An Evaluation of the Morningstar System of Managed Fund Ratings in Australia and New Zealand

澳大利亚和新西兰晨星管理基金评级系统的评估本项目对晨星管理基金评级系统进行评估。基金评级在很大程度上影响着谁管理着5900亿澳元的投资基金(2000年6月-澳大利亚AXISS)，因此对澳大利亚资本市场的有效运营非常重要。主要项目包括：(1)彻底调查国内晨星评级方法，找出其优缺点；(2)比较美国和澳大利亚的评级方法；(3)分析评级的预测能力；(4)调查评级基金在选股和市场时机选择方面的可行性；以及(5)调查晨星评级对资金流的影响。

An Evaluation of the Morningstar System of Managed Fund Ratings in Australia and New Zealand. This project evaluates the Morningstar system of rating managed funds. Fund ratings considerably influence who manages A$590 billion (June 2000 - AXISS Australia) in investment funds and are thus important to the efficient operation of the Australian capital market. Key project elements are: (1) thorough investigation of the domestic Morningstar ratings methodology, identifying its strengths and weaknesses; (2) comparison of the US and Australasian methodologies; (3) analysis of the predictive ability of ratings; (4) an investigation into the feasibility of rating funds on stock selection and market timing; and (5) an investigation of the impact of Morningstar ratings on fund flows.