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Fund Flows, MERs and Managed Fund Ratings Initiations

Australian Evidence

Jerry T. Parwada and Robert W. Faff
The Journal of Investing Fall 2006, 15 (3) 69-78; DOI: https://doi.org/10.3905/joi.2006.650146
Jerry T. Parwada
With the University of New South Wales, School of Banking and Finance in Sydney, Australia.
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  • For correspondence: j.parwada@unsw.edu.au
Robert W. Faff
With the Monash University, Department of Accounting and Finance in Clayton, Victoria in Australia.
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  • For correspondence: robert.faff@buseco.monash.edu.au
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Abstract

Published star ratings for managed funds, issued by independent agencies, are increasing in popularity, coverage in the academic literature, and influence as measured by the market share and money inflow dominance of rated funds. Hypothesising that fund ratings serve as a proxy for a fund's reputation, this article examines the managed fund inflow effect of the awarding of an initial rating by ASSIRT, Australia's largest fund rating agency. Retail equity funds record significant unexpected size changes at the announcement of the initial rating and over a one-year post-rating analysis period. Wholesale fund sizes take over six months to show the inflow effects of a ratings initiation. Cash and fixed interest funds exhibit volatile size changes whose pattern does not bear a significant relationship to the initial rating phenomenon. Finally, fund management expense ratios remain stable after the rating.

TOPICS: Accounting and ratio analysis, mutual fund performance

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Fund Flows, MERs and Managed Fund Ratings Initiations
Jerry T. Parwada, Robert W. Faff
The Journal of Investing Aug 2006, 15 (3) 69-78; DOI: 10.3905/joi.2006.650146

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Fund Flows, MERs and Managed Fund Ratings Initiations
Jerry T. Parwada, Robert W. Faff
The Journal of Investing Aug 2006, 15 (3) 69-78; DOI: 10.3905/joi.2006.650146
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