Andres Almazan - The University of Texas at Austin, McCombs School of Business. Austin, TX, US

Andres Almazan Andres Almazan

Professor, Department of Finance | The University of Texas at Austin, McCombs School of Business

Austin, TX, US
An expert in corporate finance


Areas of Expertise (6)

Capital Markets Agency Theory Capital Structure Corporate Governance Mergers and Acquisitions Banking

Industry Expertise (4)

Financial Services Business Services Capital Markets Investment Banking


Dr. Andres Almazan is a Professor in the finance department. His research and teaching interests include corporate finance, financial intermediation, capital markets, M&A, and banking and contact theory.

Testimonials (1)

David Wenger, Director of Communications | McCombs School of Business

Alamzan sheds lights on many aspects of corporate finance that might go unnoticed, such as the restrictions on mutual fund investments or the relationship between a firm's location and their corporate finance decisions. His research is as interesting as it is insightful. Almazan is a go-to person for banking regulations and he is a gifted and sought-after speaker.

Education (3)

Massachusetts Institute of Technology: Ph.D., Economics 1996

CEMFI, Madrid (Spain): M.S., Economics 1991

University of Malaga: B.A., Business Administration 1989

Media Appearances (3)

Following several resignations, top administrative positions still vacant.

The Daily Texan  online


Andres Almazan, chair of the business school search committee and professor in McCombs, said at this time, the committee is bound by confidentiality and cannot talk about the specifics of its search.

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US News ranks UT number 16 among public US universities

The Daily Texan  online


Finance professor Andres Almazan said students play an important role in UT’s history of academic achievement.
“It’s difficult to be good if you don’t have good students and resources,” Almazan said. “UT is lucky in that we have both. We do everything we can to make sure the content and delivery is absolutely first class. We have good students, and we make sure they get the education they deserve.”

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"U.S. Financial Regulation" with Dr. Andres Almazan

McCombs Today  online


Dr. Andres Almazan conducted a Knowledge To Go (KTG) Webinar entitled, "U.S. Financial Regulation." Almazan notes that the financial system is one of the most heavily regulated industries in our economy. He discusses the modern approach to regulation and the steps that must be taken in order to weigh the costs and benefits. Almazan goes on to discuss the U.S. bank regulation and the eight categories of bank regulation.

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Event Appearances (5)


Frankfurt School of Finance and Management  Frankfurt, Germany


Real Estate Finance (Discussant)

2014 Real Estate Symposium  Monterey Bay, CA


Understanding Capital Structures

NBER Conference  Madrid, Spain


Finance Theory

7th Workshop of the Finance Theory Group  Duke University, NC


Corporate Finance and Banking

12th Madrid Finance Workshop - Issues in Corporate Finance and Banking  Madrid, Spain


Articles (7)

Andres Almazan citations
Google Scholar


Listing of top scholarly works by Andres Almazan.

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Financial Structure, Acquisition Opportunities and Firm Locations
Journal of Finance


This paper investigates the relation between firms' locations and their corporate finance decisions. We develop a model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those acquisitions, firms within clusters maintain more financial slack.

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Attracting Attention: Cheap Managerial Talk and Costly Market Monitoring
Journal of Finance


We provide a theory of informal communication—cheap talk—between firms and capital markets that incorporates the role of agency conflicts between managers and shareholders. The analysis suggests that a policy of discretionary disclosure that encourages managers to attract the market's attention when the firm is substantially undervalued can create shareholder value.

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Firm Location and the Creation and Utilization of Human Capital
The Review of Economic Studies


This paper presents a theory of location choice that draws on insights from the incomplete contracts and investment flexibility (real option) literatures. Our analysis indicates that the choice of locating within rather than away from industry clusters is influenced by ...

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Active Institutional Shareholders and Costs of Monitoring: Evidence from Executive Compensation
Financial Management


Although evidence suggests that institutional investors play a role in monitoring management, not all institutions are equally willing or able to serve this function. We present a stylized model that examines the effects of institutional monitoring on executive ...

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Why Constrain Your Mutual Fund Manager?
Journal of Financial Economics


We examine the form, adoption rates, and economic rationale for various mutual fund investment restrictions. A sample of US domestic equity funds from 1994 to 2000 reveals systematic patterns in investment constraints, consistent with an optimal contracting ...

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Entrenchment and Severance Pay in Optimal Governance Structures
The Journal of Finance


This paper explores how motivating an incumbent CEO to undertake actions that improve the effectiveness of his management interacts with the firm's policy on CEO replacement. Such policy depends on the presence and the size of severance pay in the ...

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Contact Andres Almazan