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From Backwoods to Boardrooms - The Rise of Institutional Investment in Timberland (Paperback)
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From Backwoods to Boardrooms - The Rise of Institutional Investment in Timberland (Paperback)
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In the past 100-plus years, forestland ownerships have gone through
two structural changes in the US and other parts of the world: the
accumulation of industrial timberlands between 1900s and 1980s and
the transformation of industrial timberlands to institutional
ownerships afterwards. This book is about the history and economics
of these two structural changes with the emphasis on the latter.
The scale of both changes is unprecedented and truly revolutionary,
impacting tens of millions of acres of private landholdings and
billions of dollars of investment and affecting industrial
structure, forest management and policy, research and development,
community welfare, and forest sustainability. Looking though a
historical count of key events, players, prevailing management
philosophies, public policy, and institutional factors, the author
of this book searches for an economic explanation and assesses the
impact of these two changes. Its main contributions are three
folds. First, it explains why industrial firms were able to profit
from owning large areas of forest lands in the first place and how
institutional investors could purchase these lands later. Many
details of the history that could have otherwise been lost are
revealed in this book for the first time. Second, it compares
private and public equity timberland investments with respect to
risk-adjusted returns as well as such other dimensions of interest
to investors and forest managers including alignment of interests,
capacity to exploit market inefficiencies, and their forest
management and conservation records. Finally, it provides
thoughtful commentary into the future of institutional timberland
investments and global forest sustainability. This book is required
reading for anyone interested in understanding the workings of the
modern forest sector in the U.S. and elsewhere, forest investment,
and forest sustainability.
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