Dr. Anthony B. Sanders Bob Herberger Chair of Arizona Heritage Professor of Finance Office: BAC 581 Phone: 480-965-6819 Fax: 480-965-8539

WP Carey Faculty Directory Page
Anthony.B.Sanders@asu.edu

Biography

Anthony B. Sanders is  Professor of Finance and Real Estate at the W.P. Carey College of Business of  Arizona State University where he holds the Bob Herberger Arizona Heritage Chair. 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 investments 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. Professor Sanders serves as Associate Editor for several leading journals. Recently, he has given presentations to the European Central Bank in Frankfurt and Exane BNP Paribas in Paris and Geneva on the subject of the housing bubble in the U.S. and the mortgage market. He has given other presentations in Chile, Japan, China, Poland, England and Mexico in recent years.

He has served as a consultant to various firms such as Merrill Lynch, UBS, Bank of Scotland and Deutsche Bank on the subjects of mortgage-backed securities (MBS) and commercial mortgage-backed securities (CMBS). He has served as an expert witness on behalf of the U.S. Department of Justice, Merrill Lynch, UBS/Paine Webber, Wachovia/First Union Bank and others on the subject of CMOs, CDOs, mortgage derivatives, residential and commercial mortgage origination and underwriting, CMBS default and servicing and subprime mortgage lending.

Areas of Expertise
Asset Pricing, Fixed-income Markets, Bank Lending
Real Estate Finance

Courses Taught
Investments, Portfolio Management, Financial Markets
Real Estate Finance and Investment

Recent Presentations
Federal Trade Commission Research Roundtable - Economic Perspectives on the Home Mortgage Market - presentation
U.S. Senate Committee on Banking, Housing, and Urban Affairs - The Role of Government-Sponsored Enterprises in the Mortgage Market - testimony

Current Research
"Subordination Levels in Structured Financing" with Yongheng Deng and Xudong An
"CDO Issuance and the Pricing of Mortgage Debt" with Raphael Bostic, Yongheng Deng and Stuart Gabriel
"The impact of shareholder power on bondholders: Evidence from mergers and acquisitions" " with Angie Lo and Anil Makhija
"List Prices, Sale Prices, and Marketing Time: An Application to U.S. Housing Markets"with Don Haurin and Taylor Nadauld
"Hedging House Price Risk with Futures Contracts" with Don Haurin and Taylor Nadauld

Selected Publications - General Finance
"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.
"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.
"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.
"Securitization and Financial Intermediation," The Handbook of Financial Intermediation, edited by A. Boot and A.Thakor, (North Holland Press, forthcoming).
"Adjusted Forward Rates as Predictors of Future Spot Rates," with Stephen Buser and Andrew Karolyi, Journal of Fixed Income, December 1996.
"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.

Selected Publications - Real Estate Investment
"REITs, IPO Waves, and Long Run Performance" with Richard Buttimer and David Hyland, Real Estate Economics, Vol. 33, No. 1, pp. 51-87, 2005.
"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.
"The Variation of Economic Risk Premiums in Real Estate Returns," with Andrew Karolyi, Journal of Real Estate Finance and Economics,1998.
"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: 88.
"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.

Selected Publications - Real Estate Finance
"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.
"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
/papers.ssrn.com/sol3/papers.cfm?abstract_id=299298">"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.
"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.
"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.

Phoenix Subprime Map (A- credit quality)
Phoenix Subprime Map (B/C/D credit quality)
Phoenix Subprime Map (ALT-A loans)