id sid tid token lemma pos issue-3073 1 1 baltic baltic PROPN issue-3073 1 2 journal journal PROPN issue-3073 1 3 of of ADP issue-3073 1 4 economic economic ADJ issue-3073 1 5 studies study NOUN issue-3073 1 6 30 30 NUM issue-3073 1 7 vol vol NOUN issue-3073 1 8 . . PROPN issue-3073 2 1 11 11 NUM issue-3073 3 1 no no NOUN issue-3073 3 2 . . NOUN issue-3073 3 3 5 5 NUM issue-3073 3 4 , , PUNCT issue-3073 3 5 2025 2025 NUM issue-3073 3 6 this this PRON issue-3073 3 7 is be AUX issue-3073 3 8 an an DET issue-3073 3 9 open open ADJ issue-3073 3 10 access access NOUN issue-3073 3 11 article article NOUN issue-3073 3 12 , , PUNCT issue-3073 3 13 distributed distribute VERB issue-3073 3 14 under under ADP issue-3073 3 15 the the DET issue-3073 3 16 terms term NOUN issue-3073 3 17 of of ADP issue-3073 3 18 the the DET issue-3073 3 19 creative creative ADJ issue-3073 3 20 commons common NOUN issue-3073 3 21 attribution attribution NOUN issue-3073 3 22 cc cc VERB issue-3073 3 23 by by ADP issue-3073 3 24 4.0 4.0 NUM issue-3073 3 25 1 1 NUM issue-3073 3 26 university university NOUN issue-3073 3 27 of of ADP issue-3073 3 28 akureyri akureyri PROPN issue-3073 3 29 , , PUNCT issue-3073 3 30 iceland iceland PROPN issue-3073 3 31 e e NOUN issue-3073 3 32 - - NOUN issue-3073 3 33 mail mail NOUN issue-3073 3 34 : : PUNCT issue-3073 3 35 stefanb@unak.is stefanb@unak.is PROPN issue-3073 3 36 orcid orcid NOUN issue-3073 3 37 : : PUNCT issue-3073 3 38 https://orcid.org/0000-0001-6491-052x https://orcid.org/0000-0001-6491-052x PROPN issue-3073 3 39 doi doi PROPN issue-3073 3 40 : : PUNCT issue-3073 3 41 https://doi.org/10.30525/2256-0742/2025-11-5-30-38 https://doi.org/10.30525/2256-0742/2025-11-5-30-38 NOUN issue-3073 3 42 returns return NOUN issue-3073 3 43 on on ADP issue-3073 3 44 rights right NOUN issue-3073 3 45 : : PUNCT issue-3073 3 46 a a DET issue-3073 3 47 28 28 NUM issue-3073 3 48 - - PUNCT issue-3073 3 49 year year NOUN issue-3073 3 50 investment investment NOUN issue-3073 3 51 analysis analysis NOUN issue-3073 3 52 of of ADP issue-3073 3 53 iceland iceland PROPN issue-3073 3 54 ’s ’s PART issue-3073 3 55 itq itq PROPN issue-3073 3 56 quotas quota NOUN issue-3073 3 57 stefan stefan PROPN issue-3073 3 58 b. b. PROPN issue-3073 3 59 gunnlaugsson1 gunnlaugsson1 PROPN issue-3073 3 60 abstract abstract PROPN issue-3073 3 61 . . PUNCT issue-3073 4 1 the the DET issue-3073 4 2 present present ADJ issue-3073 4 3 study study NOUN issue-3073 4 4 analyses analyse VERB issue-3073 4 5 the the DET issue-3073 4 6 return return NOUN issue-3073 4 7 and and CCONJ issue-3073 4 8 risk risk NOUN issue-3073 4 9 profile profile NOUN issue-3073 4 10 of of ADP issue-3073 4 11 permanent permanent ADJ issue-3073 4 12 quota quota NOUN issue-3073 4 13 shares share NOUN issue-3073 4 14 ( ( PUNCT issue-3073 4 15 pqs pqs NOUN issue-3073 4 16 ) ) PUNCT issue-3073 4 17 in in ADP issue-3073 4 18 iceland iceland PROPN issue-3073 4 19 's 's PART issue-3073 4 20 individual individual ADJ issue-3073 4 21 transferable transferable ADJ issue-3073 4 22 quota quota NOUN issue-3073 4 23 ( ( PUNCT issue-3073 4 24 itq itq NOUN issue-3073 4 25 ) ) PUNCT issue-3073 4 26 fisheries fishery NOUN issue-3073 4 27 management management NOUN issue-3073 4 28 system system NOUN issue-3073 4 29 between between ADP issue-3073 4 30 1992 1992 NUM issue-3073 4 31 and and CCONJ issue-3073 4 32 2019 2019 NUM issue-3073 4 33 . . PUNCT issue-3073 5 1 the the DET issue-3073 5 2 hypothetical hypothetical ADJ issue-3073 5 3 " " PUNCT issue-3073 5 4 armchair armchair NOUN issue-3073 5 5 fisherman fisherman NOUN issue-3073 5 6 " " PUNCT issue-3073 5 7 is be AUX issue-3073 5 8 defined define VERB issue-3073 5 9 as as ADP issue-3073 5 10 an an DET issue-3073 5 11 investor investor NOUN issue-3073 5 12 who who PRON issue-3073 5 13 does do AUX issue-3073 5 14 not not PART issue-3073 5 15 partake partake VERB issue-3073 5 16 in in ADP issue-3073 5 17 fishing fishing NOUN issue-3073 5 18 activities activity NOUN issue-3073 5 19 but but CCONJ issue-3073 5 20 holds hold VERB issue-3073 5 21 pqs pqs NOUN issue-3073 5 22 and and CCONJ issue-3073 5 23 leases lease VERB issue-3073 5 24 out out ADP issue-3073 5 25 the the DET issue-3073 5 26 associated associated ADJ issue-3073 5 27 catch catch NOUN issue-3073 5 28 entitlements entitlement NOUN issue-3073 5 29 . . PUNCT issue-3073 6 1 this this DET issue-3073 6 2 construct construct NOUN issue-3073 6 3 was be AUX issue-3073 6 4 devised devise VERB issue-3073 6 5 to to PART issue-3073 6 6 assess assess VERB issue-3073 6 7 the the DET issue-3073 6 8 financial financial ADJ issue-3073 6 9 performance performance NOUN issue-3073 6 10 of of ADP issue-3073 6 11 quota quota NOUN issue-3073 6 12 ownership ownership NOUN issue-3073 6 13 as as ADP issue-3073 6 14 a a DET issue-3073 6 15 passive passive ADJ issue-3073 6 16 investment investment NOUN issue-3073 6 17 . . PUNCT issue-3073 7 1 pqs pqs PROPN issue-3073 7 2 represent represent VERB issue-3073 7 3 tradable tradable ADJ issue-3073 7 4 rights right NOUN issue-3073 7 5 to to ADP issue-3073 7 6 a a DET issue-3073 7 7 fixed fix VERB issue-3073 7 8 share share NOUN issue-3073 7 9 of of ADP issue-3073 7 10 the the DET issue-3073 7 11 total total ADJ issue-3073 7 12 allowable allowable ADJ issue-3073 7 13 catch catch NOUN issue-3073 7 14 ( ( PUNCT issue-3073 7 15 tac tac PROPN issue-3073 7 16 ) ) PUNCT issue-3073 7 17 , , PUNCT issue-3073 7 18 with with ADP issue-3073 7 19 the the DET issue-3073 7 20 potential potential NOUN issue-3073 7 21 to to PART issue-3073 7 22 generate generate VERB issue-3073 7 23 returns return NOUN issue-3073 7 24 through through ADP issue-3073 7 25 both both DET issue-3073 7 26 capital capital NOUN issue-3073 7 27 gains gain NOUN issue-3073 7 28 and and CCONJ issue-3073 7 29 annual annual ADJ issue-3073 7 30 lease lease NOUN issue-3073 7 31 income income NOUN issue-3073 7 32 . . PUNCT issue-3073 8 1 the the DET issue-3073 8 2 objective objective NOUN issue-3073 8 3 of of ADP issue-3073 8 4 this this DET issue-3073 8 5 research research NOUN issue-3073 8 6 is be AUX issue-3073 8 7 to to PART issue-3073 8 8 examine examine VERB issue-3073 8 9 pqs pqs NOUN issue-3073 8 10 as as ADP issue-3073 8 11 investment investment NOUN issue-3073 8 12 instruments instrument NOUN issue-3073 8 13 by by ADP issue-3073 8 14 comparing compare VERB issue-3073 8 15 their their PRON issue-3073 8 16 performance performance NOUN issue-3073 8 17 to to ADP issue-3073 8 18 major major ADJ issue-3073 8 19 domestic domestic ADJ issue-3073 8 20 and and CCONJ issue-3073 8 21 international international ADJ issue-3073 8 22 asset asset NOUN issue-3073 8 23 classes class NOUN issue-3073 8 24 . . PUNCT issue-3073 9 1 the the DET issue-3073 9 2 analysis analysis NOUN issue-3073 9 3 uses use VERB issue-3073 9 4 a a DET issue-3073 9 5 28 28 NUM issue-3073 9 6 - - PUNCT issue-3073 9 7 year year NOUN issue-3073 9 8 dataset dataset NOUN issue-3073 9 9 covering cover VERB issue-3073 9 10 iceland iceland PROPN issue-3073 9 11 ’s ’s PART issue-3073 9 12 five five NUM issue-3073 9 13 most most ADV issue-3073 9 14 valuable valuable ADJ issue-3073 9 15 demersal demersal ADJ issue-3073 9 16 species specie NOUN issue-3073 9 17 – – PUNCT issue-3073 9 18 cod cod NOUN issue-3073 9 19 , , PUNCT issue-3073 9 20 haddock haddock NOUN issue-3073 9 21 , , PUNCT issue-3073 9 22 saithe saithe ADJ issue-3073 9 23 , , PUNCT issue-3073 9 24 redfish redfish NOUN issue-3073 9 25 and and CCONJ issue-3073 9 26 greenland greenland PROPN issue-3073 9 27 halibut halibut PROPN issue-3073 9 28 – – PUNCT issue-3073 9 29 to to PART issue-3073 9 30 apply apply VERB issue-3073 9 31 standard standard ADJ issue-3073 9 32 financial financial ADJ issue-3073 9 33 metrics metric NOUN issue-3073 9 34 , , PUNCT issue-3073 9 35 including include VERB issue-3073 9 36 average average ADJ issue-3073 9 37 return return NOUN issue-3073 9 38 , , PUNCT issue-3073 9 39 standard standard ADJ issue-3073 9 40 deviation deviation NOUN issue-3073 9 41 and and CCONJ issue-3073 9 42 the the DET issue-3073 9 43 sharpe sharpe PROPN issue-3073 9 44 ratio ratio NOUN issue-3073 9 45 . . PUNCT issue-3073 10 1 the the DET issue-3073 10 2 results result NOUN issue-3073 10 3 demonstrate demonstrate VERB issue-3073 10 4 that that SCONJ issue-3073 10 5 an an DET issue-3073 10 6 investor investor NOUN issue-3073 10 7 adopting adopt VERB issue-3073 10 8 an an DET issue-3073 10 9 armchair armchair NOUN issue-3073 10 10 fishing fishing NOUN issue-3073 10 11 strategy strategy NOUN issue-3073 10 12 would would AUX issue-3073 10 13 have have AUX issue-3073 10 14 achieved achieve VERB issue-3073 10 15 an an DET issue-3073 10 16 average average ADJ issue-3073 10 17 annual annual ADJ issue-3073 10 18 return return NOUN issue-3073 10 19 of of ADP issue-3073 10 20 21.6 21.6 NUM issue-3073 10 21 % % NOUN issue-3073 10 22 , , PUNCT issue-3073 10 23 with with ADP issue-3073 