TY - JOUR T1 - Estimation Risk in Morningstar Fund Ratings JF - The Journal of Investing SP - 67 LP - 75 DO - 10.3905/joi.2002.319527 VL - 11 IS - 4 AU - H.D. Vinod AU - Matthew R. Morey Y1 - 2002/11/30 UR - https://pm-research.com/content/11/4/67.abstract N2 - The well-known Morningstar mutual fund star rating system rates funds regardless of age differences. This means the estimates that younger fund ratings are based on have significantly higher estimation risk than the estimates that the ratings of older funds are based on. Investors should be somewhat less confident that the ratings of younger funds are truly what they are estimated to be. The point should be clear in an investigation of 1,281 international equity mutual funds. ER -