Anthony B. Sanders
Distinguished Professor of Real Estate
232 Enterprise Hall
Anthony B. Sanders is
Distinguished Professor of Real Estate Finance in the School of Business at George
Mason University. He has previously taught at University of Chicago (Graduate
School of Business)and The Ohio State University
(Fisher College of Business). He served as Director and Head of Asset-backed
and Mortgage-backed Securities Research at Deutsche Bank in New York City.
and teaching focuses on investments, financial institutions and real estate
finance. He has published articles in Journal
of Finance, Journal
of Financial and Quantitative Analysis, Journal of Business, Journal of Financial Services
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.
Areas of Expertise and
Investments, Fixed-income, Mortgages, Financial Markets, Banking
Real Estate Finance and Investment
Research: Best Paper Award at Pacific Basin Capital Markets Research Conference, 1992
Research: Acknowledgement of Outstanding Research from Ohio House of Representives, 1992.
Research: Outstanding Research Award, George Mason University School of Business, 2014.
Teaching: Outstanding Finance Professor in Undergraduate Program - 2017
Teaching: PaceSetter Award forOutstanding MBA Professor, The Ohio State University School of Business.
Teaching: Outstanding MBA Elective Professor, The Ohio State University School of Business (2)
Teaching: Black MBA Outstanding Professor Award, The Ohio State University School of Business (2)
Selected Working Papers
“Residential House Prices, Commercial Real Estate and Bank Failures”
"Servicers and Mortgage-Backed Securities Default: Theory and Evidence" with Brent Ambrose and Abdullah Yavas, Real Estate Economics, Volume 44, Issue 2, Summer 2016, Pages: 462–489.
"What is Subordination About? Credit Risk and Subordination Levels in Commercial Mortgage-Backed Securities (CMBS)" with Yongheng Deng, Xudong An and Joseph Nichols, Journal of Real Estate Finance and Economics, Vol. 51, No. 2, 2015.
"The Subprime Mortgage Crisis," in Public Real Estate Markets and Investments by H Kent Baker and Peter Chinloy (2014), Oxford University Press.
"Local Traits and Securitized Commercial Mortgage Default," with Yongheng Deng, Xudong An and Joseph Nichols, Journal of Real Estate Finance and Economics, November 2013, Volume 47, Issue 4, pp 787–813.
"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,â€ 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,â€ 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 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.
Reprinted in Robert Kolb (ed.) Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future, Wiley, 2010.
"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 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.
"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.
"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.
"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 Variation of Economic Risk Premiums in Real Estate Returns," with Andrew Karolyi, Journal of Real Estate Finance and Economics, 1998.
"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.