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《Journal of Beijing University of Aeronautics and Astronautics(Social Sciences Edition)》 2010-01
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The Forecast Ability of Morning Star Ratings

LIU Zhi-xin,XU Ning(School of Economics and Management,Beijing University of Aeronautics and Astronautics,Beijing 100191,China)  
We established dynamic panel data with System GMM to test the forecast ability of Morning Star Ratings.We found that Morning Star Ratings can't foretell the fund future whatever the two models.Moreover,we observed that very few funds are able to maintain their rating even for three months.Comparing the two stages after the ratings,we found that the low rating funds improved the rating at the cost of higher turnover and risk.
【Fund】: 教育部新世纪优秀人才支持计划项目(NCET050184);; 国家自然科学基金项目(70521001)
【CateGory Index】: F224;F832.51
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