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J.B. Heaton

Outside Expert
J.B. Heaton Research LLC
To contact J.B. Heaton, please email Michelle Syen at Michelle.Syen@brattle.com or call +1.415.217.1000

J.B. Heaton provides consulting and expert opinions in the areas of corporate governance, economic injury and damages, financial-market evidence, market efficiency and behavioral finance, and solvency tests.

Dr. Heaton has extensive experience in the practical application of financial economic research in litigation and regulatory proceedings. For over a decade, he was a litigation partner at Barlit Beck Herman Palencher & Scott LLP where he served as a leader in the areas of corporate, securities, and transaction litigation.

Dr. Heaton has published extensively on topics in finance and law. He has published research in peer-reviewed scholarly journals such as the Journal of Finance, Review of Financial Studies, Review of Finance, and Financial Management, as well as numerous articles in law reviews including on the use of financial-market evidence in securities litigation and the use of solvency tests in bankruptcy and corporate law. His research has been relied upon by courts in numerous litigation matters in various venues including several U.S. district courts, United States Courts of Appeals, and the United States Bankruptcy Courts. His research is often cited in briefs to the United States Supreme Court.

Dr. Heaton is a member of the American Bar Association, the American Finance Association, the American Law and Economics Association, and the American Statistical Association. In addition, he has taught courses at the University of Chicago Law School and Booth School of Business, Duke University School of Law and Fuqua School of Business, and Northwestern University Pritzker School of Law.

Publications
Article
The "Long Term" in Corporate Law
2017
Published in Business Lawyer, Vol. 72, 353-366.
Article
Positive Equity Prices with Insolvency Under Legal Solvency Tests
2018
Published in Journal of Forensic Economics, 63-70.
Article
Event Studies in Securities Litigation: Low Power, Confounding Effects, and Bias
2015
J.B. Heaton and Alon Brav
Published in Washington University Law Review, pp. 583-614.
Article
Deepening Insolvency
2005
Published in The Journal of Corporation Law, Vol. 30, No. 3, pp. 465-500.
Article
Managerial Optimism and Corporate Finance
2002
Published in Financial Management, Vol. 31, pp. 33-45. Reprinted in Richard H. Thaler (Ed.), Advances in Behavioral Finance, Volume II (The Roundtable Series in Behavioral Economics), Princeton University Press (2005).
Article
Competing Theories of Financial Anomalies
2002
J.B. Heaton and Alon Brav
Published in The Review of Financial Studies, Vol. 15, No. 2, pp. 475-506. Winner, Barclays Global Investors (BGI) Michael Brennan Award for the best paper published in The Review of Financial Studies.
Article
Settlement Pressure
2005
Published in International Review of Law and Economics, Vol. 25, pp. 264-275.
Article
Solvency Tests
2007
Published in Business Lawyer, Vol. 62, No. 3, 983-1006.
Article
Market Indeterminacy
2003
J.B. Heaton and Alon Brav
Published in The Journal of Corporation Law, Vol. 28, No. 4, pp. 517-539.
Article
Worthless Companies
2018
Published in European Financial Management, 721-727.
Article
What Injures a Corporation? Toward Better Understanding Corporate Personality
2018
Published in Business Lawyer, 1031.
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