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Research trends: Forest investments as a financial asset class.

ABSTRACT: This paper serves as an introduction to a Special Issue (SI) of the Journal of Forest Policy and Economics dedicated to forest investment and finance. The Special Issue stemmed from an International Forest Business Conference (IFBC2018) held in Poland on 6-8 June 2018. It includes papers based on speeches at that conference, as well as others on similar topics not presented at the conference. Topics addressed in this Special Issue include timberland investments, forest finance, intensively managed plantations, risk, uncertainty and decision-making, business structures and investment strategy, timber prices and forecasts, forestry contractors, and taxes. Details papers on these subjects follow in this Special Issue. Our finance research overview here provides a historical background and summary of forest investments and finance, focusing on forest equity investments made by institutional investors and in forestry real estate investment trusts, not including public lands or individual small private forest landowners. Forest assets as an investment class have expanded due to analytical advances, ownership changes, globalized markets, and sustainable forestry factors. Key components affecting forestry investments are expected asset returns, portfolio diversification, inflation hedge, and liquidity and natural risks. Topics detailed in this Special Issue include timberland investments, forest finance, intensively managed plantations, risk, uncertainty and decision-making, business structures and investment strategy, timber prices and forecasts, forestry contractors, and taxes. Finally, we identify knowledge gaps regarding forest investments for future research.

SUBMITTER: Chudy RP

PROVIDER: S-EPMC7399712 | biostudies-literature | 2020 Oct

REPOSITORIES: biostudies-literature

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Research trends: Forest investments as a financial asset class.

Chudy R P RP Cubbage F W FW

Forest policy and economics 20200804

This paper serves as an introduction to a Special Issue (SI) of the <i>Journal of Forest Policy and Economics</i> dedicated to forest investment and finance. The Special Issue stemmed from an International Forest Business Conference (IFBC2018) held in Poland on 6-8 June 2018. It includes papers based on speeches at that conference, as well as others on similar topics not presented at the conference. Topics addressed in this Special Issue include timberland investments, forest finance, intensivel ...[more]

PMID: 32834769

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Project description:Sorghum and millet grow in some of the most heterogeneous and austere agroecologies around the world. These crops are amongst the top five cereal sources of food and feed. Yet, few studies document the impact of sorghum and millet genetic enhancement. The Internal Rate of Return (ROR) is one of the most popular metrics used to measure the economic return on investment on agricultural research and development (R&D). This study conducted a meta-analysis of 59 sorghum and millet ROR estimates obtained from 25 sources published between 1958 and 2015. The average rate of return to sorghum and millet R&D investment is between 54-76 percent per year. All studies computed social rather than private RORs because the technologies were developed using public funds originating from host country National Agricultural Research Systems (NARS) and international organizations such as the INTSORMIL CRSP, ICRISAT and others. Nearly three quarter of the studies focused only on sorghum (72 percent) and around one tenth of the studies (8 percent) on millet. Regression models analyzed the determinants of variation in the reported RORs. Results show that ex-ante type and self-evaluated type of analyses are positively and significantly associated with the ROR estimates. Compared to estimates conducted by a university, results from international institutions and other mixed organizations provided significantly smaller estimates. Estimates conducted at national level also are significantly lower than those conducted at sub-national levels. The ROR is higher for studies conducted in the United States and for those conducted more recently. The study also reconstructed modified internal rate of return (MIRR) for a sub-sample of the reported RORs following recent methods from the literature. These results show that the MIRR estimates are significantly smaller than the reported ROR estimates. Both results indicate that investment in sorghum and millet research generates high social rates of return.

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Research trends: Forest investments as a financial asset class.

Publications

Research trends: Forest investments as a financial asset class.

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