Scandinavian Working Papers in Economics
UiS Working Papers in Economics and Finance,
University of Stavanger
No 2016/17: Common and Fundamental Risk Factors in Shareholder Returns of Norwegian Salmon Producing Companies
Bard Misund (bard.misund@uis.no)
Additional contact information
Bard Misund: UiS, Postal: University of Stavanger, NO-4036 Stavanger, Norway
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.
20 pages, December 15, 2016
Full text files
uis_wps_2016_17_misund.pdf
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