Management Policy and Estimated Returns on School Trust Lands
Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school syste...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Sunderman, Mark A. [verfasserIn] |
|---|
| Format: |
Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2006 |
|---|
| Schlagwörter: |
|---|
| Anmerkung: |
© Springer Science + Business Media, LLC 2006 |
|---|
| Übergeordnetes Werk: |
Enthalten in: The journal of real estate finance and economics - Kluwer Academic Publishers, 1988, 33(2006), 4 vom: 29. Nov., Seite 345-362 |
|---|---|
| Übergeordnetes Werk: |
volume:33 ; year:2006 ; number:4 ; day:29 ; month:11 ; pages:345-362 |
| Links: |
|---|
| DOI / URN: |
10.1007/s11146-006-0337-0 |
|---|
| Katalog-ID: |
OLC2037174918 |
|---|
| LEADER | 01000caa a22002652 4500 | ||
|---|---|---|---|
| 001 | OLC2037174918 | ||
| 003 | DE-627 | ||
| 005 | 20230504022429.0 | ||
| 007 | tu | ||
| 008 | 200820s2006 xx ||||| 00| ||eng c | ||
| 024 | 7 | |a 10.1007/s11146-006-0337-0 |2 doi | |
| 035 | |a (DE-627)OLC2037174918 | ||
| 035 | |a (DE-He213)s11146-006-0337-0-p | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rakwb | ||
| 041 | |a eng | ||
| 082 | 0 | 4 | |a 330 |q VZ |
| 100 | 1 | |a Sunderman, Mark A. |e verfasserin |4 aut | |
| 245 | 1 | 0 | |a Management Policy and Estimated Returns on School Trust Lands |
| 264 | 1 | |c 2006 | |
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a ohne Hilfsmittel zu benutzen |b n |2 rdamedia | ||
| 338 | |a Band |b nc |2 rdacarrier | ||
| 500 | |a © Springer Science + Business Media, LLC 2006 | ||
| 520 | |a Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. | ||
| 650 | 4 | |a State trust land | |
| 650 | 4 | |a Maximum economic benefit | |
| 650 | 4 | |a Grazing lease | |
| 650 | 4 | |a Agricultural land valuation | |
| 650 | 4 | |a School trust lands | |
| 700 | 1 | |a Spahr, Ronald W. |4 aut | |
| 773 | 0 | 8 | |i Enthalten in |t The journal of real estate finance and economics |d Kluwer Academic Publishers, 1988 |g 33(2006), 4 vom: 29. Nov., Seite 345-362 |w (DE-627)170550265 |w (DE-600)1073289-5 |w (DE-576)025193546 |x 0895-5638 |7 nnns |
| 773 | 1 | 8 | |g volume:33 |g year:2006 |g number:4 |g day:29 |g month:11 |g pages:345-362 |
| 856 | 4 | 1 | |u https://doi.org/10.1007/s11146-006-0337-0 |z lizenzpflichtig |3 Volltext |
| 912 | |a GBV_USEFLAG_A | ||
| 912 | |a SYSFLAG_A | ||
| 912 | |a GBV_OLC | ||
| 912 | |a SSG-OLC-WIW | ||
| 912 | |a GBV_ILN_26 | ||
| 912 | |a GBV_ILN_648 | ||
| 912 | |a GBV_ILN_2004 | ||
| 912 | |a GBV_ILN_4012 | ||
| 912 | |a GBV_ILN_4125 | ||
| 951 | |a AR | ||
| 952 | |d 33 |j 2006 |e 4 |b 29 |c 11 |h 345-362 | ||
| author_variant |
m a s ma mas r w s rw rws |
|---|---|
| matchkey_str |
article:08955638:2006----::aaeetoiynetmtdeunos |
| hierarchy_sort_str |
2006 |
| publishDate |
2006 |
| allfields |
10.1007/s11146-006-0337-0 doi (DE-627)OLC2037174918 (DE-He213)s11146-006-0337-0-p DE-627 ger DE-627 rakwb eng 330 VZ Sunderman, Mark A. verfasserin aut Management Policy and Estimated Returns on School Trust Lands 2006 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science + Business Media, LLC 2006 Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. State trust land Maximum economic benefit Grazing lease Agricultural land valuation School trust lands Spahr, Ronald W. aut Enthalten in The journal of real estate finance and economics Kluwer Academic Publishers, 1988 33(2006), 4 vom: 29. Nov., Seite 345-362 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:33 year:2006 number:4 day:29 month:11 pages:345-362 https://doi.org/10.1007/s11146-006-0337-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 GBV_ILN_2004 GBV_ILN_4012 GBV_ILN_4125 AR 33 2006 4 29 11 345-362 |
| spelling |
10.1007/s11146-006-0337-0 doi (DE-627)OLC2037174918 (DE-He213)s11146-006-0337-0-p DE-627 ger DE-627 rakwb eng 330 VZ Sunderman, Mark A. verfasserin aut Management Policy and Estimated Returns on School Trust Lands 2006 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science + Business Media, LLC 2006 Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. State trust land Maximum economic benefit Grazing lease Agricultural land valuation School trust lands Spahr, Ronald W. aut Enthalten in The journal of real estate finance and economics Kluwer Academic Publishers, 1988 33(2006), 4 vom: 29. Nov., Seite 345-362 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:33 year:2006 number:4 day:29 month:11 pages:345-362 https://doi.org/10.1007/s11146-006-0337-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 GBV_ILN_2004 GBV_ILN_4012 GBV_ILN_4125 AR 33 2006 4 29 11 345-362 |
| allfields_unstemmed |
