Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/26625
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dc.contributor.authorAntypas, Antoniosen_US
dc.contributor.authorCaporale, Guglielmo Mariaen_US
dc.contributor.authorKourogenis, Nikolaosen_US
dc.contributor.authorPittis, Nikitasen_US
dc.date.accessioned2009-03-30en_US
dc.date.accessioned2009-07-28T08:49:06Z-
dc.date.available2009-07-28T08:49:06Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/26625-
dc.description.abstractThis paper evaluates the Morningstar mutual fund ranking system. We find that indeed higher Morningstar ratings are associated with higher returns on the portfolios including respectively five-, four-, three-, two- and one-star funds only (STAR5 to STAR1). We then perform an unconditional and conditional portfolio performance evaluation. In both cases the evidence suggests that the better performance of the STAR3, STAR4 and STAR5 categories reflects superior stock selection rather than market timing abilities. Overall, the implication for the Morningstar ranking system is that this is most effective in identifying the worst-performing funds (STAR1 or STAR2) rather than the best-performing ones.en_US
dc.language.isoengen_US
dc.publisher|aCenter for Economic Studies and Ifo Institute (CESifo) |cMunichen_US
dc.relation.ispartofseries|aCESifo working paper|x2580en_US
dc.subject.jelG23en_US
dc.subject.ddc330en_US
dc.subject.keywordMutual funden_US
dc.subject.keywordMorningstar Star-Rating Systemen_US
dc.subject.keywordCAPMen_US
dc.subject.keywordconditional and unconditional portfolio performance evaluationen_US
dc.subject.stwInvestmentfondsen_US
dc.subject.stwBewertungen_US
dc.subject.stwPerformance Measurementen_US
dc.subject.stwWertpapieranalyseen_US
dc.subject.stwCapital Asset Pricing Modelen_US
dc.subject.stwTheorieen_US
dc.subject.stwWelten_US
dc.titleSelectivity, Market Timing and the Morningstar Star-Rating Systemen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn595174418en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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