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University of Stavanger UiS Working Papers in Economics and Finance

No 2016/17:
Common and Fundamental Risk Factors in Shareholder Returns of Norwegian Salmon Producing Companies

Bard Misund ()

Abstract: Salmon farming companies are increasingly gaining attention from investors and portfolio managers. The last decade has seen a substantial growth in the securitization of salmon farming assets and prices. A growing literature demonstrates that industry-specific fundamental, as well as market-wide risk factors help explain stock returns. However, very little is known about the pricing of salmon stocks and especially the contribution of industry-specific fundamental risk factors. Using a multifactor model, we find that stock returns for salmon farming firms are significantly associated with both common market-wide risks and industry-specific risk factors.

Keywords: Atlantic salmon production; salmon company valuation; stock returns; risk factors; salmon price.; (follow links to similar papers)

JEL-Codes: G12; G31; Q02; Q14; (follow links to similar papers)

20 pages, December 15, 2016

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