J.B. Heaton is an internationally-recognized researcher in law and financial economics. His work has been cited by courts throughout the United States and scholars throughout the world. His firm, J.B. Heaton, P.C., provides guidance to clients in the following areas of his research:
Solvency Testing and the Economics of Debt and Equity
J.B. is the world’s leading published authority on solvency testing, the role of insolvency and corporate decline in bankruptcy and corporate law, and the economics of debt and equity in distressed environments. Courts routinely cite his work in opinions addressing such issues. See, for example, In re James River Coal Co., 360 B.R. 139, 178 (Bankr. E.D. Va. 2007); Christians v. Grant Thornton, LLP, 733 N.W.2d 803, 812 (Minn. Ct. App. 2007); In re Parmalat Sec. Litig., 501 F. Supp. 2d 560, 576 n.102 (S.D.N.Y. 2007); In re Teleglobe Commc’ns Corp., 392 B.R. 561, 602 (Bankr. D. Del. 2008); USA Trouser, S.A. de C.V. v. Andrews, 612 F. App’x 158, 161 (4th Cir. 2015); Koch Foods, Inc. v. Pate Dawson Co., Inc., No. 3:16-CV-355-DCB-MTP, 2017 WL 4818426, at *5 (S.D. Miss. Oct. 25, 2017).
Financial-Market Evidence in Litigation and Regulatory Inquiries
J.B. is a leading authority on the use of financial-market evidence in securities litigation and related regulatory proceedings. His work on event studies in litigation has significantly altered the use of that methodology in securities cases. See Carpenters Pension Tr. Fund of St. Louis v. Barclays PLC, 310 F.R.D. 69, 85 (S.D.N.Y. 2015); Strougo v. Barclays PLC, 312 F.R.D. 307, 322 (S.D.N.Y. 2016); In re Petrobras Sec., 862 F.3d 250, 278-279 (2d Cir. 2017); Pirnik v. Fiat Chrysler Automobiles, N.V., 327 F.R.D. 38, 46 (S.D.N.Y. 2018); Rooney v. EZCORP, Inc., No. A-15-CA-00608-SS, 2019 WL 691205, at *7 n.9 (W.D. Tex. Feb. 19, 2019).
Suitability and Fiduciary Concerns in Equity Investing
J.B. is at the forefront of research into the underperformance of active management and the superiority of passive investment strategies over hedge funds and other active investors. He co-wrote foundational papers in the application of deep learning to financial portfolio problems and has developed methodologies for the generation of synthetic financial data to help test financial strategies and investment products for regulatory suitability.
J.B. pioneered the field of behavioral corporate finance and has written extensively on managerial motivations, corporate governance, and hedge fund activism.
Education and Experience
J.B. received his law degree, M.B.A. and Ph.D. in finance, all from the University of Chicago. He practiced law as a litigator at a national firm for 18 years, 14 as a partner, before starting his law and finance advisory firm. He has written many academic and professional articles based on his practical experience in addition to his scholarly publications. He is admitted to the bar in Illinois and New York and is a member of the American Finance Association, the American Law and Economics Association, and the American Statistical Association.
While in practice, J.B. has taught at the law and business schools of Duke University and the University of Chicago and the law school of Northwestern University.
Resources and Contact
J.B.’s Google Scholar site is here. His SSRN site is here. His CV is available here. You can reach him at: J.B. Heaton, P.C. ~ 20 West Kinzie, 17th Floor ~ Chicago, Illinois 60654 ~ (312) 487-2600 ~ firstname.lastname@example.org