02586naa a2200469 a 450000100080000000500110000800800410001902400400006010000160010024500650011626000090018150001450019052012730033565000170160865300150162565300210164065300230166165300230168465300100170765300090171770000200172670000190174670000160176570000170178170000220179870000200182070000150184070000190185570000140187470000170188870000160190570000130192170000140193470000150194870000130196370000140197670000180199070000170200870000120202570000170203777300620205410511562019-10-15       2010    bl uuuu     u00u1 u    #d7 a10.1016/j.biombioe.2010.05.0082DOI1 aCUBBAGE, F.  aGlobal timber investments, wood costs, regulation, and risk.  c2010  aArticle history: Received 10 November 2009 / Received in revised form 31 March 2010 / Accepted 31 May 2010. / Available online 29 June 2010.  aWe estimated financial returns and wood production costs in 2008 for the primary timber plantation species. Excluding land costs, returns for exotic plantations in almost all of South America e Brazil, Argentina, Uruguay, Chile, Colombia, Venezuela, and Paraguay e were substantial. Eucalyptus species returns were generally greater than those for Pinus species in each country, with most having Internal Rates of Return (IRRs) of 20% per year or more, as did teak. Pinus species in South America were generally closer to 15%, except in Argentina, where they were 20%. IRRs were less, but still attractive for plantations of coniferous or deciduous species in China, South Africa, New Zealand, Indonesia, and the United States, ranging from 7% to 12%. Costs of wood production at the cost of capital of 8% per year were generally cheapest for countries with high rates of return and for pulpwood fiber production, which would favor vertically integrated firms in Latin America. But wood costs at stumpage market prices were much greater, making net wood costs for open market wood more similar among countries. In the Americas, Chile and Brazil had the most regulatory components of sustainable forest management, followed by Misiones, Argentina and Oregon in the U.S.  aFORESTACIÓN  aEUCALYPTUS  aFINANCIAL MODELS  aFOREST PLANTATIONS  aINVESTMENT RETURNS  aPINUS  aRISK1 aKOESBANDANA, S.1 aMAC DONAGH, P.1 aRUBILAR, R.1 aBALMELLI, G.1 aMORALES OLMOS, V.1 aDE LA TORRE, R.1 aMURARA, M.1 aHOEFLICH, V.A.1 aKOTZE, H.1 aGONZALEZ, R.1 aCARRERO, O.1 aFREY, G.1 aADAMS, T.1 aTURNER, J.1 aLORD, R.1 aHUANG, J.1 aMACINTYRE, C.1 aMCGINLEY, K.1 aABT, R.1 aPHILLIPS, R.  tBiomass and Bioenergy, 2010gv. 34,  no. 12, p. 1667-1678