Skogsfastigheter i Jämtland : är det en intressant kapitalplacering i jämförelse med aktier?
Forest as an investment alternative has become more and more popular over the last few years. Between the years 2004 and 2007 increased the price level on forest land with 70 percent in Jämtland. In this thesis a comparison has been conducted between forest in Jämtland and an investment in the st...
| Autor principal: | |
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| Formato: | L3 |
| Lenguaje: | sueco Inglés |
| Publicado: |
SLU/School for Forest Management
2008
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| Materias: |
| _version_ | 1855572030537072640 |
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| author | Norman, Karl-Olof |
| author_browse | Norman, Karl-Olof |
| author_facet | Norman, Karl-Olof |
| author_sort | Norman, Karl-Olof |
| collection | Epsilon Archive for Student Projects |
| description | Forest as an investment alternative has become more and more popular over the last few
years. Between the years 2004 and 2007 increased the price level on forest land with 70
percent in Jämtland. In this thesis a comparison has been conducted between forest in
Jämtland and an investment in the stock market. The risk in the two investment alternatives
has been included in the comparison. The thesis includes two different studies between the
two alternatives. One historical study from 1986- 2006 also a future comparison has been
conducted from 2007 and forward. The historical study shows that the stock market has been
a better investment alternative between the years 1986-2006. The forest has had a lower risk
measured as standard deviation. Even thou the risk has been lower for the forest does it not
compensate the lower level of yield compared to the stock market. An interesting discovery is
that the stock market sometimes is the opposite of the forest in few periods. In a period when
the forest is going down the stock market is going up. The same connection is observed when
the forest is on its way up the stock market is going down. In the future study its hard to tell
correct conclusions because it does not exist two similar methods in comparing the stock and
forest markets yields in the future. The historical study tends to be similar to the future study.
The stock market is probably a better investment alternative compared to the forest in spite
that the risk is included. An important item to declare is that only the economical aspects are
included in this study between the two investment alternatives. For example have not hunting
values and the positive feeling of owning forest been taken to account. Probably are these non
monetary values the explanation to why people are buying forest in spite it is not an
economical rationally correct decision. |
| format | L3 |
| id | RepoSLU12261 |
| institution | Swedish University of Agricultural Sciences |
| language | swe Inglés |
| publishDate | 2008 |
| publishDateSort | 2008 |
| publisher | SLU/School for Forest Management |
| publisherStr | SLU/School for Forest Management |
| record_format | eprints |
| spelling | RepoSLU122612017-11-01T11:38:46Z Skogsfastigheter i Jämtland : är det en intressant kapitalplacering i jämförelse med aktier? Woodlots in Jämtland : is it an interesting investment compared to the stock market? Norman, Karl-Olof skogsinvestering marknadsvärde risk Forest as an investment alternative has become more and more popular over the last few years. Between the years 2004 and 2007 increased the price level on forest land with 70 percent in Jämtland. In this thesis a comparison has been conducted between forest in Jämtland and an investment in the stock market. The risk in the two investment alternatives has been included in the comparison. The thesis includes two different studies between the two alternatives. One historical study from 1986- 2006 also a future comparison has been conducted from 2007 and forward. The historical study shows that the stock market has been a better investment alternative between the years 1986-2006. The forest has had a lower risk measured as standard deviation. Even thou the risk has been lower for the forest does it not compensate the lower level of yield compared to the stock market. An interesting discovery is that the stock market sometimes is the opposite of the forest in few periods. In a period when the forest is going down the stock market is going up. The same connection is observed when the forest is on its way up the stock market is going down. In the future study its hard to tell correct conclusions because it does not exist two similar methods in comparing the stock and forest markets yields in the future. The historical study tends to be similar to the future study. The stock market is probably a better investment alternative compared to the forest in spite that the risk is included. An important item to declare is that only the economical aspects are included in this study between the two investment alternatives. For example have not hunting values and the positive feeling of owning forest been taken to account. Probably are these non monetary values the explanation to why people are buying forest in spite it is not an economical rationally correct decision. Skog som investeringsalternativ har blivit allt populärare de senaste åren. Mellan 2004 och 2007 har priserna stigit realt med 70 % i Jämtland. Uppsatsen innefattar en studie som jämför alternativen skogsinvestering i jämtland med en aktieinvestering. I studien har även risken med de olika investeringsalternativen beaktats. Två jämförelser mellan alternativen har utförts i studien. En historisk tillbakablick har utförts från 1986-2006 samt en jämförelse framåt i tiden från 2007. Den historiska studien visar att aktierna förräntat sig bättre under perioden. Skogen har haft en lägre risk, dock kompenserar inte den lägre risken den sämre avkastningen. I den historiska jämförelsen upptäcktes att aktierna under vissa perioder ligger i motsats till skogen. I de fall då skogen har uppgång har aktierna nedgång eller när skogen har nedgång tenderar aktiekursen att gå upp. I den framtida jämförelsen är det svårt att dra konkreta slutsatser eftersom det saknas modeller för att skatta den framtida avkastningen av aktier. Prognosen för investeringarna tenderar dock att efterlikna den historiska. Aktierna ser ut som ett bättre investeringsalternativ trots att risken beaktats. En viktig aspekt att klargöra är att endast de ekonomiska värdena har beaktats i jämförelsen mellan de båda alternativen. Jaktvärden samt känslan av att äga skogsmark har inte beaktats. Förmodligen är det dessa icke monetära värden som gör att allt fler köper skog eftersom det inte är ett rationellt ekonomiskt beslut. SLU/School for Forest Management 2008 L3 swe eng https://stud.epsilon.slu.se/12261/ |
| spellingShingle | skogsinvestering marknadsvärde risk Norman, Karl-Olof Skogsfastigheter i Jämtland : är det en intressant kapitalplacering i jämförelse med aktier? |
| title | Skogsfastigheter i Jämtland : är det en intressant kapitalplacering i jämförelse med aktier? |
| title_full | Skogsfastigheter i Jämtland : är det en intressant kapitalplacering i jämförelse med aktier? |
| title_fullStr | Skogsfastigheter i Jämtland : är det en intressant kapitalplacering i jämförelse med aktier? |
| title_full_unstemmed | Skogsfastigheter i Jämtland : är det en intressant kapitalplacering i jämförelse med aktier? |
| title_short | Skogsfastigheter i Jämtland : är det en intressant kapitalplacering i jämförelse med aktier? |
| title_sort | skogsfastigheter i jämtland : är det en intressant kapitalplacering i jämförelse med aktier? |
| topic | skogsinvestering marknadsvärde risk |