Going for Gold: An Analysis of Morningstar Analyst Ratings
研究了晨星公司新的定性前瞻性分析师评级，发现获得高评级的基金吸引了更多资金流入，且投资于最高分析师信心的基金能获得显著更高的回报，表明独立定性研究有助于投资者做出更好的配置决策。
We investigate Morningstar’s new qualitative, forward-looking analyst ratings, which reflect independent analysts’ expectations of a fund’s future performance. We find relatively higher flows to funds receiving higher ratings, suggesting that the average investor values the analyst’s subjective views when allocating their wealth. Performance tests show that investors would have earned significantly higher returns over our sample period by investing in funds with the highest analyst conviction. These results suggest that independent research that expands the information set to include qualitative elements may help investors make better investment allocation decisions.