10 24 a a DET issue-3073 10 25 sharpe sharpe NOUN issue-3073 10 26 ratio ratio NOUN issue-3073 10 27 of of ADP issue-3073 10 28 0.72 0.72 NUM issue-3073 10 29 . . PUNCT issue-3073 11 1 this this PRON issue-3073 11 2 significantly significantly ADV issue-3073 11 3 outperforms outperform VERB issue-3073 11 4 equities equity NOUN issue-3073 11 5 , , PUNCT issue-3073 11 6 bonds bond NOUN issue-3073 11 7 , , PUNCT issue-3073 11 8 and and CCONJ issue-3073 11 9 other other ADJ issue-3073 11 10 benchmarks benchmark NOUN issue-3073 11 11 . . PUNCT issue-3073 12 1 the the DET issue-3073 12 2 analysis analysis NOUN issue-3073 12 3 employs employ VERB issue-3073 12 4 a a DET issue-3073 12 5 28 28 NUM issue-3073 12 6 - - PUNCT issue-3073 12 7 year year NOUN issue-3073 12 8 dataset dataset NOUN issue-3073 12 9 encompassing encompass VERB issue-3073 12 10 iceland iceland PROPN issue-3073 12 11 's 's PART issue-3073 12 12 five five NUM issue-3073 12 13 most most ADV issue-3073 12 14 valuable valuable ADJ issue-3073 12 15 demersal demersal ADJ issue-3073 12 16 species specie NOUN issue-3073 12 17 – – PUNCT issue-3073 12 18 cod cod NOUN issue-3073 12 19 , , PUNCT issue-3073 12 20 haddock haddock NOUN issue-3073 12 21 , , PUNCT issue-3073 12 22 saithe saithe ADJ issue-3073 12 23 , , PUNCT issue-3073 12 24 redfish redfish NOUN issue-3073 12 25 and and CCONJ issue-3073 12 26 greenland greenland PROPN issue-3073 12 27 halibut halibut PROPN issue-3073 12 28 – – PUNCT issue-3073 12 29 to to PART issue-3073 12 30 implement implement VERB issue-3073 12 31 standard standard ADJ issue-3073 12 32 financial financial ADJ issue-3073 12 33 metrics metric NOUN issue-3073 12 34 , , PUNCT issue-3073 12 35 including include VERB issue-3073 12 36 average average ADJ issue-3073 12 37 return return NOUN issue-3073 12 38 , , PUNCT issue-3073 12 39 standard standard ADJ issue-3073 12 40 deviation deviation NOUN issue-3073 12 41 and and CCONJ issue-3073 12 42 the the DET issue-3073 12 43 sharpe sharpe PROPN issue-3073 12 44 ratio ratio NOUN issue-3073 12 45 . . PUNCT issue-3073 13 1 the the DET issue-3073 13 2 findings finding NOUN issue-3073 13 3 indicate indicate VERB issue-3073 13 4 that that SCONJ issue-3073 13 5 an an DET issue-3073 13 6 investor investor NOUN issue-3073 13 7 who who PRON issue-3073 13 8 had have AUX issue-3073 13 9 adopted adopt VERB issue-3073 13 10 a a DET issue-3073 13 11 passive passive ADJ issue-3073 13 12 investment investment NOUN issue-3073 13 13 approach approach NOUN issue-3073 13 14 would would AUX issue-3073 13 15 have have AUX issue-3073 13 16 attained attain VERB issue-3073 13 17 an an DET issue-3073 13 18 average average ADJ issue-3073 13 19 annual annual ADJ issue-3073 13 20 return return NOUN issue-3073 13 21 of of ADP issue-3073 13 22 21.6 21.6 NUM issue-3073 13 23 % % NOUN issue-3073 13 24 , , PUNCT issue-3073 13 25 with with ADP issue-3073 13 26 a a DET issue-3073 13 27 sharpe sharpe NOUN issue-3073 13 28 ratio ratio NOUN issue-3073 13 29 of of ADP issue-3073 13 30 0.72 0.72 NUM issue-3073 13 31 . . PUNCT issue-3073 14 1 this this DET issue-3073 14 2 investment investment NOUN issue-3073 14 3 strategy strategy NOUN issue-3073 14 4 has have AUX issue-3073 14 5 been be AUX issue-3073 14 6 shown show VERB issue-3073 14 7 to to PART issue-3073 14 8 significantly significantly ADV issue-3073 14 9 outperform outperform VERB issue-3073 14 10 traditional traditional ADJ issue-3073 14 11 benchmarks benchmark NOUN issue-3073 14 12 such such ADJ issue-3073 14 13 as as ADP issue-3073 14 14 equities equity NOUN issue-3073 14 15 and and CCONJ issue-3073 14 16 bonds bond NOUN issue-3073 14 17 . . PUNCT issue-3073 15 1 the the DET issue-3073 15 2 findings finding NOUN issue-3073 15 3 demonstrate demonstrate VERB issue-3073 15 4 the the DET issue-3073 15 5 strong strong ADJ issue-3073 15 6 financial financial ADJ issue-3073 15 7 performance performance NOUN issue-3073 15 8 of of ADP issue-3073 15 9 pqs pqs NOUN issue-3073 15 10 and and CCONJ issue-3073 15 11 emphasise emphasise VERB issue-3073 15 12 the the DET issue-3073 15 13 importance importance NOUN issue-3073 15 14 of of ADP issue-3073 15 15 governance governance NOUN issue-3073 15 16 structures structure NOUN issue-3073 15 17 in in ADP issue-3073 15 18 shaping shape VERB issue-3073 15 19 the the DET issue-3073 15 20 distribution distribution NOUN issue-3073 15 21 of of ADP issue-3073 15 22 economic economic ADJ issue-3073 15 23 rents rent NOUN issue-3073 15 24 in in ADP issue-3073 15 25 rights right NOUN issue-3073 15 26 - - PUNCT issue-3073 15 27 based base VERB issue-3073 15 28 fisheries fishery NOUN issue-3073 15 29 systems system NOUN issue-3073 15 30 . . PUNCT issue-3073 16 1 keywords keyword NOUN issue-3073 16 2 : : PUNCT issue-3073 16 3 permanent permanent ADJ issue-3073 16 4 quota quota NOUN issue-3073 16 5 shares share NOUN issue-3073 16 6 , , PUNCT issue-3073 16 7 individual individual ADJ issue-3073 16 8 transferable transferable ADJ issue-3073 16 9 quotas quota NOUN issue-3073 16 10 , , PUNCT issue-3073 16 11 iceland iceland NOUN issue-3073 16 12 , , PUNCT issue-3073 16 13 fisheries fishery NOUN issue-3073 16 14 . . PUNCT issue-3073 17 1 jel jel PROPN issue-3073 17 2 classification classification PROPN issue-3073 17 3 : : PUNCT issue-3073 17 4 q22 q22 NOUN issue-3073 17 5 , , PUNCT issue-3073 17 6 g11 g11 PROPN issue-3073 17 7 , , PUNCT issue-3073 17 8 q20 q20 NOUN issue-3073 17 9 1 1 NUM issue-3073 17 10 . . PUNCT issue-3073 18 1 introduction introduction NOUN issue-3073 18 2 iceland iceland PROPN issue-3073 18 3 has have AUX issue-3073 18 4 utilised utilise VERB issue-3073 18 5 a a DET issue-3073 18 6 uniform uniform ADJ issue-3073 18 7 individual individual ADJ issue-3073 18 8 transferable transferable ADJ issue-3073 18 9 quota quota NOUN issue-3073 18 10 ( ( PUNCT issue-3073 18 11 itq itq NOUN issue-3073 18 12 ) ) PUNCT issue-3073 18 13 system system NOUN issue-3073 18 14 for for ADP issue-3073 18 15 the the DET issue-3073 18 16 management management NOUN issue-3073 18 17 of of ADP issue-3073 18 18 its its PRON issue-3073 18 19 fishing fishing NOUN issue-3073 18 20 resources resource NOUN issue-3073 18 21 since since SCONJ issue-3073 18 22 1990 1990 NUM issue-3073 18 23 ( ( PUNCT issue-3073 18 24 árnason árnason NOUN issue-3073 18 25 , , PUNCT issue-3073 18 26 1993 1993 NUM issue-3073 18 27 ) ) PUNCT issue-3073 18 28 . . PUNCT issue-3073 19 1 itq itq NOUN issue-3073 19 2 systems system NOUN issue-3073 19 3 are be AUX issue-3073 19 4 a a DET issue-3073 19 5 form form NOUN issue-3073 19 6 of of ADP issue-3073 19 7 fisheries fishery NOUN issue-3073 19 8 management management NOUN issue-3073 19 9 in in ADP issue-3073 19 10 which which PRON issue-3073 19 11 the the DET issue-3073 19 12 regulator regulator NOUN issue-3073 19 13 establishes establish VERB issue-3073 19 14 a a DET issue-3073 19 15 species species NOUN issue-3073 19 16 - - PUNCT issue-3073 19 17 specific specific ADJ issue-3073 19 18 total total ADJ issue-3073 19 19 allowable allowable ADJ issue-3073 19 20 catch catch NOUN issue-3073 19 21 ( ( PUNCT issue-3073 19 22 tac tac PROPN issue-3073 19 23 ) ) PUNCT issue-3073 19 24 , , PUNCT issue-3073 19 25 which which PRON issue-3073 19 26 is be AUX issue-3073 19 27 subsequently subsequently ADV issue-3073 19 28 divided divide VERB issue-3073 19 29 into into ADP issue-3073 19 30 permanent permanent ADJ issue-3073 19 31 quota quota NOUN issue-3073 19 32 shares share NOUN issue-3073 19 33 ( ( PUNCT issue-3073 19 34 pqs pqs NOUN issue-3073 19 35 ) ) PUNCT issue-3073 19 36 allocated allocate VERB issue-3073 19 37 to to ADP issue-3073 19 38 individual individual ADJ issue-3073 19 39 fishing fishing NOUN issue-3073 19 40 companies company NOUN issue-3073 19 41 . . PUNCT issue-3073 20 1 these these DET issue-3073 20 2 permanent permanent ADJ issue-3073 20 3 quota quota NOUN issue-3073 20 4 shares share NOUN issue-3073 20 5 are be AUX issue-3073 20 6 subject subject ADJ issue-3073 20 7 to to ADP issue-3073 20 8 purchase purchase NOUN issue-3073 20 9 and and CCONJ issue-3073 20 10 sale sale NOUN issue-3073 20 11 , , PUNCT issue-3073 20 12 with with ADP issue-3073 20 13 the the DET issue-3073 20 14 " " PUNCT issue-3073 20 15 t t NOUN issue-3073 20 16 " " PUNCT issue-3073 20 17 in in ADP issue-3073 20 18 " " PUNCT issue-3073 20 19 itq itq NOUN issue-3073 20 20 " " PUNCT issue-3073 20 21 denoting denote VERB issue-3073 20 22 their their PRON issue-3073 20 23 transferability transferability NOUN issue-3073 20 24 . . PUNCT issue-3073 21 1 moreover moreover ADV issue-3073 21 2 , , PUNCT issue-3073 21 3 the the DET issue-3073 21 4 leasing leasing NOUN issue-3073 21 5 of of ADP issue-3073 21 6 permanent permanent ADJ issue-3073 21 7 quota quota NOUN issue-3073 21 8 shares share NOUN issue-3073 21 9 , , PUNCT issue-3073 21 10 customarily customarily ADV issue-3073 21 11 for for ADP issue-3073 21 12 a a DET issue-3073 21 13 period