“正午阳光——青年学者论坛”是金融学院定期举办的以院内师生参与为主的学术交流活动，为全院专家学者之间、师生之间、南开金融与国际国内学术界之间提供了难得的交流机会。本学期“正午阳光”论坛初心不改，扬帆远航再出发，致力于营造学院学校科研氛围，推动师生学术科研水平不断提升！

2025年春季学期 “正午阳光——青年学者论坛”第四期活动安排如下：

讲座题目：Salience in Mutual Funds

主讲人：戴文廷

南开大学金融学院助理教授。博士毕业于德州农工大学Mays商学院金融系。研究领域：实证资产定价，共同基金，行为金融。

讲座时间：2025年4月3日（周四）12:00-13:30

讲座地点：金融学院116教室

内容摘要：

This paper explores the implications of salience theory (ST) in mutual funds. We find that mutual fund investor flows are sensitive to the salience of fund returns. The flow-ST relation is stronger among funds with limited information, such as small and young funds, and funds that spend less on advertisements. In addition, we provide evidence that fund managers are aware of the flow-ST relation and adjust their portfolio choices to attract investor flows. Finally, our analysis reveals that funds characterized by higher return salience do not achieve superior performance, and salience inadvertently redirects investments away from highly-skilled managers, impeding optimal capital allocation among mutual funds.