Valuation and Analysis
- Available for pre-order on June 22, 2023. Item will ship after July 13, 2023
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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 which were divested by vertically integrated forest products companies. This book provides 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; analyses 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 natural resource-based climate solution. This book is essential reading for forestry business students and scholars, as well as practitioners and policy makers in the industry.
Table of Contents
Chapter 1 Introduction to Forestland Investment
Chapter 2 Optimal Forest Rotation
Chapter 3 Timberland Appraisal
Chapter 4 Return Drivers of Timberland Investment
Chapter 5 Property and Income Tax of Timberland
Chapter 6 Portfolio Theory and Asset Pricing Models
Chapter 7 Timberland Index Construction Methods and Results
Chapter 8 Financial Analysis of TimberlandChapter 9 Financial and Real Options
Chapter 10 Option Values in Timberland Management
Chapter 11 Valuing Timber Harvest Contracts
Chapter 12 Benefit and Cost Analysis of Forest Carbon
Chapter 13 Emerging Woody Biomass Market
Chapter 14 Case Study: Valuation of Weyerhaeuser and Plum Creek Merger
Chapter 15 Concluding Remarks
List of Tables
List of Figures
List of BoxesIndex
Bin Mei is Hargreaves Professor of Forest Finance at the University of Georgia, Athens, GA. He teaches and conducts research in the area of timberland investment and forest-based climate solutions. He is Editor of Journal of Forest Business Research and Associate Editor of Canadian Journal of Forest Research.
Michael L. Clutter is Chief Analytics Officer at F&W Forestry, Albany, GA. In addition to his many years of experience in the forestry industry, Michael used to be the Dean and Hargreaves Distinguished Professor of Forest Finance at the University of Georgia’s Warnell School of Forestry and Natural Resources.