period NOUN issue-3073 21 14 of of ADP issue-3073 21 15 one one NUM issue-3073 21 16 year year NOUN issue-3073 21 17 , , PUNCT issue-3073 21 18 is be AUX issue-3073 21 19 generally generally ADV issue-3073 21 20 permitted permit VERB issue-3073 21 21 ( ( PUNCT issue-3073 21 22 buck buck NOUN issue-3073 21 23 , , PUNCT issue-3073 21 24 1995 1995 NUM issue-3073 21 25 ) ) PUNCT issue-3073 21 26 . . PUNCT issue-3073 21 27     SPACE issue-3073 22 1 the the DET issue-3073 22 2 implementation implementation NOUN issue-3073 22 3 of of ADP issue-3073 22 4 itq itq NOUN issue-3073 22 5 systems system NOUN issue-3073 22 6 was be AUX issue-3073 22 7 originally originally ADV issue-3073 22 8 initiated initiate VERB issue-3073 22 9 in in ADP issue-3073 22 10 1976 1976 NUM issue-3073 22 11 in in ADP issue-3073 22 12 the the DET issue-3073 22 13 netherlands netherlands PROPN issue-3073 22 14 ( ( PUNCT issue-3073 22 15 hoof hoof NOUN issue-3073 22 16 , , PUNCT issue-3073 22 17 2013 2013 NUM issue-3073 22 18 ) ) PUNCT issue-3073 22 19 . . PUNCT issue-3073 23 1 as as SCONJ issue-3073 23 2 time time NOUN issue-3073 23 3 has have AUX issue-3073 23 4 elapsed elapse VERB issue-3073 23 5 , , PUNCT issue-3073 23 6 an an DET issue-3073 23 7 increasing increase VERB issue-3073 23 8 number number NOUN issue-3073 23 9 of of ADP issue-3073 23 10 countries country NOUN issue-3073 23 11 have have AUX issue-3073 23 12 adopted adopt VERB issue-3073 23 13 this this DET issue-3073 23 14 management management NOUN issue-3073 23 15 system system NOUN issue-3073 23 16 . . PUNCT issue-3073 24 1 new new PROPN issue-3073 24 2 zealand zealand PROPN issue-3073 24 3 was be AUX issue-3073 24 4 the the DET issue-3073 24 5 first first ADJ issue-3073 24 6 country country NOUN issue-3073 24 7 to to PART issue-3073 24 8 implement implement VERB issue-3073 24 9 a a DET issue-3073 24 10 major major ADJ issue-3073 24 11 management management NOUN issue-3073 24 12 programme programme NOUN issue-3073 24 13 based base VERB issue-3073 24 14 on on ADP issue-3073 24 15 itq itq NOUN issue-3073 24 16 principles principle NOUN issue-3073 24 17 in in ADP issue-3073 24 18 1986 1986 NUM issue-3073 24 19 , , PUNCT issue-3073 24 20 followed follow VERB issue-3073 24 21 by by ADP issue-3073 24 22 iceland iceland PROPN issue-3073 24 23 ( ( PUNCT issue-3073 24 24 bess bess PROPN issue-3073 24 25 , , PUNCT issue-3073 24 26 2005 2005 NUM issue-3073 24 27 ; ; PUNCT issue-3073 24 28 lock lock PROPN issue-3073 24 29 & & CCONJ issue-3073 24 30 leslie leslie PROPN issue-3073 24 31 , , PUNCT issue-3073 24 32 2007 2007 NUM issue-3073 24 33 ) ) PUNCT issue-3073 24 34 . . PUNCT issue-3073 25 1 the the DET issue-3073 25 2 rationale rationale NOUN issue-3073 25 3 underpinning underpin VERB issue-3073 25 4 the the DET issue-3073 25 5 utilisation utilisation NOUN issue-3073 25 6 of of ADP issue-3073 25 7 itq itq NOUN issue-3073 25 8 principles principle NOUN issue-3073 25 9 in in ADP issue-3073 25 10 the the DET issue-3073 25 11 context context NOUN issue-3073 25 12 of of ADP issue-3073 25 13 fisheries fishery NOUN issue-3073 25 14 management management NOUN issue-3073 25 15 is be AUX issue-3073 25 16 to to PART issue-3073 25 17 enhance enhance VERB issue-3073 25 18 economic economic ADJ issue-3073 25 19 efficiency efficiency NOUN issue-3073 25 20 . . PUNCT issue-3073 26 1 the the DET issue-3073 26 2 management management NOUN issue-3073 26 3 systems system NOUN issue-3073 26 4 result result VERB issue-3073 26 5 in in ADP issue-3073 26 6 what what PRON issue-3073 26 7 is be AUX issue-3073 26 8 termed term VERB issue-3073 26 9 " " PUNCT issue-3073 26 10 autonomous autonomous ADJ issue-3073 26 11 adjustment adjustment NOUN issue-3073 26 12 " " PUNCT issue-3073 26 13 , , PUNCT issue-3073 26 14 whereby whereby SCONJ issue-3073 26 15 the the DET issue-3073 26 16 size size NOUN issue-3073 26 17 of of ADP issue-3073 26 18 the the DET issue-3073 26 19 fishing fishing NOUN issue-3073 26 20 fleet fleet NOUN issue-3073 26 21 is be AUX issue-3073 26 22 adjusted adjust VERB issue-3073 26 23 to to ADP issue-3073 26 24 an an DET issue-3073 26 25 efficient efficient ADJ issue-3073 26 26 size size NOUN issue-3073 26 27 ( ( PUNCT issue-3073 26 28 typically typically ADV issue-3073 26 29 , , PUNCT issue-3073 26 30 this this PRON issue-3073 26 31 is be AUX issue-3073 26 32 substantially substantially ADV issue-3073 26 33 reduced reduce VERB issue-3073 26 34 ) ) PUNCT issue-3073 26 35 ( ( PUNCT issue-3073 26 36 hoshino hoshino PROPN issue-3073 26 37 et et PROPN issue-3073 26 38 al al PROPN issue-3073 26 39 . . PROPN issue-3073 26 40 , , PUNCT issue-3073 26 41 2020 2020 NUM issue-3073 26 42 ) ) PUNCT issue-3073 26 43 . . PUNCT issue-3073 27 1 the the DET issue-3073 27 2 itq itq NOUN issue-3073 27 3 system system NOUN issue-3073 27 4 has have AUX issue-3073 27 5 been be AUX issue-3073 27 6 demonstrated demonstrate VERB issue-3073 27 7 to to PART issue-3073 27 8 reduce reduce VERB issue-3073 27 9 the the DET issue-3073 27 10 cost cost NOUN issue-3073 27 11 of of ADP issue-3073 27 12 fishing fishing NOUN issue-3073 27 13 and and CCONJ issue-3073 27 14 to to PART issue-3073 27 15 lead lead VERB issue-3073 27 16 to to ADP issue-3073 27 17 improved improve VERB issue-3073 27 18 economic economic ADJ issue-3073 27 19 performance performance NOUN issue-3073 27 20 . . PUNCT issue-3073 28 1 moreover moreover ADV issue-3073 28 2 , , PUNCT issue-3073 28 3 the the DET issue-3073 28 4 principles principle NOUN issue-3073 28 5 of of ADP issue-3073 28 6 the the DET issue-3073 28 7 itq itq NOUN issue-3073 28 8 management management NOUN issue-3073 28 9 system system NOUN issue-3073 28 10 generally generally ADV issue-3073 28 11 result result VERB issue-3073 28 12 in in ADP issue-3073 28 13 increased increase VERB issue-3073 28 14 profitability profitability NOUN issue-3073 28 15 , , PUNCT issue-3073 28 16 as as SCONJ issue-3073 28 17 the the DET issue-3073 28 18 incentive incentive NOUN issue-3073 28 19 structure structure NOUN issue-3073 28 20 fosters foster VERB issue-3073 28 21 enhancements enhancement NOUN issue-3073 28 22 in in ADP issue-3073 28 23 the the DET issue-3073 28 24 value value NOUN issue-3073 28 25 of of ADP issue-3073 28 26 landings landing NOUN issue-3073 28 27 , , PUNCT issue-3073 28 28 superior superior ADJ issue-3073 28 29 catch catch NOUN issue-3073 28 30 quality quality NOUN issue-3073 28 31 , , PUNCT issue-3073 28 32 and and CCONJ issue-3073 28 33 , , PUNCT issue-3073 28 34 consequently consequently ADV issue-3073 28 35 , , PUNCT issue-3073 28 36 elevated elevated ADJ issue-3073 28 37 catch catch NOUN issue-3073 28 38 prices price NOUN issue-3073 28 39 . . PUNCT issue-3073 29 1 the the DET issue-3073 29 2 quota quota NOUN issue-3073 29 3 holder holder NOUN issue-3073 29 4 is be AUX issue-3073 29 5 incentivised incentivise VERB issue-3073 29 6 baltic baltic ADJ issue-3073 29 7 journal journal NOUN issue-3073 29 8 of of ADP issue-3073 29 9 economic economic ADJ issue-3073 29 10 studies study NOUN issue-3073 29 11 31 31 NUM issue-3073 29 12 vol vol NOUN issue-3073 29 13 . . PROPN issue-3073 30 1 11 11 NUM issue-3073 31 1 no no NOUN issue-3073 31 2 . . NOUN issue-3073 31 3 5 5 NUM issue-3073 31 4 , , PUNCT issue-3073 31 5 2025 2025 NUM issue-3073 31 6 to to PART issue-3073 31 7 maximise maximise VERB issue-3073 31 8 revenue revenue NOUN issue-3073 31 9 , , PUNCT issue-3073 31 10 which which PRON issue-3073 31 11 in in ADP issue-3073 31 12 turn turn NOUN issue-3073 31 13 drives drive VERB issue-3073 31 14 improvements improvement NOUN issue-3073 31 15 in in ADP issue-3073 31 16 landing land VERB issue-3073 31 17 quality quality NOUN issue-3073 31 18 and and CCONJ issue-3073 31 19 timing timing NOUN issue-3073 31 20 of of ADP issue-3073 31 21 landings landing NOUN issue-3073 31 22 to to PART issue-3073 31 23 optimise optimise VERB issue-3073 31 24 prices price NOUN issue-3073 31 25 and and CCONJ issue-3073 31 26 revenue revenue NOUN issue-3073 31 27 ( ( PUNCT issue-3073 31 28 birkenbach birkenbach NOUN issue-3073 31 29 et et PROPN issue-3073 31 30 al al PROPN issue-3073 31 31 . . PROPN issue-3073 31 32 , , PUNCT issue-3073 31 33 2023 2023 NUM issue-3073 31 34 ; ; PUNCT issue-3073 31 35 pincinato pincinato NOUN issue-3073 31 36 et et PROPN issue-3073 31 37 al al PROPN issue-3073 31 38 . . PROPN issue-3073 31 39 , , PUNCT issue-3073 31 40 2022 2022 NUM issue-3073 31 41 ) ) PUNCT issue-3073 31 42 . . PUNCT issue-3073 32 1 it it PRON issue-3073 32 2 is be AUX issue-3073 32 3 a a DET issue-3073 32 4 commonly commonly ADV issue-3073 32 5 accepted accept VERB issue-3073 32 6 academic academic ADJ issue-3073 32 7 premise premise NOUN issue-3073 32 8 that that SCONJ issue-3073 32 9 permanent permanent ADJ issue-3073 32 10 quota quota NOUN issue-3073 32 11 shares share NOUN issue-3073 32 12 typically typically ADV issue-3073 32 13 grant grant VERB issue-3073 32 14 holders holder NOUN