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Measuring Risk And Returns Of Timber Investments Using The Capital Asset Pricing Model
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Book Synopsis Measuring Risk and Returns of Timber Investments Using the Capital Asset Pricing Model by : Frederick W. Cubbage
Download or read book Measuring Risk and Returns of Timber Investments Using the Capital Asset Pricing Model written by Frederick W. Cubbage and published by . This book was released on 1989 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The capital asset pricing model. Methods. Results. Investment implications.
Book Synopsis Risk Analysis and Timber Investments by : Carol A. Hyldahl
Download or read book Risk Analysis and Timber Investments written by Carol A. Hyldahl and published by . This book was released on 1991 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book General Technical Report NC. written by and published by . This book was released on 1981 with total page 668 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
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.
Book Synopsis Comparing the Capital Asset Pricing Model and Traditional Discounted Cash Flow Analyses to Value Timber Asset Investments by : Clair H. Redmond
Download or read book Comparing the Capital Asset Pricing Model and Traditional Discounted Cash Flow Analyses to Value Timber Asset Investments written by Clair H. Redmond and published by . This book was released on 1990 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Duration, Beta and the Capital Asset Pricing Model by : Patrick Casabona
Download or read book Duration, Beta and the Capital Asset Pricing Model written by Patrick Casabona and published by . This book was released on 1979 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Using Price Data to Consider Risk in the Evaluation of Forest Management Investments by : David C. Baumgartner
Download or read book Using Price Data to Consider Risk in the Evaluation of Forest Management Investments written by David C. Baumgartner and published by . This book was released on 1991 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting and Managerial Economics for an Environmentally-friendly Forestry by : Gérard Buttoud
Download or read book Accounting and Managerial Economics for an Environmentally-friendly Forestry written by Gérard Buttoud and published by Editions Quae. This book was released on 1998 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Research Report written by and published by . This book was released on 1967 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Forest Products Exports by : Mary E. Lassanyi
Download or read book Forest Products Exports written by Mary E. Lassanyi and published by . This book was released on 1991 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book General Technical Report SE written by and published by . This book was released on 1990 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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:
Book Synopsis Research Directions in the Study of Timber Markets and Forest Policies by : David H. Newman
Download or read book Research Directions in the Study of Timber Markets and Forest Policies written by David H. Newman and published by . This book was released on 1990 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Forestry Economics by : John E. Wagner
Download or read book Forestry Economics written by John E. Wagner and published by Taylor & Francis. This book was released on 2023-12-22 with total page 621 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forestry Economics introduces students and practitioners to the economics of managing forests and forest enterprises. The book adopts the approach of managerial economics textbooks and applies this to the unique problems and production processes faced by managers of forests and forest enterprises. 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 30 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. The second edition has been updated to include: Expanded discussion of compounding, discounting, and capital budgeting, as well as an expanded discussion of when to replace a capital asset that has (i) costs but no direct revenue stream such as a machine; (ii) costs and a direct annual revenue stream such as a solar array; or (iii) costs and a periodic revenue stream illustrated by the forest rotation problem. New practical examples to provide students with applications of the concepts being discussed in the text, most notably on New Zealand and a Radiata Pine (Pinus radiata) Plantation. A brand-new chapter that develops business plans for for-profit businesses to illustrate how a business plan is derived from the economic information contained within the Architectural Plan for Profit and how it can be used to make business decisions about continuing to operate a business or to start a new business. This textbook is an invaluable source of clear and accessible information on forestry economics and management not only for economics students, but also for students of other disciplines and those already working in forestry and natural resources.
