Beginning in the late 1970’s forest industry timberland gained the eye of financial investors. Diamond International and Crown Zellerbach were early firms that were purchased for the “break-up value” of their timbe...Beginning in the late 1970’s forest industry timberland gained the eye of financial investors. Diamond International and Crown Zellerbach were early firms that were purchased for the “break-up value” of their timberland. Timberland was perceived as undervalued by investors and made forest industry firms attractive takeover targets. This started a process where forest industry divested of its timberland. Some firms formed separate entities for its timberland base. Acquisitions and mergers became popular in the industry. Some forest industry companies converted to real estate investment trusts, for tax and defensive reasons. Large institutional investors became interested in timberland as means to diversify their portfolios and increase financial performance. Timber management investment organizations developed to manage and procure timberland for these institutional investors. Today little of the forest industry timberland remains with vertically-integrated forest products companies. South Carolina’s forest industry timberland decreased by about 800,000 ha since 1993 (or nearly 90%). This has implications for the state’s timber supply. Forest industry timberlands were some of the most productive and intensively managed forests in the state. We address how forest management might change on this timberland and how long-term timber supply might be impacted in the state.展开更多
Teak(Tectona grandis L.f.)plantations are increasingly being established in tropical regions to meet a rising demand for its highly valued timber.Teak plantations have been established in the Atlantic Coastal Plain re...Teak(Tectona grandis L.f.)plantations are increasingly being established in tropical regions to meet a rising demand for its highly valued timber.Teak plantations have been established in the Atlantic Coastal Plain region of Colombia,a region climatically suitable for teak growth by having a monsoon climate with a unimodal precipitation pattern.Tree diameter at breast height(DBH,1.3 m above ground)and mean top height,periodically measured over a 17-year period in 44 permanent sampling plots of size 0.06 and 0.10 ha,were used in this study.A stochastic differential equation(SDE),along with a Bertalanffy–Richards-type height growth model,was used to model and estimate top height growth of teak plantations in Colombia.Environmental noise and height measurement errors were explicitly considered as the main uncertainty sources of mean top height growth.The best model for estimating mean top height,based on statistical performance and biological rationale,had the asymptote defined as a local parameter and the growth rate and shape specified as global parameters.This model outperformed its counterpart that had the growth rate specified as a local parameter and asymptote and shape as global parameters.The selected model also outperformed alternative approaches such as the mixed-effects model,generalized algebraic difference approach,and the dummy variable method.Estimated trajectories for the mean top height of teak in Colombia are biologically sound based on the measured height series and previous studies in Latin America.Results suggest that most of the uncertainty associated with the mean top height growth of teak plantations in Colombia was largely explained by environmental noise.The best estimated model using the SDE approach can be useful for predicting height growth and evaluating site productivity of teak plantations in Colombia and in neighbouring countries with biophysical characteristics similar to those where teak has been planted in Colombia.展开更多
Over half of the forestland in the United States is in private hands. Just over 10 million individual and family owners control about 60% of this private forestland. Ownership of family forests changes on a regular ba...Over half of the forestland in the United States is in private hands. Just over 10 million individual and family owners control about 60% of this private forestland. Ownership of family forests changes on a regular basis;sometimes from generation to generation and sometimes to outside of the family. Often new owners are not interested in forest management and sell off the asset. Some owners attempt to ensure their family forest remains pristine and undeveloped. This is leading to timberland donations to entities that can be expected to hold the donated forest permanently and ensure sustainable forest management. University foundations and forestry schools are increasingly receiving timberland as donations. It is a way for donors to monetize the asset (with tax breaks) and protect it at the same time. Foundations have a problem with timberland as they often don’t fully understand it as an investment. Certainly there are even times when a foundation should not accept it as a donation. The nature of timberland as an investment is explained, along with basic terminology that is common use. Age class distribution and the resulting cash flow dis- tribution is explained, as well as timber volume, harvest scheduling, timberland investment analysis, tim- ber value, timber sales, and timber contracts. All of these are tools foundation board members need to evaluate timberland donations.展开更多
文摘Beginning in the late 1970’s forest industry timberland gained the eye of financial investors. Diamond International and Crown Zellerbach were early firms that were purchased for the “break-up value” of their timberland. Timberland was perceived as undervalued by investors and made forest industry firms attractive takeover targets. This started a process where forest industry divested of its timberland. Some firms formed separate entities for its timberland base. Acquisitions and mergers became popular in the industry. Some forest industry companies converted to real estate investment trusts, for tax and defensive reasons. Large institutional investors became interested in timberland as means to diversify their portfolios and increase financial performance. Timber management investment organizations developed to manage and procure timberland for these institutional investors. Today little of the forest industry timberland remains with vertically-integrated forest products companies. South Carolina’s forest industry timberland decreased by about 800,000 ha since 1993 (or nearly 90%). This has implications for the state’s timber supply. Forest industry timberlands were some of the most productive and intensively managed forests in the state. We address how forest management might change on this timberland and how long-term timber supply might be impacted in the state.
