caa a22 4500 463218361 CHVBK 20180405153204.0 cr unu---uuuuu 170326e20070501xx s 000 0 eng 10.1007/s11056-006-9025-4 doi (NATIONALLICENCE)springer-10.1007/s11056-006-9025-4 Timber investment returns for selected plantations and native forests in South America and the Southern United States [Elektronische Daten] [Frederick Cubbage, Patricio Mac Donagh, José Sawinski Júnior, Rafael Rubilar, Pablo Donoso, Arnaldo Ferreira, Vitor Hoeflich, Virginia Olmos, Gustavo Ferreira, Gustavo Balmelli, Jacek Siry, Mirta Báez, José Alvarez] Timber investment returns were estimated for the principal exotic and selected native species in the Southern Cone of Latin America and in the Southern United States. Exotic eucalyptus plantations in South America were most profitable, with internal rates of returns (IRRs) ranging from 13% to 23%, followed by exotic loblolly pine, with IRRs from 9% to 17%. Average loblolly pine plantation returns in the US South were less profitable, with an IRR of about 9.5%, and natural forest management in the South had IRRs of 4% to 8%. Subtropical native species plantations of the best araucaria and nothofagus species had reasonable financial returns, with IRRs ranging from 5% to 13%. Subtropical or tropical native forests had fewer commercial timber species, and had much lower growth rates and returns. Their IRRs were less than 4%, or even negative for unmanaged stands. State subsidy payments for forest plantations or for timber stand improvements increased IRRs somewhat and reserving areas for environmental protection reduced their IRRs slightly. Including land costs in the cash flows decreased these internal rates of return substantially. Natural stand returns in Latin America were much less than those of plantations, but management of those stands offered better rates of return than only holding the land. Springer Science+Business Media, Inc., 2006 Financial analyses nationallicence Forest plantations nationallicence Native forests nationallicence Latin America nationallicence Biological and financial risk nationallicence Cubbage Frederick Department of Forestry and Environmental Resources, North Carolina State University, 27695-8008, Raleigh, NC, USA aut Mac Donagh Patricio Universidad Nacional de Misiones (UNAM), Eldorado, Misiones, Argentina aut Sawinski Júnior José Universidade do Contestado-Canoinhas, Canoinhas, Brazil aut Rubilar Rafael Universidad de Concepción, Concepción, Chile aut Donoso Pablo Universidad Austral de Chile, Valdivia, Chile aut Ferreira Arnaldo Consultant, Forest Genetics, Los Angeles, CA, USA aut Hoeflich Vitor Embrapa Florestas and Universidade Federal do Paraná (UFPR), Brazil Curitiba, Brazil aut Olmos Virginia University of Georgia, Athens, GA, USA aut Ferreira Gustavo Instituto Nacional de Investigación Agropecuaria (INIA), Tacuarembo, Uruguay aut Balmelli Gustavo Instituto Nacional de Investigación Agropecuaria (INIA), Tacuarembo, Uruguay aut Siry Jacek University of Georgia, Athens, GA, USA aut Báez Mirta Universidad Nacional de Misiones (UNAM), Eldorado, Misiones, Argentina aut Alvarez José CMPC Forestry, Concepción, Chile aut New Forests Kluwer Academic Publishers 33/3(2007-05-01), 237-255 0169-4286 33:3<237 2007 33 11056 https://doi.org/10.1007/s11056-006-9025-4 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11056-006-9025-4 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Cubbage Frederick Department of Forestry and Environmental Resources, North Carolina State University, 27695-8008, Raleigh, NC, USA aut NATIONALLICENCE 700 1- Mac Donagh Patricio Universidad Nacional de Misiones (UNAM), Eldorado, Misiones, Argentina aut NATIONALLICENCE 700 1- Sawinski Júnior José Universidade do Contestado-Canoinhas, Canoinhas, Brazil aut NATIONALLICENCE 700 1- Rubilar Rafael Universidad de Concepción, Concepción, Chile aut NATIONALLICENCE 700 1- Donoso Pablo Universidad Austral de Chile, Valdivia, Chile aut NATIONALLICENCE 700 1- Ferreira Arnaldo Consultant, Forest Genetics, Los Angeles, CA, USA aut NATIONALLICENCE 700 1- Hoeflich Vitor Embrapa Florestas and Universidade Federal do Paraná (UFPR), Brazil Curitiba, Brazil aut NATIONALLICENCE 700 1- Olmos Virginia University of Georgia, Athens, GA, USA aut NATIONALLICENCE 700 1- Ferreira Gustavo Instituto Nacional de Investigación Agropecuaria (INIA), Tacuarembo, Uruguay aut NATIONALLICENCE 700 1- Balmelli Gustavo Instituto Nacional de Investigación Agropecuaria (INIA), Tacuarembo, Uruguay aut NATIONALLICENCE 700 1- Siry Jacek University of Georgia, Athens, GA, USA aut NATIONALLICENCE 700 1- Báez Mirta Universidad Nacional de Misiones (UNAM), Eldorado, Misiones, Argentina aut NATIONALLICENCE 700 1- Alvarez José CMPC Forestry, Concepción, Chile aut NATIONALLICENCE 773 0- New Forests Kluwer Academic Publishers 33/3(2007-05-01), 237-255 0169-4286 33:3<237 2007 33 11056 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer