Theses and Dissertations


Bin Mei

Issuing Body

Mississippi State University


Sun, Changyou

Committee Member

Hussain, Anwar

Committee Member

Munn, A. Ian

Committee Member

Grala, K. Robert

Date of Degree


Document Type

Graduate Thesis - Open Access



Degree Name

Master of Science


College of Forest Resources


Department of Forestry


The U.S. forest products industry has witnessed an unprecedented period of mergers and acquisitions in the last decades. The overall goal of this thesis is to examine the impact of these activities on the financial performance and market power of the U.S. forest products industry in the last several decades. The first part of this thesis evaluated the mergers by event study. The results revealed that the equity market reacted positively to these mergers; the position of a firm and the relative transaction size explained most of the variations of the cumulative abnormal returns; and the risk for most of the selected 14 acquiring firms had changed after the mergers. The second part examined the market power of the U.S. paper industry by the new empirical industrial organization approach. The results indicated that the oligopoly power remained significant at the 1% level over the whole sample period; whereas the oligopsony power had dropped dramatically and become insignificant at the 5% level in recent 30 years.