issue-3073 32 15 an an DET issue-3073 32 16 indefinite indefinite ADJ issue-3073 32 17 right right NOUN issue-3073 32 18 to to PART issue-3073 32 19 harvest harvest VERB issue-3073 32 20 . . PUNCT issue-3073 33 1 in in ADP issue-3073 33 2 iceland iceland PROPN issue-3073 33 3 , , PUNCT issue-3073 33 4 each each DET issue-3073 33 5 pqs pqs NOUN issue-3073 33 6 represents represent VERB issue-3073 33 7 a a DET issue-3073 33 8 fixed fixed ADJ issue-3073 33 9 percentage percentage NOUN issue-3073 33 10 of of ADP issue-3073 33 11 the the DET issue-3073 33 12 tac tac NOUN issue-3073 33 13 , , PUNCT issue-3073 33 14 thereby thereby ADV issue-3073 33 15 effectively effectively ADV issue-3073 33 16 granting grant VERB issue-3073 33 17 access access NOUN issue-3073 33 18 to to ADP issue-3073 33 19 a a DET issue-3073 33 20 scarce scarce ADJ issue-3073 33 21 natural natural ADJ issue-3073 33 22 resource resource NOUN issue-3073 33 23 . . PUNCT issue-3073 34 1 given give VERB issue-3073 34 2 the the DET issue-3073 34 3 transferability transferability NOUN issue-3073 34 4 and and CCONJ issue-3073 34 5 active active ADJ issue-3073 34 6 trading trading NOUN issue-3073 34 7 of of ADP issue-3073 34 8 these these DET issue-3073 34 9 shares share NOUN issue-3073 34 10 , , PUNCT issue-3073 34 11 a a DET issue-3073 34 12 market market NOUN issue-3073 34 13 price price NOUN issue-3073 34 14 is be AUX issue-3073 34 15 established establish VERB issue-3073 34 16 where where SCONJ issue-3073 34 17 supply supply NOUN issue-3073 34 18 meets meet VERB issue-3073 34 19 demand demand NOUN issue-3073 34 20 . . PUNCT issue-3073 35 1 this this DET issue-3073 35 2 price price NOUN issue-3073 35 3 is be AUX issue-3073 35 4 hypothesised hypothesise VERB issue-3073 35 5 to to PART issue-3073 35 6 reflect reflect VERB issue-3073 35 7 the the DET issue-3073 35 8 market market NOUN issue-3073 35 9 's 's PART issue-3073 35 10 collective collective ADJ issue-3073 35 11 expectation expectation NOUN issue-3073 35 12 of of ADP issue-3073 35 13 future future ADJ issue-3073 35 14 profits profit NOUN issue-3073 35 15 from from ADP issue-3073 35 16 the the DET issue-3073 35 17 species specie NOUN issue-3073 35 18 in in ADP issue-3073 35 19 question question NOUN issue-3073 35 20 , , PUNCT issue-3073 35 21 discounted discount VERB issue-3073 35 22 to to PART issue-3073 35 23 account account VERB issue-3073 35 24 for for ADP issue-3073 35 25 risk risk NOUN issue-3073 35 26 . . PUNCT issue-3073 36 1 a a DET issue-3073 36 2 study study NOUN issue-3073 36 3 of of ADP issue-3073 36 4 new new PROPN issue-3073 36 5 zealand zealand PROPN issue-3073 36 6 's 's PART issue-3073 36 7 itq itq NOUN issue-3073 36 8 - - PUNCT issue-3073 36 9 managed manage VERB issue-3073 36 10 fisheries fishery NOUN issue-3073 36 11 revealed reveal VERB issue-3073 36 12 a a DET issue-3073 36 13 significant significant ADJ issue-3073 36 14 positive positive ADJ issue-3073 36 15 relationship relationship NOUN issue-3073 36 16 between between ADP issue-3073 36 17 increased increase VERB issue-3073 36 18 profitability profitability NOUN issue-3073 36 19 and and CCONJ issue-3073 36 20 higher high ADJ issue-3073 36 21 pqs pqs PROPN issue-3073 36 22 prices price NOUN issue-3073 36 23 ( ( PUNCT issue-3073 36 24 newell newell PROPN issue-3073 36 25 et et PROPN issue-3073 36 26 al al PROPN issue-3073 36 27 . . PROPN issue-3073 36 28 , , PUNCT issue-3073 36 29 2005 2005 NUM issue-3073 36 30 ) ) PUNCT issue-3073 36 31 . . PUNCT issue-3073 37 1 however however ADV issue-3073 37 2 , , PUNCT issue-3073 37 3 in in ADP issue-3073 37 4 his his PRON issue-3073 37 5 research research NOUN issue-3073 37 6 on on ADP issue-3073 37 7 the the DET issue-3073 37 8 norwegian norwegian ADJ issue-3073 37 9 quota quota NOUN issue-3073 37 10 market market NOUN issue-3073 37 11 , , PUNCT issue-3073 37 12 hannesson hannesson PROPN issue-3073 37 13 ( ( PUNCT issue-3073 37 14 2017 2017 NUM issue-3073 37 15 ) ) PUNCT issue-3073 37 16 found find VERB issue-3073 37 17 that that SCONJ issue-3073 37 18 the the DET issue-3073 37 19 market market NOUN issue-3073 37 20 price price NOUN issue-3073 37 21 of of ADP issue-3073 37 22 permanent permanent ADJ issue-3073 37 23 quotas quota NOUN issue-3073 37 24 was be AUX issue-3073 37 25 higher high ADJ issue-3073 37 26 than than SCONJ issue-3073 37 27 could could AUX issue-3073 37 28 be be AUX issue-3073 37 29 explained explain VERB issue-3073 37 30 by by ADP issue-3073 37 31 the the DET issue-3073 37 32 profitability profitability NOUN issue-3073 37 33 of of ADP issue-3073 37 34 the the DET issue-3073 37 35 norwegian norwegian ADJ issue-3073 37 36 fisheries fishery NOUN issue-3073 37 37 . . PUNCT issue-3073 38 1 no no DET issue-3073 38 2 published publish VERB issue-3073 38 3 paper paper NOUN issue-3073 38 4 has have AUX issue-3073 38 5 analysed analyse VERB issue-3073 38 6 the the DET issue-3073 38 7 icelandic icelandic ADJ issue-3073 38 8 quota quota NOUN issue-3073 38 9 markets market NOUN issue-3073 38 10 . . PUNCT issue-3073 39 1 however however ADV issue-3073 39 2 , , PUNCT issue-3073 39 3 a a DET issue-3073 39 4 2007 2007 NUM issue-3073 39 5 thesis thesis NOUN issue-3073 39 6 examined examine VERB issue-3073 39 7 the the DET issue-3073 39 8 factors factor NOUN issue-3073 39 9 influencing influence VERB issue-3073 39 10 the the DET issue-3073 39 11 price price NOUN issue-3073 39 12 of of ADP issue-3073 39 13 pqs pqs NOUN issue-3073 39 14 for for ADP issue-3073 39 15 cod cod NOUN issue-3073 39 16 in in ADP issue-3073 39 17 iceland iceland NOUN issue-3073 39 18 between between ADP issue-3073 39 19 1995 1995 NUM issue-3073 39 20 and and CCONJ issue-3073 39 21 2007 2007 NUM issue-3073 39 22 . . PUNCT issue-3073 40 1 the the DET issue-3073 40 2 finding finding NOUN issue-3073 40 3 was be AUX issue-3073 40 4 that that SCONJ issue-3073 40 5 , , PUNCT issue-3073 40 6 from from ADP issue-3073 40 7 1995 1995 NUM issue-3073 40 8 to to ADP issue-3073 40 9 2005 2005 NUM issue-3073 40 10 , , PUNCT issue-3073 40 11 the the DET issue-3073 40 12 price price NOUN issue-3073 40 13 of of ADP issue-3073 40 14 pqs pqs NOUN issue-3073 40 15 was be AUX issue-3073 40 16 determined determine VERB issue-3073 40 17 by by ADP issue-3073 40 18 the the DET issue-3073 40 19 industry industry NOUN issue-3073 40 20 's 's PART issue-3073 40 21 profitability profitability NOUN issue-3073 40 22 . . PUNCT issue-3073 41 1 this this PRON issue-3073 41 2 changed change VERB issue-3073 41 3 in in ADP issue-3073 41 4 2001 2001 NUM issue-3073 41 5 , , PUNCT issue-3073 41 6 when when SCONJ issue-3073 41 7 a a DET issue-3073 41 8 credit credit NOUN issue-3073 41 9 bubble bubble NOUN issue-3073 41 10 appeared appear VERB issue-3073 41 11 in in ADP issue-3073 41 12 iceland iceland PROPN issue-3073 41 13 . . PUNCT issue-3073 42 1 this this DET issue-3073 42 2 bubble bubble NOUN issue-3073 42 3 flooded flood VERB issue-3073 42 4 the the DET issue-3073 42 5 icelandic icelandic ADJ issue-3073 42 6 economy economy NOUN issue-3073 42 7 until until SCONJ issue-3073 42 8 it it PRON issue-3073 42 9 burst burst VERB issue-3073 42 10 in in ADP issue-3073 42 11 2008 2008 NUM issue-3073 42 12 , , PUNCT issue-3073 42 13 causing cause VERB issue-3073 42 14 the the DET issue-3073 42 15 collapse collapse NOUN issue-3073 42 16 of of ADP issue-3073 42 17 the the DET issue-3073 42 18 icelandic icelandic ADJ issue-3073 42 19 banking banking NOUN issue-3073 42 20 system system NOUN issue-3073 42 21 . . PUNCT issue-3073 43 1 these these DET issue-3073 43 2 studies study NOUN issue-3073 43 3 concluded conclude VERB issue-3073 43 4 that that SCONJ issue-3073 43 5 the the DET issue-3073 43 6 bubble bubble NOUN issue-3073 43 7 and and CCONJ issue-3073 43 8 increased increase VERB issue-3073 43 9 credit credit NOUN issue-3073 43 10 were be AUX issue-3073 43 11 the the DET issue-3073 43 12 main main ADJ issue-3073 43 13 factors factor NOUN issue-3073 43 14 leading lead VERB issue-3073 43 15 to to ADP issue-3073 43 16 a a DET issue-3073 43 17 significant significant ADJ issue-3073 43 18 rise rise NOUN issue-3073 43 19 in in ADP issue-3073 43 20 pqs pqs NOUN issue-3073 43 21 prices price NOUN issue-3073 43 22 between between ADP issue-3073 43 23 2002 2002 NUM issue-3073 43 24 and and CCONJ issue-3073 43 25 2007 2007 NUM issue-3073 43 26 ( ( PUNCT issue-3073 43 27 sævaldsson sævaldsson NOUN issue-3073 43 28 , , PUNCT issue-3073 43 29 2007 2007 NUM issue-3073 43 30 ) ) PUNCT issue-3073 43 31 . . PUNCT issue-3073 44 1 the the DET issue-3073 44 2 relationship relationship NOUN issue-3073 44 3 between between ADP issue-3073 44 4 risk risk NOUN issue-3073 44 5 and and CCONJ issue-3073 44 6 return return NOUN issue-3073 44 7 is be AUX issue-3073 44 8 a a DET issue-3073 44 9 wellstudied wellstudie VERB issue-3073 44 10 topic topic NOUN issue-3073 44 11 in in ADP issue-3073 44 12 financial financial ADJ issue-3073 44 13 economics economic