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Fisher Spotlight
--1999 Annual Report--
-Fisher College of Business-
Image-"Knowledge is Power"Image-"Knowledge is Power"
Image-"Knowledge is Power"Image-"Knowledge is Power"






















Anthony and Harley discuss pricing Shared-appreciation Mortgages.
Neeli M. Bendapudi






New Horizons
Peter D. Easton

Anthony B. Sanders

Professor of Finance

Harley E. Rouda

Chairman of HER Realty, Inc.

A downpayment on success.

That’s how Swiss Bank Worbege viewed the assistance of Tony Sanders. Last year, Sanders’ research on "Pricing Shared-appreciation Mortgages" caught the bank’s attention. So they did what any forward thinking organization would do.

They put him on the payroll.

Sanders, a finance professor and co-director of Fisher’s Center for Real Estate Education and Research, was hired as a consultant to head up the real estate research division of the Deutsche Bank in New York. There Sanders investigated and analyzed defaults and prepayments in the REITS and CMBS markets and traded mortgage derivatives for the bank.

His experience at Deutsche Bank confirmed Sanders’ belief in the value of the academic community keeping in touch with contemporary real estate practices. In that spirit, he sought the creation of a symposium that would bring together experts from the academic and corporate communities to examine issues of interest to the real estate industry. He found ready and willing contributors in Harley E. Rouda, chairman of HER Realty, Inc., and his wife, Marlese, who were looking for a way to continue their long-standing support of real estate education at Ohio State.

Creation of a symposium is just one way the Real Estate Center is widening its net to involve a larger segment of the real estate community. "The symposium is an important component in accomplishing the center’s mission and new focus," says Sanders.

While maintaining its original mission of informing the public about trends in the real estate brokerage industry and providing a forum for the exchange of ideas, the center is extending its reach to include securitization, asset management, valuation, risk, and market and investment analysis.

Last year, the center brought in researchers from schools across the nation to lead seminars and workshops, presenting the first in a series of regional roundtables that addressed issues in corporate real estate, the emerging role of the commercial mortgage real estate investment trust (REIT), the development of secondary markets and securitization, and "State of the Market Real Estate Forecasts" highlighting trends, predictions and activities shaping the central Ohio real estate industry.

Sanders is also bringing his knowledge of commercial real estate investment and market trends to bear on the center’s tradition of sponsoring research relevant to the industry. Recent research conducted with Fisher College colleague Andrew Karolyi investigates the reasons for the 1998 decline in the REIT. Another of Sanders’ studies analyzes the default risks associated with the 125% LTV loan that has characterized the home equity loan business. Both papers have been made available to the public through the Real Estate Center’s Web site, which contains listings, summaries of monographs and abstracts of current research on developments and critical issues in the industry. Plans are in place for extending the site’s scope to include real estate and economic information, such as housing starts, mortgage rates and real estate returns, and guidelines on such matters as how to reduce risk and what’s hot and what’s not in the industry.

As Sanders says, "It’s all part of an effort to bring researchers and practitioners together for the benefit of both. And ultimately, that will benefit our students."

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