Rawley Heimer studies individuals' financial decisions in risky asset markets and conventional debt markets. Some of his research shows that social networks and low probability events are crucial in developing distorted beliefs, leading to trading mistakes and other costly financial errors. He also studies how political and legal institutions affect households' access to credit.  

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( 01 )

Select Publications
[1] Biased By Choice: How Financial Constraints Can Reduce Financial Mistakes 
Review of Financial Studies. Forthcoming. (w/ Imas) [+ bibtex]
[2] Personal Wealth, Self-Employment, and Business Ownership
Review of Financial Studies. Forthcoming. (w/ BellonCookson, and Gilje)  [+ bibtex] 
[3] Politicizing Consumer Credit
Journal of Financial Economics. (2021) 139(2): 627-655. (w/ Akey and Lewellen)  [+ bibtex]
[+ Link to code to create "specification curve" using HMDA data]
[4] YOLO: Mortality Beliefs and Household Finance Puzzles
Journal of Finance. (2019) 74(6): 2957-2996. (w/ Myrseth and Schoenle)  [+ bibtex]
Dimension Fund Advisors Distinguished Paper Award
Finalist for TIAA Paul A. Samuelson Award
[ + Link to replication codes and data]
[5] Growing Up Without Finance  
Journal of Financial Economics. (2019) 134(3): 591-616. (w/ Brown and Cookson)  [+ bibtex]
In Financial Times list of business research with social impact
[6] Should Retail Investors' Leverage Be Limited?
Journal of Financial Economics. (2019) 132(3): 1-21. Lead article. (w/ Simsek)  [+ bibtex]

This paper was previously called: "Can Leverage Constraints Make (Some) Investors Better Off?"

Best Paper Award finalist in Asset Pricing at SFS Cavalcade

[+ Link to monthly panel data on brokerage capital]

[7] Law and Finance Matter: Lessons From Externally Imposed Courts 
Review of Financial Studies. (2017) 30(3): 1019-1051. (w/ Brown and Cookson)  [+ bibtex]
Best Paper Award in Financial Markets and Institutions at FMA Annual Meetings
[8] Peer Pressure: Social Interaction and the Disposition Effect
Review of Financial Studies. (2016) 29(11): 3177-3209.  [+ bibtex]
Working Papers

[9] Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field
(w/ Iliewa, Imas, and Weber)  [+ bibtex]
People systematically deviate from their risk-taking strategies when confronted with sequences of gambles. We present evidence from modifications to traders' limit orders and pre-registered laboratory experiments.

R&R, American Economic Review

[10] Shale Shocked: Cash Windfalls and Household Debt Repayment
(w/ Cookson and Gilje)  [+ bibtex]
We connect $14.6 billion in royalty payments from the fracking boom over 11 years to consumer credit outcomes. Debt repayment rates and consumption responses depend on household credit conditions.

R&R, Journal of Financial Economics

[11] Using High-Frequency Evaluations to Estimate Discrimination: Evidence from Mortgage Loan Officers
(w/ Giacoletti and Yu)  [+ bibtex]
The approval gap for Black mortgage applicants is close to zero at the end of any given month when loan officers need to meet their origination volume quotas. Innovations to mortgage markets, such as FinTech and market concentration, do not eliminate human biases in decision-making.

Best paper winner in Financial Institutions at MFA 2021

[12] The Financial Restitution Gap in Consumer Finance: Insights from Filings with the CFPB
(w/ Haendler)  [+ bibtex]
Low-income and Black individuals are 30% less likely to receive financial restitution from companies when they file complaints to the CFPB. The restitution gap is likely caused by companies' responses to changes in the political environment.
Media: MarketWatch, Business Scholarship Podcast

[13] Pushing Boundaries: Political Redistricting and Consumer Credit
(w/ Akey, Dobridge, and Lewellen)  [+ bibtex]
Consumers residing in gerrymandered Congressional districts have lost access to credit over the past two decades. Political redistricting can disenfranchise voters, thereby reducing politicians' incentive to advocate for goods and services for their constituents.
Media: NPR Morning Edition 

