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This paper evaluates the investment performance of Swedish timberland during the last three decades using the Capital Asset Pricing Model (CAPM). Results suggests that Swedish timberland investments show diversification potential and can serve as a hedge against inflation. Furthermore, the analysis suggests that the return on timberland is higher than on investment alternatives in the same risk class. The results are in line with similar studies performed in other countries. (JEL D21, Q23)
Tommy Lundgren (Mon,) studied this question.