NOUN issue-3073 44 14 . . PUNCT issue-3073 45 1 a a DET issue-3073 45 2 fundamental fundamental ADJ issue-3073 45 3 principle principle NOUN issue-3073 45 4 is be AUX issue-3073 45 5 that that SCONJ issue-3073 45 6 investors investor NOUN issue-3073 45 7 require require VERB issue-3073 45 8 a a DET issue-3073 45 9 higher high ADJ issue-3073 45 10 expected expect VERB issue-3073 45 11 return return NOUN issue-3073 45 12 to to PART issue-3073 45 13 compensate compensate VERB issue-3073 45 14 for for ADP issue-3073 45 15 taking take VERB issue-3073 45 16 on on ADP issue-3073 45 17 more more ADJ issue-3073 45 18 risk risk NOUN issue-3073 45 19 ( ( PUNCT issue-3073 45 20 asness asness PROPN issue-3073 45 21 , , PUNCT issue-3073 45 22 2000 2000 NUM issue-3073 45 23 ; ; PUNCT issue-3073 45 24 derman derman NOUN issue-3073 45 25 , , PUNCT issue-3073 45 26 2002 2002 NUM issue-3073 45 27 ; ; PUNCT issue-3073 45 28 fama fama PROPN issue-3073 45 29 & & CCONJ issue-3073 45 30 french french PROPN issue-3073 45 31 , , PUNCT issue-3073 45 32 2004 2004 NUM issue-3073 45 33 ) ) PUNCT issue-3073 45 34 . . PUNCT issue-3073 46 1 risk risk NOUN issue-3073 46 2 is be AUX issue-3073 46 3 typically typically ADV issue-3073 46 4 measured measure VERB issue-3073 46 5 using use VERB issue-3073 46 6 the the DET issue-3073 46 7 standard standard ADJ issue-3073 46 8 deviation deviation NOUN issue-3073 46 9 of of ADP issue-3073 46 10 asset asset NOUN issue-3073 46 11 returns return NOUN issue-3073 46 12 , , PUNCT issue-3073 46 13 which which PRON issue-3073 46 14 reflects reflect VERB issue-3073 46 15 the the DET issue-3073 46 16 volatility volatility NOUN issue-3073 46 17 or or CCONJ issue-3073 46 18 uncertainty uncertainty NOUN issue-3073 46 19 associated associate VERB issue-3073 46 20 with with ADP issue-3073 46 21 an an DET issue-3073 46 22 investment investment NOUN issue-3073 46 23 . . PUNCT issue-3073 47 1 in in ADP issue-3073 47 2 accordance accordance NOUN issue-3073 47 3 with with ADP issue-3073 47 4 the the DET issue-3073 47 5 precepts precept NOUN issue-3073 47 6 of of ADP issue-3073 47 7 modern modern ADJ issue-3073 47 8 portfolio portfolio NOUN issue-3073 47 9 theory theory NOUN issue-3073 47 10 , , PUNCT issue-3073 47 11 assets asset NOUN issue-3073 47 12 characterised characterise VERB issue-3073 47 13 by by ADP issue-3073 47 14 higher high ADJ issue-3073 47 15 variance variance NOUN issue-3073 47 16 are be AUX issue-3073 47 17 presumed presume VERB issue-3073 47 18 to to PART issue-3073 47 19 generate generate VERB issue-3073 47 20 higher high ADJ issue-3073 47 21 returns return NOUN issue-3073 47 22 over over ADP issue-3073 47 23 time time NOUN issue-3073 47 24 , , PUNCT issue-3073 47 25 thus thus ADV issue-3073 47 26 offsetting offset VERB issue-3073 47 27 the the DET issue-3073 47 28 elevated elevated ADJ issue-3073 47 29 risk risk NOUN issue-3073 47 30 involved involve VERB issue-3073 47 31 ( ( PUNCT issue-3073 47 32 atkins atkins PROPN issue-3073 47 33 & & CCONJ issue-3073 47 34 ng ng PROPN issue-3073 47 35 , , PUNCT issue-3073 47 36 2014 2014 NUM issue-3073 47 37 ; ; PUNCT issue-3073 47 38 khagerty khagerty PROPN issue-3073 47 39 , , PUNCT issue-3073 47 40 n.d n.d PROPN issue-3073 47 41 . . PROPN issue-3073 47 42 ) ) PUNCT issue-3073 47 43 . . PUNCT issue-3073 48 1 this this PRON issue-3073 48 2 is be AUX issue-3073 48 3 a a DET issue-3073 48 4 fundamental fundamental ADJ issue-3073 48 5 concept concept NOUN issue-3073 48 6 in in ADP issue-3073 48 7 finance finance NOUN issue-3073 48 8 , , PUNCT issue-3073 48 9 aimed aim VERB issue-3073 48 10 at at ADP issue-3073 48 11 rendering render VERB issue-3073 48 12 assets asset NOUN issue-3073 48 13 attractive attractive ADJ issue-3073 48 14 to to ADP issue-3073 48 15 rational rational ADJ issue-3073 48 16 investors investor NOUN issue-3073 48 17 . . PUNCT issue-3073 49 1 furthermore furthermore ADV issue-3073 49 2 , , PUNCT issue-3073 49 3 the the DET issue-3073 49 4 covariance covariance NOUN issue-3073 49 5 of of ADP issue-3073 49 6 an an DET issue-3073 49 7 asset asset NOUN issue-3073 49 8 's 's PART issue-3073 49 9 returns return NOUN issue-3073 49 10 with with ADP issue-3073 49 11 those those PRON issue-3073 49 12 of of ADP issue-3073 49 13 other other ADJ issue-3073 49 14 assets asset NOUN issue-3073 49 15 plays play VERB issue-3073 49 16 a a DET issue-3073 49 17 crucial crucial ADJ issue-3073 49 18 role role NOUN issue-3073 49 19 in in ADP issue-3073 49 20 determining determine VERB issue-3073 49 21 its its PRON issue-3073 49 22 contribution contribution NOUN issue-3073 49 23 to to ADP issue-3073 49 24 the the DET issue-3073 49 25 overall overall ADJ issue-3073 49 26 risk risk NOUN issue-3073 49 27 of of ADP issue-3073 49 28 a a DET issue-3073 49 29 diversified diversified ADJ issue-3073 49 30 portfolio portfolio NOUN issue-3073 49 31 ( ( PUNCT issue-3073 49 32 hussain hussain PROPN issue-3073 49 33 , , PUNCT issue-3073 49 34 n.d n.d PROPN issue-3073 49 35 . . PROPN issue-3073 49 36 ) ) PUNCT issue-3073 49 37 . . PUNCT issue-3073 50 1 markowitz markowitz PROPN issue-3073 50 2 realised realise VERB issue-3073 50 3 that that DET issue-3073 50 4 risk risk NOUN issue-3073 50 5 was be AUX issue-3073 50 6 an an DET issue-3073 50 7 important important ADJ issue-3073 50 8 factor factor NOUN issue-3073 50 9 in in ADP issue-3073 50 10 portfolio portfolio NOUN issue-3073 50 11 formation formation NOUN issue-3073 50 12 and and CCONJ issue-3073 50 13 used use VERB issue-3073 50 14 variance variance NOUN issue-3073 50 15 of of ADP issue-3073 50 16 return return NOUN issue-3073 50 17 as as ADP issue-3073 50 18 an an DET issue-3073 50 19 initial initial ADJ issue-3073 50 20 risk risk NOUN issue-3073 50 21 measure measure NOUN issue-3073 50 22 ( ( PUNCT issue-3073 50 23 atkins atkins PROPN issue-3073 50 24 & & CCONJ issue-3073 50 25 ng ng PROPN issue-3073 50 26 , , PUNCT issue-3073 50 27 2014 2014 NUM issue-3073 50 28 ) ) PUNCT issue-3073 50 29 . . PUNCT issue-3073 51 1 when when SCONJ issue-3073 51 2 applied apply VERB issue-3073 51 3 to to ADP issue-3073 51 4 fisheries fishery NOUN issue-3073 51 5 , , PUNCT issue-3073 51 6 and and CCONJ issue-3073 51 7 specifically specifically ADV issue-3073 51 8 to to ADP issue-3073 51 9 pqs pqs NOUN issue-3073 51 10 within within ADP issue-3073 51 11 an an DET issue-3073 51 12 itq itq NOUN issue-3073 51 13 system system NOUN issue-3073 51 14 , , PUNCT issue-3073 51 15 these these DET issue-3073 51 16 principles principle NOUN issue-3073 51 17 imply imply VERB issue-3073 51 18 that that SCONJ issue-3073 51 19 the the DET issue-3073 51 20 market market NOUN issue-3073 51 21 value value NOUN issue-3073 51 22 and and CCONJ issue-3073 51 23 return return NOUN issue-3073 51 24 of of ADP issue-3073 51 25 pqs pqs NOUN issue-3073 51 26 should should AUX issue-3073 51 27 reflect reflect VERB issue-3073 51 28 the the DET issue-3073 51 29 expected expect VERB issue-3073 51 30 profitability profitability NOUN issue-3073 51 31 of of ADP issue-3073 51 32 the the DET issue-3073 51 33 underlying underlie VERB issue-3073 51 34 fish fish NOUN issue-3073 51 35 stocks stock NOUN issue-3073 51 36 , , PUNCT issue-3073 51 37 as as ADV issue-3073 51 38 well well ADV issue-3073 51 39 as as ADP issue-3073 51 40 the the DET issue-3073 51 41 risks risk NOUN issue-3073 51 42 associated associate VERB issue-3073 51 43 with with ADP issue-3073 51 44 catch catch NOUN issue-3073 51 45 variability variability NOUN issue-3073 51 46 , , PUNCT issue-3073 51 47 price price NOUN issue-3073 51 48 fluctuations fluctuation NOUN issue-3073 51 49 and and CCONJ issue-3073 51 50 regulatory regulatory ADJ issue-3073 51 51 uncertainty uncertainty NOUN issue-3073 51 52 . . PUNCT issue-3073 52 1 if if SCONJ issue-3073 52 2 pqs pqs PROPN issue-3073 52 3 are be AUX issue-3073 52 4 treated treat VERB issue-3073 52 5 as as ADP issue-3073 52 6 financial financial ADJ issue-3073 52 7 assets asset NOUN issue-3073 52 8 , , PUNCT issue-3073 52 9 their their PRON issue-3073 52 10 risk risk NOUN issue-3073 52 11 - - PUNCT issue-3073 52 12 return return NOUN issue-3073 52 13 profiles profile NOUN issue-3073 52 14 should should AUX issue-3073 52 15 be be AUX issue-3073 52 16 comparable comparable ADJ issue-3073 52 17 to to ADP issue-3073 52 18 those those PRON issue-3073 52 19 of of ADP issue-3073 52 20 other other ADJ issue-3073 52 21 asset asset NOUN issue-3073 52 22 classes class NOUN issue-3073 52 23 . . PUNCT issue-3073 53 1 their their PRON issue-3073 53 2 performance performance NOUN issue-3073 53 3 over over ADP issue-3073 53 4 time time NOUN issue-3073 53 5 , , PUNCT issue-3073 53 6 particularly particularly ADV issue-3073 53 7 with with ADP issue-3073 53 8 regard regard NOUN issue-3073 53 9 to to PART issue-3073 53 10 return return VERB issue-3073 53 11 volatility volatility NOUN issue-3073 53 12 and and CCONJ issue-3073 53 13 correlation correlation NOUN