10.1007/s11146-006-0337-0 doi (DE-627)OLC2037174918 (DE-He213)s11146-006-0337-0-p DE-627 ger DE-627 rakwb eng 330 VZ Sunderman, Mark A. verfasserin aut Management Policy and Estimated Returns on School Trust Lands 2006 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science + Business Media, LLC 2006 Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. State trust land Maximum economic benefit Grazing lease Agricultural land valuation School trust lands Spahr, Ronald W. aut Enthalten in The journal of real estate finance and economics Kluwer Academic Publishers, 1988 33(2006), 4 vom: 29. Nov., Seite 345-362 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:33 year:2006 number:4 day:29 month:11 pages:345-362 https://doi.org/10.1007/s11146-006-0337-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 GBV_ILN_2004 GBV_ILN_4012 GBV_ILN_4125 AR 33 2006 4 29 11 345-362 |
| allfieldsGer |
10.1007/s11146-006-0337-0 doi (DE-627)OLC2037174918 (DE-He213)s11146-006-0337-0-p DE-627 ger DE-627 rakwb eng 330 VZ Sunderman, Mark A. verfasserin aut Management Policy and Estimated Returns on School Trust Lands 2006 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science + Business Media, LLC 2006 Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. State trust land Maximum economic benefit Grazing lease Agricultural land valuation School trust lands Spahr, Ronald W. aut Enthalten in The journal of real estate finance and economics Kluwer Academic Publishers, 1988 33(2006), 4 vom: 29. Nov., Seite 345-362 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:33 year:2006 number:4 day:29 month:11 pages:345-362 https://doi.org/10.1007/s11146-006-0337-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 GBV_ILN_2004 GBV_ILN_4012 GBV_ILN_4125 AR 33 2006 4 29 11 345-362 |
| allfieldsSound |
10.1007/s11146-006-0337-0 doi (DE-627)OLC2037174918 (DE-He213)s11146-006-0337-0-p DE-627 ger DE-627 rakwb eng 330 VZ Sunderman, Mark A. verfasserin aut Management Policy and Estimated Returns on School Trust Lands 2006 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Springer Science + Business Media, LLC 2006 Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. State trust land Maximum economic benefit Grazing lease Agricultural land valuation School trust lands Spahr, Ronald W. aut Enthalten in The journal of real estate finance and economics Kluwer Academic Publishers, 1988 33(2006), 4 vom: 29. Nov., Seite 345-362 (DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 0895-5638 nnns volume:33 year:2006 number:4 day:29 month:11 pages:345-362 https://doi.org/10.1007/s11146-006-0337-0 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 GBV_ILN_2004 GBV_ILN_4012 GBV_ILN_4125 AR 33 2006 4 29 11 345-362 |
| language |
English |
| source |
Enthalten in The journal of real estate finance and economics 33(2006), 4 vom: 29. Nov., Seite 345-362 volume:33 year:2006 number:4 day:29 month:11 pages:345-362 |
| sourceStr |
Enthalten in The journal of real estate finance and economics 33(2006), 4 vom: 29. Nov., Seite 345-362 volume:33 year:2006 number:4 day:29 month:11 pages:345-362 |
| format_phy_str_mv |
Article |
| institution |
findex.gbv.de |
| topic_facet |
State trust land Maximum economic benefit Grazing lease Agricultural land valuation School trust lands |
| dewey-raw |
330 |
| isfreeaccess_bool |
false |
| container_title |
The journal of real estate finance and economics |
| authorswithroles_txt_mv |
Sunderman, Mark A. @@aut@@ Spahr, Ronald W. @@aut@@ |
| publishDateDaySort_date |
2006-11-29T00:00:00Z |
| hierarchy_top_id |
170550265 |
| dewey-sort |
3330 |
| id |
OLC2037174918 |
| language_de |
englisch |
| fullrecord |
<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000caa a22002652 4500</leader><controlfield tag="001">OLC2037174918</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20230504022429.0</controlfield><controlfield tag="007">tu</controlfield><controlfield tag="008">200820s2006 xx ||||| 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1007/s11146-006-0337-0</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)OLC2037174918</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-He213)s11146-006-0337-0-p</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="082" ind1="0" ind2="4"><subfield code="a">330</subfield><subfield code="q">VZ</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Sunderman, Mark A.</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Management Policy and Estimated Returns on School Trust Lands</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2006</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">ohne Hilfsmittel zu benutzen</subfield><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Band</subfield><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">© Springer Science + Business Media, LLC 2006</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">State trust land</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Maximum economic benefit</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Grazing lease</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Agricultural land valuation</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">School trust lands</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Spahr, Ronald W.