Rawley Z.
Heimer

Professor Rawley Heimer is an expert in financial markets whose research examines how households build and lose financial security through their decisions in investment and credit markets. His research shows how social networks shape investor behavior, how leverage drives retail investors' trading and affects financial markets, and how mistaken beliefs distort saving and investment over the life cycle. Current work examines how AI affects personal finances. He also studies real estate markets, including mortgage lending and institutional investment in housing.

His research is published in leading finance and economics journals and has received numerous awards, including the Dimensional Fund Advisors Distinguished Paper Award at the Journal of Finance and the Rising Scholar Award at the Review of Financial Studies. This research has been featured in Bloomberg News, the Financial Times, Forbes, and the Wall Street Journal, among others.

Prof. Heimer is an Associate Editor at Management Science, the Review of Corporate Financial Studies, and Financial Management. Outside of academia, he was formerly an economist at the Federal Reserve Bank and served as Senior Advisor for Research and Policy at the Consumer Financial Protection Bureau. He frequently gives presentations to asset managers and supports litigation in areas such as consumer banking, financial markets, and digital assets.

• 1
  "Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field"

  with Iliewa, Imas, and Weber

  American Economic Review, 115(1): 330–363
• 2
  "Shale Shocked: Cash Windfalls and Household Debt Repayment"

  with J.A. Cookson and E. Gilje

  Journal of Financial Economics, 146(3): 905–931
• 3
  "Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes"

  with A. Imas

  Review of Financial Studies, 35(4): 1643–1681

  RFS Rising Scholar Award
• 4
  "Personal Wealth, Self-Employment, and Business Ownership"

  with A. Bellon, J.A. Cookson, and E. Gilje

  Review of Financial Studies, 34(8): 3935–3975
• 5
  "Politicizing Consumer Credit"

  with P. Akey and S. Lewellen

  Journal of Financial Economics, 139(2): 627–655
• 6
  "YOLO: Mortality Beliefs and Household Finance Puzzles"

  with K. Myrseth and R. Schoenle

  Journal of Finance, 74(6): 2957–2996

  Dimensional Fund Advisors Distinguished Paper Award TIAA Samuelson Award Finalist
• 7
  "Should Retail Investors' Leverage Be Limited?"

  with A. Simsek

  Journal of Financial Economics, 132(3): 1–21 · Lead article

  Best Paper Finalist, SFS Cavalcade
• 8
  "Growing Up Without Finance"

  with J. Brown and J.A. Cookson

  Journal of Financial Economics, 134(3): 591–616

  Financial Times Social Impact List TIAA Samuelson Award Finalist
• 9
  "Law and Finance Matter: Lessons from Externally Imposed Courts"

  with J. Brown and J.A. Cookson

  Review of Financial Studies, 30(3): 1019–1051

  Best Paper, FMA 2015
• 10
  "Peer Pressure: Social Interaction and the Disposition Effect"

  Review of Financial Studies, 29(11): 3177–3209

• WSJHow to Make Peace With Your Stock Market Losses
• NPRPartisan gerrymandering can reduce access to credit
• PBSHow growing up in a bank desert can hurt your credit for life
• NYTPeople think they are less at risk from coronavirus than the general public
• BloombergAmateur Investors Are Making Risky Bets That Could Wipe Them Out
• Fin. TimesAcademic focus limits business schools' contribution to society
• KiplingerShifting Gears From Saving to Spending in Retirement
• ForbesSCOTUS, For Now, Largely Chooses to Punt on Partisan Gerrymandering
• VoxEURetail investor leverage and speculation