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J.B. Heaton

Conjecture LLC

Chicago, IL

United States

http://conjecturellc.com

J.B. Heaton, P.C.

Chicago, IL

United States

  • J.B. Heaton, P.C.

SCHOLARLY PAPERS

28

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25,403

CITATIONS
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SSRN RANKINGS

Top 2,120

in Total Papers Citations

263

Ideas:
“  I write about finance and law, sometimes separately and sometimes together. Starting July 1, 2018, I will be the Law and Business Fellow at the University of Chicago Law School.  ”

  • J.B. Heaton, P.C.

Scholarly Papers (28)

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1.

Managerial Optimism and Corporate Finance

Financial Management, Summer 2002
Number of pages: 14 Posted: 25 Apr 2002 Last Revised: 02 May 2018
J.B. Heaton
Conjecture LLC
Downloads 3,839 (2,024)
Citation 127

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Behavioral Finance, Corporate Finance, Agency Costs, Asymmetric Information, Underinvestment, Overinvestment, Free Cash Flow

2.

The Rational-Behavioral Debate in Financial Economics

Journal of Economic Methodology, 11:4, 393–409 December 2004,
Number of pages: 17 Posted: 14 Jul 2004 Last Revised: 15 Mar 2018
Alon Brav, J.B. Heaton and Alex Rosenberg
Duke University - Fuqua School of Business, Conjecture LLC and Duke University
Downloads 1,365 (11,445)
Citation 4

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Raional Finance, Behavioral Finance, Economic Methodolology

3.

The Limits of the Limits of Arbitrage

Downloads 1,199 ( 14,567)
Citation 13

The Limits of the Limits of Arbitrage

Review of Finance, 14(1):157-187 (2010)
Number of pages: 35 Posted: 12 Jul 2006 Last Revised: 15 Mar 2018
Alon Brav, J.B. Heaton and Si Li
Duke University - Fuqua School of Business, Conjecture LLC and Wilfrid Laurier University - School of Business & Economics
Downloads 1,199 (14,275)
Citation 13

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Market Efficiency, Behavioral Finance, Limits on Arbitrage, Idiosyncratic Volatility

The Limits of the Limits of Arbitrage

Review of Finance, Vol. 14, Issue 1, pp. 157-187, 2010
Posted: 25 Jan 2010 Last Revised: 15 Mar 2018
Alon Brav, J.B. Heaton and Si Li
Duke University - Fuqua School of Business, Conjecture LLC and Wilfrid Laurier University - School of Business & Economics

Abstract:

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G11, G12, G14

4.

Solvency Tests

Number of pages: 35 Posted: 19 Sep 2006 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 1,015 (14,527)

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Insolvency, Bankruptcy, Fiduciary Duties, Creditors, Valuation

5.

Naked Shorting

Regulation, 2008
Number of pages: 30 Posted: 30 Apr 2007 Last Revised: 15 Mar 2018
Christopher L. Culp and J.B. Heaton
Johns Hopkins University - Institute for Applied Economics, Global Health, and Study of Business Enterprise and Conjecture LLC
Downloads 818 (23,904)
Citation 1

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Naked Shorting, Short Selling, Manipulation

6.

Deepening Insolvency

Downloads 654 ( 35,067)

Deepening Insolvency

Number of pages: 54 Posted: 23 Nov 2004 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 654 (34,557)

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Deepening insolvency, costs of financial distress

Deepening Insolvency

Journal of Corporation Law, Forthcoming
Posted: 27 Apr 2005
J.B. Heaton
Conjecture LLC

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Deepening insolvency

7.

Overconfidence, Compensation Contracts, and Capital Budgeting

Journal of Finance, Vol. 66, No. 5, pp. 1725-77 (2011)
Number of pages: 53 Posted: 07 Mar 2011 Last Revised: 15 Mar 2018
Simon Gervais, J.B. Heaton and Terrance Odean
Duke University - Fuqua School of Business, Conjecture LLC and University of California, Berkeley - Haas School of Business
Downloads 382 (57,099)
Citation 13

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overconfidence, capital budgeting, compensation, labor market

8.

Event Studies in Securities Litigation: Low Power, Confounding Effects, and Bias

Washington University Law Review, Vol. 93, No. 2, 2015
Number of pages: 33 Posted: 21 Mar 2015 Last Revised: 15 Mar 2018
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and Conjecture LLC
Downloads 298 (38,342)

Abstract:

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event studies, securities litigation

9.

Market Indeterminacy

Journal of Corporation Law, Vol. 28, 2003
Number of pages: 36 Posted: 06 Oct 2003
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and Conjecture LLC
Downloads 19 (391,373)
Citation 4

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10.

Competing Theories of Financial Anomalies

Downloads 2,940 (546,796)
Citation 102

Competing Theories of Financial Anomalies

Review of Financial Studies, Vol. 15, No. 2, pp. 475-506 (2002)
Number of pages: 32 Posted: 27 Jun 2001 Last Revised: 15 Mar 2018
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and Conjecture LLC
Downloads 7 (571,191)
Citation 101

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Competing Theories of Financial Anomalies

The Review of Financial Studies, v 15 n 2 2002
Number of pages: 32 Posted: 25 Jan 2000 Last Revised: 17 Jun 2018
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and Conjecture LLC
Downloads 2,933 (3,090)
Citation 102

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11.

