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 ()
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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.

JEL-codes: G12; G31; Q02; Q14

20 pages, December 15, 2016

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uis_wps_2016_17_misund.pdf PDF-file 

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