Hal B. Heaton

Denny Brown Professor of Business Management
Finance, Department of

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Office: 612 TNRB
Phone: (801) 422-2132
Email: hal_heaton@byu.edu
Home Page: marriottschool.byu.edu/emp/hbh
Expertise:
  • Capital markets
  • Corporate finance
  • Emerging Markets
  • Entrepreneurial finance
  • Finance
Research:
  • Valuation
  • Capital markets
Education:
  • PHD, FINANCE, STANFORD UNIVERSITY, 1983
  • MA, ECONOMICS, STANFORD UNIVERSITY, 1981
  • MBA, BUSINESS, BRIGHAM YOUNG UNIVERSITY, 1977
  • BS, MATHEMATICS, BRIGHAM YOUNG UNIVERSITY, 1975
Group Affiliations:
  • Finance and Economics - Primary
  • Entrepreneurship - Secondary
Selected Publications:
  • "Politicians fuel anti-business rhetoric by attacks on oil execs," The Deseret News Issue June 1, 2008, Pages M10, The Deseret News, Salt Lake City, June, 2008    
  • "Put your entrepreneurial harvest into broadly diversified index funds," The Deseret News Issue May 4, 2008, Pages M03, The Deseret News, Salt Lake City, May, 2008    
  • "'Moral hazard' sometimes makes economic problems worse," The Deseret News Issue April 13, 2008, Pages M03, The Deseret News, Salt Lake City, April, 2008    
  • "Politicians should reveal their plans for taxes," The Deseret News Issue March 30, 2008, Pages M03, The Deseret News, Salt Lake City, March, 2008    
  • "Assessing failures can be an extraordinarily valuable learning experience," The Deseret News Issue January 13, 2008, Pages M02, The Deseret News, Salt Lake City, January, 2008    
  • "On the Use of Size Premiums, Arithmetic or Geometric Average Returns, and Liquidity Premiums in Determining Discount Rates," Journal of Property Tax Assessment & Administration Volume 4, Issue 4, Pages 5-12, International Association of Assessing Officers, Kansas City, October, 2007    
  • "Government interference suffocates the individual," The Deseret News Volume December 9, 2007, Issue December 9, 2007, Pages M09, The Deseret News, Salt Lake City, December, 2007    
  • "Entrepreneurship critical for economy," The Deseret News Volume September 30, 2007, Issue September 30, 2007, Pages M11, The Deseret News, Salt Lake City, September, 2007    
  • "Raising taxes can backfire by squelching entrepreneurial efforts," The Deseret News Volume December 2, 2007, Issue December 2, 2007, Pages M02, The Deseret News, Salt Lake City, December, 2007    
  • "Becoming your own boss entails years of hard work," The Deseret News Issue August 19, 2007, Pages M09, The Deseret News, Salt Lake City, August, 2007    
  • "Diversity of opinions leads to better decisions," The Deseret News Issue July 15, 2007, Pages M02, The Deseret News, Salt Lake City, July, 2007    
  • "Income inequality mostly a matter of supply demand," The Deseret News Issue July 8, 2007, Pages M10, The Deseret News, Salt Lake City, July, 2007    
  • "The U.S. Market Is Overheated," BusinessWeek Online Business Week, June, 2007    
  • "Free-market system improves standard of living," The Deseret News Issue May 6, 2007, Pages M09, The Deseret News, Salt Lake City, May, 2007    
  • "Who gets a voice on the big decisions for a company," The Deseret News Issue March 11, 2007, Pages M08, The Deseret News, Salt Lake City, March, 2007    
  • "Entrepreneurs should be praised not loathed," The Deseret News Issue January 28, 2007, Pages M09, The Deseret News, Salt Lake City, January, 2007    
  • "Who really pays corporate taxes," The Deseret News Issue October 15, 2006, Pages M08, The Deseret News, Salt Lake City, October, 2006    
  • "Determining Discount Rates for Valuing Properties in Distressed Industries," Journal of Property Tax Assessment and Administration Volume 3, Issue 2, Pages 61-68, International Association of Assessing Officers, Kansas City, July, 2006    
  • "Use self selection as entrepreneurial tool," The Deseret News Issue August 27, 2006, Pages M12, The Deseret News, Salt Lake City, August, 2006    
  • "Beating market tougher than it seems," The Deseret News Volume July 9, 2006, Issue July 9, 2006, Pages M02, The Deseret News, Salt Lake City, July, 2006    
