Modeling Forest Growth with Management Data: A Matrix Approach for the Italian Alps

Summary

Age and size structure of gap-dynamic, old-growth boreal forest stands in Newfoundland

[Abstract]

Growth and recruitment after mountain forest selective cutting in irregular spruce forest : a case study in northern Norway

Abstract

The value of future opportunities: comparison of information technology firms and forest companies

There are several alternatives for valuing the future opportunities of firms. The traditional appraisal methods for single projects such as net present value, internalrate of return and payback rules have been criticized in recent years. It has been said that they do not take into account all growth opportunities of firms. At the company level, business valuation is traditionally based on financial and market information. Yield estimates, net worth values and market values of shares are commonly used. Naturally, all valuation methods have their own strengths and shortcomings. In the background of most estimation rules there is the idea that the future of the firms is quite clear and predictable. However, in recent times the business environment of most companies has changed to a more unpredictable direction and the effects of uncertainty have increased. There has been a growing interest in estimating the risks and values of future possibilities. The aim of the current paper is to describe the difference between the value of futureopportunities in information technology firms and forest companies, and also toanalyse the backgrounds for the observed gap.

Competitor Analysis in a Finnish Forest Industry Company

Työn tavoitteena oli analysoida yhden metsäteollisuusyrityksen tuotantolaitosta; sen heikkouksia ja vahvuuksia sekä määrittää tarvittavat kilpailukeinot. Työ perustuu Porterin kilpailija-analyysin viitekehykseen. Tarvittava kilpailijatieto on kerätty pääosin julkisista lähteistä, yrityksen tietokannoista, ja työntekijöiltä sekä tuotetestauksella. Kilpailijan analysointi koostuu lähinnä kilpailijan tuotantoresurssien, palveluiden ja tuotteiden analysoinnista. Lisäksi työssä käydään läpi kilpailijan strategiaa ja tavoitteita sekä kilpailijan olettamuksia itsestään ja kilpailijoistaan. Ennen varsinaista kilpailija-analyysia työssä tutustutaan metsäteollisuuden kasvuodotuksiin ja tulevaisuuden markkinatrendeihin, joita hyödynnetään johtopäätöksissä. Vaikkakin kilpailija keskittyy eri loppukäyttösegmentille kuin tutkimuksen teettänyt yritys, on se varteenotettava kilpailija tiettyjen tuoteominaisuuksien ansiosta. Kuitenkaan nykyisellä palvelutasolla ja resursseilla kilpailija ei ole tällä hetkellä suuri uhka yritykselle. Sen vuoksi toimenpide-ehdotukset ovat vähäiset ja liittyvät lähinnä markkinoinnillisiin näkökohtiin.

Value creation and capital market valuation in the forest product industry

Tämä työ tähtää löytämään mahdollisia poikkeamia metsäteollisuusyritysten markkina-arvoissa ja tunnistaa tekijöitä jotka ovat vaikuttaneet pääomamarkkinoiden odotuksiin yritysten tulevaisuuden suorituskyvystä sekä yrityksen markkina-arvoon. Tämän työn päätavoitteena on kehittää diskontattuihin kassavirtoihin perustuva arvonmääritysmalli jolla mitataan metsäteollisuusyritysten tosiasiallista arvoa yritysten suorituskyvyn ja arvoajureiden perusteella. Lisäksi tavoitteena on löytää selittäviä tekijöitä havaituille eroille yritysten tosiasiallisesten arvojen ja markkinaperusteisten arvojen välisillä. Teoreettisessa osassa esitellään rahoitusteorian pääpiirteet arvonmäärityksen kannalta, aikasempia tutkimuksia sekä metsäteollisuuden toimialakohtaisia tekijöitä. Empiirisessä osassa kehittetään diskontattuihin kassavirtoihin perustuvaa arvonmääritymalli. Otos koostuu 32 suurimmasta Pohjoismaisesta ja Pohjoisamerikkalaisesta metsäteollisuusyrityksestä vuonna 2000. Tutkimuksen aikavälien 1991 -2000. Tulokset tukevat aikaisempia tutkimuksia jonka mukaan kasvuinvestoinnit eivät luo positiivisia odotuksia yrityksen tulevaisuuden kassavirroista. Tarkemmat löydöt ovat, että arvon luominen tutkimusajanjakson aikana ei vaikuttanut yhtä merkittävästi pääomamarkkinoiden odotuksiin yrityksen tulevaisuuden suorituskyvystä kuin mitatut tosiasialliset arvot. Tulokset viittaavat siihen, että metsäteollisuusyritysten markkina- arvot olivat keskimäärin riippuvaisempia itse yrityksestä, kuin sen toiminnasta.

