{'fraction_non_alphanumeric': 0.007849293563579277, 'fraction_numerical': 0.0, 'mean_word_length': 5.510204081632653, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Morningstar Ratings and Mutual Fund Manager Turnover

This paper investigates the effect of Morningstar ratings on mutual fund manager replacement. We find that not only do Morningstar ratings affect the likelihood fund managers are replaced, but that Morningstar ratings are better predictors of manager replacement than alternative measures of fund performance. This finding is consistent with the finding that mutual fund investors respond to the Morningstar measure of performance. We also examine the changes in the management structure of funds that are made in conjunction with manager replacement in response to poor performance.