02683naa a2200445 a 450000100080000000500110000800800410001902400350006010000160009524501230011126000090023450001100024352013230035365000200167665000150169665000170171165000160172865000110174465300340175565300270178965300230181665300230183965300180186265300190188065300290189965300120192870000190194070000170195970000160197670000150199270000170200770000170202470000220204170000170206370000170208070000130209770000150211070000160212577300960214110511602020-09-15       2007    bl uuuu     u00u1 u    #d7 a10.1007/s11056-006-9025-42DOI1 aCUBBAGE, F.  aTimber investment returns for selected plantations and native forests in South America and the Southern United States.  c2007  aArticle history: Received: 3 April 2006 / Accepted: 15 October 2006 / Published online: 13 December 2006.  aTimber investment returns were estimated for the principal exotic and selected native species in the Southern Cone of Latin America and in the Southern United States. Exotic eucalyptus plantations in South America were most profitable, with internal rates of returns (IRRs) ranging from 13% to 23%, followed by exotic loblolly pine, with IRRs from 9% to 17%. Average loblolly pine plantation returns in the US South were less profitable, with an IRR of about 9.5%, and natural forest management in the South had IRRs of 4% to 8%. Subtropical native species plantations of the best araucaria and nothofagus species had reasonable financial returns, with IRRs ranging from 5% to 13%. Subtropical or tropical native forests had fewer commercial timber species, and had much lower growth rates and returns. Their IRRs were less than 4%, or even negative for unmanaged stands. State subsidy payments for forest plantations or for timber stand improvements increased IRRs somewhat and reserving areas for environmental protection reduced their IRRs slightly. Including land costs in the cash flows decreased these internal rates of return substantially. Natural stand returns in Latin America were much less than those of plantations, but management of those stands offered better rates of return than only holding the land.  aAMERICA DEL SUR  aEUCALYPTUS  aFORESTACIÓN  aINVERSIONES  aMADERA  aBIOLOGICAL AND FINANCIAL RISK  aDESARROLLO TERRITORIAL  aFINANCIAL ANALYSES  aFOREST PLANTATIONS  aLATIN AMERICA  aNATIVE FORESTS  aSECTOR FORESTAL-MADERERO  aURUGUAY1 aMAC DONAGH, P.1 aSAWINSKI, J.1 aRUBILAR, R.1 aDONOSO, P.1 aFERREIRA, A.1 aHOEFLICH, V.1 aMORALES OLMOS, V.1 aFERREIRA, G.1 aBALMELLI, G.1 aSIRY, J.1 aBAEZ, M.N.1 aALVAREZ, J.  tNew Forests, 2007gv. 33, no. 3, p. 237-255. DOI: https://doi.org/10.1007/s11056-006-9025-4