Institutional Timberland Investment

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From Backwoods to Boardrooms

Author : Daowei Zhang
Publisher :
ISBN 13 : 9780870711428
Total Pages : 280 pages
Book Rating : 4.7/5 (114 download)

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Book Synopsis From Backwoods to Boardrooms by : Daowei Zhang

Download or read book From Backwoods to Boardrooms written by Daowei Zhang and published by . This book was released on 2021-09-15 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past 100-plus years, forestland ownerships have gone through two structural changes in the US and other parts of the world: the accumulation of industrial timberlands between 1900s and 1980s and the transformation of industrial timberlands to institutional ownerships afterwards. This book is about the history and economics of these two structural changes with the emphasis on the latter. The scale of both changes is unprecedented and truly revolutionary, impacting tens of millions of acres of private landholdings and billions of dollars of investment and affecting industrial structure, forest management and policy, research and development, community welfare, and forest sustainability. Looking though a historical count of key events, players, prevailing management philosophies, public policy, and institutional factors, the author of this book searches for an economic explanation and assesses the impact of these two changes. Its main contributions are three folds. First, it explains why industrial firms were able to profit from owning large areas of forest lands in the first place and how institutional investors could purchase these lands later. Many details of the history that could have otherwise been lost are revealed in this book for the first time. Second, it compares private and public equity timberland investments with respect to risk-adjusted returns as well as such other dimensions of interest to investors and forest managers including alignment of interests, capacity to exploit market inefficiencies, and their forest management and conservation records. Finally, it provides thoughtful commentary into the future of institutional timberland investments and global forest sustainability. This book is required reading for anyone interested in understanding the workings of the modern forest sector in the U.S. and elsewhere, forest investment, and forest sustainability.

Timberland Investments

Author : F. Christian Zinkhan
Publisher : Timber Press (OR)
ISBN 13 :
Total Pages : 216 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Timberland Investments by : F. Christian Zinkhan

Download or read book Timberland Investments written by F. Christian Zinkhan and published by Timber Press (OR). This book was released on 1992 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Common stock. Corporate bonds. Stock mutual funds. Call and put options. Commercial and residential real estate. Municipal bonds. These and others are the alternatives many individual and institutional investors consider when constructing their investment portfolios. This is the first book to investigate how another investment alternative--timberland--can fit into the portfolios of individuals and such institutions as pension funds. Timberland supplies the basic raw material for a critical global industry--forest products. Timber can be managed economically as a renewable crop on hundreds of millions of acres in the United States. Given the forces supporting conservation of forests in their natural state on many public and some private lands in the Unites States and other nations, there is increasing pressure on the remaining privately owned forests to supply the needed timber output. This represents an opportunity for patient, long-term investors. Using insights and graphic examples supplied by experienced institutional investors, professional foresters, forestry and financial researchers, and others, the authors address such questions as the following: How do timberland's investment characteristics compare to those associated with other portfolio alternatives? In addition to direct investments in forests, in what other ways can investors participate in the timberland market? Can the addition of timberland to some investors' diversified portfolios improve overall performance? What personal financial planning goals can be served by timberland? What acquisition, forest management, and sale strategies can be adopted by individual and institutional investors so that objectives are better achieved? In the course of addressing such questions, the authors attempt to bridge the communications gap between the investment and forestry communities. The authors provide valuable perspectives not only for individual and institutional investors, but also for personal financial advisors; forestry practitioners, policymakers and researchers; and students of forestry, real estate, and investments.

Factor Investing and Asset Allocation: A Business Cycle Perspective

Author : Vasant Naik
Publisher : CFA Institute Research Foundation
ISBN 13 : 1944960155
Total Pages : 192 pages
Book Rating : 4.9/5 (449 download)

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Book Synopsis Factor Investing and Asset Allocation: A Business Cycle Perspective by : Vasant Naik

Download or read book Factor Investing and Asset Allocation: A Business Cycle Perspective written by Vasant Naik and published by CFA Institute Research Foundation. This book was released on 2016-12-30 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Pioneering Portfolio Management

Author : David F. Swensen
Publisher : Simon and Schuster
ISBN 13 : 1416554033
Total Pages : 433 pages
Book Rating : 4.4/5 (165 download)

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Book Synopsis Pioneering Portfolio Management by : David F. Swensen

Download or read book Pioneering Portfolio Management written by David F. Swensen and published by Simon and Schuster. This book was released on 2009-01-06 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement. In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls. Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not. The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.

