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The impact of securitization and contracting on cash flow patterns of timberland investments

Zinkhan, F. C., H. R. Jenkins, and J. P. Caulfield

Financial institutions such as timberland investment management organizations (TIMOs) can provide society with maturity and duration intermediation. Duration is a commonly used measure of the sensitivity of price to changes in the hurdle rate for such investments as bonds and common stock. After reviewing the concept and its investment applications, alternative approaches for quantifying the duration of timberland investments are presented. For the cases investigated, securitization had no effect on the duration of timberland, whereas lease contracting reduced duration by about 50%.

Fiscal Year: fy98 ·  Problem Area: pa98-1 ·  Source: extra   <== Explain

Zinkhan, F. C., H. R. Jenkins, and J. P. Caulfield. 1998. Pages 133-136 In: Kluender, R. A., M. M. Corrigan, and N. B. Smith. The Arkansas Forest Resources Center, University of Arkansas,Monticello, AR. Proceedings of the 1997 Southern Forest Economics Workers Meeting. 3/19/1997.

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