J.B. Heaton

One Hat Research LLC

Managing Member

Chicago, IL

United States

http://www.onehatr.com/

  • One Hat Research LLC

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SCHOLARLY PAPERS

43

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37,702

SSRN CITATIONS
Rank 4,974

SSRN RANKINGS

Top 4,974

in Total Papers Citations

82

CROSSREF CITATIONS

187

Ideas:
“  " The struggle itself toward the heights is enough to fill a man's heart. One must imagine Sisyphus happy." - Albert Camus  ”

  • One Hat Research LLC

    • Email
    • Tel: (312) 257-3900

Scholarly Papers (43)

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1.

Deep Learning for Finance: Deep Portfolios

Applied Stochastic Models in Business and Industry 33 (1), 3-12.
Number of pages: 15 Posted: 14 Sep 2016 Last Revised: 29 Apr 2019
J.B. Heaton, Nick Polson and Jan Witte
One Hat Research LLC, University of Chicago - Booth School of Business and University College London - Department of Mathematics
Downloads 10,138 (721)
Citation 50

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

2.

Why Indexing Works

Applied Stochastic Models in Business and Industry 33 (6), 690-693.
Number of pages: 7 Posted: 14 Oct 2015 Last Revised: 29 Apr 2019
J.B. Heaton, Nick Polson and Jan Witte
One Hat Research LLC, University of Chicago - Booth School of Business and University College London - Department of Mathematics
Downloads 7,194 (1,317)
Citation 3

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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: 18 Feb 2019
J.B. Heaton
One Hat Research LLC
Downloads 4,363 (3,129)
Citation 27

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

4.

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: 18 Feb 2019
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and One Hat Research LLC
Downloads 3,043 (5,762)
Citation 27

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5.

Solvency Tests

Business Lawyer, Vol. 62, No. 3, 983-1006 (2007).
Number of pages: 24 Posted: 19 Sep 2006 Last Revised: 25 Mar 2021
J.B. Heaton
One Hat Research LLC
Downloads 1,545 (16,970)
Citation 5

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Insolvency, Bankruptcy, Fiduciary Duties, Creditors, Valuation

6.

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: 18 Feb 2019
Alon Brav, J.B. Heaton and Alex Rosenberg
Duke University - Fuqua School of Business, One Hat Research LLC and Duke University
Downloads 1,478 (18,111)
Citation 2

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Raional Finance, Behavioral Finance, Economic Methodolology

7.

The Limits of the Limits of Arbitrage

Downloads 1,257 ( 23,104)

The Limits of the Limits of Arbitrage

Review of Finance, 14(1):157-187 (2010)
Number of pages: 31 Posted: 12 Jul 2006 Last Revised: 30 Mar 2021
Alon Brav, J.B. Heaton and Si Li
Duke University - Fuqua School of Business, One Hat Research LLC and Wilfrid Laurier University - School of Business & Economics
Downloads 1,257 (22,717)

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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: 18 Feb 2019
Alon Brav, J.B. Heaton and Si Li
Duke University - Fuqua School of Business, One Hat Research LLC and Wilfrid Laurier University - School of Business & Economics

Abstract:

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G11, G12, G14

8.

How Active Management Survives

Downloads 1,115 ( 27,549)

How Active Management Survives

Financial Planning Review, forthcoming 2019.
Number of pages: 23 Posted: 20 Jun 2018 Last Revised: 28 Mar 2019
J.B. Heaton and Ginger Pennington
One Hat Research LLC and Northwestern University, Department of Psychology
Downloads 1,115 (27,121)
Citation 2

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

How Active Management Survives

Financial Planning Review, Vol. 2, Issue 1, March 2019
Posted: 12 Nov 2019
J.B. Heaton and Ginger L. Pennington
One Hat Research LLC and University of Chicago - Booth School of Business

Abstract:

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9.

Naked Shorting

Regulation, 2008
Number of pages: 6 Posted: 30 Apr 2007 Last Revised: 29 Mar 2021
Christopher L. Culp and J.B. Heaton
Johns Hopkins University - Institute for Applied Economics, Global Health, and Study of Business Enterprise and One Hat Research LLC
Downloads 977 (33,238)
Citation 5

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Naked Shorting, Short Selling, Manipulation

10.

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: 25 Mar 2021
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and One Hat Research LLC
Downloads 715 (50,903)
Citation 4

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event studies, securities litigation

11.

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

47 Journal of Financial Transformation, 117-122 (2018).
Number of pages: 6 Posted: 08 Mar 2018 Last Revised: 31 Mar 2021
J.B. Heaton
One Hat Research LLC
Downloads 695 (52,904)
Citation 2

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

12.

