Clements, Sherwood; Ziobrowski, Alan J.; Holder, Mark - In: Journal of Real Estate Research 33 (2011) 1, pp. 49-72
Using 20 years of data, we derive a pricing model for timberland market values. We examine the relationship between lumber futures, capitalization rates, anticipated inflation, anticipated construction and timberland value. Using an ordinary least squares regression model and Johansen’s...