Sebastiao Oliveira

Welcome! I am a PhD student in economics at the University of Illinois at Urbana-Champaign. My research focuses on corporate finance, international finance, and monetary policy.

I previously participated in the Chicago Fed Graduate Student Visitor Program (Finance team) during the Fall of 2025, and I was a Dissertation Fellow at the Federal Reserve Board (Capital Markets Section) during the Summer of 2025.

I will be on the 2026-2027 Job Market!

You can find my CV here.

Email: so28@illinois.edu

Committee members: Heitor Almeida (chair), Dan Bernhardt (co-chair), Josef Zechner, Jaewon Choi, and Yuchen Chen.

Working Papers

Product Life Cycle Heterogeneity in the Transmission of Uncertainty (Job Market Paper)

The Impact of Monetary Policy on Venture Capital Finance, with Jose Carlos Abreu and Eduardo Marinho.

Reject & Resubmit at the Journal of Finance

The Equity Constraint Channel of Monetary Policy, with Heitor Almeida, Timothy Johnson, and Yucheng Zhou.

Local Currency Debt and Sovereign Rollover Risk, with Jaewon Choi, Jay Rafi, and Josef Zechner.

The Effect of U.S. Monetary Policy on Foreign Firms: Does Debt Maturity Matter?, with Jay Rafi and Pedro Simon.

Revise & Resubmit (2nd round) at the Journal of International Economics

Do Exchange Rate Shocks Affect Firms' Production Capacity? The Working Capital Channel

Brems Award for Best Third Year Paper

Market Expectations and the Credibility of Monetary Policy, with Pedro Simon.

Equity Financing Risk, with Mamdouh Medhat and Berardino Palazzo.

Revise & Resubmit at the Review of Asset Pricing Studies

How AI Shapes Firm Investment: Evidence From Mergers and Acquisitions, with Vahid Shadram

Publications

How Different is the Brazilian Political System? A Comparative Study (2022), with Odilon Camara and Luciano de Castro. E-Legis 37: 7-37.

Media: Exame, Estadão, O Globo

Work in Progress

On the Cost Channel of Monetary Policy: The Role of Working Capital Constraints, with Heitor Almeida and Daniel Carvalho.
Auction Design via Market Feedback and the Implications for Takeover Premia, with Dan Bernhardt and Tingjun Liu.
Do VC Funding Constraints Amplify Monetary Policy Shocks?, with Jose Carlos Abreu and Eduardo Marinho.
Global Mutual Fund Flows and the U.S.Dollar, with Jaewon Choi, Changdeok Hong, and Jay Rafi