Although mobile network operators (MNOs) carried out numerous international expansion moves over the past 25 years industry-specific empirical research on shareholder reactions to such moves and on factors explaining differences of the wealth effects of international expansion moves is scarce....

Specific internationalization steps of single mobile network operators (MNO) such as the hostile takeover of the German Mannesmann corporation by the British Vodafone group have received substantial public attention. Nevertheless, there is a dearth of scholarly research using quantitative...