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The purpose of this paper is to add to the literature on the impact of the Morningstar ratings by examining the impact of individual stock ratings in the Hare and Tortoise portfolios.

This study uses an event study approach, where the effect of the information release on stock prices was examined.

The release of the Hare and the Tortoise portfolios does have a significant impact on the stock prices on the day before the release of the reports. The significant impact of the Hare portfolio appears to be related to risk and growth factors and the new listing of a stock in the portfolio. The significant impact of the Tortoise portfolio appears to be related to growth and a downgrading of the estimated value.

There have been numerous studies on the impact of the Morningstar ratings on mutual funds. This paper adds to that literature by examining the impact of individual stock ratings in the Hare and Tortoise portfolios.

In a context each day more global, a new paradigm has emerged – open innovation (OI) – which may be understood as an innovation strategy in which organizations use internal and external knowledge to leverage their business value, thus maintaining a sustainable competitive advantage. This article aims to contribute to understanding this phenomenon, suggesting an integrated vision of OI strategies.

This paper systematically reviews and analyzes a sample of 66 articles from Scopus and Web of Science databases related to open innovation strategies.

The results obtained enabled us to group the existing literature into six different clusters: (1) Performance; (2) Open business model; (3) Intellectual Property; (4) Knowledge Management; (5) Innovation; and (6) Culture. Furthermore, this study identifies the major research gaps and provides suggestions for future research.

The paper presents the main elements that interfere and interact in the innovation strategy providing a conceptual model that can be useful in understanding the phenomenon of open innovation.