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Original Articles

An ordered probit model of Morningstar individual stock ratings

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Pages 341-345 | Published online: 27 Sep 2008
 

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.

Notes

1Morningstar Stocks 500 (2005), p. 7.

2The company's moat provides a measure of its ability to protect itself from competitors, the wider the moat the greater the protection from competitors, and according to Morningstar is a measure of how likely companies are able to keep their competitors at bay for an extended period.

3‘Morningstar Research Report’ (11 October 2004) p. 1.

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