讲座题目：Prospect Theory in the Field: Revealed Preferences from Mutual Fund Flows

主讲嘉宾：Bing Han

多伦多大学罗特曼管理学院金融学教授、TMX资本市场讲席讲授

讲座时间：2025年12月12日（周五）10:00

讲座地点：金融学院348教室

嘉宾简介

Bing Han，多伦多大学罗特曼管理学院金融学教授、TMX资本市场讲席讲授。Han教授的研究领域主要聚焦于理论与实证资产定价、行为金融、投资、风险管理等。其研究成果不仅发表于经济学类五大国际顶刊The Review of Economic Studies、金融学类三大国际顶刊The Journal of Finance 、Journal of Financial Economics、The Review of Financial Studies、以及管理学类国际顶刊Management Science等上，还刊载于面向业界的专业期刊，相关研究多次在各类国际学术会议上展示，并被主流媒体报道。

讲座摘要

Using mutual fund flows, we evaluate prospect theory with choice outcomes in the market. We provide strong support for prospect theory: under a standard set of parameters, funds whose past returns generate higher prospect theory value attract significantly larger future flows; we also find corroborative evidence using account-level data. Taking a revealed preference approach, we estimate the prospect theory parameters through a discrete choice model and find that our field-based estimates align well with previous experiment-based estimates. Moreover, we show that prospect theory offers a new framework for understanding flows, as it has explanatory power beyond existing drivers.