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dc.contributor.authorChen, Xing
dc.contributor.authorScholtens, Bert
dc.identifier.citationChen , X & Scholtens , B 2019 , ' The spot-forward relationship in the Atlantic salmon market ' , Reviews in Fisheries Science & Acquaculture , vol. 27 , no. 2 , pp. 142-151 .
dc.identifier.otherPURE: 255961654
dc.identifier.otherPURE UUID: 3e6cb96e-d901-4af4-9644-1515cea263cb
dc.identifier.otherScopus: 85063400126
dc.identifier.otherWOS: 000462175300002
dc.identifier.otherORCID: /0000-0001-5774-5191/work/69834983
dc.description.abstractThis review investigates the market performance of salmon forward contracts. It studies whether the forward price is an unbiased estimator of the spot price and whether the forward market generates price discovery information. The focus is on the Fish Pool market for the period 2006-2017 and relates to forward contracts with maturities up to 60 months. The main finding is that there is strong cointegration up to a period of seven months. After this window, there is marginally significant cointegration up to a period of twelve months and the cointegration relationship disappears for contracts with maturities longer than twelve months, pointing to the inefficiency of these forward markets. The results from error-correction models and Granger causality tests suggest that the salmon forward market does not fulfil the expected price discovery role and that the spot market drives the forward market. These findings suggest the salmon forward market is still immature and cast doubt on the viability of longer-term salmon forward contracts.
dc.relation.ispartofReviews in Fisheries Science & Acquacultureen
dc.rightsCopyright © 2018 The Author(s). Published by Taylor & Francis Group, LLC. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (, which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.en
dc.subjectFish Poolen
dc.subjectForward marketsen
dc.subjectRisk managementen
dc.subjectSalmon marketen
dc.subjectSH Aquaculture. Fisheries. Anglingen
dc.subjectHD61 Risk Managementen
dc.titleThe spot-forward relationship in the Atlantic salmon marketen
dc.typeJournal articleen
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews.School of Managementen
dc.contributor.institutionUniversity of St Andrews.Centre for Responsible Banking and Financeen
dc.description.statusPeer revieweden

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