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Benjamin Hébert
Benjamin Hébert
Assistant Professor, Finance
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BenjaminHébert
Assistant Professor of Finance
Academic Area: 
Finance

Research Statement

Benjamin's research includes finance, macroeconomics, and contract theory. His recent projects seek to explain why debt contracts are so common, to analyze the effects of sovereign default, and to understand the information processing constraints on financial market participants.

Bio

Benjamin Hébert is an Assistant Professor of Finance at the Stanford Graduate School of Business. Benjamin received his Ph.D. from Harvard University in 2015. Prior to graduate school, he worked for several years in the financial industry. He holds undergraduate degrees in Physics and Computer Science from M.I.T.

Academic Degrees

  • PhD, Financial Economics, Macroeconomics, Contract Theory, Business Economics at Harvard University, 2015
  • S.B., Physics, Massachusetts Institute of Technology
  • S.B., Computer Science and Engineering, Massachusetts Institute of Technology

Academic Appointments

  • Assistant Professor, Stanford GSB, 2016-present
  • Faculty Research Fellow, NBER (AP, IFM), 2018-present
  • Postdoctoral Scholar, Department of Economics, Stanford University, 2015-16

Awards and Honors

  • Review of Economic Studies Tour, 2015
  • Finance Theory Group: Best Finance Theory Job Market Paper, Runner-Up Prize, 2015
  • AQR Top Finance Graduate Award at CBS, 2015
  • Roger Martin Doctoral Research Award, Harvard Business School. Awarded to Ph.D. students in Business Economics who have conducted outstanding academic research, 2014
  • PhD Outstanding Paper Award, The 11th Annual Corporate Finance Conference, Olin Business School, Washington University in St. Louis, 2014
  • Visiting Graduate Student, Becker Friedman Institute, University of Chicago, 2014
  • Bradley Foundation Fellowship, 2013-15
  • Harvard University Certificate of Distinction in Teaching, Fall 2013

Publications

Journal Articles

The Insurance is the Lemon: Failing to Index Contracts
Barney Hartman-Glaser, Benjamin Hébert. Journal of Finance (forthcoming). February 2020.
Moral Hazard and the Optimality of Debt
Benjamin Hébert. The Review of Economic Studies. October 1, 2018, Vol. 85, Issue 4, Pages 2214-2252.
The Costs of Sovereign Default: Evidence from Argentina
Benjamin Hébert, Jesse Schreger. American Economic Review. October 2017, Vol. 107, Issue 10, Pages 3119-3145.
Most Reported Genetic Associations With General Intelligence Are Probably False Positives
CF Chabris, Benjamin Hébert, DJ Benjamin, J Beauchamo, D Cesarini, M Van der loos, M Johannesson, PK Mangnusson, P Lichtenstein, CS Atwood, J Freese, TS Hauser, RM Hauser, N Christakis, D Laibson. Psychological Science. September 24, 2012, Vol. 23, Issue 11, Pages 1314-1323.
The Promises and Pitfalls of Genoeconomics
Benjamin Hébert, Several Co-authors. Annual Review of Economics. September 2012, Vol. 4, Pages 627-662.
Investment Dynamics with Natural Expectations
Andreas Fuster, Benjamin Hébert, David Laibson. International Journal of Central Banking. January 2012, Vol. 8, Issue 1, Pages 243-265.

Other Publications

Natural Expectations, Macroeconomic Dynamics, and Asset Pricing
Andreas Fuster, Benjamin Hébert, David Laibson. NBER Macroeconomics Annual 2011. University of Chicago Press: NBER, August 2011, Vol. 26, Pages 1-48.

Working Papers

Rational Inattention with Continuous Time | PDF
Benjamin Hébert, Michael Woodford, October 212019
Information Acquisition, Efficiency, and Non-Fundamental Volatility
Benjamin Hébert, Jennifer La'O..., September 262019
Optimal Corporate Taxation Under Financial Frictions | PDF
Eduardo Davila, Benjamin Hébert, September 2019
Are Intermediary Constraints Priced? | PDF
Wenxin Du, Benjamin Hébert, Amy Wang, June 182019
Information Costs and Sequential Information Sampling | PDF
Benjamin Hébert, Michael Woodford, November 142018
Externalities as Arbitrage | PDF
Benjamin Hébert, March 192018

Teaching

Degree Courses

2019-20

FINANCE 620: Financial Markets I

This course is an introductory PhD level course in financial economics. We begin with individual choice under uncertainty, then move on to equilibrium models, the stochastic discount factor methodology, and no-arbitrage pricing. We will also...

2018-19

FINANCE 211: Corporate Finance: Applications, Techniques, and Models

This course will develop and apply the basic tools and models of corporate finance to real-world corporate decisions. This course is designed to be the second course in the standard finance sequence; that is, it is designed to be the natural...

FINANCE 620: Financial Markets I

This course is an introductory PhD level course in financial economics. We begin with individual choice under uncertainty, then move on to equilibrium models, the stochastic discount factor methodology, and no-arbitrage pricing. We will also...

2017-18

FINANCE 211: Corporate Finance: Applications, Techniques, and Models

This course will develop and apply the basic tools and models of corporate finance to real-world corporate decisions. This course is designed to be the second course in the standard finance sequence; that is, it is designed to be the natural...

FINANCE 211A: Corporate Finance: Applications, Techniques, and Models

(Same as FINANCE 211) This course will develop and apply the basic tools and models of corporate finance to real-world corporate decisions. This course is designed to be the second course in the standard finance sequence; that is, it is designed...

FINANCE 620: Financial Markets I

This course is an introductory PhD level course in financial economics. We begin with individual choice under uncertainty, then move on to equilibrium models, the stochastic discount factor methodology, and no-arbitrage pricing. We will also...

School News

written2016 John Bates Clark Medalist Among New Faculty at Stanford GSB
November 2, 2016
This fall, the Stanford Graduate School of Business welcomed six new professors — including the 2016 winner of the prestigious John Bates Clark award, Yuliy Sannikov — and 11 lecturers.