issue-3073 53 14 with with ADP issue-3073 53 15 traditional traditional ADJ issue-3073 53 16 investments investment NOUN issue-3073 53 17 , , PUNCT issue-3073 53 18 provides provide VERB issue-3073 53 19 an an DET issue-3073 53 20 indication indication NOUN issue-3073 53 21 of of ADP issue-3073 53 22 how how SCONJ issue-3073 53 23 market market NOUN issue-3073 53 24 participants participant NOUN issue-3073 53 25 perceive perceive ADJ issue-3073 53 26 and and CCONJ issue-3073 53 27 price price NOUN issue-3073 53 28 fisheries fishery NOUN issue-3073 53 29 - - PUNCT issue-3073 53 30 related relate VERB issue-3073 53 31 risk risk NOUN issue-3073 53 32 . . PUNCT issue-3073 54 1 in in ADP issue-3073 54 2 light light NOUN issue-3073 54 3 of of ADP issue-3073 54 4 the the DET issue-3073 54 5 aforementioned aforementioned ADJ issue-3073 54 6 theoretical theoretical ADJ issue-3073 54 7 background background NOUN issue-3073 54 8 , , PUNCT issue-3073 54 9 the the DET issue-3073 54 10 objective objective NOUN issue-3073 54 11 of of ADP issue-3073 54 12 the the DET issue-3073 54 13 present present ADJ issue-3073 54 14 study study NOUN issue-3073 54 15 is be AUX issue-3073 54 16 to to PART issue-3073 54 17 evaluate evaluate VERB issue-3073 54 18 the the DET issue-3073 54 19 risk risk NOUN issue-3073 54 20 and and CCONJ issue-3073 54 21 return return VERB issue-3073 54 22 profile profile NOUN issue-3073 54 23 of of ADP issue-3073 54 24 permanent permanent ADJ issue-3073 54 25 quota quota NOUN issue-3073 54 26 shares share NOUN issue-3073 54 27 in in ADP issue-3073 54 28 iceland iceland PROPN issue-3073 54 29 's 's PART issue-3073 54 30 itq itq NOUN issue-3073 54 31 - - PUNCT issue-3073 54 32 managed manage VERB issue-3073 54 33 fisheries fishery NOUN issue-3073 54 34 over over ADP issue-3073 54 35 the the DET issue-3073 54 36 period period NOUN issue-3073 54 37 1992 1992 NUM issue-3073 54 38 to to ADP issue-3073 54 39 2019 2019 NUM issue-3073 54 40 . . PUNCT issue-3073 55 1 this this DET issue-3073 55 2 paper paper NOUN issue-3073 55 3 addresses address VERB issue-3073 55 4 three three NUM issue-3073 55 5 key key ADJ issue-3073 55 6 research research NOUN issue-3073 55 7 questions question NOUN issue-3073 55 8 : : PUNCT issue-3073 56 1 1 1 X issue-3073 56 2 . . X issue-3073 57 1 what what PRON issue-3073 57 2 was be AUX issue-3073 57 3 the the DET issue-3073 57 4 annual annual ADJ issue-3073 57 5 return return NOUN issue-3073 57 6 of of ADP issue-3073 57 7 pqs pqs NOUN issue-3073 57 8 for for ADP issue-3073 57 9 the the DET issue-3073 57 10 main main ADJ issue-3073 57 11 demersal demersal ADJ issue-3073 57 12 species specie NOUN issue-3073 57 13 in in ADP issue-3073 57 14 iceland iceland NOUN issue-3073 57 15 during during ADP issue-3073 57 16 the the DET issue-3073 57 17 study study NOUN issue-3073 57 18 period period NOUN issue-3073 57 19 ? ? PUNCT issue-3073 58 1 2 2 X issue-3073 58 2 . . X issue-3073 58 3 what what DET issue-3073 58 4 level level NOUN issue-3073 58 5 of of ADP issue-3073 58 6 risk risk NOUN issue-3073 58 7 was be AUX issue-3073 58 8 associated associate VERB issue-3073 58 9 with with ADP issue-3073 58 10 these these DET issue-3073 58 11 returns return NOUN issue-3073 58 12 , , PUNCT issue-3073 58 13 as as SCONJ issue-3073 58 14 measured measure VERB issue-3073 58 15 by by ADP issue-3073 58 16 the the DET issue-3073 58 17 standard standard ADJ issue-3073 58 18 deviation deviation NOUN issue-3073 58 19 of of ADP issue-3073 58 20 annual annual ADJ issue-3073 58 21 price price NOUN issue-3073 58 22 changes change NOUN issue-3073 58 23 ? ? PUNCT issue-3073 59 1 3 3 X issue-3073 59 2 . . X issue-3073 59 3 how how SCONJ issue-3073 59 4 do do AUX issue-3073 59 5 these these DET issue-3073 59 6 returns return NOUN issue-3073 59 7 and and CCONJ issue-3073 59 8 risks risk NOUN issue-3073 59 9 compare compare VERB issue-3073 59 10 with with ADP issue-3073 59 11 those those PRON issue-3073 59 12 of of ADP issue-3073 59 13 other other ADJ issue-3073 59 14 major major ADJ issue-3073 59 15 asset asset NOUN issue-3073 59 16 classes class NOUN issue-3073 59 17 available available ADJ issue-3073 59 18 to to ADP issue-3073 59 19 icelandic icelandic ADJ issue-3073 59 20 investors investor NOUN issue-3073 59 21 , , PUNCT issue-3073 59 22 such such ADJ issue-3073 59 23 as as ADP issue-3073 59 24 stocks stock NOUN issue-3073 59 25 , , PUNCT issue-3073 59 26 government government NOUN issue-3073 59 27 bonds bond NOUN issue-3073 59 28 and and CCONJ issue-3073 59 29 bank bank NOUN issue-3073 59 30 deposits deposit NOUN issue-3073 59 31 ? ? PUNCT issue-3073 60 1 this this DET issue-3073 60 2 study study NOUN issue-3073 60 3 makes make VERB issue-3073 60 4 a a DET issue-3073 60 5 significant significant ADJ issue-3073 60 6 contribution contribution NOUN issue-3073 60 7 to to ADP issue-3073 60 8 the the DET issue-3073 60 9 existing exist VERB issue-3073 60 10 literature literature NOUN issue-3073 60 11 by by ADP issue-3073 60 12 virtue virtue NOUN issue-3073 60 13 of of ADP issue-3073 60 14 the the DET issue-3073 60 15 fact fact NOUN issue-3073 60 16 that that SCONJ issue-3073 60 17 it it PRON issue-3073 60 18 is be AUX issue-3073 60 19 the the DET issue-3073 60 20 first first ADJ issue-3073 60 21 to to PART issue-3073 60 22 analyse analyse VERB issue-3073 60 23 the the DET issue-3073 60 24 long long ADJ issue-3073 60 25 - - PUNCT issue-3073 60 26 term term NOUN issue-3073 60 27 return return NOUN issue-3073 60 28 and and CCONJ issue-3073 60 29 risk risk NOUN issue-3073 60 30 characteristics characteristic NOUN issue-3073 60 31 of of ADP issue-3073 60 32 pqs pqs NOUN issue-3073 60 33 in in ADP issue-3073 60 34 a a DET issue-3073 60 35 major major ADJ issue-3073 60 36 fishery fishery NOUN issue-3073 60 37 governed govern VERB issue-3073 60 38 by by ADP issue-3073 60 39 itq itq NOUN issue-3073 60 40 principles principle NOUN issue-3073 60 41 . . PUNCT issue-3073 61 1 iceland iceland PROPN issue-3073 61 2 , , PUNCT issue-3073 61 3 a a DET issue-3073 61 4 nation nation NOUN issue-3073 61 5 that that PRON issue-3073 61 6 is be AUX issue-3073 61 7 globally globally ADV issue-3073 61 8 prominent prominent ADJ issue-3073 61 9 in in ADP issue-3073 61 10 the the DET issue-3073 61 11 field field NOUN issue-3073 61 12 of of ADP issue-3073 61 13 fishing fishing NOUN issue-3073 61 14 and and CCONJ issue-3073 61 15 has have AUX issue-3073 61 16 adopted adopt VERB issue-3073 61 17 itq itq NOUN issue-3073 61 18 - - PUNCT issue-3073 61 19 based base VERB issue-3073 61 20 management management NOUN issue-3073 61 21 systems system NOUN issue-3073 61 22 at at ADP issue-3073 61 23 an an DET issue-3073 61 24 early early ADJ issue-3073 61 25 stage stage NOUN issue-3073 61 26 , , PUNCT issue-3073 61 27 provides provide VERB issue-3073 61 28 a a DET issue-3073 61 29 particularly particularly ADV issue-3073 61 30 pertinent pertinent ADJ issue-3073 61 31 case case NOUN issue-3073 61 32 study study NOUN issue-3073 61 33 . . PUNCT issue-3073 62 1 with with ADP issue-3073 62 2 an an DET issue-3073 62 3 average average ADJ issue-3073 62 4 annual annual ADJ issue-3073 62 5 catch catch NOUN issue-3073 62 6 of of ADP issue-3073 62 7 approximately approximately ADV issue-3073 62 8 1.4 1.4 NUM issue-3073 62 9 million million NUM issue-3073 62 10 metric metric ADJ issue-3073 62 11 tons ton NOUN issue-3073 62 12 over over ADP issue-3073 62 13 the the DET issue-3073 62 14 past past ADJ issue-3073 62 15 two two NUM issue-3073 62 16 decades decade NOUN issue-3073 62 17 , , PUNCT issue-3073 62 18 iceland iceland PROPN issue-3073 62 19 's 's PART issue-3073 62 20 fisheries fishery NOUN issue-3073 62 21 are be AUX issue-3073 62 22 of of ADP issue-3073 62 23 both both CCONJ issue-3073 62 24 economic economic ADJ issue-3073 62 25 and and CCONJ issue-3073 62 26 ecological ecological ADJ issue-3073 62 27 importance importance NOUN issue-3073 62 28 . . PUNCT issue-3073 63 1 the the DET issue-3073 63 2 analysis analysis NOUN issue-3073 63 3 draws draw VERB issue-3073 63 4 on on ADP issue-3073 63 5 a a DET issue-3073 63 6 28 28 NUM issue-3073 63 7 - - PUNCT issue-3073 63 8 year year NOUN issue-3073 63 9 dataset dataset NOUN issue-3073 63 10 ( ( PUNCT issue-3073 63 11 1992–2019 1992–2019 NUM issue-3073 63 12 ) ) PUNCT issue-3073 63 13 and and CCONJ issue-3073 63 14 focuses focus VERB issue-3073 63 15 on on ADP issue-3073 63 16 the the DET issue-3073 63 17 five five NUM issue-3073 63 18 most most ADV issue-3073 63 19 valuable valuable ADJ issue-3073 63 20 demersal demersal ADJ issue-3073 63 21 species specie NOUN issue-3073 63 22 . . PUNCT issue-3073 64 1 the the DET issue-3073 64 2 combination combination NOUN issue-3073 64 3 of of ADP issue-3073 64 4 the the DET issue-3073 64 5 length length NOUN issue-3073 64 6 and and CCONJ issue-3073 64 7 quality quality NOUN issue-3073 64 8 of of ADP issue-3073 64 9 the the DET issue-3073 64 10 data datum NOUN