Forest Economics

Author : Daowei Zhang
Publisher : UBC Press
ISBN 13 : 0774821558
Total Pages : 414 pages
Book Rating : 4.7/5 (748 download)

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Book Synopsis Forest Economics by : Daowei Zhang

Download or read book Forest Economics written by Daowei Zhang and published by UBC Press. This book was released on 2011-09-15 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forestry cannot be isolated from the forces that drive all economic activity. It involves using land, labour, and capital to produce goods and services from forests, while economics helps in understanding how this can be done in ways that will best meet the needs of people. Therefore, a firm grounding in economics is integral to sound forestry policies and practices. This book, a major revision and expansion of Peter H. Pearse’s 1990 classic, provides this grounding. Updated and enhanced with advanced empirical presentation of materials, it covers the basic economic principles and concepts and their application to modern forest management and policy issues. Forest Economics draws on the strengths of two of the field’s leading practitioners who have more than fifty years of combined experience in teaching forest economics in the United States and Canada. Its comprehensive and systematic analysis of forest issues makes it an indispensable resource for students and practitioners of forest management, natural resource conservation, and environmental studies.

Tropical Rain Forest: A Wider Perspective

Author : F.B. Goldsmith
Publisher : Springer Science & Business Media
ISBN 13 : 9401149127
Total Pages : 363 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis Tropical Rain Forest: A Wider Perspective by : F.B. Goldsmith

Download or read book Tropical Rain Forest: A Wider Perspective written by F.B. Goldsmith and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international perspective for this book is the unprecedented level of concern over deforestation, recognized by the meeting of world leaders at the 1992 Earth Summit, in Rio do Janeiro, and culminating in the appoint ment of the Intergovernmental Panel on Forests (IPF), under the auspices of the UN Commission on Sustainable Development. The wide range of issues covered by the authors in this volume reflects the breadth of the interna tional debate, from national policies and activist campaigning, through eco nomic and social objectives, to the sustainable management of forest and soil resources. Since the conservation campaigns of the 1980s, the focus of international concern has widened from tropical rain forests to all forest formations, in all regions, with increased recognition of global values and common responsibil ities. However, while forest cover in some temperate countries is increasing, irrational deforestation, at historically unprecedented levels of damage to biodiversity and to other environmental values, remains most acute in tropi cal countries, where the need to use the natural resources for sustainable development is greatest, and the capability weakest. While accepting the urgency of the situation, and the need for greater coherence of action at a global level, the 1997 report of the IPF to the UN Commission emphasized the powers and responsibilities of national governments, and the importance of National Forest Programmes, but with the fuller participation of local communities, and with enhanced access to international assistance.

Private Financing for Sustainable Forest Management and Forest Products in Developing Countries ? Trends and Drivers

Author : Tuukka Castren
Publisher :
ISBN 13 : 9780991040711
Total Pages : 133 pages
Book Rating : 4.0/5 (47 download)

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Book Synopsis Private Financing for Sustainable Forest Management and Forest Products in Developing Countries ? Trends and Drivers by : Tuukka Castren

