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Evaluating The Financial Performance Of The Timber Sector In The Us
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Book Synopsis Evaluating the Financial Performance of the Timber Sector in the US by : Xiaorui Piao
Download or read book Evaluating the Financial Performance of the Timber Sector in the US written by Xiaorui Piao and published by . This book was released on 2017 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past two decades, massive structural changes of timberland ownership occurred in the United States with almost 55 million acres of timberland changed hands. Forestry firms structured as C-Corporations (C-Corps) have either converted to timber real estate investment trusts (REITs) or divested most of their timberland holdings to REITs and timber investment management organizations (TIMOs). REIT, as a unique investment vehicle, is known to have better tax efficiency and liquidity and draws investors' attention. The first part of this dissertation evaluates the long-term financial performance of four publicly-traded timber REIT conversions by an event study using buy-and-hold and cumulative abnormal returns, a zero-investment portfolio approach, and pooled ordinary least squares (OLS) regression. The results show that on average, annualized abnormal returns of about 0.5% are identified before, and over 8.9% are identified after, the REIT conversions. Structural changes have added values to the timber firms in the long run. The second part compares the financial performance of publicly-traded timber REITs with other REITs using the intertemporal capital asset pricing model and multivariate generalized autoregressive conditional heteroscedasticity model. The results show that the conditional volatilities of REITs rise more after good news, and REITs as a whole respond positively to past shocks. Timber REITs, in particular, have large market capitalizations and no excess returns, and are insensitive to recessionary shocks. Timber REITs have the smallest unconditional variance and are most vulnerable to idiosyncratic shocks. The last part of this dissertation examines the determinants of timberland transaction prices in the US South during 2000-2015 using over 340 large transaction data provided by Timber Mart-South. The results show that pine sawtimber prices and the Federal funds rate have significantly positive impacts on transaction prices, while crude oil prices and the US dollar index have significantly negative impacts. Among the 11 Southern states, North Carolina and South Carolina have significantly positive effects on transaction prices, while Alabama, Arkansas, Tennessee, Texas, and Virginia have significantly negative effects. In regards to timberland ownership, C-Corps and TIMOs outperform firms outside the timber industry.
Book Synopsis Industrial Timberland Transactions in the United States by : Mohammad Mahfuzur Rahman
Download or read book Industrial Timberland Transactions in the United States written by Mohammad Mahfuzur Rahman and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last two decades, many firms in the U.S. forest products industry have either divested their timberlands or converted their corporate structures from C corporations to real estate investment trusts (REITs). This study hypothesizes that this large-scale timberland ownership change affects the financial performance of firms involved in divestitures and on timber supply and, as a result, the economic surplus of producers and consumers in the U.S. timber markets. These issues have not been adequately addressed in existing literature. Event analysis and equilibrium displacement models were employed to address firm financial performance in the capital markets and welfare implications in U.S. timber markets, respectively. The capital markets responded to divestiture events by significantly improving buying firms' and REITs' market value. Annual average timberland ownership changes resulted in a net reduction of timber supply which, in turn, caused total social surplus to decrease by 43 million dollars on annual rate of timberland ownership change basis. Compared to over 33 billion dollars U.S. timber markets, this surplus reduction was small. Thus, this study helps justify timberland ownership change decisions and explains the nature and extent of surplus shifts among producers and consumers when timberlands change hands.
Book Synopsis Draft Below-cost Timber Sales Assessment by :
Download or read book Draft Below-cost Timber Sales Assessment written by and published by . This book was released on 1990 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Microeconomics Of The Timber Industry by : David H. Jackson
Download or read book The Microeconomics Of The Timber Industry written by David H. Jackson and published by Routledge. This book was released on 2019-09-10 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1980. After its completion it was presented to Midwestern Forest Economists meeting in 1975 renamed as "The Competitive Theory of Timber Production: A Capitalistic Manifesto to Sustained Yield Forestry." The purpose of this book is to provide a better linkage between microeconomic theory and forestry. The intended audience is forest economists, resource economists, graduate students interested in forest management and economics and others interested in an economic framework useful in viewing major public policies.
