What does look-ahead bias mean

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1. What does "look-ahead bias" mean when you exercise a back-testing?

2. Explain why the below equity style factors generate positive excess return from the perspective of Efficient Market Hypothesis or Behavioral Finance or both.

(1) Value

(2) Momentum

(3) Short-term reversal

(4) Long-term reversal

Reference no: EM133111544

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