An empirical investigation of stumpage price models and optimal harvest policies is conducted for loblolly pine plantations in the southeastern United States. The stationarity of monthly and quarterly series of sawtimber prices is analyzed using a unit root test. The statistical evidence supports stationary autoregressive models for the monthly series and for the quarterly series of opening mon...

We analyzed 33 years of red oak, white pine, and hemlock real stumpage prices—after removing inflationary effects—in southern New England. All real prices fluctuated; the real stumpage prices for white pine appear stable, hemlock decreased, but only red oak stumpage increased meaningfully over the 33-year period. This speaks to the importance of management—including silvicultural prescriptions ...

In this paper, we first analyze trends in pulpwood production (1980-1997) and prices (1977-1998) in North Carolina. We then attempt to investigate spatial integration of the delivered and stumpage pulpwood markets for both mixed hardwood and pine in two regions of North Carolina (western; central and east combined). Results indicate that North Carolina's total roundwood removal volumes have gro...

Capital asset pricing model (CAPM) and arbitrage pricing theory (APT) are used to assess the financial performance of eight forestry-related investment vehicles.Although results from APT support previous findings from CAPM about timberland investments, three bodies of evidence show that APT findings are more robust. The major conclusions are (a) institutional timberland investments and timberla...

We analyzed the synchronized movements of lumber futures and southern pine sawtimber stumpage prices in United States since 2011 their response to COVID-19 events using wavelet analysis event study. found that have followed complex comovement patterns time–frequency domain both reacted with a higher intensity price. Although they differently early episodes vaccine news, responded similarly pand...

In this article, the results of an initial attempt to estimate the effects of state attributes on plant location and investment expenditure were presented for the forest products industry in the southern United States. A conditional logit model was used to analyze new plant births, and a timeseries cross-section model to assess the total capital expenditure. Significant positive effects were fo...

Nacrtak Model development and use play a significant role in research and forest management of Slovenian forests. As co-natural and sustainable forest management is traditional, it is essential to rely on available knowledge of the composition of natural plant associations. This paper describes the need for stumpage price modelling, and the basic concept of developing models which can behave dy...

We explore the biophysical potential and economic attractiveness of black spruce (Picea mariana) regeneration in eastern Canada under the high greenhouse gas emission scenario (RCP 8.5) of the Intergovernmental Panel on Climate Change (IPCC). The study integrates net primary productivity and net ecosystem productivity estimates from three major global climate models (GCMs), growth and yield equ...