Transaction-Based Timberland Investment Returns

Bin Mei

Land Economics, 2016, vol. 92, issue 1, 187-201

Abstract: 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.

JEL-codes: C34 Q23 (search for similar items in EconPapers)
Date: 2016
Note: DOI: 10.3368/le.92.1.187
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Citations: View citations in EconPapers (4)

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