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Rawley Z. 
Heimer

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


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Rawley Heimer is an expert in financial markets with his primary research on individuals' lifelong financial security stemming from their decision-making in risky asset markets and conventional debt markets. He also studies retail trading, real estate, and the supply of financial services to consumers, focusing on inequality and the role of legal and regulatory institutions. Seminal contributions include connecting social media to trading behavior and inaccurate beliefs to life-cycle financial decisions.

His research is published in leading finance and economics journals. This research 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 media outlets such as the Financial Times, Forbes, New York Times, and the Wall Street Journal.

Prof. Heimer is an Associate Editor at the Review of Corporate Financial Studies and Financial Management. Outside of academia, he was formerly an economist at the Federal Reserve Bank and currently serves as Senior Advisor for Research and Policy at the Consumer Financial Protection Bureau. He frequently gives presentations to the asset management sector and supports litigation in the digital asset area.

Signature Publications

Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field,” (w/ Iliewa, Imas, and Weber)

American Economic Review, Accepted.

Shale Shocked: Cash Windfalls and Household Debt Repayment,” (w/ J.A. Cookson and E. Gilje, 2022)

Journal of Financial Economics, 146(3): 905-931.

Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes,” (w/ A. Imas, 2022)

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

RFS Rising Scholar Award

Personal Wealth, Self-Employment, and Business Ownership,” (w/ A. Bellon, J.A. Cookson, & E. Gilje, 2021)

Review of Financial Studies, 34(8): 3935-3975.

Politicizing Consumer Credit,” (w/ P. Akey and S. Lewellen, 2021)

Journal of Financial Economics, 139(2): 627-655.

YOLO: Mortality Beliefs and Household Finance Puzzles,” (w/ K. Myrseth and R. Schoenle, 2019)

Journal of Finance, 74(6): 2957-2996.

Dimensional Fund Advisors Distinguished Paper Award

Finalist for TIAA Paul A. Samuelson Award

Should Retail Investors’ Leverage Be Limited?” (w/ A. Simsek, 2019)

Journal of Financial Economics, 132(3): 1-21. Lead article.

Best paper finalist in Asset Pricing at SFS Cavalcade

Growing Up Without Finance,” (w/ J. Brown and J.A. Cookson, 2019)

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

In Financial Times list of business school research with social impact

Finalist for TIAA Paul A. Samuelson Award

Law and Finance Matter: Lessons from Externally Imposed Courts,” (w/ J. Brown and J.A. Cookson, 2017)

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

Peer Pressure: Social Interaction and the Disposition Effect,” (2016)

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

All Research

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