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CFAI sample #2 question

On the exam, they ask about asynchonism- which is defined in the textbook as “a discrepancy in the dating of observations that occurs because stale data may be used in the absence of current data”.
The answer key on question 27 says: “O’Reilly’s answer is incorrect with respect to correlation estimates. High-frequency data are more sensitive to
asynchronism across variables and, as a result, tend to produce lower correlation estimates.”
I don’t understand what this means- wouldn’t high frequency data (in this case, daily) be less sensitive to asynchronism because there is “fresher” data?
Thanks
Hi everyone

It might mean that appraisals are based on sale which is used for NCREIF and it smoothed the data as sales of Real Estate are not that frequent. So.

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There was a question on the CFA online sample exam (free) about NCREIF unsmoothed and NCREIF difference. I thought it was correcting “stale price” and I selected that answer. But I was wrong. Then I went back and saw it was the ‘SALE PRICE BIAS’. Was it a spelling error in the exam or real bias? who knows

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more opportunities for asynchonism is the way I interpreted it…

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