Patrik Sandås

Associate Professor of Commerce

Patrik Sandas
+1 434-243-2289
Ph.D., Financial Economics, Carnegie Mellon University
M.S., Financial Economics, Carnegie Mellon University
B.S., Business Administration, Hanken School of Economics, Helsinki
Areas of Expertise: 
Market microstructure
Mortgage markets
Statistical and econometric methods
Professional Activities: 

Professor Sandås’ current research focuses on the interaction between speed and efficiency in securities markets, price discovery in fragmented markets, and the role and impact of intentional access delays (or "speed bumps") in financial markets. He teaches courses in investments and principles of securities trading and has taught courses in trading and markets, market microstructure, corporate finance, econometrics, and empirical methods in finance.

Professor Sandås was a research affiliate of the Institute for Financial Research in Stockholm (SIFR) and a Riksbanken Visiting Professor from 2012 to 2016. Before joining the McIntire faculty in 2005, Professor Sandås was on the faculty of the Wharton School of the University of Pennsylvania. He has also been a Visiting Economist at the New York Stock Exchange. His paper "How Subprime Borrowers and Mortgage Brokers Shared the Pie" won a best paper award at the Auckland Finance Meeting in 2013.

Selected Publications:

“Does Trading Anonymously Enhance Liquidity?” Journal of Financial and Quantitative Analysis, forthcoming (with P. Dennis).

“The Impact of Iceberg Orders in Limit Order Books,” Quarterly Journal of Finance, 2017 (with S. Frey).

“How Subprime Borrowers and Mortgage Brokers Shared the Pie,” Real Estate Economics, 2016 (with A. Berndt and B. Hollifield).

“Estimating Gains from Trade in Limit Order Markets,” Journal of Finance, 2006 (with B. Hollifield, R. Miller, and J. Slive).

“Empirical Analysis of Limit Order Markets,” Review of Economic Studies, 2004 (with B. Hollifield and R. Miller).

"Market Making with Costly Monitoring: An Analysis of the SOES Controversy," Review of Financial Studies, 2003 (with with T. Foucault and A. Röell).

"Adverse Selection and Competitive Market Making: Empirical Evidence from a Limit Order Market," Review of Financial Studies, 2001.

Recent news about Patrik Sandås:
How can consumers secure the best mortgage? What’s the biggest mistake people make when buying a home? McIntire Finance Professor Patrik Sandås offers expert home-buying advice in finance publication WalletHub . Read more