A representative and unbiased fish price index is an important tool to measure price risk, as well as for production and marketing management. This paper investigates the relationship between one of the primary price indices of farmed salmon, the Fish Pool Index, and the stock prices of major publicly traded salmon companies. We document that stock prices reflect salmon price information earlier than the Fish Pool Index. Furthermore, this effect is shown to be greater for larger companies. This identifies a possible source of bias in the salmon futures pricing design that relies on the index, which can negatively affect the perceived unbiasedness of contracting. The results also point to potential company-size effects on salmon pricing.

中文翻译：

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鲑鱼股票市场价格显示鲑鱼价格信息

具有代表性且无偏见的鱼价指数是衡量价格风险以及进行生产和销售管理的重要工具。本文研究了养殖鲑鱼的主要价格指数之一，鱼池指数与主要上市鲑鱼公司的股价之间的关系。我们记录到，股票价格反映的鲑鱼价格信息早于鱼池指数。此外，对于较大的公司，这种影响显示出更大的效果。这确定了依赖于该指数的鲑鱼期货定价设计中可能存在的偏差源，该偏差可能会对人们认为的合同无偏差性产生负面影响。该结果还指出了公司规模对鲑鱼价格的潜在影响。