Antonio Macias

Professional Summary

Antonio Macias, PhD, joined Baylor University in 2014 as an assistant professor of Finance. Macias has previously taught at Texas Christian University and Purdue University for a total of six years.

Macias has ample international work experience as a practitioner in mergers and acquisitions, having worked for six years with CEMEX, one of the most active international acquirers in the past 20 years. In addition, he has another four years of experience evaluating and implementing project investments as an industrial engineer at Procter & Gamble and Colgate-Palmolive.

Macias is fluent in English and Spanish, and conversational in German and French.

Education

2008 – PhD, Finance, Purdue University, West Lafayette, Indiana

1998 – MS, Engineering Economic Systems—Operations Research, Stanford University, Palo Alto, California 

1997 – MS Industrial Engineering—Engineering-Management. Stanford University, Palo Alto, California

1993 – BS., Chemical Engineering, Monterrey Institute of Technology (ITESM), Monterrey, Mexico

Courses

FIN 4350 - Financial Modeling

Research Interests

Empirical corporate finance, in particular mergers and acquisitions and intangible assets

Selected Publications

• Macias, A. J., Rau P. R., & Stouraitis, A. (2025). Solving Serial Acquirer Puzzles. Review of Corporate Finance Studies, Vol. 14(1) 35-84.
• Lim, S. C., Macias, A. J., & Moeller, T. (2020). Intangible assets and capital structure. Journal of Banking & Finance, Vol. 118.
• Audra, B., Broughman, B., & Macias, A. J. (2019). Merger Negotiations in the Shadow of Judicial Appraisal. Journal of Law and Economics, Vol. 62.
• Audra, B., Broughman, B., & Macias, A. J. (2018). Shareholder Decision Rights in Acquisitions: Evidence from Tender Offers. Journal of Corporate Finance. Vol. 53, 225-245
• Denis, D., & Macias, A. J. (2013). Material Adverse Change Clauses and Acquisition Dynamics. Journal of Financial and Quantitative Analysis, Vol. 48, 819-847