Anthony B. Sanders

Dr. Anthony B. Sanders

Distinguished Professor of Real Estate Finance
Professor of Finance

Office: 233 Enterprise Hall
Phone: 703-993-1326
Fax: 703-993-1870
Email: asander7@gmu.edu

Economics (housing and financial) Blog: Confoundedinterest Econ Blog

Biography

Anthony B. Sanders is Professor of Finance in the School of Management at George Mason University. He has previously taught at University of Chicago (Graduate School of Business). In addition, he served as Director and Head of Asset-backed and Mortgage-backed Securities Research at Deutsche Bank in New York City.

His research and teaching focuses on financial institutions, capital markets and real estate finance and investments. He has published articles in Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Financial Services Research, Real Estate Economics, Journal of Housing Economics and other journals. Professor Sanders has received 6 teaching awards and 3 research awards. He serves as Associate Editor for several leading journals. He has given presentations to the European Central Bank in Frankfurt, Exane BNP Paribas in Paris and Geneva, the Bank of Japan as well as academic and executive education presentations in Austria, France, Germany, Italy, Portugal, Spain, Holland, Poland, Switzerland, United Kingdom, Australia, Hong Kong, Japan, China, South Africa, Chile and Mexico.

Areas of Expertise

Financial Markets, Housing and Commercial Real Estate Economics

Real Estate Finance and Investment, Securitization

Current Research

"CMBS Special Servicers and Adverse Selection in Commercial Mortgage Markets: Theory and Evidence." with Brent Ambrose and Abdullah Yavas.

"The Bond Bull Market and the Disappearance of Mean Reversion."

Selected Finance Publications

"An Empirical Comparison of Alternative Models of Short-Term Interest Rates", with K.C. Chan, A. Karolyi, and F. Longstaff, Journal of Finance, May 1992.; Reprinted in The New Interest Rate Models published by Risk Publications, 2000. Google Scholar Cites: 1136.

"On the Intertemporal Stability of the Short-term Rate of Interest," with H. Unal, Journal of Financial and Quantitative Analysis, Vol. 23, No. 4, pp.417-423 (December 1988).

"A General Derivation of the Jump Process Option Pricing Formula," with F. Page, Journal of Financial and Quantitative Analysis, December 1986, pp 437-446.

"Does Regulatory Capital Arbitrage or Asymmetric Information Drive Securitization?" with Brent Ambrose and Michael Lacour-Little, Journal of Financial Services Research, Vol. 28, No. 1-3. (October 2005), pp. 113-133. Google Scholar Cites: 78.

"Subordination Levels in Structured Financing," The Handbook of Financial Intermediation and Banking, edited by A. Boot and A.Thakor, (North Holland Press, 2008).

"The Risk and Return on Real Estate: Evidence from Equity REITs,"with K.C. Chan and Patric Hendershott, Journal of the American Real Estate and Urban Economics Association (now Real Estate Economics), Vol. 18, No. 4, pp. 431-452 (Winter 1990). Proceedings of the Seminar on the Analysis of Security Prices, Center for Research in Security Prices;.NBER Working Paper No. 3311.. Google Scholar Cites: 226.

"On the Determinants of the Value of Call Options on Default-free Bonds," with Stephen Buser, Patric Hendershott, Journal of Business, Vol. 63, No. 1, part 2, pp. 33-50 (January 1990). NBER Working Paper No. 2529.

"The Structural Behavior of the Japanese Gensaki Rate," with K. Leung and H. Unal, Japanese Financial Market Research, edited by W. Ziemba, W. Bailey, and Y. Hamao (North Holland Press), pp. 557-568, 1993.

"International Real Estate Returns: A Multifactor, Multicountry Approach" with Shaun Bond and Andrew Karolyi, Real Estate Economics, Volume 31, Issue 3, pp. 481 - 500, September 2003. Google Scholar Cites: 61.

"The Variation of Economic Risk Premiums in Real Estate Returns," with Andrew Karolyi, Journal of Real Estate Finance and Economics,1998. Google Scholar Cites: 72.

"The Historical Behavior of REIT Returns: A Capital Markets Perspective," The Handbook of Real Estate Investment Trusts, edited by R. Garrigan and J. Parsons (Irwin Publishing Co.), 1997.

"Portfolio Management Concepts and Their Application to Real Estate," with J. Pagliari, The Handbook of Real Estate Portfolio Management edited by J. Pagliari (Irwin Publishing Co.), 1995.