Deepening Insolvency

Downloads 695 ( 52,904)

Deepening Insolvency

Number of pages: 30 Posted: 23 Nov 2004 Last Revised: 31 Mar 2021
J.B. Heaton
One Hat Research LLC
Downloads 695 (52,210)
Citation 1

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Deepening insolvency, costs of financial distress

Deepening Insolvency

Posted: 27 Apr 2005
J.B. Heaton
One Hat Research LLC

Abstract:

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Deepening insolvency

13.

The Altman Z Score Does Not Predict Bankruptcy

AIRA Journal, 33(3), 2020.
Number of pages: 5 Posted: 27 Apr 2020 Last Revised: 27 Jan 2021
J.B. Heaton
One Hat Research LLC
Downloads 607 (62,918)
Citation 2

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Altman Z, bankruptcy prediction, market evidence

14.

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

Journal of Business, Entrepreneurship and the Law, Forthcoming
Number of pages: 25 Posted: 29 Oct 2016 Last Revised: 25 Mar 2021
Alon Brav, J.B. Heaton and Jonathan Zandberg
Duke University - Fuqua School of Business, One Hat Research LLC and Wharton School of the University of Pennsylvania
Downloads 598 (64,123)
Citation 3

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

15.

Brown Assets for the Prudent Investor

12 HARV. BUS. REV. L. ONLINE, art. 2, 2021, at 1.
Number of pages: 23 Posted: 02 Aug 2021 Last Revised: 02 Mar 2022
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and One Hat Research LLC
Downloads 461 (88,398)

Abstract:

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climate change, carbon risk, ESG, global warming

16.

Corporate Governance and the Cult of Agency

Villanova Law Review, Forthcoming
Number of pages: 23 Posted: 10 Jul 2018 Last Revised: 25 Mar 2021
J.B. Heaton
One Hat Research LLC
Downloads 283 (151,455)
Citation 2

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

17.

Simple Insolvency Detection for Publicly-Traded Firms

Business Lawyer (Summer 2019)
Number of pages: 12 Posted: 16 Feb 2019 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 263 (163,037)
Citation 2

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18.

The DCF Valuation Methodology is Untestable

Number of pages: 12 Posted: 06 Apr 2022 Last Revised: 22 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 256 (167,507)

Abstract:

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capital budgeting, appraisal, corporate finance

19.

The 'Long Term' in Corporate Law

The Business Lawyer; Vol. 72, Spring 2017
Number of pages: 14 Posted: 07 Nov 2016 Last Revised: 25 Mar 2021
J.B. Heaton
One Hat Research LLC
Downloads 241 (177,594)
Citation 1

Abstract:

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Corporate Law, Corporate Governance, Shareholder Activism, Myopia

20.

Synthetic Financial Data: An Application to Regulatory Compliance for Broker-Dealers

Journal of Financial Transformation (Forthcoming)
Number of pages: 6 Posted: 23 Sep 2019 Last Revised: 06 Apr 2022
J.B. Heaton and Jan Witte
One Hat Research LLC and University College London - Department of Mathematics
Downloads 226 (188,677)

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Synthetic Data, Machine Learning, Best Interest, Compliance

21.

Hedge Fund Activists: Pessimists in a World of Managerial Optimism

Number of pages: 11 Posted: 08 Mar 2018 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 183 (228,707)

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

22.

The Siren Song of Litigation Funding

Forthcoming, Michigan Business & Entrepreneurial Law Review
Number of pages: 19 Posted: 21 Aug 2019 Last Revised: 24 Mar 2021
J.B. Heaton
One Hat Research LLC
Downloads 173 (239,981)

Abstract:

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23.

The Social Costs of Dividends and Share Repurchases

Journal of Business, Entrepreneurship & the Law (Forthcoming)
Number of pages: 23 Posted: 20 Feb 2019 Last Revised: 25 Mar 2021
J.B. Heaton
One Hat Research LLC
Downloads 172 (241,145)

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24.

Expected Returns to Brown and Green Assets with Transition Uncertainty

Number of pages: 11 Posted: 03 Mar 2022
J.B. Heaton
One Hat Research LLC
Downloads 140 (285,192)

Abstract:

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Climate Change, Climate Finance, ESG

25.

Kill Cammer: Securities Litigation Without Junk Science

11 Wm. & Mary Bus. L. Rev. 417 (2020).
Number of pages: 62 Posted: 28 Jun 2019 Last Revised: 24 Mar 2021
J.B. Heaton
One Hat Research LLC
Downloads 130 (301,882)

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26.

Bias-Corrected Estimation of Price Impact in Securities Litigation

American Law and Economics Review, forthcoming 2019.
Number of pages: 25 Posted: 31 Jan 2019 Last Revised: 08 May 2019
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 One Hat Research LLC
Downloads 119 (322,012)
Citation 1

Abstract:

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

27.

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: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 97 (369,616)

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

28.

