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Portfolio Risk and Returns from Timber Asset Investments

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  • Clair H. Redmond
  • Frederick W. Cubbage
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    Abstract

    This paper evaluates the investment performance of Swedish timberland during the last three decades using the Capital Asset Pricing Model (CAPM). Results suggests that Swedish timberland investments show diversification potential and can serve as a hedge ...

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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 64 (1988)
    Issue (Month): 4 ()
    Pages: 325-337

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    Handle: RePEc:uwp:landec:v:64:y:1988:i:4:p:325-337

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    Web page: http://le.uwpress.org/

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    Cited by:
    1. Livernois, J. & Thille, H. & Zhang, X., 2003. "A Test of the Hotelling Rule Using Old-Growth Timber Data," Working Papers 2003-4, University of Guelph, Department of Economics and Finance.
    2. Hyytiainen, Kari & Penttinen, Markku, 2008. "Applying portfolio optimisation to the harvesting decisions of non-industrial private forest owners," Forest Policy and Economics, Elsevier, vol. 10(3), pages 151-160, January.
    3. Waggle, Doug & Johnson, Don T., 2009. "An analysis of the impact of timberland, farmland and commercial real estate in the asset allocation decisions of institutional investors," Review of Financial Economics, Elsevier, vol. 18(2), pages 90-96, April.
    4. Cochran, Steven J. & Mansur, Iqbal & Odusami, Babatunde, 2012. "Volatility persistence in metal returns: A FIGARCH approach," Journal of Economics and Business, Elsevier, vol. 64(4), pages 287-305.
    5. Gjolberg, Ole & Guttormsen, Atle G., 2002. "Real options in the forest: what if prices are mean-reverting?," Forest Policy and Economics, Elsevier, vol. 4(1), pages 13-20, May.
    6. Sadorsky, Perry & Henriques, Irene, 2001. "Multifactor risk and the stock returns of Canadian paper and forest products companies," Forest Policy and Economics, Elsevier, vol. 3(3-4), pages 199-208, November.
    7. Raunikar, Ronald & Buongiorno, Joseph & Prestemon, Jeffrey P. & Lee Abt, Karen, 2000. "Financial performance of mixed-age naturally regenerated loblolly-hardwood stands in the south central United States," Forest Policy and Economics, Elsevier, vol. 1(3-4), pages 331-346, December.

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