Cointegration of Timberland Value in the United States, South and Central America, and Oceania

IF 1.5 4区 农林科学 Q2 FORESTRY
Michael G McIntosh, Daowei Zhang
{"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.
美国、中南美洲和大洋洲林地价值的协整关系
在本文中,我们研究了美国、中南美洲和大洋洲的林地市场是否具有综合的每英亩林地价值。向量误差修正模型和正交脉冲响应函数有力地证明了中南美洲、美国和大洋洲之间每英亩林地价值的长期关系。每英亩林地价值的相关性以及地区间缺乏套利机会,可能会促使投资者在当地投资或通过其他行业分散投资组合。研究意义:本文探讨了地理上独立的林地市场中林地价格/价值之间的关系,以帮助林地投资者做出投资组合决策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
Forest Science
Forest Science 农林科学-林学
CiteScore
2.80
自引率
7.10%
发文量
45
审稿时长
3 months
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.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信