Biography

Professor Sanders is the Galbreath Distinguished Scholar and Professor of Finance at the Fisher College of Business.  He has also taught at the Graduate School of Business of the University of Chicago and the McCombs School of Business at University of Texas at Austin.   During 1997 and 1998, he was Director and Head of Asset-backed Securities Research at Deutsche Bank.

Professor Sanders' research and teaching focuses on mortgage markets (both residential and commercial), energy derivatives, risk managment and fixed-income securities.  He has published numerous articles in Journal of Finance,  Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Fixed Income, Real Estate Economics and Journal of Real Estate Finance and Economics as well as other journals.   He is currently serving on numerous editorial boards.   He has won 6 teaching awards and 2 research awards since 1990.

Professor Sanders has served as a consultant to various firms such as Merrill Lynch, Swiss Bank and Morgan Grenfell on the subjects of mortgage design and pricing.  In addition, he has worked with various law firms on the subject of mortgage-backed security valuation and energy markets.

Working Papers

"Initial Public Offerings and Momentum"
"Can Asset-backed Security Returns be Forecasted?"
"CMBS Prepayment and Defaut"
"Alternative Shared Appreciation Mortgage Products"

Selected Publications

"Commercial Mortgage-backed Securities," The Handbook of Fixed-income Securities,
edited by Frank J. Fabozzi, forthcoming, 2000.     Also will appear in The Handbook of
Mortgage-backed Securities, edited by Frank J. Fabozzi and Investing in ABS, edited
by Frank J. Fabozzi.

"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, forthcoming, 2000.  Also will appear in The Handbook of Mortgage-backed
Securities, edited by Frank J. Fabozzi and Investing in ABS, edited by Frank J. Fabozzi.

"The Nonagency Mortgage Market: Background and Overview," with Eric Bruskin and
David Sykes, The Handbook of Nonagency Mortgage-backed Securities, edited by Frank
J. Fabozzi, Chuck Ramsey, Frank Ramirez, and Michael Marz, 2000.

"The Impact of EMU on Commercial Property and Mortgage-backed Securities Markets,"
with Ron Roark, CMBS World, Volume 2, 1999.

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

"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", The Handbook
of Real Estate Portfolio Management, edited by J. Pagliari (Irwin Publishing Co.), 1995.

"An Empirical Comparison of Alternative Models of Short-Term Interest Rates", with
K.C. Chan, A. Karolyi, and F. Longstaff, The Journal of Finance, May 1992.  Reprinted in
The New Interest Rate Models published by Risk Magazine.

"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, 1992.

"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 Journal of 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, University of Chicago, November 1990.

"On the Determinants of the Value of Call Options on Default-free Bonds," with Stephen
Buser and Patric Hendershott, Journal of Business, Vol 63, No. 1, part 2, pp. 33-50
(January 1990).

"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, Housing Finance
Review (now Journal of Housing Economics) Vol. 5, No. 1, pp. 49-57 (Summer 1986).

"Spot Rate Uncertainty and Mortgage Pricing," Housing Finance Review (now 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, Journal of the American Real Estate and
Urban Economics Association (now Journal of Real Estate Economics), Vol. 13,
No. 3, pp. 248-260, (Fall 1985).

"Tenure Choice Under a Progressive Tax Structure," with Stephen Buser, Journal
of the American Real Estate and Urban Economics Association (now Journal of Real
Estate Economics), Vol. 11, No. 3, pp. 371-381, (Winter 1984).

"Excess Depreciation and the Maximum Tax," with Gailen Hite, Journal of the
American Real Estate and Urban Economics Association (now Journal of Real Estate
Economics), Vol. 9, No. 1, pp. 134-147, (Winter 1982).