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Does Money Grow on Trees? The Diversification Properties of U.S. Timberland Investments

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Author Info

  • Bert Scholtens
  • Laura Spierdijk

Abstract

This paper quantifies the diversification potential of timberland investments in a mean-variance framework. The starting point is a broad set of benchmark assets represented by various indexes. Including publicly traded timberland investments in the portfolio does not significantly increase mean-variance efficiency. At first sight, U.S. private equity timberland seems to improve the mean-variance frontier, even if the portfolio already contains a forestry and paper equity index. However, after removing the appraisal smoothing bias from the raw timberland data, there is much less evidence that private equity timberland investments increase mean-variance efficiency.

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File URL: http://le.uwpress.org/cgi/reprint/86/3/514
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Bibliographic Info

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

Volume (Year): 86 (2010)
Issue (Month): 3 ()
Pages:

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Handle: RePEc:uwp:landec:v:86:y:2010:iii:1:p514-529

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

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Cited by:
  1. Gao, Lei & Mei, Bin, 2013. "Investor attention and abnormal performance of timberland investments in the United States," Forest Policy and Economics, Elsevier, vol. 28(C), pages 60-65.

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