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dc.contributor.authorAntypas, Antoniosen
dc.contributor.authorCaporale, Guglielmo Mariaen
dc.contributor.authorKourogenis, Nikolaosen
dc.contributor.authorPittis, Nikitasen
dc.date.accessioned2009-03-30-
dc.date.accessioned2009-07-28T08:49:06Z-
dc.date.available2009-07-28T08:49:06Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2580en
dc.subject.jelG23en
dc.subject.ddc330en
dc.subject.keywordMutual funden
dc.subject.keywordMorningstar Star-Rating Systemen
dc.subject.keywordCAPMen
dc.subject.keywordconditional and unconditional portfolio performance evaluationen
dc.subject.stwInvestmentfondsen
dc.subject.stwBewertungen
dc.subject.stwPerformance Measurementen
dc.subject.stwWertpapieranalyseen
dc.subject.stwCapital Asset Pricing Modelen
dc.subject.stwTheorieen
dc.subject.stwWelten
dc.titleSelectivity, Market Timing and the Morningstar Star-Rating System-
dc.typeWorking Paperen
dc.identifier.ppn595174418en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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