[14] Uncertainty Shocks and Personal Investment: Evidence from a Global Brokerage
(w/ Kogan and Xu)  [+ bibtex]
Other Publications and Lightly-refereed Research
[15] Courting Economic Development
World Bank Economic Review. (2017) 30(3): S176-S187. (w/ Brown and Cookson)  [+ bibtex] 

[16] Facebook Finance: How Social Interaction Propagates Active Investing
Federal Reserve Bank of Cleveland Working Paper Series, (2015) No. 1522. (w/ Simon)  [+ bibtex] 

[17] Friends Do Let Friends Buy Stocks Actively
Journal of Economic Behavior & Organization. (2014) 107B(11): 527-540.  [+ bibtex]

( 02 )

Media Coverage and Trade Publications

Charlotte Haendler and Rawley Heimer on Financial-Services Complaints.” Business Scholarship Podcast

Black Americans suffered the most under Trump-era consumer-protection agency” MarketWatch

Are ETFs safe... for retail investors?” MarketWatch
Academic focus limits business schools’ contribution to society,” Financial Times
Amateur Investors Are Making Risky Bets That Could Wipe Them Out,” Bloomberg News
Should Retail Investors’ Leverage Be Limited?” Harvard Law School Forum on Corporate Governance and Financial Regulation
Retail investor leverage and speculation,” VoxEU

"SCOTUS, For Now, Largely Chooses to Punt on Partisan Gerrymandering," Forbes

"In Gerrymandered Districts, Constituents Likely To Lose Economic Security," NPR Morning Edition

How People’s Visions of Their own Mortality Affect Financial Decision Making,” MarketWatch

Behavioral Economics Isn’t Dead Yet,” Bloomberg

Shifting Gears From Saving to Spending in Retirement,” Kiplinger and Yahoo Finance

How Shark Attacks and our Mortality Beliefs Impact our Savings Behavior,” DC Matters

Swimming with Sharks: Is our fear of sharks causing us to undersave?” Project M (Allianz)

YOLO: Mortality Beliefs and Household Finance Puzzles,” Retirement Income Industry Association, Webinar

“YOLO: Mortality Beliefs and Household Finance Puzzles,” 2016 annual Academic Forum of the Defined Contribution Institutional Investment Association (DCIIA) at Goldman Sachs

YOLO: Mortality Beliefs and Household Finance Puzzles,” International Center for Pension Management (ICPM) Discussion Forum

Cracks in the Anti-Behavioral Dam?” Noahpinion Blog

"More power for US politicians reduces credit in their states," Central Banking

How Social Media Boosts Trading – Without Helping Traders,” TheStreet

Traders Love a Winner’s Tale and Ignore the Cautionary Ones,” Quartz

Currency Trading: Learn From Your Losses,” Wall Street Journal, Intelligent Investor


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AFA (x2)


Capital Group, CFTC, Miami

NBER Inequality, Discrimination, and the Financial System, NBER SI HF, NBER SI RE*, CEPR Household Finance*,  ASU Winter Conference*, WFA (x2)*, SFS Cavalcade*, MFA* (x2), NFA*, 5th Annual Yale Junior Finance Conference*, RCFS Winter Conference†, CEPR Advanced Forum in Financial Economics (CAFFE)†, BC Consumer Finance Workshop†


Baruch, Joint Finance Seminar (Bonn,Cologne, Dortmund, WHU, and Wuppertal)

NBER BF‡, SFS Cavalcade Chapel Hill (x2)‡, EFA Helsinki, FIRS Budapest‡, Yale-RFS Conference on Real and Private-Value Assets*, ITAM Finance Conference*, CFIC‡, Conference in Behavioral Finance and Decision Making (Chicago Booth)‡, MFA‡, BEAM*


