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Morningstar Mutual Fund Ratings Redux
We perform an extensive examination of how the new Morningstar rating system, introduced in June 2002, predicts future fund performance. Specifically, we examine all domestic equity funds that were rated by Morningstar as of June 30, 2002. We then examine the performance of these funds over the next three years, July 2002-June 2005. Using four different performance metrics, adjustments for loads, and three different methodologies for dealing with survivorship bias, we find widespread support for the notion that the new Morningstar rating system can predict future performance, at least within the first three years out-of-sample. Specifically, we find that higher rated funds, for the most part, significantly outperform lower rated funds. Moreover, the effect is relatively monotonic as even the next to lowest rated funds (2-star funds) significantly outperform the lowest rated funds (1-star funds). These results are quite different from those of Blake and Morey (2000) and Morey (2002b) which show that the older Morningstar rating system did not predict future performance well.
The Absence of Change in the Best-Selling Introductory Finance Textbook
This short paper examines the absence of change in the current best-selling introductory finance textbook, Ross, Westerfeld and Jordan's Fundamentals of Corporate Finance. The first edition was published in 1991 and the current edition, the tenth, was published in 2012. We do not attempt an extensive review but instead investigate several topics that have seen a shift in belief due to recent events and research over the last 20 years. These topics include market efficiency, the distribution of stock returns and the capital asset pricing model. We find that in spite of all the recent events that have changed the way we view finance in the last 20 years, very little has changed in the textbook on these topics.
Mutual Fund Age and Morningstar Ratings
This study investigates the relationship between the age of mutual funds and their Morningstar ratings. Using 37 different Morningstar data disks, we find and document an age bias in the Morningstar ratings. Specifically, we find that funds that are ten years or older systematically receive higher average star ratings than younger funds as a result of a weighting system that makes it more difficult for the star ratings of seasoned funds to decline. Also, similar to Blume (1998), we document that younger funds ratings are more variable than those of older funds. If we are to believe that star ratings affect fund flows, then this relationship of age and ratings is of significance to the mutual fund industry and to investors.
Investment Management
A new look at the important issue of investment management in the 21st century Written for professional and private investors-as well as fiduciaries who rely on investment professionals-this book presents the content of an advanced investment-management course in an easy-to-read, question-and-answer format. Robert L. Hagin (Haverford, PA) is a 30-year investment management veteran who recently retired as Executive Director for Morgan Stanley Investment Management.
Advances in Investment Analysis and Portfolio Management
This research annual publication intends to bring together investment analysis and portfolio theory and their implementation to portfolio management. It seeks theoretical and empirical research manuscripts with high quality in the area of investment and portfolio analysis. The contents will consist of original research on: The principles of portfolio management of equities and fixed-income securities. The evaluation of portfolios (or mutual funds) of common stocks, bonds, international assets, and options. The dynamic process of portfolio management. Strategies of international investments and portfolio management. The applications of useful and important analytical techniques such as mathematics, econometrics, statistics, and computers in the field of investment and portfolio management. Theoretical research related to options and futures. In addition, it also contains articles that present and examine new and important accounting, financial, and economic data for managing and evaluating portfolios of risky assets.
CEO School
This book focuses on what makes a successful CEO and the paths to becoming one in today’s global economy. Chapters in the book include insights by 20 top CEOs – one from each G20 country – gathered from an extensive global qualitative research project. Through seven easy-to-digest “master classes” that demystify the role of the 21st century CEO, the authors present their findings in an accessible, conversational style that serves as a step-by-step guide for those who aspire to become CEOs, and develop essential character traits, experience, and skills required of the role.
Investments and Portfolio Performance
This book contains the recent contributions of Edwin J Elton and Martin J Gruber to the field of investments. All of the articles in this book have been published in the leading finance and economic journals. Sixteen of the nineteen articles have been published in the last ten years. This book supplements the earlier contributions of the editors published by MIT Press in 1999.
What’s Wrong With Management and How to Get It Right
In today’s rapidly changing and increasingly complex world, companies everywhere struggle to meet new challenges and continue to underperform – and despite churning out a constant stream of theories and tools, the management ideas industry has made little progress in advancing management thought. In his latest book, top strategy consultant Tony Manning brings managers the insights and advice they need for the coming decades of turbulence and hyper competition. Drawing lessons from 100 years of management history, plus his own extensive research and experience, he shows how management’s frenetic quest for “silver bullets” has led to confusion and complexity rather than clarity and simplicity. And he identifies eight critical strategy practices that apply to every company everywhere, and explains how to use them. This fascinating and practical guide is a must-read for anyone interested in improving business results.
The Fund Industry
A guide to how your money is managed, with foreword by Nobel laureate Robert Shiller The Fund Industry offers a comprehensive look at mutual funds and the investment management industry, for fund investors, those working in the fund industry, service providers to the industry and students of financial institutions or capital markets. Industry experts Robert Pozen and Theresa Hamacher take readers on a tour of the business of asset management. Readers will learn how to research a fund and assess whether it's right for them; then they'll go behind the scenes to see how funds are invested, sold and regulated. This updated edition expands coverage of the segments of the industry where growth is ...