Settlement Pressure

International Review of Law and Economics, Vol. 25, pp. 264-275 (2005)
Number of pages: 12 Posted: 18 Apr 2004 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 4 (562,070)

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Class certification, settlement, civil procedure, economic analysis of litigation

12.

Risk Neutral Justice

Number of pages: 14 Posted: 29 May 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (504,378)

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Economic Analysis of Litigation, Risk Aversion, Risk Neutral Probabilities, Pessimism, Criminal Law, Plea Bargains, Settlement

13.

Hedge Fund Activists: Pessimists in a World of Managerial Optimism

Number of pages: 14 Posted: 08 Mar 2018 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (258,666)

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hedge fund activism, behavioral finance, optimism, pessimism, wolf packs

14.

Quantitative Investing and the Limits of (Deep) Learning from Financial Data

Number of pages: 22 Posted: 08 Mar 2018 Last Revised: 07 May 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (136,818)

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quantitative investment management, hedge funds, deep learning, artificial intelligence, index funds

15.

What Injures a Corporation? Toward Better Understanding Corporate Personality

Number of pages: 25 Posted: 11 Feb 2018 Last Revised: 17 Apr 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (373,792)

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Injury, Standing, Corporate Law, Corporate Litigation, Citizens United, Hobby Lobby, Corporate Personality

16.

Litigation Funding: An Economic Analysis

Number of pages: 30 Posted: 30 Jan 2018 Last Revised: 20 May 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (159,423)

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Litigation Funding, Economic Analysis of Litigation, Risk-Neutral Probabilities, Optimism, Pessimism

17.

Too Much Insolvency: 'Unmatured Interest' and 'Debt' Under the Code

Number of pages: 6 Posted: 14 Dec 2017 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (451,173)

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Insolvency, Solvency Tests, Bankruptcy Code

18.

Misleading Omissions: A Bayesian Framework

Number of pages: 16 Posted: 12 Dec 2017 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (395,088)

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Bayesian Analysis, Omissions, Omnicare, Opioid Litigation, Product Liability

19.

Worthless Companies

Number of pages: 12 Posted: 16 Nov 2017 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (192,255)

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mergers & acquisitions, bad bidders, bubble company, unicorns, short selling

20.

Bias-Corrected Estimation of Price Impact in Securities Litigation

Number of pages: 30 Posted: 24 Jul 2017 Last Revised: 10 May 2018
Taylor Dove, Davidson Heath and J.B. Heaton
University of Utah - David Eccles School of Business, University of Utah David Eccles School of Business and Conjecture LLC
Downloads 0 (295,558)

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Event Studies, Securities Litigation, Bias Correction, Price Impact, Compensatory Damages, Punitive Damages

21.

Positive Equity Prices with Insolvency under Legal Solvency Tests

Number of pages: 15 Posted: 22 Nov 2016 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (336,480)

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Solvency, Insolvency, Valuation, Option Value of Equity, Fraudulent Transfer, Preference, Shifting Fiduciary Duties

22.

The 'Long Term' in Corporate Law

The Business Lawyer; Vol. 72, Spring 2017
Number of pages: 14 Posted: 07 Nov 2016 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC
Downloads 0 (157,793)

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Corporate Law, Corporate Governance, Shareholder Activism, Myopia

23.

Failed Anti-Activist Legislation: The Curious Case of the Brokaw Act

Number of pages: 33 Posted: 29 Oct 2016 Last Revised: 14 Mar 2018
Alon Brav, J.B. Heaton and Jonathan Zandberg
Duke University - Fuqua School of Business, Conjecture LLC and Boston College - Carroll School of Management
Downloads 0 (58,726)

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hedge fund activism, corporate law, shareholder activism, shareholder activist, hedge fund activist

24.

Deep Learning for Finance: Deep Portfolios

Number of pages: 15 Posted: 14 Sep 2016 Last Revised: 15 Mar 2018
J.B. Heaton, Nick Polson and Jan Witte
Conjecture LLC, University of Chicago - Booth School of Business and University College London - Department of Mathematics
Downloads 0 (1,203)

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Deep Learning, Machine Learning, Big Data, Artificial Intelligence, Finance, Asset Pricing, Volatility, Deep Frontier

25.

Why Indexing Works

Number of pages: 7 Posted: 14 Oct 2015 Last Revised: 15 Mar 2018
J.B. Heaton, Nick Polson and Jan Witte
Conjecture LLC, University of Chicago - Booth School of Business and University College London - Department of Mathematics
Downloads 0 (1,092)

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Indexing, Passive Management, Active Management

26.

Incomplete Financial Contracts and Non-Contractual Legal Rules: The Case of Debt Capacity and Fraudulent Conveyance Law

Journal of Financial Intermediation
Posted: 30 Mar 2000 Last Revised: 15 Mar 2018
J.B. Heaton
Conjecture LLC

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27.

Debt and Insolvency

Number of pages: 26
J.B. Heaton
Conjecture LLC
Downloads 0

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Law and Finance, Security Design, Debt Capacity, Debt Yields, Insolvency, Capital Structure

28.

How Active Management Survives

Number of pages: 19
J.B. Heaton and Ginger Pennington
Conjecture LLC and Northwestern University, Department of Psychology
Downloads 0

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Investor Psychology, Behavioral Finance, Active Management, Passive Management, Irrational Investors, Asset Management