J.B. Heaton

Conjecture LLC

Chicago, IL

United States

http://conjecturellc.com

J.B. Heaton, P.C.

Chicago, IL

United States

SCHOLARLY PAPERS

28

DOWNLOADS
Rank 1,049

SSRN RANKINGS

Top 1,049

in Total Papers Downloads

25,403

CITATIONS
Rank 2,120

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.  ”

Scholarly Papers (28)

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

Abstract:

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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.
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

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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

Abstract:

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Naked Shorting, Short Selling, Manipulation

6.
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)

Abstract:

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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

Abstract:

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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

Abstract:

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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.
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

Abstract:

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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

Abstract:

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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)

Abstract:

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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)

Abstract:

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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)

Abstract:

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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)

Abstract:

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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)

Abstract:

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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)

Abstract:

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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)

Abstract:

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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

Abstract:

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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

Abstract:

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