基金The sabbatic and travel expenses of the lead author for the 2019 Southern Mensurationists meeting in AshevilleNorth CarolinaSeptember 15–17,were funded by the National University of Colombia。
文摘Teak(Tectona grandis L.f.)plantations are increasingly being established in tropical regions to meet a rising demand for its highly valued timber.Teak plantations have been established in the Atlantic Coastal Plain region of Colombia,a region climatically suitable for teak growth by having a monsoon climate with a unimodal precipitation pattern.Tree diameter at breast height(DBH,1.3 m above ground)and mean top height,periodically measured over a 17-year period in 44 permanent sampling plots of size 0.06 and 0.10 ha,were used in this study.A stochastic differential equation(SDE),along with a Bertalanffy–Richards-type height growth model,was used to model and estimate top height growth of teak plantations in Colombia.Environmental noise and height measurement errors were explicitly considered as the main uncertainty sources of mean top height growth.The best model for estimating mean top height,based on statistical performance and biological rationale,had the asymptote defined as a local parameter and the growth rate and shape specified as global parameters.This model outperformed its counterpart that had the growth rate specified as a local parameter and asymptote and shape as global parameters.The selected model also outperformed alternative approaches such as the mixed-effects model,generalized algebraic difference approach,and the dummy variable method.Estimated trajectories for the mean top height of teak in Colombia are biologically sound based on the measured height series and previous studies in Latin America.Results suggest that most of the uncertainty associated with the mean top height growth of teak plantations in Colombia was largely explained by environmental noise.The best estimated model using the SDE approach can be useful for predicting height growth and evaluating site productivity of teak plantations in Colombia and in neighbouring countries with biophysical characteristics similar to those where teak has been planted in Colombia.
文摘Over half of the forestland in the United States is in private hands. Just over 10 million individual and family owners control about 60% of this private forestland. Ownership of family forests changes on a regular basis;sometimes from generation to generation and sometimes to outside of the family. Often new owners are not interested in forest management and sell off the asset. Some owners attempt to ensure their family forest remains pristine and undeveloped. This is leading to timberland donations to entities that can be expected to hold the donated forest permanently and ensure sustainable forest management. University foundations and forestry schools are increasingly receiving timberland as donations. It is a way for donors to monetize the asset (with tax breaks) and protect it at the same time. Foundations have a problem with timberland as they often don’t fully understand it as an investment. Certainly there are even times when a foundation should not accept it as a donation. The nature of timberland as an investment is explained, along with basic terminology that is common use. Age class distribution and the resulting cash flow dis- tribution is explained, as well as timber volume, harvest scheduling, timberland investment analysis, tim- ber value, timber sales, and timber contracts. All of these are tools foundation board members need to evaluate timberland donations.