issue-3073 64 11 with with ADP issue-3073 64 12 the the DET issue-3073 64 13 maturity maturity NOUN issue-3073 64 14 of of ADP issue-3073 64 15 iceland iceland NOUN issue-3073 64 16 's 's PART issue-3073 64 17 quota quota NOUN issue-3073 64 18 system system NOUN issue-3073 64 19 offers offer VERB issue-3073 64 20 a a DET issue-3073 64 21 robust robust ADJ issue-3073 64 22 foundation foundation NOUN issue-3073 64 23 for for ADP issue-3073 64 24 empirical empirical ADJ issue-3073 64 25 analysis analysis NOUN issue-3073 64 26 . . PUNCT issue-3073 65 1 the the DET issue-3073 65 2 findings finding NOUN issue-3073 65 3 are be AUX issue-3073 65 4 of of ADP issue-3073 65 5 relevance relevance NOUN issue-3073 65 6 not not PART issue-3073 65 7 only only ADV issue-3073 65 8 to to ADP issue-3073 65 9 fisheries fishery NOUN issue-3073 65 10 economists economist NOUN issue-3073 65 11 but but CCONJ issue-3073 65 12 also also ADV issue-3073 65 13 to to ADP issue-3073 65 14 scholars scholar NOUN issue-3073 65 15 and and CCONJ issue-3073 65 16 policymakers policymaker NOUN issue-3073 65 17 interested interested ADJ issue-3073 65 18 in in ADP issue-3073 65 19 resource resource NOUN issue-3073 65 20 valuation valuation NOUN issue-3073 65 21 , , PUNCT issue-3073 65 22 asset asset NOUN issue-3073 65 23 performance performance NOUN issue-3073 65 24 , , PUNCT issue-3073 65 25 and and CCONJ issue-3073 65 26 sustainable sustainable ADJ issue-3073 65 27 marine marine ADJ issue-3073 65 28 governance governance NOUN issue-3073 65 29 . . PUNCT issue-3073 66 1 2 2 X issue-3073 66 2 . . X issue-3073 66 3 the the DET issue-3073 66 4 evolution evolution NOUN issue-3073 66 5 of of ADP issue-3073 66 6 iceland iceland PROPN issue-3073 66 7 ’s ’s PART issue-3073 66 8 itq itq PROPN issue-3073 66 9 system system NOUN issue-3073 66 10 : : PUNCT issue-3073 66 11 institutions institution NOUN issue-3073 66 12 , , PUNCT issue-3073 66 13 incentives incentive NOUN issue-3073 66 14 , , PUNCT issue-3073 66 15 and and CCONJ issue-3073 66 16 industry industry NOUN issue-3073 66 17 transformation transformation NOUN issue-3073 66 18 iceland iceland PROPN issue-3073 66 19 's 's PART issue-3073 66 20 fisheries fishery NOUN issue-3073 66 21 management management NOUN issue-3073 66 22 has have AUX issue-3073 66 23 undergone undergo VERB issue-3073 66 24 a a DET issue-3073 66 25 fundamental fundamental ADJ issue-3073 66 26 transformation transformation NOUN issue-3073 66 27 over over ADP issue-3073 66 28 the the DET issue-3073 66 29 past past ADJ issue-3073 66 30 five five NUM issue-3073 66 31 decades decade NOUN issue-3073 66 32 , , PUNCT issue-3073 66 33 shifting shift VERB issue-3073 66 34 from from ADP issue-3073 66 35 an an DET issue-3073 66 36 unregulated unregulated ADJ issue-3073 66 37 and and CCONJ issue-3073 66 38 ecologically ecologically ADV issue-3073 66 39 vulnerable vulnerable ADJ issue-3073 66 40 sector sector NOUN issue-3073 66 41 to to ADP issue-3073 66 42 a a DET issue-3073 66 43 leading lead VERB issue-3073 66 44 model model NOUN issue-3073 66 45 of of ADP issue-3073 66 46 rights right NOUN issue-3073 66 47 - - PUNCT issue-3073 66 48 based base VERB issue-3073 66 49 resource resource NOUN issue-3073 66 50 governance governance NOUN issue-3073 66 51 . . PUNCT issue-3073 67 1 the the DET issue-3073 67 2 emergence emergence NOUN issue-3073 67 3 of of ADP issue-3073 67 4 itqs itqs NOUN issue-3073 67 5 can can AUX issue-3073 67 6 be be AUX issue-3073 67 7 seen see VERB issue-3073 67 8 as as ADP issue-3073 67 9 a a DET issue-3073 67 10 response response NOUN issue-3073 67 11 to to ADP issue-3073 67 12 crises crisis NOUN issue-3073 67 13 , , PUNCT issue-3073 67 14 as as ADV issue-3073 67 15 well well ADV issue-3073 67 16 as as ADP issue-3073 67 17 a a DET issue-3073 67 18 deliberate deliberate ADJ issue-3073 67 19 effort effort NOUN issue-3073 67 20 to to PART issue-3073 67 21 align align VERB issue-3073 67 22 economic economic ADJ issue-3073 67 23 incentives incentive NOUN issue-3073 67 24 with with ADP issue-3073 67 25 long long ADJ issue-3073 67 26 - - PUNCT issue-3073 67 27 term term NOUN issue-3073 67 28 sustainability sustainability NOUN issue-3073 67 29 . . PUNCT issue-3073 68 1 baltic baltic PROPN issue-3073 68 2 journal journal PROPN issue-3073 68 3 of of ADP issue-3073 68 4 economic economic ADJ issue-3073 68 5 studies study NOUN issue-3073 68 6 32 32 NUM issue-3073 68 7 vol vol NOUN issue-3073 68 8 . . PROPN issue-3073 69 1 11 11 NUM issue-3073 69 2 no no NOUN issue-3073 69 3 . . NOUN issue-3073 69 4 5 5 NUM issue-3073 69 5 , , PUNCT issue-3073 69 6 2025 2025 NUM issue-3073 69 7 this this DET issue-3073 69 8 transition transition NOUN issue-3073 69 9 commenced commence VERB issue-3073 69 10 in in ADP issue-3073 69 11 the the DET issue-3073 69 12 aftermath aftermath NOUN issue-3073 69 13 of of ADP issue-3073 69 14 the the DET issue-3073 69 15 collapse collapse NOUN issue-3073 69 16 of of ADP issue-3073 69 17 the the DET issue-3073 69 18 atlanto atlanto PROPN issue-3073 69 19 - - PUNCT issue-3073 69 20 scandian scandian PROPN issue-3073 69 21 herring herring NOUN issue-3073 69 22 stock stock NOUN issue-3073 69 23 in in ADP issue-3073 69 24 1968 1968 NUM issue-3073 69 25 , , PUNCT issue-3073 69 26 a a DET issue-3073 69 27 development development NOUN issue-3073 69 28 that that PRON issue-3073 69 29 precipitated precipitate VERB issue-3073 69 30 the the DET issue-3073 69 31 economic economic ADJ issue-3073 69 32 downturn downturn NOUN issue-3073 69 33 and and CCONJ issue-3073 69 34 brought bring VERB issue-3073 69 35 to to ADP issue-3073 69 36 the the DET issue-3073 69 37 fore fore NOUN issue-3073 69 38 the the DET issue-3073 69 39 perils peril NOUN issue-3073 69 40 associated associate VERB issue-3073 69 41 with with ADP issue-3073 69 42 unregulated unregulated ADJ issue-3073 69 43 fishing fishing NOUN issue-3073 69 44 ( ( PUNCT issue-3073 69 45 sigurdsson sigurdsson NOUN issue-3073 69 46 , , PUNCT issue-3073 69 47 2006 2006 NUM issue-3073 69 48 ) ) PUNCT issue-3073 69 49 . . PUNCT issue-3073 70 1 the the DET issue-3073 70 2 crisis crisis NOUN issue-3073 70 3 led lead VERB issue-3073 70 4 to to ADP issue-3073 70 5 the the DET issue-3073 70 6 introduction introduction NOUN issue-3073 70 7 of of ADP issue-3073 70 8 a a DET issue-3073 70 9 tac tac NOUN issue-3073 70 10 for for ADP issue-3073 70 11 icelandic icelandic ADJ issue-3073 70 12 herring herring NOUN issue-3073 70 13 in in ADP issue-3073 70 14 1969 1969 NUM issue-3073 70 15 , , PUNCT issue-3073 70 16 followed follow VERB issue-3073 70 17 by by ADP issue-3073 70 18 individual individual ADJ issue-3073 70 19 quotas quota NOUN issue-3073 70 20 in in ADP issue-3073 70 21 1975 1975 NUM issue-3073 70 22 to to PART issue-3073 70 23 improve improve VERB issue-3073 70 24 efficiency efficiency NOUN issue-3073 70 25 ( ( PUNCT issue-3073 70 26 matthíasson matthíasson NOUN issue-3073 70 27 , , PUNCT issue-3073 70 28 2003 2003 NUM issue-3073 70 29 ) ) PUNCT issue-3073 70 30 . . PUNCT issue-3073 71 1 in in ADP issue-3073 71 2 1976 1976 NUM issue-3073 71 3 , , PUNCT issue-3073 71 4 iceland iceland NOUN issue-3073 71 5 extended extend VERB issue-3073 71 6 its its PRON issue-3073 71 7 exclusive exclusive ADJ issue-3073 71 8 economic economic ADJ issue-3073 71 9 zone zone NOUN issue-3073 71 10 ( ( PUNCT issue-3073 71 11 eez eez PROPN issue-3073 71 12 ) ) PUNCT issue-3073 71 13 to to ADP issue-3073 71 14 200 200 NUM issue-3073 71 15 nautical nautical ADJ issue-3073 71 16 miles mile NOUN issue-3073 71 17 , , PUNCT issue-3073 71 18 thereby thereby ADV issue-3073 71 19 securing secure VERB issue-3073 71 20 sovereign sovereign ADJ issue-3073 71 21 control control NOUN issue-3073 71 22 over over ADP issue-3073 71 23 its its PRON issue-3073 71 24 fisheries fishery NOUN issue-3073 71 25 following follow VERB issue-3073 71 26 the the DET issue-3073 71 27 " " PUNCT issue-3073 71 28 cod cod NOUN issue-3073 71 29 wars war NOUN issue-3073 71 30 " " PUNCT issue-3073 71 31 with with ADP issue-3073 71 32 the the DET issue-3073 71 33 united united PROPN issue-3073 71 34 kingdom kingdom PROPN issue-3073 71 35 ( ( PUNCT issue-3073 71 36 guðmundsson guðmundsson NOUN issue-3073 71 37 , , PUNCT issue-3073 71 38 2006 2006 NUM issue-3073 71 39 ) ) PUNCT issue-3073 71 40 . . PUNCT issue-3073 72 1 nevertheless nevertheless ADV issue-3073 72 2 , , PUNCT issue-3073 72 3 demersal demersal ADJ issue-3073 72 4 fisheries fishery NOUN issue-3073 72 5 , , PUNCT issue-3073 72 6 notably notably ADV issue-3073 72 7 those those PRON issue-3073 72 8 targeting target VERB issue-3073 72 9 cod cod NOUN issue-3073 72 10 , , PUNCT issue-3073 72 11 persistently persistently ADV issue-3073 72 12 confronted confront VERB issue-3073 72 13 challenges challenge NOUN issue-3073 72 14 such such ADJ issue-3073 72 15 as as ADP issue-3073 72 16 overfishing overfishing NOUN issue-3073 72 17 and and CCONJ issue-3073 72 18 economic