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Zurbrugg, Ralf-Yves Xu, Limin Luo, Juan Liu, Yanlin Adelaide Business School 2020 http://hdl.handle.net/2440/128814 In this study I examine how a firm’s exposure to political risk affects its merger & acquisition (M&A) activities. Consistent with the predictions from real options theory, I find that a firm is less likely to engage in M&A activities and less likely to take large M&A deals when its exposure to political risk is high. This effect is particularly evident when acquirers are taking diversified M&As or when acquirers are influential and dominant in their industry. I also find a positive relationship between the time to deal completion and the acquirer’s exposure to political risk. Additionally, given that prudence and conservatism are motivated by a higher-level of political risk, I show that this leads to acquirers paying lower bid premiums and experiencing a larger increase in shareholder value from M&A deals. Thesis (MPhil) -- University of Adelaide, Adelaide Business School, 2020 en Firm-level political risk mergers and acquisitions Does Firm-Level Political Risk Affect Mergers and Acquisitions? Thesis This electronic version is made publicly available by the University of Adelaide in accordance with its open access policy for student theses. Copyright in this thesis remains with the author. This thesis may incorporate third party material which has been used by the author pursuant to Fair Dealing exceptions. If you are the owner of any included third party copyright material you wish to be removed from this electronic version, please complete the take down form located at: http://www.adelaide.edu.au/legalsopen.access