Portfolio Risk and Returns from Timber Asset Investments

Clair H. Redmond · Frederick W. Cubbage

84 citations0/0 files storedLand Economics

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Financial Markets and Investment Strategies Forest Management and Policy Capital Investment and Risk Analysis

Abstract

This paper evaluates the investment performance of Swedish timberland during the last three decades using the Capital Asset Pricing Model (CAPM). Results suggests that Swedish timberland investments show diversification potential and can serve as a hedge ...

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1966Equilibrium in a Capital Asset Market 1972The capital asset pricing model: Some empirical tests 1969Risk, The Pricing of Capital Assets, and The Evaluation of Investment Portfolios 1978THE CURRENT STATUS OF THE CAPITAL ASSET PRICING MODEL (CAPM)1980Capital Asset Pricing and Farm Real Estate 1978NEW EVIDENCE ON THE CAPITAL ASSET PRICING MODEL

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