An ordered probit model of Morningstar individual stock ratings

Robert Brooks and Shelley Claire Naylor

Applied Financial Economics Letters, 2008, vol. 4, issue 5, 341-345

Abstract: This article analyses the overall ratings given to individual companies listed in the ‘Morningstar Stocks 2005’, using information provided on the company in that publication. We conduct our analysis using an ordered probit model. We find that the moat size and business risk variables identified by Morningstar are important determinants of ratings. However, we find that the style box variables are insignificant.

Date: 2008
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DOI: 10.1080/17446540701736002

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