Timberland Return Drivers: A Fresh Look Using Empirical Data
Chung-Hong Fu: Managing Director Economic Research and Analysis DOWNLOAD (1.6Mb PDF) One of the first things investors learn about the timberland asset class is that it offers three primary sources of investment return: (1) biological growth; (2) timber price appreciation; and, (3) land price appreciation. In large part because of a popular article published in 1998 [...]