<?xml version='1.0' encoding='UTF-8'?><xml><records><record><source-app name="HighWire" version="7.x">Drupal-HighWire</source-app><ref-type name="Journal Article">17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Scholtens, Bert</style></author><author><style face="normal" font="default" size="100%">Spierdijk, Laura</style></author></authors><secondary-authors></secondary-authors></contributors><titles><title><style face="normal" font="default" size="100%">Does Money Grow on Trees? The Diversification Properties of U.S. Timberland Investments</style></title><secondary-title><style face="normal" font="default" size="100%">Land Economics</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2010</style></year><pub-dates><date><style  face="normal" font="default" size="100%">2010-08-01 00:00:00</style></date></pub-dates></dates><pages><style  face="normal" font="default" size="100%">514-529</style></pages><doi><style  face="normal" font="default" size="100%">10.3368/le.86.3.514</style></doi><volume><style face="normal" font="default" size="100%">86</style></volume><issue><style face="normal" font="default" size="100%">3</style></issue><abstract><style  face="normal" font="default" size="100%">This paper quantifies the diversification potential of timberland investments in a mean-variance framework. The starting point is a broad set of benchmark assets represented by various indexes. Including publicly traded timberland investments in the portfolio does not significantly increase mean-variance efficiency. At first sight, U.S. private equity timberland seems to improve the mean-variance frontier, even if the portfolio already contains a forestry and paper equity index. However, after removing the appraisal smoothing bias from the raw timberland data, there is much less evidence that private equity timberland investments increase mean-variance efficiency. (JEL C14)</style></abstract></record></records></xml>