Version of RecordThis study analyzes the impact of cross-border acquisitions of US Telecom Operators on the shareholder value and firm performance. We analyzed the value implications of 33 acquisitions made by US Telecommunication companies in 18 countries located in North America, Europe, Latin America and Asia Pacific. While 15 of the target companies were domiciled in developed countries, 18 were located in Latin American and Asian emerging markets. Total value of acquisitions included in the sample was 12.3bnwithameantransactionvalueof363.8m. Our small sample analyses revealed that cross-border acquisitions of US Telecom companies on the average did not create value for the shareholders. We also could not identify any significant performance improvements in the post acquisition period. An interesting result of our empirical analysis was the finding that acquisitions of targets in emerging markets generated higher cumulative abnormal returns than the targets in developed country markets.Aybar, C. B. & Kan, O. B. (2003, July). Performance and value implications of cross-border acquisitions in the telecommunications industry: The case of US Telecom multinationals. Paper presented at the Annual Meeting of the Academy of International Business, Monterey California. Retrieved from http://academicarchive.snhu.ed