Market Indeterminacy

Number of pages: 36 Posted: 06 Oct 2003
Alon Brav and J.B. Heaton
Duke University - Fuqua School of Business and One Hat Research LLC
Downloads 96 (371,997)

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29.

Distance to Insolvency

AIRA Journal, Vol.32: No.4, 2020
Number of pages: 4 Posted: 27 Nov 2019 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 90 (387,328)

Abstract:

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distance to default, insolvency, Black-Scholes, Merton

30.

The 'Vicinity of Insolvency' in a Simplified Black-Scholes World

Number of pages: 15 Posted: 10 Dec 2017 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 66 (460,931)

Abstract:

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Insolvency, Market Evidence, Option Pricing Theory, Zone of Insolvency, Vicinity of Insolvency

31.

Solvency Tests, Debt Capacity, and Security Design

Number of pages: 15 Posted: 21 Nov 2016 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 66 (460,931)

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Debt Capacity, Solvency, Insolvency, Capital Structure

32.

The Best and Worst Stock Pickers' Markets: Ranked by Year, 2000-2020

Number of pages: 6 Posted: 06 May 2021 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 53 (511,302)

Abstract:

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active, passive, investment management

33.

The Effective Number of Securities in an Active Portfolio: Why a Passive Benchmark Should Be Equally Weighted

Number of pages: 6 Posted: 29 Apr 2021 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 53 (511,302)

Abstract:

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investment management, active, passive, performance

34.

Unjust and Unreasonable: Misuse of the Dividend Growth Model in Public Utility Rate Setting

Number of pages: 15 Posted: 09 Nov 2021 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 39 (582,826)

Abstract:

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cost of capital, rate regulation, regulatory capture

35.

Insolvency Detection Using Publicly-Traded Debt and Equity

AIRA Journal, 32(2), 11-15 (2019).
Number of pages: 5 Posted: 23 Nov 2019 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 38 (588,335)

Abstract:

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36.

Climate Change & Irrational Optimism About International Cooperation

Number of pages: 8 Posted: 11 Oct 2021 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 29 (636,031)

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climate change, optimism, irrationality

37.

Worthless Companies

European Financial Management, Vol. 24, Issue 5, pp. 721-727, 2018
Number of pages: 7 Posted: 16 Nov 2018
J.B. Heaton
One Hat Research LLC
Downloads 7 (829,960)

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

38.

Managerial Optimism: New Observations on the Unifying Theory

Downloads 1 (907,349)

Managerial Optimism: New Observations on the Unifying Theory

European Financial Management, Vol. 25, Issue 5, pp. 1150-1167, 2019
Number of pages: 18 Posted: 19 May 2020
J.B. Heaton
One Hat Research LLC
Downloads 1 (930,985)

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agency cost theory, asymmetric information theory, behavioral corporate finance, managerial optimism, pay for performance

Managerial Optimism: New Observations on the Unifying Theory

European Financial Management (2019)
Posted: 19 Apr 2019 Last Revised: 22 Nov 2020
J.B. Heaton
One Hat Research LLC

Abstract:

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behavioral corporate finance, managerial optimism, agency cost theory, asymmetric information theory, pay for performance

39.

Hedge Fund Activism and Financial Performance

Forthcoming in The Oxford Handbook of Hedge Funds (Douglas Cumming and Geoffrey Wood, eds.)
Posted: 23 Sep 2019 Last Revised: 22 Nov 2020
J.B. Heaton
One Hat Research LLC

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shareholder activism, hedge fund activism, agency costs, corporate decline

40.

The Unfulfilled Promise of Hedge Fund Activism

Forthcoming, Virginia Law & Business Review
Posted: 19 Apr 2019 Last Revised: 22 Nov 2020
J.B. Heaton
One Hat Research LLC

Abstract:

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41.

One Pill Makes You Larger: Flaws in Sisk’s Westlaw Methodology Illustrated With Leiter’s Citations

2018 Wisconsin Law Review Forward, 27-33 (2018).
Posted: 28 Aug 2018 Last Revised: 08 Apr 2022
J.B. Heaton
One Hat Research LLC
Downloads 0 (907,349)
Citation 1

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Citation Studies, Faculty Rankings

42.

Risk Aversion as Risk-Neutral Pessimism: A Simple Proof

International Review of Law and Economics, Forthcoming
Posted: 29 May 2018 Last Revised: 22 Nov 2020
J.B. Heaton
One Hat Research LLC

Abstract:

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

43.

Overconfidence, Compensation Contracts, and Capital Budgeting

Journal of Finance, Vol. 66, No. 5, pp. 1725-77 (2011)
Posted: 07 Mar 2011 Last Revised: 22 Nov 2020
Simon Gervais, J.B. Heaton and Terrance Odean
Duke University - Fuqua School of Business, One Hat Research LLC and University of California, Berkeley - Haas School of Business

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overconfidence, capital budgeting, compensation, labor market