{"title":"Cointegration of Timberland Value in the United States, South and Central America, and Oceania","authors":"Michael G McIntosh, Daowei Zhang","doi":"10.1093/forsci/fxae018","DOIUrl":null,"url":null,"abstract":"In this article, we examine whether the United States, South and Central America, and Oceania timberland markets have integrated per acre timberland values. The vector error correction model and orthogonal impulse response functions provide strong evidence of a long-run relationship regarding per acre timberland value between South and Central America, the United States, and Oceania. The comovement of per acre timberland values and lack of arbitrage opportunities among regions may induce investors to invest locally or diversify portfolios through other industries. Study Implications: This article explores the relationship between timberland price/value in geographically separate timberland markets to help timberland investors in their portfolio decisions.","PeriodicalId":12749,"journal":{"name":"Forest Science","volume":"34 1","pages":""},"PeriodicalIF":1.5000,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Forest Science","FirstCategoryId":"97","ListUrlMain":"https://doi.org/10.1093/forsci/fxae018","RegionNum":4,"RegionCategory":"农林科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"FORESTRY","Score":null,"Total":0}
引用次数: 0
Abstract
In this article, we examine whether the United States, South and Central America, and Oceania timberland markets have integrated per acre timberland values. The vector error correction model and orthogonal impulse response functions provide strong evidence of a long-run relationship regarding per acre timberland value between South and Central America, the United States, and Oceania. The comovement of per acre timberland values and lack of arbitrage opportunities among regions may induce investors to invest locally or diversify portfolios through other industries. Study Implications: This article explores the relationship between timberland price/value in geographically separate timberland markets to help timberland investors in their portfolio decisions.
期刊介绍:
Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
Forest Science is published bimonthly in February, April, June, August, October, and December.