  • "Set prices with beginning, end point in mind," The Deseret News Volume May 21, 2006, Issue May 21, 2006, Pages M08, The Deseret News, Salt Lake City, May, 2006    
  • "Resolving buyer-seller impasse," The Deseret News Volume March 19, 2006, Issue March 19, 2006, Pages M02, The Deseret News, Salt Lake City, March, 2006    
  • "Flexibility can greatly boost venture's value," The Deseret News Volume February 19, 2006, Issue February 19, 2006, Pages M09, The Deseret News, Salt Lake City, February, 2006    
  • "Worldwide events affect local markets," The Deseret News Volume January 8, 2006, Issue January 8, 2006, Pages M07, The Deseret News, Salt Lake City, January, 2006    
  • "Person behind idea is critical to success or doom," The Deseret News Volume September 11, 2005, Issue September 11, 2005, Pages M11, The Deseret News, Salt Lake City, September, 2005    
  • "Many regulations cause extra woes," The Deseret News Volume October 23, 2005, Issue Ocotber 23, 2005, Pages M10, The Deseret News, Salt Lake City, October, 2005    
  • "Sometimes laws backfire, impede new businesses," The Deseret News Issue June 5, 2005, Pages m07, The Deseret News, Salt Lake City, June, 2005    
  • "Ignore doubters: Free trade is a win-win for everyone," The Deseret News Issue July 10, 2005, Pages M08, The Deseret News, Salt Lake City, July, 2005    
  • "Don't believe anti-trade rhetoric," The Deseret News Issue July 24, 2005, Pages M08, The Deseret News, Salt Lake City, July, 2005    
  • "Bush's Social Security Proposal Has Hidden Agenda," The Deseret News Issue April 10, 2005, Pages M07, The Deseret News, Salt Lake City, April, 2005    
  • "Corporate Social Responsibility--Sensible?," The Deseret News Issue April 3, 2005, Pages M02, The Deseret News, Salt Lake City, April, 2005    
  • "U.S. remains best land to plant entrepreneurial seeds," The Deseret News Issue February 27, 2005, Pages M10, The Deseret News, Salt Lake City, February, 2005    
  • "Innovation Key to Creating Value," The Deseret News Volume 2005, Issue January 9, 2005, Pages M08, January, 2005    
  • "Risk-averse Regulators Often Stifle Innovation," The Deseret News Volume September 5, 2004, Issue September 5, 2004, September, 2004    
  • "Determining Discount Rates When Using 'Most Likely' Rather Than Expected Cash Flows," CCH Practitioner's Perspective in Property Tax Volume 43, Issue December, 2004, CCH, December, 2004    
  • "Litigation hinders new ideas, growth," The Deseret News Volume 2004, Issue July 11, 2004, Pages M01, July, 2004    
  • "The entrepreneurial solution is more effective, efficient, easier," The Deseret News Issue May 30, 2004, Pages M02, May, 2004    
  • "U.S. Canada drug tiff provides marketplace primer," The Deseret News Issue February 8, 2004, Pages M07, February, 2004    
  • "Rich are unfairly demonized," The Deseret News Issue April 4, 2004, Pages M02, April, 2004    
  • "Reducing the Impact of Intangibles," The Journal of Property Valuation and Taxation Volume 14, Issue 3, Pages 4-17, January, 2003    
  • "Many Entrepreneurs Opt to Manufacture in Chine," The Deseret News Issue November 23, 2003, Pages M01, November, 2003    
  • "Preferred Stock Has Benefits," The Deseret News Issue September 28, 2003, Pages M04, September, 2003    
  • "Career Akin to Business Investment," The Deseret News Issue July 27, 2003, Pages M04, July, 2003    
  • "Financial Markets a Boon for Poor Entrepreneurs," The Deseret News Issue June 22, 2003, Pages M04, June, 2003    
  • "Litigious Ways Hurt Entrepreneurial Startups," Deseret News Issue May 11, 2003, Pages M04, May, 2003    
  • "The Good, Bad of Creating Shareholder Value," Deseret News Issue January 5, 2003, Pages m01, January, 2003    
  • "Free Trade Causes Some Workers Pain But It Is Worth It," Deseret News Issue February 9, 2003, Pages m01, February, 2003    
  • "Reducing the Impact of Intangibles in the Stock and Debt Approach," Journal of Property Valuation and Taxation Volume 14, Issue 3, Pages 4-17, December, 2002    
  • "Taxes Can Be Death to Incentive," The Deseret News Issue July 21, 2002, Pages M01, July, 2002    