Download or read book Private Financing for Sustainable Forest Management and Forest Products in Developing Countries ? Trends and Drivers written by Tuukka Castren and published by . This book was released on 2014-08-20 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to finance sustainable forest management (SFM) has been a question of perennial interest and concern for the forestry community. It has been estimated that the required funding for SFM is in the order of US$70-160 billion per year globally. At present, official development assistance disbursements to forestry cover about 1 percent of the estimated total financing needs for SFM, and other available public sector financing sources barely double that amount. To scale up SFM, to create value-added economic growth and employment and protect forests from competing unsustainable land uses, domestic and foreign private financing and investments need to increase significantly.Despite the importance of the private sector, information on private forest financing is scarce and inadequate at all levels. Studies related to finance flows in the private sector have begun to emerge in recent years, and data of varying quality--especially on international private investments in wood processing--have become available in selected public statistics. However, there is no coordinated and systematic effort to collect and synthesize information on private investment flows in the forest sector. Also, none of the ad hoc studies have tried to provide a comprehensive, global picture of these flows. The objective of the study is to provide updated, comprehensive information to inform global dialogue on the role of private financing for SFM, including forest plantation development, and to the production of forest products. This report (i) reviews what private forest sector financing data are available, (ii) provides a snapshot of different financing flows in the forest sector, (iii) improves our understanding of challenges related to forest financing, and (iv) presents a roadmap for better information and improved access to finance. The scope of the report is forestry and forest industry investments in developing and emerging countries, with more focus on foreign direct investment than on domestic investments, mainly due to data constraints. The target audience includes the national governments in developing countries, donor agencies, international finance institutions with particular reference to the World Bank Group, other stakeholders of the United Nations Forum on Forests, and other forest finance practitioners.

CAIA Level I

Author : CAIA Association
Publisher : John Wiley & Sons
ISBN 13 : 0470557249
Total Pages : 779 pages
Book Rating : 4.4/5 (75 download)

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Book Synopsis CAIA Level I by : CAIA Association

Download or read book CAIA Level I written by CAIA Association and published by John Wiley & Sons. This book was released on 2009-10-02 with total page 779 pages. Available in PDF, EPUB and Kindle. Book excerpt: Not to be used after March, 2012 Exams – CAIA Level I, 2nd Edition should be used to prepare for September 2012 Exam. The official study text for the Level I Chartered Alternative Investment Analyst (CAIA) exam The Chartered Alternative Investment Analyst (CAIA) designation is the financial industry's first and only globally recognized program that prepares professionals to deal with the ever-growing field of alternative investments. The CAIA Level I: An Introduction to Core Topics in Alternative Investments contains all material on alternative investments that a potential Level I candidate would need to know as they prepare for the exam. The information found here will help you build a solid foundation in both traditional and alternative investment markets-for example, the range of statistics that are used to define investment performance as well as the many types of hedge fund strategies. It will also inform CAIA candidates on how to identify and describe aspects of financial markets, develop reasoning skills, and in some cases, make computations necessary to solve business problems. Contains "need to know" material for Level I candidates and for alternative investment specialists Addresses all of the unique attributes associated with the alternative investments space Organized with a study guide outline and learning objectives with key terms, available for free at www.caia.org/program/studyguides Focuses on alternative investments and quantitative techniques used by investment professionals This book is a must-have resource for anyone contemplating taking the CAIA Level I exam.

Forest Management and Planning

Author : Pete Bettinger
Publisher : Academic Press
ISBN 13 : 012809706X
Total Pages : 363 pages
Book Rating : 4.1/5 (28 download)

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Book Synopsis Forest Management and Planning by : Pete Bettinger

Download or read book Forest Management and Planning written by Pete Bettinger and published by Academic Press. This book was released on 2016-12-29 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forest Management and Planning, Second Edition, addresses contemporary forest management planning issues, providing a concise, focused resource for those in forest management. The book is intermixed with chapters that concentrate on quantitative subjects, such as economics and linear programming, and qualitative chapters that provide discussions of important aspects of natural resource management, such as sustainability. Expanded coverage includes a case study of a closed canopy, uneven-aged forest, new forest plans from South America and Oceania, and a new chapter on scenario planning and climate change adaptation. - Helps students and early career forest managers understand the problems facing professionals in the field today - Designed to support land managers as they make complex decisions on the ecological, economic, and social impacts of forest and natural resources - Presents updated, real-life examples that are illustrated both mathematically and graphically - Includes a new chapter on scenario planning and climate change adaptation - Incorporates the newest research and forest certification standards - Offers access to a companion website with updated solutions, geographic databases, and illustrations

Forests in a Market Economy

Author : Erin O. Sills
Publisher : Springer Science & Business Media
ISBN 13 : 9781402010286
Total Pages : 398 pages
Book Rating : 4.0/5 (12 download)

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Book Synopsis Forests in a Market Economy by : Erin O. Sills

