J.B. Heaton

University of Chicago Law School

1111 East 60th Street

Room 608

Chicago, IL 60637

United States

J.B. Heaton, P.C.

221 North LaSalle Street

38th Floor East

Chicago, IL 60601

United States

http://jbheaton.com

SCHOLARLY PAPERS

33

DOWNLOADS
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Top 751

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28,312

CITATIONS
Rank 2,127

SSRN RANKINGS

Top 2,127

in Total Papers Citations

262

Ideas:
“  "Great works of art have no more affecting lesson for us than this. They teach us to abide by our spontaneous impression with good-humored inflexibility then most when the whole cry of voices is on the other side. Else, to-morrow a stranger will say with masterly good sense precisely what we have thought and felt all the time, and we shall be forced to take with shame our own opinion from another." Ralph Waldo Emerson, Self-Reliance  ”

Scholarly Papers (33)

1.

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
University of Chicago Law School, University of Chicago - Booth School of Business and University College London - Department of Mathematics
Downloads 6,005 (986)

Abstract:

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

2.

Why Indexing Works

Number of pages: 7 Posted: 14 Oct 2015 Last Revised: 15 Mar 2018
J.B. Heaton, Nick Polson and Jan Witte
University of Chicago Law School, University of Chicago - Booth School of Business and University College London - Department of Mathematics
Downloads 5,702 (1,080)

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Indexing, Passive Management, Active Management

3.

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
University of Chicago Law School
Downloads 3,882 (2,091)
Citation 126

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

4.
Downloads 2,950 ( 3,387)
Citation 101

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 University of Chicago Law School
Downloads 2,942 (3,332)
Citation 97

Abstract:

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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 University of Chicago Law School
Downloads 8 (578,405)
Citation 101

Abstract:

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5.

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, University of Chicago Law School and Duke University
Downloads 1,401 (11,804)
Citation 4

Abstract:

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Raional Finance, Behavioral Finance, Economic Methodolology

6.

Solvency Tests

Number of pages: 35 Posted: 19 Sep 2006 Last Revised: 15 Mar 2018
J.B. Heaton
University of Chicago Law School
Downloads 1,219 (14,661)

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Insolvency, Bankruptcy, Fiduciary Duties, Creditors, Valuation

7.
Downloads 1,207 ( 14,898)
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, University of Chicago Law School and Wilfrid Laurier University - School of Business & Economics
Downloads 1,207 (14,604)
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, University of Chicago Law School and Wilfrid Laurier University - School of Business & Economics

Abstract:

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G11, G12, G14

8.

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 University of Chicago Law School
Downloads 866 (24,476)
Citation 1

Abstract:

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Naked Shorting, Short Selling, Manipulation

9.

How Active Management Survives

Number of pages: 21 Posted: 20 Jun 2018 Last Revised: 17 Jul 2018
J.B. Heaton and Ginger Pennington
University of Chicago Law School and Northwestern University, Department of Psychology
Downloads 832 (25,944)

Abstract:

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

10.
Downloads 655 ( 36,041)

Deepening Insolvency

Number of pages: 54 Posted: 23 Nov 2004 Last Revised: 15 Mar 2018
J.B. Heaton
University of Chicago Law School
Downloads 655 (35,517)

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
University of Chicago Law School

Abstract:

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Deepening insolvency

11.

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 University of Chicago Law School
Downloads 623 (38,479)

Abstract:

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event studies, securities litigation

12.

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, University of Chicago Law School and Boston College - Carroll School of Management
Downloads 469 (55,396)

Abstract:

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

13.

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, University of Chicago Law School and University of California, Berkeley - Haas School of Business
Downloads 455 (57,528)
Citation 13

Abstract:

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overconfidence, capital budgeting, compensation, labor market

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
University of Chicago Law School
Downloads 330 (84,096)

Abstract:

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

15.

Litigation Funding: An Economic Analysis

American Journl of Trial Advocacy, Forthcoming
Number of pages: 17 Posted: 30 Jan 2018 Last Revised: 04 Oct 2018
J.B. Heaton
University of Chicago Law School
Downloads 205 (137,813)

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

16.

