Mauricio Zelaya

PhD Student

Mauricio Zelaya.BComm (Finance and Economics, University of Toronto); MA, (International Economics and Finance, Ryerson University).

Office: PAS 2204


My research examines the locational choices of multinational firms in the presence of political risk. Following a real options approach, the vertical integration strategy of firms divest from institutional uncertainty, while government officials combat domestic country risk by providing overly generous incentive packages to attract foreign investors. I find that the magnitude of the incentive package over compensates for the additional risk taken by foreign investors, where the cost of the subsidies and tax credits may outweigh the benefits of foreign direct investments.

Research interests

  • Political economy
  • Applied econometrics
  • Real Options


  • Joel Blit
  • Anindya Sen
University of Waterloo