Morningstar Ratings and Mutual Fund Performance
研究晨星评级能否预测美国国内股票型共同基金的未来业绩，发现低评级基金表现较差，但最高评级基金并不优于次高或中等评级基金，且晨星评级预测能力仅略优于其他指标。
This study examines the Morningstar rating system as a predictor of mutual fund performance for U.S. domestic equit funds. We also compare the predictive abilities of the Morningstar rating system with those of alternative predictors. The results indicate findings that are robust across different samples, ages and styles of funds, and performance measures. First, low ratings from Morningstar generally indicate relatively poor future performance. Second, there is little statistical evidence that Morningstar's highest-rated funds outperform the next-to-highest and median-rated funds. Third, Morningstar ratings, at best, do only slightly better than the alternative predictors in forecasting future fund performance.