@article{cubbage_kanieski_rubilar_bussoni_olmos_balmelli_donagh_lord_hernández_zhang_et al._2020, title={Global timber investments, 2005 to 2017}, volume={112}, ISSN={1389-9341}, url={http://dx.doi.org/10.1016/j.forpol.2019.102082}, DOI={10.1016/j.forpol.2019.102082}, abstractNote={We estimated timber investment returns for 22 countries and 54 species/management regimes in 2017, for a range of global timber plantation species and countries at the stand level, using capital budgeting criteria, without land costs, at a real discount rate of 8%. Returns were estimated for the principal plantation countries in the Americas—Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, Paraguay, Mexico, and the United States—as well as New Zealand, Australia, South Africa, China, Vietnam, Laos, Spain, Finland, Poland, Scotland, and France. South American plantation growth rates and their concomitant returns were generally greater, at more than 12% Internal Rates of Return (IRRs), as were those in China, Vietnam, and Laos. These IRRs were followed by those for plantations in southern hemisphere countries of Australia and New Zealand and in Mexico, with IRRs around 8%. Temperate forest plantations in the U.S. and Europe returned less, from 4% to 8%, but those countries have less financial risk, better timber markets, and more infrastructure. Returns to most planted species in all countries except Asia have decreased from 2005 to 2017. If land costs were included in calculating the overall timberland investment returns, the IRRs would decrease from 3 percentage points less for loblolly pine in the U.S. South to 8 percentage points less for eucalypts in Brazil.}, journal={Forest Policy and Economics}, publisher={Elsevier BV}, author={Cubbage, Frederick and Kanieski, Bruno and Rubilar, Rafael and Bussoni, Adriana and Olmos, Virginia Morales and Balmelli, Gustavo and Donagh, Patricio Mac and Lord, Roger and Hernández, Carmelo and Zhang, Pu and et al.}, year={2020}, month={Mar}, pages={102082} }
 @article{silva_schons_cubbage_parajuli_2020, title={Spatial and cross-product price linkages in the Brazilian pine timber markets}, volume={117}, ISSN={["1872-7050"]}, DOI={10.1016/j.forpol.2020.102186}, abstractNote={The South of Brazil is one of the most attractive regions for timberland investments in the world. High productivity and relatively attractive timber prices have gained attention from timberland investors. However, as in most emerging countries, it is not very clear how prices are transmitted across products and markets. Having this information is essential to strategic planning as well as understand the market structure. We investigate market linkages of the stumpage price of five products (fuelwood, pulpwood, sawtimber, veneer, and special veneer) in the three main pine producing states in Brazil (Paraná, Santa Catarina and Rio Grande do Sul). We use linear and regime shifting models and check the effect of external shocks on price transmission. The nonlinear process is observed main on high-grade timber (veneer and special veneer), possibly driven by their price recovery after the recession. Our results show that the spatial and between product price ratio converges back the market equilibrium within 10 months in the pine stumpage market in Brazil. This outcome indicates this market is efficient with small opportunities for arbritage profits.}, journal={FOREST POLICY AND ECONOMICS}, author={Silva, Bruno Kanieski and Schons, Stella Z. and Cubbage, Frederick W. and Parajuli, Rajan}, year={2020}, month={Aug} }
 @article{silva_cubbage_gonzalez_abt_2019, title={Assessing market power in the US pulp and paper industry}, volume={102}, ISSN={["1872-7050"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-85063393559&partnerID=MN8TOARS}, DOI={10.1016/j.forpol.2019.03.009}, abstractNote={This paper assesses the market power of pulpwood mills in different regions of the U.S. We estimated the conjectural elasticity, elasticities of substitution and price elasticities for the delivered price at the mill in Southeast and North U.S. and the stumpage in the Southeast. We assembled data composed of price and quantity of Labor, Energy, Chemical Products and Wood at firms' level from Q4/2016 to Q4/2017, and applied a variety of econometric models that measure the influence of firms and resource characteristics on market competition. The results indicate moderate levels of oligopsony power in all markets, with the highest effect at the mill in the North, and lowest in the stumpage market in the South. Market power in the pulpwood market is strongly driven by industry concentration and local company size, and decreases as the estimated wood procurement radius from a mill increases in size.}, journal={FOREST POLICY AND ECONOMICS}, author={Silva, Bruno Kanieski and Cubbage, Frederick W. and Gonzalez, Ronalds and Abt, Robert C.}, year={2019}, month={May}, pages={138–150} }
 @article{roise_harnish_mohan_scolforo_chung_kanieski_catts_mccarter_posse_shen_2016, title={Valuation and production possibilities on a working forest using multi-objective programming, Woodstock, timber NPV, and carbon storage and sequestration}, volume={31}, ISSN={["1651-1891"]}, DOI={10.1080/02827581.2016.1220617}, abstractNote={ABSTRACT This study analyzes the trade-off between net present value (NPV) of timber resources, and carbon sequestration and storage for a working forest, the Hofmann Forest in North Carolina, USA. Multi-objective optimization is used to determine the production possibility curves showing the relationship between NPV and carbon. We then perform a sensitivity analysis to explore alternative management strategies. For carbon yields we used aboveground pools: branches, leaves, tops and bole as estimated by the Forest Vegetation Simulator (FVS) and LOBDSS using the California Carbon Market Protocols, including product carbon. Timber yields of sawtimber, chip-n-saw and pulpwood were estimated by LOBDSS for planted stands less than 49 years of age, and FVS was used for all natural stands and planted stands 49 years and over. Our results reveal that NPV opportunity costs associated with increasing carbon sequestration at Hofmann Forest are less than the current California carbon market price.}, number={7}, journal={SCANDINAVIAN JOURNAL OF FOREST RESEARCH}, author={Roise, J. P. and Harnish, K. and Mohan, M. and Scolforo, H. and Chung, J. and Kanieski, B. and Catts, G. P. and McCarter, J. B. and Posse, J. and Shen, T.}, year={2016}, pages={674–680} }