  • "Culture, Attitudes Affect Business," The Deseret News Issue August 18, 2002, Pages M01, August, 2002    
  • "Sometimes Helpful Laws Hinder," The Deseret News Issue November 3, 2002, Pages M01, November, 2002    
  • "Nations can help or hinder business," The Deseret News Issue June 9, 2002, Pages M01, June, 2002    
  • "Profits are not products of greed," The Deseret News Issue May 5, 2002, Pages M01, May, 2002    
  • "Failure teaches valuable lesson," The Deseret News Issue March 10, 2001, Pages M01, March, 2002    
  • "Taking a long view on growth," Deseret News Issue January 27, Pages M01, January, 2002    
  • "Its no sin to seek profits," The Deseret News Issue March 11, 2001, Pages Mo1, 2001    
  • "Rivalries, freedom get best results," Deseret News Issue December 23, 2001, Pages M01, December, 2001    
  • "Drive critical to new project," Deseret News Issue October 21, 2001, Pages c1, October, 2001    
  • "Follow Four Steps to Raise Capital," The Deseret News Issue August 26, 2001, Pages M01, August, 2001    
  • "Find the Holy Grail," The Deseret News Issue May 13, 2001, Pages M01, May, 2001    
  • "Pain Now Can Pay Off," The Deseret News Issue July 8, 2001, Pages M01, July, 2001    
  • "Adjusting the Cost Approach for Excess Operating Costs, Environment Cleanup and Other Value Reductions," The Journal of Property Tax Management Volume 12, Issue 3, Pages 26-34, January, 2001    
  • "Valuing a Business Can Be an Art Form," The Deseret News Issue June 19, 2000, Pages M01, June, 2000    
  • "True Value of a Firm May Be a Surprise," The Deseret News Issue February 6, 2000, Pages M01, February, 2000    
  • "Its True: The Rich Really Do Get Richer," The Deseret News Issue September 10, 2000, Pages M01, September, 2000    
  • "Fishing for Funding Requires Right Bait," The Deseret News Issue April 9, 2000, Pages M01, 2000    
  • "Determining the Cost of Capital for a Single Industrial Plant," The Journal of Property Tax Management Volume 12, Issue 2, Pages 23-32, October, 2000    
  • "Innovation Key to Generating Real Value," Edition December 17, 1999, Deseret News, December, 1999    
  • "Focus on Real Value to Succeed," Edition November 19, 1999, Deseret News, November, 1999    
  • "On Erroneous Income Approach Formulas and the Intangibles Eliminated by Yield Capitalization," The Journal of Property Tax Management Volume 11, Issue 2, Pages 12-23, September, 1999    
  • "Using Mergers and Acquisitions Data in Property Tax Appraisals," Journal of Property Tax Management Volume 9, Issue 13, Pages 1-17, November, 1998    
  • "Valuing Small Businesses: The Cost of Capital," The Appraisal Journal Volume 66, Issue 1, Pages 11-16, January, 1998    
  • "Eliminating Significant Intangibles from Property Tax Appraisals," Journal of Property Tax Management Volume 8, Issue 3, Pages 41-51, November, 1997    
  • "The Capital Asset Pricing Model: Dead or Alive?," Journal of Property Tax Management 1995    
  • "Key Problems in Using the Stock and Debt Approach," Journal of Property Tax Management 1994    
Experience:
   Teaching
  • Professor, Brigham Young University, 1990
  • Visiting Associate Professor, Harvard University, 1988-1990
  • Professor, Brigham Young University, 1982-1988
  • Assistant Professor, University of Santa Clara, 1980-1982
   Professional
  • Consultant, The Boston Consulting Group
  • Consultant, Telesis Partnership
Awards:
  • Robert E. Gross/Lockheed Aircraft Corporation Fellowship
  • Outstanding Faculty Award , Marriott School of Management , 2002
  • Karl G. Maeser Excellence in Teaching Award , Brigham Young University , 2001
  • Finance Professor of the Year , MBA Student Association , 2000
  • Outstanding Teacher, MBA , Brigham Young University , 1996
  • Outstanding Teacher, MBA , Brigham Young University , 1995
  • Exxon Teaching Award , Brigham Young University , 1992
  • Outstanding Teacher , Brigham Young University , 1991
  • Outstanding Teacher, MBA , Brigham Young University , 1987
  • Outstanding Teacher, MBA , Brigham Young University , 1985
Web Links: Languages:
  • German