Timberland investment management organizations and other participants in forest asset markets: a survey
1993
Zinkhan, F.C.
Southern acreage controlled by timberland investment management organizations (TIMOs) serving institutional investors increased by 148%, to 1.393 million ac from year-end 1987 to year-end 1990. Forest products companies were the primary source of this resource for a majority of the TIMOs making acquisitions during this time period. A 1991 survey of the 6 TIMOs, a sample of 46 forest products companies with land ownership in the South, and a sample of 132 forestry consultants serving individuals with southern holdings found that, when acquiring and selling forest, TIMOs generally placed greater emphasis (than the other two groups) on financially oriented criteria such as a tract's estimated present value relative to its anticipated transaction price. Many respondents reported the practice of timing timber sales through the analysis of historical price trends, implying a belief that southern stumpage markets are informationally inefficient.
显示更多 [+] 显示较少 [-]