Download or read book Forests in a Market Economy written by Erin O. Sills and published by Springer Science & Business Media. This book was released on 2003-07-31 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book draws together contributions from forest economists in the Research Triangle of North Carolina, with co-authors from institutions around the world. It represents our common belief that rigorous empirical analysis in an economic framework can inform forest policy. We intend the book as a guide to the empirical methods that we have found most useful for addressing both traditional and modem areas of concern in forest policy, including timber production and markets, multiple use forestry, and valuation of non-market benefits. 'The book editors and most chapter authors are affiliated with three institutions in the Research Triangle: the Southern Research Station of the USDA Forest Service (K. Abt, Butry, Holmes, Mercer, Moulton, Prestemon, Wear), the Department of Forestry at North Carolina State University (R. Abt, Ahn, Cubbage, Sills), and the Environmental and Natural Resource Economics Program of Research Triangle Institute (Murray, Pattanayak). Two other Triangle institutions are also represented among the book authors: Duke University (Kramer) and the Forestland Group (Zinkhan). In addition to our primary affiliations, many of us are adjunct faculty and/or graduates of Triangle universities. Many of our co-authors also graduated from or were previously affiliated with Triangle institutions. Thus, the selection of topics, methods, and case studies reflects the work of this particular network of economists, and to some degree, our location in the southeastern United States. However, our work and the chapters encompass other regions of the United States and the world, including Latin America and Asia.

The Practice of Silviculture

Author : Mark S. Ashton
Publisher : John Wiley & Sons
ISBN 13 : 1119270952
Total Pages : 776 pages
Book Rating : 4.1/5 (192 download)

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Book Synopsis The Practice of Silviculture by : Mark S. Ashton

Download or read book The Practice of Silviculture written by Mark S. Ashton and published by John Wiley & Sons. This book was released on 2018-03-19 with total page 776 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most up-to-date, comprehensive resource on silviculture that covers the range of topics and issues facing today’s foresters and resource professionals The tenth edition of the classic work, The Practice of Silviculture: Applied Forest Ecology, includes the most current information and the results of research on the many issues that are relevant to forests and forestry. The text covers such timely topics as biofuels and intensive timber production, ecosystem and landscape scale management of public lands, ecosystem services, surface drinking water supplies, urban and community greenspace, forest carbon, fire and climate, and much more. In recent years, silvicultural systems have become more sophisticated and complex in application, particularly with a focus on multi-aged silviculture. There have been paradigm shifts toward managing for more complex structures and age-classes for integrated and complementary values including wildlife, water and open space recreation. Extensively revised and updated, this new edition covers a wide range of topics and challenges relevant to the forester or resource professional today. This full-color text offers the most expansive book on silviculture and: Includes a revised and expanded text with clear language and explanations Covers the many cutting-edge resource issues that are relevant to forests and forestry Contains boxes within each chapter to provide greater detail on particular silvicultural treatments and examples of their use Features a completely updated bibliography plus new photographs, tables and figures The Practice of Silviculture: Applied Forest Ecology, Tenth Edition is an invaluable resource for students and professionals in forestry and natural resource management.

A Brief History of Forestry in Europe

Author : Bernhard Eduard Fernow
Publisher :
ISBN 13 :
Total Pages : 460 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis A Brief History of Forestry in Europe by : Bernhard Eduard Fernow

Download or read book A Brief History of Forestry in Europe written by Bernhard Eduard Fernow and published by . This book was released on 1907 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Wicked Problem of Forest Policy

Author : William Nikolakis
Publisher : Cambridge University Press
ISBN 13 : 1108471404
Total Pages : 411 pages
Book Rating : 4.1/5 (84 download)

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Book Synopsis The Wicked Problem of Forest Policy by : William Nikolakis

Download or read book The Wicked Problem of Forest Policy written by William Nikolakis and published by Cambridge University Press. This book was released on 2020-07-30 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a global analysis of policies to address deforestation, an important driver of climate change.

