Antonio Macias

Associate Professor - Finance, Insurance and Real Estate

Contact Information

Mailing Address:  One Bear Place #98004
Waco, TX  76706
Office Location:  Paul L. Foster Campus for Business and Innovation 320.36

Office Hours

TR 3:20-4:20

Also by appointment

Educational Background

  • PHD - Finance, Purdue University West Lafayette
  • MS - Economics, Stanford University
  • MS - Industrial Engineer, Stanford University
  • BSC - Chemical Engineering, Ins Tec Y Estudio De Monterrey

Work Experience

  • Assistant Professor of Finance, Baylor University (August 2014 - Present)
  • Assistant Professor of Finance, Texas Christian University (2009 - 2014)
  • Visiting Instructor, Purdue University (August 2008 - May 2009)
  • Adjunct Professor, EGADE-Graduate School of Business. Monterrey Institute of Technology (ITESM), (January 2003 - December 2004)
  • Graduate Student Assistant, Stanford University (June 1998 - July 1998)
  • Senior Associate, M&A Strategic Business Development, CEMEX (Largest building-materials firm in the Americas (3rd largest worldwide). Presence in more than 65 countries across the five continents) (1998 - 2004)
  • Industrial Engineer, Colgate-Palmolive (1994 - 1996)
  • Operations Management trainee, Procter & Gamble (May 1993 - August 1993)

Awards and Honors

  • Summer Fellow in the 2023 Affordable Course Materials program, Baylor University / Jesse H. Jones Library (May 2023)
  • Best Referee Award, Quarterly Journal of Finance, Mid West Finance Association (2018)
  • "MBA electives" teaching award, Texas Christian University (December 2013)
  • “Favorite Professors” by MBA Class 2011, Texas Christian University (December 2011)
  • Robert W. Johnson Award for Distinguished Research Proposal,, Krannert School of Management – Purdue University (July 2008)
  • Certificate for Outstanding Research,, Krannert School of Management – Purdue University (December 2007)
  • Certificate for Outstanding Teaching,, Krannert School of Management – Purdue University (December 2007)
  • Purdue Research Foundation Grant, Krannert School of Management – Purdue University (September 2007)
  • Andrews Fellowship, Krannert School of Management – Purdue University (June 2006)
  • The Citigroup Foundation Finance Doctoral Scholarship, The Citigroup Foundation (June 2006)
  • Stanford Alumni Scholarship, Stanford University Alumni association, Mexico (August 1997)
  • Stanford Global Leadership Project, Stanford University (August 1997)
  • Stanford University- CEMEX Masters Scholarship, CEMEX (Cementos Mexicanos) (August 1997)
  • ITESM Football-Soccer Scholarship, ITESM (Tech of Monterrey) (November 1993)

Professional Memberships

  • American Finance Association (AFA)
  • Financial Management Association International (FMA)


Dr. Macias joined Baylor University in 2014. Dr. Macias has previously taught at Texas Christian University and at Purdue University for a total of 6 years. He earned his B.S. as Chemical Engineer from the Tech of Monterrey (ITESM) in Mexico, his 2 MSc (Industrial Engineering-Engineering Management and Engineering Economic Systems-Operations Research) from Stanford University, and his PhD in Finance from Purdue University. His research interests are in Empirical Corporate Finance, in particular Mergers and Acquisitions. Dr. Macias has ample international work experience as a practitioner in M&A having worked for 6 years with CEMEX, one of the most active international acquirers in the last 20 years. In addition, he has another 4 years of experience evaluating project investments as Industrial Engineer in Procter & Gamble and Colgate-Palmolive. Dr. Macias is fluent in English and Spanish, and conversational in German and French.


Basic or Discovery Scholarship

Macias, A. J., P. R. Rau, and A. Stouraitis. 2023. Solving serial acquirer puzzles. Review of Corporate Finance Studies. Forthcoming.

Carol L. Cain, Gary M. Fleischman, Antonio J. Macias, and Juan Manuel Sanchez, 'Ethics, Adverse Selection, Target Method of Sale Strategies, and Akerlof’s “Lemons” Problem', Accounting and Finance Research, Vol. 10, No. 3, August 2021

Lim, Steve C., Antonio J. Macias, and Thomas Moeller, 2020, Intangible assets and capital structure, Journal of Banking & Finance, forthcoming

"Do Appraisal Challenges Benefit Target Shareholders Through Narrowing Arbitrage Spread? – A Reply," Journal of Law and Economics, Vol. 63, No. 4, (2020) (coauthors: Audra Boone, Brian Broughman).

"Merger Negotiations in the Shadow of Judicial Appraisal," Journal of Law and Economics, Vol. 62, (2019), pp. 281-319 (coauthors: Audra Boone, Brian Broughman).

Boone, A., B. Broughman and A. J. Macias. Shareholder Decision Rights in Acquisitions: Evidence from Tender Offers. Journal of Corporate Finance. Forthcoming, 2018

Applied or Integration/Application Scholarship

Basic or Discovery Scholarship

Macias, Antonio J., and Thomas Moeller, 2016, "Target signaling with material adverse change clauses in merger agreements", Journal of Empirical Finance, 39: 69-92

Applied or Integration/Application Scholarship

Basic or Discovery Scholarship

"Broken Promises: The Role of Reputation in Private Equity Contracting and Strategic Default," Journal of Corporation Law, The, (2015) (coauthors: Matthew D Cain, Steven M Davidoff-Solomon).

"Employees and the market for Corporate Control," Journal of Corporate Finance, (2015) (coauthors: Christo Pirinsky).

"Economic Consequences of Corporate Governance Reform in an Emerging Capital Market: Evidence from México," Trimestre Economico, (2014) (coauthors: Francisco J Roman).

"Material Adverse Change Clauses And Acquisition Dynamics," Journal of Financial and Quantitative Analysis, (2013) (coauthors: David J Denis).

Applied or Integration/Application Scholarship

"Materials Management at Lucent Technologies: 3C vs. MRP," Stanford Global Supply Chain Management Forum, (1998) (coauthors: Laura Kopczak).

Presentations and Proceedings

"Solving Serial Acquirer Puzzles," presented at the 7th Annual Mergers & Acquisitions Research Centre Conference, London, UK, June 2023.
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