"The Volatility of Japanese Interest Rates: A Comparison of Alternative Term Structure Models," with K.C. Chan, A. Karolyi, and F. Longstaff, Proceedings of the Pacific Basin Capital Markets Research Conference, edited by S. Rhee and R. Chang (North Holland Press), pp. 119-136, 1992.

"Adjusted Forward Rates as Predictors of Future Spot Rates," with Stephen Buser and Andrew Karolyi, Journal of Fixed Income, December 1996.

Selected Urban and Housing Economics and Mortgage Finance Publications

"Thy Neighbor's Mortgage: Does Living in a Subprime Neighborhood Impact Your Probability of Default," with Sumit Agarwal, Brent Ambrose and Souphala Chomsisengphet. Real Estate Economics, forthcoming.

"CDO Issuance and the Pricing of Mortgage Debt" with Yongheng Deng and Stuart Gabriel, Journal of Housing Economics, forthcoming.

"List Prices, Sale Prices, and Marketing Time: An Application to U.S. Housing Markets" with Don Haurin and Taylor Nadauld, Real Estate Economics, forthcoming.

"The Subprime Crisis and its Role in the Financial Crisis." Journal of Housing Economics, Volume 17, pgs. 254-261, 2008.

"Structuring CMOs, IOs, and POs," with Andrew Davidson. Handbook of Finance, Frank Fabozzi, ed. 2008.

"On the Pricing of Shared-Appreciation Mortgages," with F. Page, Journal of Housing Economics, Vol. 5, pgs. 49-57, 1986.

"Spot Rate Uncertainty and Mortgage Pricing," Journal of Housing Economics, Vol. 5, No. 1, pp. 43-48 (Summer 1986).

"Pricing Life-of-loan Rate Caps on Default-free Adjustable-rate Mortgages," with Stephen Buser and Patric Hendershott, Real Estate Economics, Vol. 13, No. 3, pp. 248-260, (Fall 1985). NBER Working Paper No. 1525.

"The Sub Prime Crisis: Implications for Emerging Markets," with Britt Gwinner. World Bank Policy Research Working Paper No. 4726, 2008. Reprinted in Robert Kolb (ed.) Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, Wiley, 2010.

"Barriers to Home-ownership and Housing Quality: The Impact of the International Mortgage Market," Journal of Housing Economics, Vol. 14, 147-152, 2005.

"Shared Appreciation Mortgages: The UK Experience," with V. Carlos Slawson, Journal of Housing Economics, Vol. 14, 178-193, 2005.

"REITs, IPO Waves, and Long Run Performance" with Richard Buttimer and David Hyland, Real Estate Economics, Vol. 33, No. 1, pp. 51-87, 2005.

"The Effect of Conforming Loan Status on Mortgage Yield Spreads: A Loan Level Analysis" with Brent Ambrose and Michael Lacour-Little, Real Estate Economics, Vol. 32, pp. 541-569, 2004.

"Legal Restrictions in Personal Loan Markets" with Brent Ambrose, Journal of Real Estate Finance and Economics, Vol. 30, No. 2, 2004

"Commercial Mortgage (CMBS) Default and Prepayment Analysis" with Brent Ambrose, Journal of Real Estate Finance and Economics, Vol. 26, No. 2-3, March-May 2003. Google Scholar Cites: 59.

"Government Sponsored Enterprises: Do the Benefits Outweigh the Costs?" Journal of Real Estate Finance and Economics, Volume 25, Issue 2-3, pp. 121-127, December 2002.

"Nonagency Collateralized Mortgage Obligations (CMOs)," with Frank J. Fabozzi, David Yuen and Chuck Ramsey, The Handbook of Fixed-income Securities, edited by Frank J. Fabozzi,(New York: McGraw-Hill, 2000)

"The Nonagency Mortgage Market: Background and Overview," with Eric Bruskin and David Sykes, The Handbook of Nonagency Mortgage-backed Securities, edited by Frank Fabozzi, Chuck Ramsey, Frank Ramirez, Michael Marz (Frank Fabozzi Associates), 2000.

"Capitalization Rates and Market Information," with Jeffrey Fisher, 1981, The Appraisal Journal, 49, 186-98.

"A Comparison of Ellwood and the Simple Weighted Average Overall Rates," with C.F. Sirmans), The Appraisal Journal, 48(3), July 1980 .