Dr. Anthony B. Sanders

Distinguished Professor of Real Estate Finance
Professor of Finance
Director, Center for Real Estate Entrepreneurship

Office: 225 Enterprise Hall
Phone: 703-993-1326
Fax: 703-993-1870


asander7@gmu.edu


Biography

Anthony B. Sanders is Professor of Finance in the School of Management at George Mason University where he is the Distinguished Professor of Real Estate Finance. 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 and capital markets with particular emphasis on real estate finance and investment. He has published articles in Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Financial Services Research, 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. Recently, he has given presentations to the European Central Bank in Frankfurt, Exane BNP Paribas in Paris and Geneva and the Bank of Japan on the subject of the housing bubble and commercial real estate in the U.S. and the mortgage market. He has given other presentations in Chile, Japan, China, Poland, England and Mexico in recent years. Professor Sanders has testified in the U.S. Senate and U.S. House of Representatives on the U.S. real estate asset and debt markets. Also, he was an invited speaker to the FTC on the subject of predatory lending.


Areas of Expertise

Fixed-income Markets, Banking, Housing and Commercial Real Estate
Real Estate Finance and Investment

Courses Taught

Corporate Finance, Financial Institutions, Risk Management
Real Estate Finance and Investment
REAL 502 Course Web Site

Recent Congressional Testimony

The Role of Government-Sponsored Enterprises in the Mortgage Market" - testimony - U.S.Senate Committee on Banking, Housing, and Urban Affairs, 2/10/05.

"Testimony on TARP and Loan Modifications." U.S House of Representatives, November 14, 2008

"Testimony on TARP and Transparency" U.S House of Representatives, February 11, 2009

Recent Presentations

Presentation to NAIOP on Commercial Real Estate, July 2009
Presentation to ULI on REITs and CMBS, August 2009

Current Research

"CDO Issuance and the Pricing of Mortgage Debt" with Yongheng Deng and Stuart Gabriel

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

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

"The Impact of Shareholder Power on Bondholders: Evidence from Mergers" with Anil Makhija and Angie Low

Selected Publications

"The Government's Role in Housing and the Role of Fannie and Freddie: Dual Roles Missions and Dueling Charters" with Robert Van Order, Journal of Law and Policy, 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.

"Securitization After the Fall" with Andrew Davidson. Housing after the Fall: Reassessing the Future of the American Dream, funded by John D. and Catherine T. MacArthur Foundation.

"The Subprime Crisis and its Role in the Financial Crisis." Journal of Housing Economics, 2009.

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

"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.

"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.

"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

"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.

"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.

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

"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: 559.

"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.

"An Empirical Comparison of Alternative Models of the Short-term Interest Rate," with KC Chan, George A. Karolyi and F. Longstaff, Journal of Finance, July 1992. Google Scholar Cites: 926.

"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.

"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: 161.

"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 (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.

"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.




























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