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An Application of Capital Asset Pricing to the Spot Market for Softwood Logs in Oregon

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This study utilizes the Capital Asset Pricing Model to analyze risk, return, and competition in a major spot log market in Oregon for 1968-1978. Holding period returns on thirteen individual log species and grades were calculated using actual log sales prices and storage costs. In general, the results suggest that the market is competitive and that log investors earn a return which approximates the yield on U.S. Treasury bills. In addition, log returns do not appear to exhibit any significant amount of systematic or "market related" risk. Forest Sci. 27:215-223.

Keywords: Risk analysis; return analysis

Document Type: Journal Article

Affiliations: Associate Professor of Finance, University of Puget Sound, Tacoma, WA 98416

Publication date: June 1, 1981

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