ASU, Copenhagen Business School, Iowa, Iowa State, LBS, UBC, USC

AFA Atlanta (presenting and †), EFA Lisbon (* and †), FIRS Savannah, NFA, Duke/UNC Corporate Finance, Cornell Biennial Household and Behavioral Finance Symposium*, University of Kentucky Finance Conference, Helsinki Finance Summit*, Colorado – Boulder Summer Conference on Consumer Financial Decision Making, Experimental Finance Conference, ANU-RSFAS Research Camp (presenting and †), Marstrand Finance Conference*, Telfer Conference on Accounting and Finance*, Finance UC Conference of Pontificia Universidad Catolica de Chile*, Frontiers of Finance Conference*, Labor and Finance Group Conference (Chicago Booth)*, NBER Entrepreneurship*, HEC Paris Entrepreneurship Workshop*, KWC Conference on Entrepreneurial Finance*, Wash U Corporate Finance Conference*, TAU Finance Conference*, ITAM Finance Conference†, Oregon Summer Finance Conference


Cornell, FRB – Kansas City, Notre Dame, University of Kansas, University of San Diego

AFA Philadelphia*, SFS Cavalcade Yale (x2), FIRS Barcelona, 8th Helsinki Finance Summit on Investor Behavior, Finance UC Conference of Pontificia Universidad Catolica de Chile, Political Economy of Finance Conference - Chicago Booth, ESSFM (evening session), Colorado - Boulder Conference on Consumer Financial Decision Making*, 28th Annual Meeting of the American Law and Economics Association, MFA*, EFA Warsaw†, FSU SunTrust Conference†, UBC Winter Finance Conference†


Boston College, Brandeis, Chinese University of Hong Kong, Georgetown, HKUST, Melbourne, Oklahoma, Sydney, UNSW

WFA (x2 and †), SFS Cavalcade Nashville (x2), EFA Mannheim*, ASU Winter Finance Conference, IDC Herzliya - 14thAnnual Conference in Financial Economics Research*, CEPR Spring Symposium in Financial Economics*, NFA*, 5th Annual Asian Bureau of Finance and Economic Research*, 27th Annual Meeting of the American Law and Economics Association*, Finance UC Conference of Pontificia Universidad Catolica de Chile*, AEAs†, FMA†


Florida, Georgia, Maastricht, Ohio State, Rochester, Texas A&M, Tilburg, WUSTL

AFA San Fran, NBER – SI (HF), EFA Oslo*, European Winter Finance Conference, IDC Herzliya - 13thAnnual Conference in Financial Economics Research, U. Washington Summer Conference, ITAM Finance Conference, TAU Finance Conference, Colorado – Boulder Summer Conference on Consumer Financial Decision Making, FDIC Consumer Research Symposium, MFA, FMA, IBEFA Summer Meeting, Netspar International Pension Workshop, Miami Behavioral Finance Conference*, UC Davis GSM Behavioral/Household Finance Conference*, Edinburgh Conference on Legal Institutions and Finance*, Society for Economic Dynamics*, NFA*, CESifo Applied Microeconomics*, Society for Institutional & Organizational Economics*, Research in Behavioral Finance Conference*, Mid-Atlantic Research Conference†


Colorado – Boulder, Cubist Systematic Strategies, Drexel, Houston (Econ), Indiana, Kentucky, LMU – Munich, Miami

AFA Boston, EFA Vienna, FIRS Iceland*, SFS Cavalcade Atlanta, NBER – SI (DAE), FRA Early Ideas, NFA (x2), MFA (x2), FMA (x2), Colorado – Boulder Consumer Finance, CESifo Macroeconomics and Survey Data, FRB –SF/IBEFA Day Ahead Conference, Quadrant Asset Management Investment Conference, ABCDE World Bank Development Conference Mexico City*, CESifo Behavioral Economics*, Paris December Finance Meeting*, Cleveland Fed Household Economics*, Oregon Summer Finance Conference†


FRB – Atlanta, Oregon State (Econ)

EFA Lugano, FRA Early Ideas*, EFIC*, CFEA, Colorado – Boulder Consumer Finance, NFA


Baruch CUNY, Cincinnati, FRB – Board, FRB – Cleveland, Office of Financial Research, Ohio State, SEC, Western University

AFA San Diego, Center of Complex Networks Research, Colorado – Boulder Consumer Finance


FRB – Philadelphia, Brandeis, Central Bank Microstructure Conference – Norway, FMA (x2)


  * presentation by co-author; † discussion