</subfield><subfield code="4">aut</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Enthalten in</subfield><subfield code="t">The journal of real estate finance and economics</subfield><subfield code="d">Kluwer Academic Publishers, 1988</subfield><subfield code="g">33(2006), 4 vom: 29. Nov., Seite 345-362</subfield><subfield code="w">(DE-627)170550265</subfield><subfield code="w">(DE-600)1073289-5</subfield><subfield code="w">(DE-576)025193546</subfield><subfield code="x">0895-5638</subfield><subfield code="7">nnns</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:33</subfield><subfield code="g">year:2006</subfield><subfield code="g">number:4</subfield><subfield code="g">day:29</subfield><subfield code="g">month:11</subfield><subfield code="g">pages:345-362</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">https://doi.org/10.1007/s11146-006-0337-0</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_USEFLAG_A</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SYSFLAG_A</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_OLC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SSG-OLC-WIW</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_26</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_648</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2004</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4012</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4125</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">33</subfield><subfield code="j">2006</subfield><subfield code="e">4</subfield><subfield code="b">29</subfield><subfield code="c">11</subfield><subfield code="h">345-362</subfield></datafield></record></collection>
|
| author |
Sunderman, Mark A. |
| spellingShingle |
Sunderman, Mark A. ddc 330 misc State trust land misc Maximum economic benefit misc Grazing lease misc Agricultural land valuation misc School trust lands Management Policy and Estimated Returns on School Trust Lands |
| authorStr |
Sunderman, Mark A. |
| ppnlink_with_tag_str_mv |
@@773@@(DE-627)170550265 |
| format |
Article |
| dewey-ones |
330 - Economics |
| delete_txt_mv |
keep |
| author_role |
aut aut |
| collection |
OLC |
| remote_str |
false |
| illustrated |
Not Illustrated |
| issn |
0895-5638 |
| topic_title |
330 VZ Management Policy and Estimated Returns on School Trust Lands State trust land Maximum economic benefit Grazing lease Agricultural land valuation School trust lands |
| topic |
ddc 330 misc State trust land misc Maximum economic benefit misc Grazing lease misc Agricultural land valuation misc School trust lands |
| topic_unstemmed |
ddc 330 misc State trust land misc Maximum economic benefit misc Grazing lease misc Agricultural land valuation misc School trust lands |
| topic_browse |
ddc 330 misc State trust land misc Maximum economic benefit misc Grazing lease misc Agricultural land valuation misc School trust lands |
| format_facet |
Aufsätze Gedruckte Aufsätze |
| format_main_str_mv |
Text Zeitschrift/Artikel |
| carriertype_str_mv |
nc |
| hierarchy_parent_title |
The journal of real estate finance and economics |
| hierarchy_parent_id |
170550265 |
| dewey-tens |
330 - Economics |
| hierarchy_top_title |
The journal of real estate finance and economics |
| isfreeaccess_txt |
false |
| familylinks_str_mv |
(DE-627)170550265 (DE-600)1073289-5 (DE-576)025193546 |
| title |
Management Policy and Estimated Returns on School Trust Lands |
| ctrlnum |
(DE-627)OLC2037174918 (DE-He213)s11146-006-0337-0-p |
| title_full |
Management Policy and Estimated Returns on School Trust Lands |
| author_sort |
Sunderman, Mark A. |
| journal |
The journal of real estate finance and economics |
| journalStr |
The journal of real estate finance and economics |
| lang_code |
eng |
| isOA_bool |
false |
| dewey-hundreds |
300 - Social sciences |
| recordtype |
marc |
| publishDateSort |
2006 |
| contenttype_str_mv |
txt |
| container_start_page |
345 |
| author_browse |
Sunderman, Mark A. Spahr, Ronald W. |
| container_volume |
33 |
| class |
330 VZ |
| format_se |
Aufsätze |
| author-letter |
Sunderman, Mark A. |
| doi_str_mv |
10.1007/s11146-006-0337-0 |
| dewey-full |
330 |
| title_sort |
management policy and estimated returns on school trust lands |
| title_auth |
Management Policy and Estimated Returns on School Trust Lands |
| abstract |
Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. © Springer Science + Business Media, LLC 2006 |
| abstractGer |
Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. © Springer Science + Business Media, LLC 2006 |
| abstract_unstemmed |
Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands. © Springer Science + Business Media, LLC 2006 |
| collection_details |
GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_648 GBV_ILN_2004 GBV_ILN_4012 GBV_ILN_4125 |
| container_issue |
4 |
| title_short |
Management Policy and Estimated Returns on School Trust Lands |
| url |
https://doi.org/10.1007/s11146-006-0337-0 |
| remote_bool |
false |
| author2 |
Spahr, Ronald W. |
