Sebastian Hillenbrand
Assistant Professor of Business Administration
Assistant Professor of Business Administration
Sebastian Hillenbrand is an Assistant Professor in the Finance Unit at Harvard Business School. He teaches the Finance I course in the MBA required curriculum.
Sebastian’s research interests are in behavioral and institutional finance, macro-finance and monetary policy. His work has documented a striking relationship between the secular decline in interest rates and meetings by the Federal Reserve. He has also explored how beliefs of investors and institutional frictions can explain price fluctuations of financial assets.
Sebastian graduated with a Ph.D. in Finance from NYU Stern School of Business in September 2022. He also holds an M.Sc. in Quantitative Finance from Vienna University of Business and Economics (Austria) and a B.Sc. in Industrial Engineering and Management from Karlsruhe Institute of Technology (Germany). He has worked in the financial industry prior to his Ph.D. studies.
Sebastian Hillenbrand is an Assistant Professor in the Finance Unit at Harvard Business School. He teaches the Finance I course in the MBA required curriculum.
Sebastian’s research interests are in behavioral and institutional finance, macro-finance and monetary policy. His work has documented a striking relationship between the secular decline in interest rates and meetings by the Federal Reserve. He has also explored how beliefs of investors and institutional frictions can explain price fluctuations of financial assets.
Sebastian graduated with a Ph.D. in Finance from NYU Stern School of Business in September 2022. He also holds an M.Sc. in Quantitative Finance from Vienna University of Business and Economics (Austria) and a B.Sc. in Industrial Engineering and Management from Karlsruhe Institute of Technology (Germany). He has worked in the financial industry prior to his Ph.D. studies.
- Journal Articles
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- Fleckenstein, Quirin, Manasa Gopal, German Gutierrez, and Sebastian Hillenbrand. "Nonbank Lending and Credit Cyclicality." Review of Financial Studies (in press). (Pre-published online April 17, 2025.) View Details
- Hillenbrand, Sebastian. "The Fed and the Secular Decline in Interest Rates." Review of Financial Studies 38, no. 4 (April 2025): 981–1013. (Editor's Choice.) View Details
- Bailey, Michael, Abhinav Gupta, Sebastian Hillenbrand, Theresa Kuchler, Robert J. Richmond, and Johannes Stroebel. "International Trade and Social Connectedness." Journal of International Economics 129 (March 2021). View Details
- Working Papers
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- Hillenbrand, Sebastian, and Odhrain McCarthy. "Cash Flow Volatility, Return Predictability and Stock Price Decompositions: Why You Should Scale Prices by Trend Cash Flows." Working Paper, June 2025. View Details
- Hillenbrand, Sebastian, and Odhrain McCarthy. "Street Earnings: Implications for Asset Pricing." Working Paper, June 2025. View Details
- McCarthy, Odhrain, and Sebastian Hillenbrand. "Heterogeneous Beliefs and Stock Market Fluctuations." Working Paper, June 2025. (WFA Brattle Group Ph.D. Award for Outstanding Research.) View Details
- Blickle, Kristian, Quirin Fleckenstein, Sebastian Hillenbrand, and Anthony Saunders. "The Myth of the Lead Arranger’s Share." Working Paper, May 2020. View Details
- Cases and Teaching Materials
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- Baker, Malcolm, and Sebastian Hillenbrand. "Cost of Capital at DraftKings." Harvard Business School Teaching Note 224-081, May 2024. (Revised February 2025.) View Details
- Baker, Malcolm, Sebastian Hillenbrand, and James Barnett. "Cost of Capital at DraftKings." Harvard Business School Case 224-007, September 2023. (Revised May 2024.) View Details
- Additional Information