We established dynamic panel data with System GMM to test the forecast ability of Morning Star Ratings. We found that Morning Star Ratings cant foret ell 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 tw o stages after the ratings, we found that the low rating funds improved the rati ng at the cost of higher turnover and risk.
刘志新, 许宁. 晨星评级预测性功能研究[J]. 北京航空航天大学学报（社会科学版）, 2010, 23(1): 54-56.
LIU Zhixin， XU Ning. The Forecast Ability of Morning Star Ratings. JOURNAL OF BEIJING UNIVERSITY OF AERONAUTICS AND A, 2010, 23(1): 54-56.