| author2Str |
Spahr, Ronald W. |
| ppnlink |
170550265 |
| mediatype_str_mv |
n |
| isOA_txt |
false |
| hochschulschrift_bool |
false |
| doi_str |
10.1007/s11146-006-0337-0 |
| up_date |
2024-07-03T14:09:02.007Z |
| _version_ |
1803567226694926336 |
| fullrecord_marcxml |
<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000caa a22002652 4500</leader><controlfield tag="001">OLC2037174918</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20230504022429.0</controlfield><controlfield tag="007">tu</controlfield><controlfield tag="008">200820s2006 xx ||||| 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1007/s11146-006-0337-0</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)OLC2037174918</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-He213)s11146-006-0337-0-p</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="082" ind1="0" ind2="4"><subfield code="a">330</subfield><subfield code="q">VZ</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Sunderman, Mark A.</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Management Policy and Estimated Returns on School Trust Lands</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2006</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">ohne Hilfsmittel zu benutzen</subfield><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Band</subfield><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">© Springer Science + Business Media, LLC 2006</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Abstract Every state entering the Union since 1803 received land grants from the federal government for the support of their respective public school systems. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage these assets for the beneficiary, their school systems. We develop a framework that measures the present value of the beneficiary’s economic benefits to assist managers of school trust lands in determining future management policy. Using this framework, we assess whether managers of state school trust lands are currently meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries or whether changes in management policy are needed. The present value of realized economic returns from grazing lease revenues and capital appreciation are compared with the present value of income streams that may be generated from alternative investments available to the land trustees if the land were sold and the proceeds reinvested in U.S. Treasury securities. Market values and capital appreciation for school trust lands in Wyoming are estimated using hedonic models formulated from ranch sales data. Because we are comparing a risky return on land investments with a riskless return on Treasury bonds, we observe, in most cases, that the sale of land andreinvestment of proceeds will increase economic benefits on school trust lands.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">State trust land</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Maximum economic benefit</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Grazing lease</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Agricultural land valuation</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">School trust lands</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Spahr, Ronald W.</subfield><subfield code="4">aut</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Enthalten in</subfield><subfield code="t">The journal of real estate finance and economics</subfield><subfield code="d">Kluwer Academic Publishers, 1988</subfield><subfield code="g">33(2006), 4 vom: 29. Nov., Seite 345-362</subfield><subfield code="w">(DE-627)170550265</subfield><subfield code="w">(DE-600)1073289-5</subfield><subfield code="w">(DE-576)025193546</subfield><subfield code="x">0895-5638</subfield><subfield code="7">nnns</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:33</subfield><subfield code="g">year:2006</subfield><subfield code="g">number:4</subfield><subfield code="g">day:29</subfield><subfield code="g">month:11</subfield><subfield code="g">pages:345-362</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">https://doi.org/10.1007/s11146-006-0337-0</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_USEFLAG_A</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SYSFLAG_A</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_OLC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SSG-OLC-WIW</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_26</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_648</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_2004</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4012</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4125</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">33</subfield><subfield code="j">2006</subfield><subfield code="e">4</subfield><subfield code="b">29</subfield><subfield code="c">11</subfield><subfield code="h">345-362</subfield></datafield></record></collection>
|
| score |
7.3967276 |