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Transaction-based Timberland investment returns

Publication ,  Journal Article
Mei, B
Published in: Land Economics
January 1, 2016

Using property-level data of 1987 quarter 1-2014 quarter 2 provided by the National Council of Real Estate Investment Fiduciaries (NCREIF), transaction-based timberland indices are constructed via the Heckman procedure. Results show that liquidity of private-equity timberland assets varies with business cycles; variance of transaction-based timberland indices is twice as large as that of the appraisal- based NCREIF Timberland Index; the role of private-equity timberland in a mixed portfolio is overstated by using the appraisal-based index; and the average of estimated ask and bid prices well captures the mean price of identified timberland sales, although timberland sellers reserve higher prices than buyers.

Duke Scholars

Published In

Land Economics

DOI

EISSN

1543-8325

ISSN

0023-7639

Publication Date

January 1, 2016

Volume

92

Issue

1

Start / End Page

187 / 201

Related Subject Headings

  • Agricultural Economics & Policy
  • 1402 Applied Economics
 

Citation

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Mei, B. (2016). Transaction-based Timberland investment returns. Land Economics, 92(1), 187–201. https://doi.org/10.3368/le.92.1.187
Mei, B. “Transaction-based Timberland investment returns.” Land Economics 92, no. 1 (January 1, 2016): 187–201. https://doi.org/10.3368/le.92.1.187.
Mei B. Transaction-based Timberland investment returns. Land Economics. 2016 Jan 1;92(1):187–201.
Mei, B. “Transaction-based Timberland investment returns.” Land Economics, vol. 92, no. 1, Jan. 2016, pp. 187–201. Scopus, doi:10.3368/le.92.1.187.
Mei B. Transaction-based Timberland investment returns. Land Economics. 2016 Jan 1;92(1):187–201.
Journal cover image

Published In

Land Economics

DOI

EISSN

1543-8325

ISSN

0023-7639

Publication Date

January 1, 2016

Volume

92

Issue

1

Start / End Page

187 / 201

Related Subject Headings

  • Agricultural Economics & Policy
  • 1402 Applied Economics