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Salmon Stock Returns Around Market News

Clemens Knoppe et al.

Marine Resource Economics2025https://doi.org/10.1086/734307article
AJG 1ABDC A
Weight
0.50

Abstract

We examine the relationship between media news and trading behavior in the salmon market. For this, we create a share price index based on five salmon aquaculture companies trading on the Oslo Stock Exchange. We use the latent Dirichlet allocation algorithm to obtain news topics and a lexicon-based sentiment analysis. We find that topics relating to COVID-19 and sustainability have a significant negative impact on the salmon market, while topics on land-based aquaculture have a significant positive impact. The sentiment series based on the Loughran-McDonald lexicon is found to have a negative and insignificant effect on stock returns. Hence, we expand the lexicon with industry-specific words. A negative shock to sentiment within the news related to competitors foreshadows a significant increase in returns owing to the market’s competitive nature. Through our out-of-sample forecasting experiment, we find that the incorporation of news data can improve the predictive performance.

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https://doi.org/https://doi.org/10.1086/734307

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@article{clemens2025,
  title        = {{Salmon Stock Returns Around Market News}},
  author       = {Clemens Knoppe et al.},
  journal      = {Marine Resource Economics},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1086/734307},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.