Research_BooksAndArticles – Natural Resources Finance Initiative

Books and Articles

Advancing Knowledge in Natural Resources Finance

The Natural Resources Finance Initiative (NRFI) contributes to global conversations on sustainable investment, forest economics, and conservation finance through published research. Our faculty and students author books and peer-reviewed articles that explore the intersection of finance, natural resource management, and environmental policy.

Recent Publications

Meet the Mississippi

Science | July 2024

Authored by Dr. Martin Doyle, this piece is a rich introduction to the Mississippi River and captures some of what the remarkable river has to offer.

Cost-effectiveness of Natural Forest Regeneration and Plantations for Climate Mitigation

Nature Climate Change | July 2024

Co-authored by Dr. Jeffrey R. Vincent, this study compares the GHG abatement cost for two common reforestation methods: natural forest and tree plantations.

Timberland as a Biological Bond

The Journal of Alternative Investments | 2025

Authored by Dr. Richard Mei, this paper explores how timberland functions much like a bond, generating steady, biologically driven cash flows and showing inverse relationships with interest rates and risk.

Books

Mei, B; Clutter, M. 2023. Forestland Investment: Valuation and Analysis
Doyle, M. 2019. The Source: How Rivers Made America and America Remade Its Rivers

Journals

Zhang, N; Mei, B. 2025. Impacts of COVID-19 and contract changes on the financial performance of lumber futures. Canadian Journal of Forest Research 55: 1-12.
Fu, C; Mei, B. 2025. Timberland as a biological bond. Journal of Alternative Investments 28(2): 64-77.
Vincent, JR; Aga, Y; Boscolo, M; Changk K; Cheng, Z; Dilger, J; Guerrero Machado, D; Herrera, D; Kaczan, D; McMahon, A; Rambaud, P; Spirovska Kono, M; Tenneson, K; Van Rijn, M; Walji, K; Yi, Y; Finegold, Y. 2025. Assessing conditions to scale up private investment in forest restoration. Journal of Forest Business Research 4(1): 37-72.
Mei, B; Ezekiel, M; Sun, C; Li, Y. 2025. On the carbon additionality of working forests. Forestry Economics Review 7(1). 23-34.
Piao, X; Mei, B. 2025. On the corporate performance of issuers of various green assets. Finance Research Letters 78(5), 107177.
Busch, J; Bukoski, JJ; Cook-Patton, SC; Griscom, B; Kaczan, D; Potts, MD; Yi, Y; Vincent, JR. 2024. Cost-effectiveness of natural forest regeneration and plantations for climate mitigation. Nature Climate Change 14(9): 996-1002
Holl, KD; Bukoski, JJ; Curran, SR; Potts, MD; Vincent, JR. 2023. Abandoned land: Overestimated potential. Science 381(6655): 277-278.
August, O; Doyle, MW; Patterson, LA; Smull, E. 2023. Financial Capability and Performance: Assessing Trends Among North Carolina Utilities. American Water Works Association 115(1): 10-25.
Smull, E; Kodra, E; Stern, A; Teras, A; Bonanno, M; Doyle, M. 2023. Climate, Race, and the Cost of Capital in The Municipal Bond Market . PLOS ONE 18(8): e0288979.

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