On the Determinants of Transaction Frequency of Institutional Commercial Timberland Properties in the United States
利用1987-2015年美国机构林地物业数据，通过logit回归发现市场回报、预期售价与评估价差异、物业相对表现及地理位置显著影响交易频率，宏观经济也有重要作用。
Using property-level data (1987Q1–2015Q4) from the National Council of Real Estate Investment Fiduciaries, this study examines the determinants of transaction frequency of institutional commercial timberland properties in the United States. Controlling for both macro- and microlevel factors in a logit regression, the overall financial return of the timberland market, the discrepancy between anticipated sale price and last appraisal value, the superior performance of individual timberland properties over the market average, and geographic locations are found to significantly influence timberland transaction frequency. Aggregate market outlook and growth rate of the national economy are also found to have material impacts on the likelihood of timberland sales. <i></i>