Daowei Zhang Book order (chronological)

Since the early 1900s, forestland ownership in the United States and globally has undergone two significant structural changes: the accumulation of industrial timberlands from the 1900s to the 1980s, followed by a shift to institutional ownership. This exploration delves into the history and economics of these transitions, focusing on the latter. These changes have influenced millions of acres of private land and billions in investments, affecting industrial structure, forest management, policy, research and development, community welfare, and sustainability. Through a historical lens, the author examines key events, management philosophies, public policy, and institutional factors to provide an economic explanation for these ownership revolutions. The analysis includes three main components: the profitability of industrial firms in forestland ownership and the transition to institutional ownership; a comparison of private timberland and public equity investments regarding risk-adjusted returns, alignment of interests, and management records; and insightful commentary on the future of institutional timberland investments and global forest sustainability. This work is essential for forest managers, investors, and anyone interested in the modern forest sector and its sustainability prospects.