UiS Working Papers in Economics and Finance
Common and Fundamental Risk Factors in Shareholder Returns of Norwegian Salmon Producing Companies
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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