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

讲座时间：2023年12月7日（星期四）9：30-10：30

讲座地点：博学910

主讲人：韩冰，加拿大多伦多大学罗特曼管理学院金融学教授

主讲人简介：

韩冰, 加拿大多伦多大学罗特曼管理学院金融学教授，多伦多证券交易所资本市场讲座教授, Visiting Chair Professor at Hong Kong Polytechnic University. 韩冰教授的主要研究领域是资产定价，投资，行为金融学，房地产金融。他的多篇论文发表在顶级经济，金融和管理学学术杂志上，包括Journal of Finance, Journal of Financial Economics，Review of Financial Studies， Review of Economic Studies，International Economic Review, Journal of Economic Theory，Management Science等。他的研究成果受到《纽约时报》《华尔街日报》《华盛顿邮报》《经济学人》等媒体的专访和报道。韩冰教授获得了众多国际知名学术奖项，包括欧洲金融协会最佳论文奖，中国金融协会会议最佳论文奖，美国个人投资者协会在资产定价研究中获优秀论文奖，上海风险论坛最佳论文奖, 中国国际金融与政策论坛杰出论文奖, 全球金融专业人士协会终身成就奖。韩冰教授现任Review of Finance, Journal of Economic Dynamics and Control，Journal of Empirical Finance，International Review of Finance和Pacific-Basin Finance Journal副主编

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 over and above existing drivers.