Informational Efficiency of Markets for Stumpage
检验美国南方松树锯材立木市场的弱式信息效率，发现年度和季度价格变化显示市场有效，但月度数据不通过检验，归因于交易摩擦。对木材采伐调度、林业投资资产定价及公共林地销售政策有启示。
Abstract This paper examines the weak‐form informational efficiency of markets for pine sawtimber stumpage in the U.S. South. Analyses of annual and quarterly rates of price change generally indicate that stumpage markets are efficient. When viewed over monthly intervals, stumpage markets do not pass the tests for weak‐form efficiency. This failure is attributed to friction in the market due to the time and cost involved in consumating timber sales. The results have implications for price‐responsive timber harvest scheduling, for the application of asset pricing models to forestry investments, and for policies governing sales of timber from public lands.