Determinants of Polylepis (Rosaceae) Forest Distribution and Treeline Formation in the High Andes

High elevation treelines are formed under common temperature conditions worldwide, but the functional mechanisms that ultimately constrain tree growth are poorly known. In addition to environmental constraints, the distribution of high elevation forests is largely affected by human influence. Andean Polylepis (Rosaceae) forests are an example of such a case, forests commonly growing in isolated stands disconnected from the lower elevation montane forests. There has been ample discussion as to the role of environmental versus anthropogenic causes of this fragmented distribution of Polylepis forests, but the importance of different factors is still unclear. In this thesis, I studied functional, environmental and anthropogenic aspects determining Polylepis forest distribution. Specifically, I assessed the degree of genetic determinism in the functional traits that enable Polylepis species to grow in cold and dry conditions. I also studied the role of environment and human influence constraining Polylepis forest distribution. I found evidence of genetically determined climatic adaptations in the functional traits of Polylepis. High elevation species had reduced leaf size and increased root tip abundance compared to low elevation species. Thus these traits have potentially played an important role in species evolution and adaptation to high elevation habitats, especially to low temperatures. I also found reduced photosynthesis rate among high elevation tree species compared to low elevation species, supporting carbon source limitation at treelines. At low elevations, Polylepis forest distribution appeared to be largely defined by human influence. This suggests that the absence of Polylepis forests in large areas in the Andes is the result of several environmental and anthropogenic constraints, the role of environment becoming stronger towards high elevations. I also show that Polylepis trees grow at remarkably low air and soil temperatures near treelines, and present new evidence of the role of air temperatures in constraining tree growth at high elevations. I further show that easily measurable indices of accessibility are related to the degree of degradation of Polylepis forest, and can therefore be used in the rapid identification of potentially degraded Polylepis forests. This is of great importance for the conservation and restoration planning of Polylepis forests in the Andes. In a global context, the results of this thesis add to our scientific knowledge concerning high elevation adaptations in trees, and increase our understanding of the factors constraining tree growth and forest distribution at high-­elevation treelines worldwide.

Trophic cascades in boreal landscapes: top predator protection on tree seedlings and forest grouse

Changes in the abundance of top predators have brought about notable, cascading effects in ecosystems around the world. In this thesis, I examined several potential trophic cascades in boreal ecosystems, and their separate interspecific interactions. The main aim of the thesis was to investigate whether predators in the boreal forests have direct or indirect cascading effects on the lower trophic levels. First, I compared the browsing effects of different mammalian herbivores by excluding varying combinations of voles, hares and cervids from accessing the seedlings of silver birch (Betula pendula), Scots pine (Pinus sylvestris) and Norway spruce (Picea abies). Additionally, I studied the effect of simulated predation risk on vole browsing by using auditory cues of owls. Moving upwards on the trophic levels, I examined the intraguild interactions between the golden eagle (Aquila chrysaetos), and its mesopredator prey, the red fox (Vulpes vulpes) and the pine marten (Martes martes). To look at an entire potential trophic cascade, I further studied the combined impacts of eagles and mesopredators on the black grouse (Tetrao tetrix) and the hazel grouse (Tetrastes bonasia), predicting that the shared forest grouse prey would benefit from eagle presence. From the tree species studied, birch appears to be the most palatable one for the mammalian herbivores. I observed growth reductions in the presences of cervids and low survival associated with hares and voles, which suggests that they all weaken regeneration in birch stands. Furthermore, the simulated owl predation risk appeared to reduce vole browsing on birches in late summer, although the preferred grass forage is then old and less palatable. Browsing by voles and hares had a negative effect on the condition and survival of Scots pine, but in contrast, the impact of mammalian herbivores on spruce was found to be small, at least when more preferred food is available. I observed that the presence of golden eagles had a negative effect on the abundance of adult black grouse but a positive, protective effect on the proportion of juveniles in both black grouse and hazel grouse. Yet, this positive effect was not dependent on the abundance foxes or martens, nor did eagles seem to effectively decrease the abundance of these mesopredators. Conversely, the protection effect on grouse could arise from fear effects and also be mediated by other mesopredators. The results of this thesis provide important new information about trophic interactions in the boreal food webs. They highlight how different groups of mammalian herbivores vary in their effects on the growth and condition of different tree seedlings. Lowered cervid abundances could improve birch regeneration, which indirectly supports the idea that the key predators of cervids could cause cascading effects also in Fennoscandian forests. Owls seem to reduce vole browsing through an intimidation effect, which is a novel result of the cascading effects of owl vocalisation and could even have applications for protecting birch seedlings. In the third cascade examined in this thesis, I found the golden eagle to have a protective effect on the reproducing forest grouse, but it remains unclear through which smaller predators this effect is mediated. Overall, the results of this thesis further support the idea that there are cascading effects in the forests of Northern Europe, and that they are triggered by both direct and non‐lethal effects of predation.