Area Chair, Finance Distinguished Professor of Real Estate Finance
Office: 227 Enterprise Hall
Fax: 703-993-1870 email@example.com
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),
University of Texas at Austin (McCombs School of Business) and The Ohio State
University (Fisher College 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, securitization, 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 Federal Reserve of Cleveland, Bank of England, European Central Bank in Frankfurt, Bank of Japan as well
as academic and executive education presentations in Australia, Chile, Italy, Germany, UK, Japan, China, Poland, Mexico, South Africa
and the USA.
"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
"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..
"The Variation of Economic Risk Premiums in Real Estate Returns," with Andrew Karolyi,
Journal of Real Estate Finance and Economics,1998. Google Scholar Cites: 102.
"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.
"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.
"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.
"The effect of conforming loan status on mortgage yield spreads: A loan level analysis"
with BW Ambrose and M LaCour-Little, Real Estate Economics 32 (4), 541-569.
"Local Traits and Securitized Commercial Mortgage Default," Journal of Real Estate Finance and Economics, forthcoming.
"The Economics of Securitization," with Michael Lea. Annual Review of Financial Economics, Vol. 3, December 2011.
'Thy Neighbor's Mortgage: Does Living in a Subprime Neighborhood Impact Your Probability of Default?” with Brent Ambrose, Sumit Agarwal
and Souphala Chomsisengphet, Real Estate Economics, (39:4), 2011.
"CDO Issuance and the Pricing of Mortgage Debt in Subprime and CMBS Markets,” with Yongheng Deng and Stuart Gabriel,
Journal of Housing Economics, June 2011.
"List Prices, Sale Prices, and Marketing Time: An Application to U.S. Housing Markets,”
with Donald Haurin and Taylor Nadauld, Real Estate Economics, vol. 38(4), pages 659-685, Winter, 2010.
"The Subprime Crisis and its Role in the Financial Crisis." Journal of
Housing Economics, Volume 17, pgs. 254-261, 2008.
"Subordination Levels in Structured Financing," The Handbook of Financial
Intermediation and Banking, edited by A. Boot and A.Thakor, (North Holland
"Structuring CMOs, IOs, and POs," with Andrew Davidson. Handbook of Finance,
Frank Fabozzi, ed. 2008.
"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
"Government Sponsored Enterprises: Do the Benefits Outweigh the Costs?"
Journal of Real Estate Finance and Economics, Volume 25, Issue 2-3, pp. 121-127,
"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
"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.
"Adjusted Forward Rates as Predictors of Future Spot Rates," with Stephen
Buser and Andrew Karolyi, Journal of Fixed Income, December 1996.
"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 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.
"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.
"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.
"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
"A General Derivation of the Jump Process Option Pricing Formula," with F. Page,
Journal of Financial and Quantitative Analysis, December 1986, pp 437-446.
"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.