Antonio J. Macias

Baylor University

Associate Professor of Finance

Hankamer School of Business

Waco, TX 76798

United States

  • Baylor University

SCHOLARLY PAPERS

18

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9,302

TOTAL CITATIONS
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SSRN RANKINGS

Top 21,468

in Total Papers Citations

56

Scholarly Papers (18)

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1.

Intangible Assets and Capital Structure

Number of pages: 60 Posted: 25 Oct 2014 Last Revised: 20 Jun 2019
Steve C. Lim, Antonio J. Macias and Thomas Moeller
Texas Christian University - M.J. Neeley School of Business, Baylor University and Texas Christian University - Neeley School of Business
Downloads 1,868 (19,469)
Citation 14

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Capital structure, financial leverage, identifiable intangible assets, purchase price allocation

2.

Broken Promises: The Role of Reputation in Private Equity Contracting and Strategic Default

AFA 2012 Chicago Meetings
Number of pages: 51 Posted: 23 Jan 2010 Last Revised: 11 Sep 2012
Matthew D. Cain, Steven Davidoff Solomon and Antonio J. Macias
Berkeley Center for Law and Business, University of California, Berkeley - School of Law and Baylor University
Downloads 1,043 (46,213)
Citation 4

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private equity, reputation, contracting, termination

3.

Material Adverse Change Clauses and Acquisition Dynamics

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 48 Posted: 17 May 2010 Last Revised: 02 Feb 2012
David J. Denis and Antonio J. Macias
University of Pittsburgh and Baylor University
Downloads 841 (62,331)
Citation 18

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Acquisitions, Contractual mechanisms, Material-Adverse-Change clause (MACs)

4.

Risk Allocation and Flexibility in Acquisitions: The Economic Impact of Material-Adverse-Change (MACs) Clauses

AFA 2009 San Francisco Meetings Paper
Number of pages: 61 Posted: 26 Mar 2008 Last Revised: 21 Apr 2009
Antonio J. Macias
Baylor University
Downloads 795 (67,126)
Citation 2

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Mergers and Acquisitions (M&A), Deal-protection mechanisms, Material-Adverse-Change clause (MACs), Material-Adverse Event (MAE) exclusions, merger agreement, risk allocation, flexibility

5.

Shareholder Decision Rights in Acquisitions: Evidence from Tender Offers

Indiana Legal Studies Research Paper No. 331
Number of pages: 51 Posted: 11 Jul 2015 Last Revised: 09 Jan 2018
Audra L. Boone, Brian J. Broughman and Antonio J. Macias
Texas Christian University - M.J. Neeley School of Business, Vanderbilt University - Law School and Baylor University
Downloads 728 (75,414)
Citation 4

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Merger, Tender Offer, Acquisitions, M&A, Supermajority, Shareholder Voting, Shareholder Approval, Delaware Law

6.

Can Serial Acquirers Be Profiled?

Number of pages: 75 Posted: 01 Oct 2015 Last Revised: 16 Jul 2016
Antonio J. Macias, P. Raghavendra Rau and Aris Stouraitis
Baylor University, University of Cambridge and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 649 (87,333)
Citation 2

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Serial acquirers; Mergers; Acquisitions; M&A; Firm characteristics; Overvaluation; Efficiency; Industry Effects; Path dependency; Learning

7.

Changing Direction: Cross Border Acquisitions by Emerging Market Firms

Number of pages: 40 Posted: 23 Jan 2010 Last Revised: 11 Oct 2011
Lucy Chernykh, Ivonne A. Liebenberg and Antonio J. Macias
Clemson University, University of Mississippi - School of Business Administration and Baylor University
Downloads 560 (105,272)

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Acquisitions, Cross-Border, Emerging markets, Developed Markets

8.

Merger Negotiations in the Shadow of Judicial Appraisal

Indiana Legal Studies Research Paper No. 381
Number of pages: 45 Posted: 21 Sep 2017 Last Revised: 22 Mar 2019
Audra L. Boone, Brian J. Broughman and Antonio J. Macias
Texas Christian University - M.J. Neeley School of Business, Vanderbilt University - Law School and Baylor University
Downloads 537 (111,008)
Citation 9

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Appraisal, Mergers, Appraisal Arbitrage

9.

Risk Allocation in Acquisitions: The Uses and Value of MAE-Exclusions.

Number of pages: 56 Posted: 22 Apr 2009 Last Revised: 04 Oct 2011
Antonio J. Macias
Baylor University
Downloads 480 (127,199)

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merger, acquisition, risk allocation, information asymmetry, moral hazard, material adverse event,Acquisitions, Contractual mechanisms, Material-Adverse-Change clause (MACs), Material-Adverse Event (MAE) exclusions, merger agreement, adverse selection, material adverse change clause, MAC

10.

