Survivorship bias overstates reported returns of liquid assets by reporting only the returns of those funds that have achieved a return above a required threshold.

Reporting bias overstates reported returns of illiquid assets because only the returns of those funds that continue to remain in business over a given time period are considered.

Survivorship bias and reporting bias can theoretically be eliminated by including the returns of the entire population of funds.

Infrequent trading, although considered a bias, can still generate sufficient data for accurate beta and correlation estimates.