Rawley Z. Heimer
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Portrait of Rawley Z. Heimer

Rawley Z. Heimer

Associate Professor of Finance
W. P. Carey School of Business, Arizona State University

Google ScholarSSRNCVrawley.heimer@asu.edu

About

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.

Research by topic

Selected publications

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

    With Zwetelina Iliewa, Alex Imas, and Martin Weber. American Economic Review.

  2. Shale Shocked: Cash Windfalls and Household Debt Repayment

    With J. Anthony Cookson and Erik P. Gilje. Journal of Financial Economics.

  3. Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes

    With Alex Imas. Review of Financial Studies.

    RFS Rising Scholar Award.

  4. Personal Wealth, Self-Employment, and Business Ownership

    With Aymeric Bellon, J. Anthony Cookson, and Erik P. Gilje. Review of Financial Studies.

  5. Politicizing Consumer Credit

    With Pat Akey and Stefan Lewellen. Journal of Financial Economics.

  6. YOLO: Mortality Beliefs and Household Finance Puzzles

    With Kristian Ove R. Myrseth and Raphael S. Schoenle. Journal of Finance.

    Dimensional Fund Advisors Distinguished Paper Award. TIAA Paul A. Samuelson Award Finalist.

  7. Should Retail Investors’ Leverage Be Limited?

    With Alp Simsek. Journal of Financial Economics.

    Lead article. Best Paper Finalist in Asset Pricing, SFS Cavalcade.

  8. Growing Up Without Finance

    With James R. Brown and J. Anthony Cookson. Journal of Financial Economics.

    Financial Times list of business school research with social impact. TIAA Paul A. Samuelson Award Finalist.

  9. Law and Finance Matter: Lessons from Externally Imposed Courts

    With James R. Brown and J. Anthony Cookson. Review of Financial Studies.

    Best Paper in Financial Markets and Institutions, FMA Annual Meeting.

  10. Peer Pressure: Social Interaction and the Disposition Effect

    Review of Financial Studies.

All publications

Working papers

  1. Temporal Focal Points and Economic Outcomes: Evidence from U.S. Mortgage Lending

    With Marco Giacoletti and Edison Yu. Working paper.

  2. Fallible Firms: The Economics of Consumer Redress

    With Charlotte Haendler. Working paper.

  3. Pushing Boundaries: Political Redistricting and Consumer Credit

    With Pat Akey, Christine Dobridge, and Stefan Lewellen. Working paper.

  4. Five Facts about Bequest Motives

    With Xiang Li. Working paper.

  5. The Wealth Draw-down of the Fabulously Rich: Insights from Private Family Foundations

    With Changhyun Ahn. Draft available on request.

  6. Single-Family REITs and Local Housing Markets

    With Marco Giacoletti, Wenli Li, and Edison Yu. Working paper.

  7. Brokerage Commissions and Trading Volume: Lessons from the 20th Century

    With Valeria Fedyk. Draft available on request.

  8. Borrowing Young, Paying Later

    With Allison Cole and Igor Livshits. Draft available on request.

  9. Waiting for Wealth: Inheritances and Household Savings

    With Eirik Eylands Brandsaas and Mateo Velásquez-Giraldo. Draft available on request.

Positions and affiliations

Education

In the media

All media coverage