Buyer Beware: Ethics, Adverse Selection, and Target Method of Sale Strategies

Number of pages: 50 Posted: 09 Feb 2009 Last Revised: 17 Aug 2017
Carol Anilowski Cain, Gary Fleischman, Antonio J. Macias and Juan Manuel Sanchez
Winston-Salem State University, Texas Tech University, Baylor University and University of Texas at San Antonio
Downloads 401 (157,144)

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Acquisitions, Auction, Negotiation, Information-Asymmetries, Adverse Selection, Ethics

11.

Solving Serial Acquirer Puzzles

Downloads 308 (209,739)

Solving Serial Acquirer Puzzles

Number of pages: 62 Posted: 29 Oct 2022 Last Revised: 24 Jun 2023
Antonio J. Macias, P. Raghavendra Rau and Aris Stouraitis
Baylor University, University of Cambridge and Hong Kong Baptist University
Downloads 191 (335,248)

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Mergers, Acquisitions, M&A, Serial acquirers, Anticipation, Return Persistence, Misvaluation

Solving Serial Acquirer Puzzles

Review of Corporate Finance Studies, Forthcoming
Number of pages: 62 Posted: 26 Jun 2023
Antonio J. Macias, P. Raghavendra Rau and Aris Stouraitis
Baylor University, University of Cambridge and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 117 (508,228)

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Mergers; Acquisitions; M&A; Serial acquirers; Anticipation; Return Persistence; Misvaluation

12.

Amicus Brief of Law and Finance Professors in Verition Partners v. Aruba Networks (Appraisal Lawsuit)

Number of pages: 21 Posted: 02 Jan 2019
Brian J. Broughman, Audra L. Boone, Albert H. Choi, Jesse M. Fried, Mira Ganor, Antonio J. Macias and Noah Stoffman
Vanderbilt University - Law School, Texas Christian University - M.J. Neeley School of Business, University of Michigan Law School, Harvard Law School, University of Texas at Austin - School of Law, Baylor University and Indiana University - Kelley School of Business - Department of Finance
Downloads 258 (251,932)

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Appraisal, Efficient Market Hypothesis, Mergers

13.

Anticipating Acquirers

Number of pages: 79 Posted: 11 Mar 2020 Last Revised: 03 Jun 2020
Antonio J. Macias, P. Raghavendra Rau and Aris Stouraitis
Baylor University, University of Cambridge and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 240 (270,716)
Citation 3

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Serial acquirers, Mergers, Acquisitions, M&A, Anticipation, Persistence, Misvaluation

14.

Motivations for Material Adverse Change Clauses in Merger Agreements

Number of pages: 51 Posted: 15 Jun 2016
Antonio J. Macias and Thomas Moeller
Baylor University and Texas Christian University - Neeley School of Business
Downloads 171 (371,316)

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Mergers, Acquisitions, Signaling, Material Adverse Change Clauses

15.

Overvaluation, Bidder Returns, and the Method of Payment in Acquisitions: Evidence from Serial Acquirers

Number of pages: 49 Posted: 15 Mar 2012 Last Revised: 12 Nov 2016
Antonio J. Macias, P. Raghavendra Rau and Aris Stouraitis
Baylor University, University of Cambridge and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 168 (377,065)

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Serial acquirers; Methods of payment; Firm characteristics; Overvaluation

16.

An Analysis of the Characteristics of Firms Conducting Corporate Events Inside and Outside Waves

Number of pages: 46 Posted: 11 Nov 2016
Antonio J. Macias, P. Raghavendra Rau and Aris Stouraitis
Baylor University, University of Cambridge and Hong Kong Baptist University (HKBU) - Department of Finance and Decision Sciences
Downloads 96 (582,813)

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Merger waves; Seasoned equity issue waves; Repurchase waves; Firm characteristics

17.

Employees and the Market for Corporate Control

Journal of Corporate Finance, Forthcoming
Number of pages: 49 Posted: 19 Mar 2012 Last Revised: 18 Apr 2015
Antonio J. Macias and Christo A. Pirinsky
Baylor University and University of Central Florida
Downloads 80 (651,366)

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employee policy, mergers and acquisitions

18.

Do Appraisal Challenges Benefit Target Shareholders Through Narrowing Arbitrage Spread? – A Reply

Number of pages: 4 Posted: 29 Aug 2020
Audra L. Boone, Brian J. Broughman and Antonio J. Macias
Texas Christian University - M.J. Neeley School of Business, Vanderbilt University - Law School and Baylor University
Downloads 79 (656,061)

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