Book Synopsis Problems of the Softwood Lumber Industry by : United States. Congress. Senate. Committee on Commerce
Download or read book Problems of the Softwood Lumber Industry written by United States. Congress. Senate. Committee on Commerce and published by . This book was released on 1962 with total page 1266 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing Commercial Timberland Assets in the United States by : Bin Mei
Download or read book Assessing Commercial Timberland Assets in the United States written by Bin Mei and published by LAP Lambert Academic Publishing. This book was released on 2011-01 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Timberland ownership in the United States has changed dramatically in the past several decades. Integrated forest products firms have been divesting their timberlands, whereas timberland investment management organizations (TIMOs) have been active acquirers. Timberland return has three drivers, the biological growth, timber price, and land price. Biological growth can be consistently estimated, land price is correlated with inflation, while timber price remains most unpredictable. The first part of this book models and forecasts timber prices in 12 southern timber regions via different time series models. The second part examines the financial performance of private- and public-equity timberland investments in the US using both parametric and nonparametric asset ricing approaches. The last part investigates the option values of investment, mothballing, reactivation, and abandonment in a hypothetical southern pine plantation using the contingent claims approach. The results can help investors better understand commercial timberland assets in the US.
Book Synopsis Evaluating the Financial Performance of Forestry-related Investment Vehicles by : Changyou Sun
Download or read book Evaluating the Financial Performance of Forestry-related Investment Vehicles written by Changyou Sun and published by . This book was released on 1999 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Problems of the Softwood Lumber Industry, Hearings ..., 87-2 by : United States. Congress. Senate. Commerce
Download or read book Problems of the Softwood Lumber Industry, Hearings ..., 87-2 written by United States. Congress. Senate. Commerce and published by . This book was released on 1962 with total page 1008 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Forestry research evaluation written by and published by . This book was released on 1985 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The US South's Timber Sector in 2005 by : David N. Wear
Download or read book The US South's Timber Sector in 2005 written by David N. Wear and published by . This book was released on 2007 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Evaluations written by and published by . This book was released on with total page 776 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains an inventory of evaluation reports produced by and for selected Federal agencies, including GAO evaluation reports that relate to the programs of those agencies.
Book Synopsis Forest Finance Simplified by : Brooks Mendell
Download or read book Forest Finance Simplified written by Brooks Mendell and published by . This book was released on 2018-02-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Forest Finance Simplified distills forest finance themes into a question-and-answer format for those who want an accessible reference or introduction to forest management decision-making and timber investments. This handbook succinctly helps readers do the following: Identify and communicate key financial issues for a given forestry or timberland investment; Differentiate and explain the pros and cons of traditional approaches to financial analysis; Analyze, rank and benchmark the value and performance of forest management activities and timberland investments; Avoid common errors associated with forest investment decisions. The 6th Edition includes additional content on comparing timberland investment vehicles, benchmarking timberland investment performance, making forest management decisions, and evaluating the use of leverage for timber investments.
Book Synopsis Hearings by : United States. Congress. House. Committee on Ways and Means
Download or read book Hearings written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1969 with total page 1330 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Biodiversity, the next challenge for financial institutions ? A scoping study to assess exposure of financial institutions to biodiversity business risks and identifying options for business opportunities by : Ivo Mulder
Download or read book Biodiversity, the next challenge for financial institutions ? A scoping study to assess exposure of financial institutions to biodiversity business risks and identifying options for business opportunities written by Ivo Mulder and published by IUCN. This book was released on 2007 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Softwood Lumber from Canada by : United States International Trade Commission
Download or read book Softwood Lumber from Canada written by United States International Trade Commission and published by . This book was released on 1992 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Program Evaluations written by and published by . This book was released on 1984 with total page 776 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains an inventory of evaluation reports produced by and for selected Federal agencies, including GAO evaluation reports that relate to the programs of those agencies.
Download or read book Statistical Reference Index written by and published by . This book was released on 1985 with total page 1016 pages. Available in PDF, EPUB and Kindle. Book excerpt:
