Mutual fund age and Morningstar ratings

被引：23
|
作者：
Morey, MR [1 ]
机构：
[1] Pace Univ, Lubin Sch Business, New York, NY 10038 USA
来源：
FINANCIAL ANALYSTS JOURNAL | 2002年 / 58卷 / 02期
关键词：
Performance Measurement and Evaluation : performance measurement; Portfolio Management : private client focus;
D O I：
10.2469/faj.v58.n2.2523
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
The study reported here identified an age bias in the Morningstar mutual fund ratings. I found that the average overall star ratings of seasoned funds are consistently-and in many cases, significantly-higher than the average overall star ratings of younger funds. This bias is not the result of a survivorship bias but of the methodology Morningstar uses to calculate the ratings. If star ratings affect fund flows, then this age bias in the Morningstar ratings is of significance to the mutual fund industry and to investors.
引用
收藏
页码：56 / +
页数：9
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