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Common and fundamental risk factors in shareholder returns of Norwegian salmon producing companies

Bård Misund

Journal of Commodity Markets, 2018, vol. 12, issue C, 19-30

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 (search for similar items in EconPapers)
JEL-codes: G12 G31 Q02 Q14 Q22 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1016/j.jcomm.2017.12.007

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