This project uses event study methodology to analyze equity market responses to four announcements of forest industry firms converting their corporate structures from traditional C-corporations to real estate investment trusts (REIT). These announcements were Plum Creek in 1998, Rayonier in 2003, Potlatch in 2005, and Longview Fiber in 2005. All four announcements were associated with significant abnormal increases in the stock prices of the four firms on the day before, day of, or day after each firm's announced REIT conversion. Results indicate investor preference for holding industrial timberlands within an REIT rather than traditional C-corporation structure.
The Journal of Forestry is the most widely circulated scholarly forestry journal in the world. In print since 1902, the Journal has received several national awards for excellence. The mission of the Journal of Forestry is to advance the profession of forestry by keeping forest management professionals informed about significant developments and ideas in the many facets of forestry: economics, education and communication, entomology and pathology, fire, forest ecology, geospatial technologies, history, international forestry, measurements, policy, recreation, silviculture, social sciences, soils and hydrology, urban and community forestry, utilization and engineering, and wildlife management. The Journal is published bimonthly: January, March, May, July, September, and November.