small as their prices do not change frequently