Forestry Economics

Author : John E. Wagner
Publisher : Routledge
ISBN 13 : 1136665773
Total Pages : 409 pages
Book Rating : 4.1/5 (366 download)

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Book Synopsis Forestry Economics by : John E. Wagner

Download or read book Forestry Economics written by John E. Wagner and published by Routledge. This book was released on 2011-07-26 with total page 409 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forestry Economics introduces students and practitioners to all aspects of the management and economics of forestry. The book adopts the approach of managerial economics textbooks and applies this to the unique processes and problems faced by managers of forests. While most forestry economics books are written by economists for future economists, what many future forest and natural resource managers need is to understand what economic information is and how to use it to make better business and management decisions. John E. Wagner draws on his twenty years of experience teaching and working in the field of forest resource economics to present students with an accessible understanding of the unique production processes and problems faced by forest and other natural resource managers. There are three unique features of this book: The first is its organization. The material is organized around two common economic models used in forest and natural resources management decision making. The second is the use of case studies from various disciplines: Outdoor and Commercial Recreation, Wood Products Engineering, Forest Products, and Forestry. The purpose of these case studies is to provide students with applications of the concepts being discussed within the text. The third is revisiting the question of how to use economic information to make better business decisions at the end of each chapter. This ties each chapter to the preceding ones and reinforces the hypothesis that a solid working knowledge of these economic models and the information they contain are necessary for making better business decisions. This textbook is an invaluable source of clear and accessible information on forestry economics and management for not only economics students, but for students of other disciplines and those already working in forestry and natural resources.

Forestland Investment

Author : Bin Mei
Publisher : Taylor & Francis
ISBN 13 : 1000883833
Total Pages : 231 pages
Book Rating : 4.0/5 (8 download)

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Book Synopsis Forestland Investment by : Bin Mei

Download or read book Forestland Investment written by Bin Mei and published by Taylor & Francis. This book was released on 2023-07-20 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forestland investment has surged in the past few decades as a result of land ownership change in the forestry industry. Timberland investment and management organizations and real estate investment trusts have bought up land and resources that were divested by vertically integrated forest products companies. This book provides a seminal coverage of this seismic shift in the industry, exploring the philosophy, driving factors, valuation, theory, research, implementation, practice, and effects of forestland investment. Across 15 chapters the book reviews the history of forestland investment; discusses the optimal forest rotation; explains timberland appraisal; examines the return drivers of forestland; analyzes timberland index construction methods and results; prices timberland assets; reviews financial and real options; investigates real option values in forestland management; evaluates timber harvest contracts; examines new opportunities in the emerging woody bioenergy market; and eventually offers prospects on forestland investment in the future. It also discusses how forest carbon can be used as a nature-based climate solution. This book is essential reading for forestry business students and scholars, as well as practitioners and policymakers in the industry.

Basic Concepts in Forest Valuation and Investment Analysis

Author : Steven Henry Bullard
Publisher :
ISBN 13 : 9780964129122
Total Pages : pages
Book Rating : 4.1/5 (291 download)

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Book Synopsis Basic Concepts in Forest Valuation and Investment Analysis by : Steven Henry Bullard

Download or read book Basic Concepts in Forest Valuation and Investment Analysis written by Steven Henry Bullard and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Land Flipper: on Timber and Timberland

Author : E. B. Farmer
Publisher :
ISBN 13 : 9781725092761
Total Pages : 78 pages
Book Rating : 4.0/5 (927 download)

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Book Synopsis The Land Flipper: on Timber and Timberland by : E. B. Farmer

Download or read book The Land Flipper: on Timber and Timberland written by E. B. Farmer and published by . This book was released on 2018-08-15 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Have you ever bought a dresser at a Goodwill store, only to find some bills taped under a drawer? Maybe enough money to recoup the price of the furniture? Probably not. It's the sort of story you only hear about but which most of us never get to experience ourselves.But imagine if you could buy real estate that way. And not just accidentally. Imagine that you could do it methodically, intentionally, repeatedly.Yes, that is possible with land. There is treasure on some of it, and it's not hidden under a drawer. Instead, it stands right out in plain view. The seller knows it's there and is selling it anyway. That's because he's not an expert regarding this particular treasure. But, after reading this book, you will be on track toward becoming that expert yourself. It's a valuable crop, accumulated one growing season after another for many years... the trees.In this book E.B. Farmer - author of The Land Flipper and The Land Flipper on Owner Financing - draws on 30+ years of experience in the land and timber business and outlines the basic knowledge you'll need to get started in this underappreciated niche of the real estate market.