Education & Honors

University of Chicago Law School, 1999, J.D.

University of Chicago Graduate School of Business (financial economics), 1999, Ph.D.

University of Chicago Graduate School of Business, 1999, M.B.A.

University of Illinois (liberal arts and finance), 1990, A.B., magna cum laude

Bar admissions


New York

Professional Activities

American Bar Association

American Finance Association

American Law and Economics Association

American Statistical Association

Illinois State Bar Association

International Society for Bayesian Analysis

New York State Bar Association


Senior Lecturing Fellow, Duke University Law School, 2016

Lecturer, The University of Chicago Law School, 2008 to 2010.

Adjunct Professor of Finance, The University of Chicago Graduate School of Business, 2005.

Adjunct Associate Professor of Finance, Duke University Fuqua School of Business and Duke Law School Global Capital Markets Center, 2001-2003. Winner, Excellence in Teaching Award in the Weekend Executive M.B.A. Program.

Adjunct Assistant Professor of Finance, The University of Chicago Graduate School of Business, 2000-2001.

James B. Heaton, III

Chicago Office
Courthouse Place
54 West Hubbard Street, Suite 300
Chicago, IL 60654
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Professional Practice

J.B. Heaton has practiced with the firm since 1999.  With a strong background in financial economics, including a Ph.D. from the University of Chicago, J.B. focuses his practice on cases that involve complex economic and financial issues.  

J.B. has published widely in both finance and law, and his scholarly work has been cited numerous times by courts and legal scholars.


The "Long Term" in Corporate Law, Business Lawyer, Vol. 72, 353-366 (Spring 2017)

Why Indexing Works, Applied Stochastic Models in Business and Industry (forthcoming) (with Nick Polson and Jan Hendrik Witte), under review at journal.

Positive Equity Prices with Insolvency Under Legal Solvency Tests, Journal of Forensic Economics (forthcoming)

Solvency Tests, Debt Capacity, and Security Design, working paper.

Deep Learning in Finance: Deep Portfolios, Applied Stochastic Models in Business and Industry (forthcoming) (with Nick Polson and Jan Hendrik Witte).

Event Studies in Securities Litigation: Low Power, Confounding Effects, and Bias, 93 Washington University Law Review 583 (2015) (with Alon Brav).

Overconfidence, Compensation Contracts, and Capital Budgeting, Journal of Finance, Vol. 66, No. 5, pp. 1725-77 (2011) (with Simon Gervais and Terry Odean).

Returns, Risk, and Financial Due Diligence, Chapter 5 in Finance Ethics: Critical Issues in Theory and Practice, J. Boatright, ed. (Robert W. Kolb Series) (Wiley, 2010) (with Christopher L. Culp). 

The Limits of the Limits of Arbitrage, Review of Finance, 14(1):157-187 (2010) (with Alon Brav and Si Li), runner-up for the 2010 Deutsche Bank Prize in Financial Economics for Best Paper in the Review of Finance.

CSX Corporation v. The Children's Investment Fund: Total Return Swaps as Evasions of Section 13(d) Reporting, Securities Litigation Journal, pp. 16-18 (Summer 2009).

Naked Short Selling, Regulation, Vol. 31, No. 1, 46-51 (2008) (with Christopher L. Culp). 

Solvency Tests, Business Lawyer, Vol. 62, No. 3, 983-1006 (2007).

The Uses and Abuses of Finite Risk Reinsurance, Journal of Applied Corporate Finance, Vol. 17, No. 3, pp. 18-31 (2005) (with Christopher L. Culp).

Deepening Insolvency, The Journal of Corporation Law, Vol. 30, No. 3, pp. 465-500 (2005).

Settlement Pressure, International Review of Law and Economics, Vol. 25, pp. 264-275 (2005)

The Rational-Behavioral Debate in Financial Economics, Journal of Economic Methodology, 11(4) 2004 (Lead Article) (with Alon Brav and Alexander Rosenberg).

Market Indeterminacy, The Journal of Corporation Law, Vol. 28, No. 4, pp. 517-539 (2003) (with Alon Brav, Duke University).

Managerial Optimism and Corporate Finance, Financial Management, Vol. 31, pp. 33-45 (Summer 2002). 

Competing Theories of Financial Anomalies, The Review of Financial Studies, Vol. 15, No. 2, pp. 475-506 (2002) (with Alon Brav, Duke University). Winner, Barclays Global Investors (BGI) Michael Brennan Award for the best paper published in The Review of Financial Studies

Incomplete Financial Contracts and Non-Contractual Legal Rules: The Case of Debt Capacity and Fraudulent Conveyance Law, Journal of Financial Intermediation, Vol. 9, pp. 169-183 (2000).