J.B. Heaton

University of Chicago Law School

1111 East 60th Street

Room 608

Chicago, IL 60637

United States

J.B. Heaton, P.C.

Chicago, IL

United States

http://jbheaton.com

SCHOLARLY PAPERS

32

DOWNLOADS
Rank 797

SSRN RANKINGS

Top 797

in Total Papers Downloads

27,024

CITATIONS
Rank 2,130

SSRN RANKINGS

Top 2,130

in Total Papers Citations

262

Ideas:
“  I write about finance and law, sometimes separately and sometimes together.  ”

Scholarly Papers (32)

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 5,609 (1,094)

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 5,582 (1,090)

Abstract:

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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 3,857 (2,059)
Citation 126

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

4.
Downloads 2,947 ( 3,322)
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 2,939 (3,267)
Citation 94

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 (570,936)
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 1,399 (11,583)
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 1,211 (14,550)

Abstract:

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Insolvency, Bankruptcy, Fiduciary Duties, Creditors, Valuation

7.
Downloads 1,201 ( 14,721)

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 1,201 (14,427)
Citation 13

Abstract:

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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 864 (24,112)
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 710 (31,932)

Abstract:

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

10.
Downloads 655 ( 35,435)

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 (34,920)

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 618 (38,208)

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 461 (55,622)

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 452 (57,024)
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 254 (112,544)

Abstract:

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

15.

Litigation Funding: An Economic Analysis

Number of pages: 30 Posted: 30 Jan 2018 Last Revised: 10 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 190 (145,743)

Abstract:

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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 174 (157,773)

Abstract:

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Corporate Law, Corporate Governance, Shareholder Activism, Myopia

17.

Corporate Governance and the Cult of Agency

Number of pages: 23 Posted: 10 Jul 2018 Last Revised: 25 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 155 (187,565)

Abstract:

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

18.

Worthless Companies

Number of pages: 12 Posted: 16 Nov 2017 Last Revised: 15 Mar 2018
J.B. Heaton
University of Chicago Law School
Downloads 138 (191,923)

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

19.

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 110 (231,120)

Abstract:

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

20.

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 83 (278,725)

Abstract:

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

21.

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 81 (280,789)

Abstract:

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

22.

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 59 (331,279)

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

23.

What Injures a Corporation? Toward Better Understanding Corporate Personality

Number of pages: 42 Posted: 11 Feb 2018 Last Revised: 10 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 52 (351,778)

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

24.

Misleading Omissions: A Bayesian Framework

Number of pages: 16 Posted: 12 Dec 2017 Last Revised: 10 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 43 (380,739)

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

25.

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 40 (391,378)
Citation 4

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26.

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 28 (440,417)

Abstract:

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Insolvency, Solvency Tests, Bankruptcy Code

27.

Debt and Insolvency

Number of pages: 19 Posted: 20 Jun 2018 Last Revised: 21 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 23 (465,793)

Abstract:

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

28.

Risk Aversion as Risk-Neutral Pessimism: A Simple Proof

Number of pages: 9 Posted: 29 May 2018 Last Revised: 25 Jul 2018
J.B. Heaton
University of Chicago Law School
Downloads 19 (487,572)

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

29.

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 (562,723)

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

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

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trial practice, substance abuse, legal education

32.

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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