This paper studies the effect of Morningstar ratings on fund flows and fund performance predictability using a proprietary data set of equity funds from Norway. Controlling for a number of variables proxying for fund and firm visibility, we find that fund flows respond asymmetrically to changes in Morningstar ratings. Specifically, 4- and 5-star rated funds get more flows, and funds upgraded to 5-star get significantly more flows not only in the next month, but also over the following 12 months after the rating change. Downgraded funds suffer outflows, but the results only become statistically significant when fund performance falls to a 2-star rating. We also find evidence of long-term performance predictability for top-rated funds. As the mutual fund industry develops worldwide, our results suggest that Morningstar has been successful in bringing its brand name to markets outside the USA, and that Morningstar ratings are a valuable tool for helping investors make strong investment decisions.

本文使用来自挪威的股票基金专有数据集，研究了晨星评级对资金流向和基金业绩可预测性的影响。通过控制代表基金和公司知名度的许多变量，我们发现基金流量对晨星评级的变化不对称地做出响应。具体来说，四星级和五星级评级的基金会有更多的资金流，升级到五星级的基金不仅在下个月，而且在评级更改后的接下来的12个月中，都有更多的资金流。降级的资金会遭受资金外流，但是只有在基金业绩下降到2星时，结果才具有统计意义评分。我们还发现了顶级基金长期业绩可预测性的证据。随着全球共同基金行业的发展，我们的结果表明，晨星公司已成功将其品牌推广到美国以外的市场，而晨星公司的评级是帮助投资者做出强有力的投资决策的宝贵工具。