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

晨星管理基金评级系统在澳大利亚和新西兰的评价。该项目评价了晨星公司管理基金的评级制度。基金评级对管理5900亿澳元（2000年6月- AXISS澳大利亚）投资基金的人有很大影响，因此对澳大利亚资本市场的有效运作很重要。项目主要内容有：(1)深入研究国内晨星评级方法，找出其优缺点；(2)美国和澳大利亚方法的比较；(3)评级预测能力分析；(4)研究评级基金在选股和择时方面的可行性；(5)调查晨星评级对资金流动的影响。

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.