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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:

“What Broker Charges Reveal about Subprime Mortgage Credit Risk,” Journal of Real Estate Finance and Economics, forthcoming (with A. Berndt and B. Hollifield).

“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).

“Does Information Drive Trading in Option Strategies,” Journal of Banking and Finance, 2010 (with R. Fahlenbrach).

“Co-Movements of Index Options and Futures Quotes,” Journal of Empirical Finance, 2009 (with R. Fahlenbrach).

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