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
University of Chicago Law School
Downloads 181 (154,672)

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Corporate Law, Corporate Governance, Shareholder Activism, Myopia

17.

Sex, Drugs, and Rock 'N' Roll: Some Observations of Life on a Trial Team

South Dakota Law Review, Forthcoming
Number of pages: 9 Posted: 22 Aug 2018 Last Revised: 17 Sep 2018
J.B. Heaton
University of Chicago Law School
Downloads 180 (155,454)

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trial practice, substance abuse, legal education

18.

Corporate Governance and the Cult of Agency

Villanova Law Review, Forthcoming
Number of pages: 23 Posted: 10 Jul 2018 Last Revised: 24 Sep 2018
J.B. Heaton
University of Chicago Law School
Downloads 174 (160,211)

Abstract:

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Agency Problems, Agency Costs, Corporate Governance, Behavioral Law and Economics, Behavioral Finance, Corporate Law

19.

No Place for Innocents: Alleged Innocence in Professional Liability Litigation Involving Imputation Defenses

Number of pages: 8 Posted: 14 Feb 2004 Last Revised: 22 Sep 2018
J.B. Heaton
University of Chicago Law School
Downloads 171 (162,631)

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Imputation, Innocence, In Pari Delicto, Professional Liability

20.

Worthless Companies

Number of pages: 12 Posted: 16 Nov 2017 Last Revised: 30 Aug 2018
J.B. Heaton
University of Chicago Law School
Downloads 143 (189,229)

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

21.

Hedge Fund Activists: Pessimists in a World of Managerial Optimism

Number of pages: 14 Posted: 08 Mar 2018 Last Revised: 10 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 132 (202,930)

Abstract:

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

22.

All You Need is Passive A Response to Professors Fisch, Hamdani, and Davidoff Solomon

Number of pages: 9 Posted: 10 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 106 (237,523)

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Passive investing, corporate governance, securities law, mutual funds, ETFs, institutional investors, shareholder activism

23.

Bias-Corrected Estimation of Price Impact in Securities Litigation

Number of pages: 30 Posted: 24 Jul 2017 Last Revised: 10 Jul 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 University of Chicago Law School
Downloads 88 (268,552)

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

24.

What Injures a Corporation? Toward Better Understanding Corporate Personality

Business Lawyer , Vol. 73, No. 4, 2018
Number of pages: 20 Posted: 11 Feb 2018 Last Revised: 13 Oct 2018
J.B. Heaton
University of Chicago Law School
Downloads 67 (314,664)

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

25.

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
University of Chicago Law School
Downloads 62 (327,619)

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

26.

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 University of Chicago Law School
Downloads 42 (389,392)
Citation 4

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27.

Risk Aversion as Risk-Neutral Pessimism: A Simple Proof

International Review of Law and Economics, Forthcoming
Number of pages: 8 Posted: 29 May 2018 Last Revised: 10 Sep 2018
J.B. Heaton
University of Chicago Law School
Downloads 35 (416,029)

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

28.

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

American Bankruptcy Institute Law Review , Forthcoming
Number of pages: 6 Posted: 14 Dec 2017 Last Revised: 10 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 29 (441,459)

Abstract:

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Insolvency, Solvency Tests, Bankruptcy Code

29.

Debt and Insolvency

Review of Banking and Financial Law, Forthcoming
Number of pages: 34 Posted: 20 Jun 2018 Last Revised: 29 Aug 2018
J.B. Heaton
University of Chicago Law School
Downloads 28 (446,175)

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

30.

Just This Once: A More Plausible Model of Addiction and Its Policy Implications

Number of pages: 11 Posted: 24 Aug 2018
J.B. Heaton
University of Chicago Law School
Downloads 21 (482,814)

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Rational Addiction, Irrational Addiction, Behavioral Economics, Bayesian Analysis, Health Economics

31.

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
University of Chicago Law School
Downloads 5 (570,258)

Abstract:

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

32.

Misleading Omissions: A Bayesian Framework

Journal of Law, Economics & Policy
Posted: 12 Dec 2017
J.B. Heaton
University of Chicago Law School
Downloads 47

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

33.

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
University of Chicago Law School

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