Introduction to Forestland Investment -- Optimal Forest Rotation -- Timberland Appraisal -- Return Drivers of Timberland Investment -- Property and Income Tax of Timberland -- Portfolio Theory and Asset Pricing Models -- Timberland Index Construction Methods and Results -- Financial Analysis of Timberland -- Financial and Real Options -- Option Values in Timberland Management -- Valuing Timber Harvest Contracts -- Benefit and Cost Analysis of Forest Carbon -- Emerging Woody Biomass Market -- Case Study: Valuation of Weyerhaeuser and Plum Creek Merger -- Concluding Remarks.

"Forestland investment has surged in the past few decades as a result of land ownership change in the forestry industry. Timberland investment and management organizations and real estate investment trusts have bought up land and resources which were divested by vertically integrated forest products companies. This book provides seminal coverage of this seismic shift in the industry exploring the philosophy, driving factors, valuation, theory, research, implementation, practice, and effects of forestland investment. Across 15 chapters the book reviews the history of forestland investment; discusses the optimal forest rotation; explains timberland appraisal; examines the return drivers of forestland; analyses timberland index construction methods and results; prices timberland assets; reviews financial and real options; investigates real option values in forestland management; evaluates timber harvest contracts; examines new opportunities in the emerging woody bioenergy market; and eventually offers prospects on forestland investment in the future. It also discusses how forest carbon can be used as a natural resource-based climate solution. This book is essential reading for forestry business students and scholars, as well as practitioners and policy makers in the industry"-- Provided by publisher.

OCLC-licensed vendor bibliographic record.