economic ADJ issue-3073 72 19 inefficiencies inefficiency NOUN issue-3073 72 20 ( ( PUNCT issue-3073 72 21 gunnlaugsson gunnlaugsson NOUN issue-3073 72 22 & & CCONJ issue-3073 72 23 valtýsson valtýsson NOUN issue-3073 72 24 , , PUNCT issue-3073 72 25 2022 2022 NUM issue-3073 72 26 ) ) PUNCT issue-3073 72 27 . . PUNCT issue-3073 73 1 the the DET issue-3073 73 2 implementation implementation NOUN issue-3073 73 3 of of ADP issue-3073 73 4 effort effort NOUN issue-3073 73 5 controls control NOUN issue-3073 73 6 , , PUNCT issue-3073 73 7 including include VERB issue-3073 73 8 the the DET issue-3073 73 9 imposition imposition NOUN issue-3073 73 10 of of ADP issue-3073 73 11 restrictions restriction NOUN issue-3073 73 12 on on ADP issue-3073 73 13 fishing fishing NOUN issue-3073 73 14 days day NOUN issue-3073 73 15 ( ( PUNCT issue-3073 73 16 skrapdagakerfið skrapdagakerfið NOUN issue-3073 73 17 ) ) PUNCT issue-3073 73 18 , , PUNCT issue-3073 73 19 has have AUX issue-3073 73 20 been be AUX issue-3073 73 21 demonstrated demonstrate VERB issue-3073 73 22 to to PART issue-3073 73 23 be be AUX issue-3073 73 24 an an DET issue-3073 73 25 ineffective ineffective ADJ issue-3073 73 26 measure measure NOUN issue-3073 73 27 . . PUNCT issue-3073 74 1 in in ADP issue-3073 74 2 1984 1984 NUM issue-3073 74 3 , , PUNCT issue-3073 74 4 vessel vessel NOUN issue-3073 74 5 - - PUNCT issue-3073 74 6 specific specific ADJ issue-3073 74 7 individual individual ADJ issue-3073 74 8 quotas quota NOUN issue-3073 74 9 ( ( PUNCT issue-3073 74 10 iqs iqs NOUN issue-3073 74 11 ) ) PUNCT issue-3073 74 12 were be AUX issue-3073 74 13 introduced introduce VERB issue-3073 74 14 , , PUNCT issue-3073 74 15 based base VERB issue-3073 74 16 on on ADP issue-3073 74 17 historical historical ADJ issue-3073 74 18 catches catch NOUN issue-3073 74 19 . . PUNCT issue-3073 75 1 however however ADV issue-3073 75 2 , , PUNCT issue-3073 75 3 the the DET issue-3073 75 4 coexistence coexistence NOUN issue-3073 75 5 of of ADP issue-3073 75 6 iqs iqs PROPN issue-3073 75 7 and and CCONJ issue-3073 75 8 effort effort NOUN issue-3073 75 9 - - PUNCT issue-3073 75 10 based base VERB issue-3073 75 11 rules rule NOUN issue-3073 75 12 limited limit VERB issue-3073 75 13 their their PRON issue-3073 75 14 effectiveness effectiveness NOUN issue-3073 75 15 ( ( PUNCT issue-3073 75 16 daníelsson daníelsson NOUN issue-3073 75 17 , , PUNCT issue-3073 75 18 1997 1997 NUM issue-3073 75 19 ) ) PUNCT issue-3073 75 20 . . PUNCT issue-3073 76 1 a a DET issue-3073 76 2 significant significant ADJ issue-3073 76 3 reform reform NOUN issue-3073 76 4 was be AUX issue-3073 76 5 instigated instigate VERB issue-3073 76 6 in in ADP issue-3073 76 7 1990 1990 NUM issue-3073 76 8 with with ADP issue-3073 76 9 the the DET issue-3073 76 10 implementation implementation NOUN issue-3073 76 11 of of ADP issue-3073 76 12 a a DET issue-3073 76 13 uniform uniform ADJ issue-3073 76 14 itq itq NOUN issue-3073 76 15 system system NOUN issue-3073 76 16 across across ADP issue-3073 76 17 the the DET issue-3073 76 18 majority majority NOUN issue-3073 76 19 of of ADP issue-3073 76 20 commercial commercial ADJ issue-3073 76 21 fisheries fishery NOUN issue-3073 76 22 ( ( PUNCT issue-3073 76 23 árnason árnason NOUN issue-3073 76 24 , , PUNCT issue-3073 76 25 1993 1993 NUM issue-3073 76 26 ) ) PUNCT issue-3073 76 27 . . PUNCT issue-3073 77 1 the the DET issue-3073 77 2 new new ADJ issue-3073 77 3 system system NOUN issue-3073 77 4 eliminated eliminate VERB issue-3073 77 5 effortbased effortbased ADJ issue-3073 77 6 alternatives alternative NOUN issue-3073 77 7 and and CCONJ issue-3073 77 8 allowed allow VERB issue-3073 77 9 quota quota NOUN issue-3073 77 10 transferability transferability NOUN issue-3073 77 11 , , PUNCT issue-3073 77 12 thereby thereby ADV issue-3073 77 13 establishing establish VERB issue-3073 77 14 a a DET issue-3073 77 15 market market NOUN issue-3073 77 16 for for ADP issue-3073 77 17 fishing fishing NOUN issue-3073 77 18 rights right NOUN issue-3073 77 19 ( ( PUNCT issue-3073 77 20 oostdijk oostdijk PROPN issue-3073 77 21 et et PROPN issue-3073 77 22 al al PROPN issue-3073 77 23 . . PROPN issue-3073 77 24 , , PUNCT issue-3073 77 25 2019 2019 NUM issue-3073 77 26 ) ) PUNCT issue-3073 77 27 . . PUNCT issue-3073 78 1 transferability transferability NOUN issue-3073 78 2 has have AUX issue-3073 78 3 been be AUX issue-3073 78 4 shown show VERB issue-3073 78 5 to to PART issue-3073 78 6 facilitate facilitate VERB issue-3073 78 7 more more ADV issue-3073 78 8 efficient efficient ADJ issue-3073 78 9 allocation allocation NOUN issue-3073 78 10 by by ADP issue-3073 78 11 enabling enable VERB issue-3073 78 12 productive productive ADJ issue-3073 78 13 firms firm NOUN issue-3073 78 14 to to PART issue-3073 78 15 consolidate consolidate VERB issue-3073 78 16 quotas quota NOUN issue-3073 78 17 and and CCONJ issue-3073 78 18 expand expand VERB issue-3073 78 19 operations operation NOUN issue-3073 78 20 . . PUNCT issue-3073 79 1 this this DET issue-3073 79 2 dynamic dynamic NOUN issue-3073 79 3 has have AUX issue-3073 79 4 precipitated precipitate VERB issue-3073 79 5 the the DET issue-3073 79 6 emergence emergence NOUN issue-3073 79 7 of of ADP issue-3073 79 8 larger large ADJ issue-3073 79 9 , , PUNCT issue-3073 79 10 vertically vertically ADV issue-3073 79 11 integrated integrate VERB issue-3073 79 12 enterprises enterprise NOUN issue-3073 79 13 that that PRON issue-3073 79 14 engage engage VERB issue-3073 79 15 in in ADP issue-3073 79 16 self self NOUN issue-3073 79 17 - - PUNCT issue-3073 79 18 fishing fishing NOUN issue-3073 79 19 , , PUNCT issue-3073 79 20 processing processing NOUN issue-3073 79 21 , , PUNCT issue-3073 79 22 and and CCONJ issue-3073 79 23 marketing marketing NOUN issue-3073 79 24 of of ADP issue-3073 79 25 their their PRON issue-3073 79 26 own own ADJ issue-3073 79 27 quota quota NOUN issue-3073 79 28 . . PUNCT issue-3073 80 1 these these DET issue-3073 80 2 firms firm NOUN issue-3073 80 3 gained gain VERB issue-3073 80 4 control control NOUN issue-3073 80 5 over over ADP issue-3073 80 6 the the DET issue-3073 80 7 entire entire ADJ issue-3073 80 8 value value NOUN issue-3073 80 9 chain chain NOUN issue-3073 80 10 , , PUNCT issue-3073 80 11 from from ADP issue-3073 80 12 harvesting harvest VERB issue-3073 80 13 to to ADP issue-3073 80 14 final final ADJ issue-3073 80 15 sale sale NOUN issue-3073 80 16 , , PUNCT issue-3073 80 17 thereby thereby ADV issue-3073 80 18 reducing reduce VERB issue-3073 80 19 seasonality seasonality NOUN issue-3073 80 20 , , PUNCT issue-3073 80 21 stabilising stabilise VERB issue-3073 80 22 supply supply NOUN issue-3073 80 23 , , PUNCT issue-3073 80 24 and and CCONJ issue-3073 80 25 improving improve VERB issue-3073 80 26 product product NOUN issue-3073 80 27 quality quality NOUN issue-3073 80 28 . . PUNCT issue-3073 81 1 these these DET issue-3073 81 2 developments development NOUN issue-3073 81 3 were be AUX issue-3073 81 4 supported support VERB issue-3073 81 5 by by ADP issue-3073 81 6 institutional institutional ADJ issue-3073 81 7 reforms reform NOUN issue-3073 81 8 . . PUNCT issue-3073 82 1 the the DET issue-3073 82 2 introduction introduction NOUN issue-3073 82 3 of of ADP issue-3073 82 4 deregulated deregulated ADJ issue-3073 82 5 fish fish NOUN issue-3073 82 6 auctions auction NOUN issue-3073 82 7 in in ADP issue-3073 82 8 1986 1986 NUM issue-3073 82 9 has have AUX issue-3073 82 10 been be AUX issue-3073 82 11 demonstrated demonstrate VERB issue-3073 82 12 to to PART issue-3073 82 13 engender engender VERB issue-3073 82 14 enhanced enhanced ADJ issue-3073 82 15 price price NOUN issue-3073 82 16 transparency transparency NOUN issue-3073 82 17 and and CCONJ issue-3073 82 18 coordination coordination NOUN issue-3073 82 19 . . PUNCT issue-3073 83 1 despite despite SCONJ issue-3073 83 2 the the DET issue-3073 83 3 fact fact NOUN issue-3073 83 4 that that SCONJ issue-3073 83 5 only only ADV issue-3073 83 6 20–30 20–30 NUM issue-3073 83 7 % % NOUN issue-3073 83 8 of of ADP issue-3073 83 9 demersal demersal ADJ issue-3073 83 10 landings landing NOUN issue-3073 83 11 are be AUX issue-3073 83 12 auctioned auction VERB issue-3073 83 13 , , PUNCT issue-3073 83 14 these these DET issue-3073 83 15 markets market NOUN issue-3073 83 16 have have AUX issue-3073 83 17 exerted exert VERB issue-3073 83 18 a a DET issue-3073 83 19 significant significant ADJ issue-3073 83 20 influence influence NOUN issue-3073 83 21 on on ADP issue-3073 83 22 pricing pricing NOUN issue-3073 83 23 and and CCONJ issue-3073 83 24 logistics logistic NOUN issue-3073 83 25 . . PUNCT issue-3073 84 1 the the DET issue-3073 84 2 combination combination NOUN issue-3073 84 3 of of ADP issue-3073 84 4 itqs itqs NOUN issue-3073 84 5 and and CCONJ issue-3073 84 6 auctions auction NOUN issue-3073 84 7 has have AUX issue-3073 84 8 been be AUX issue-3073 84 9 demonstrated demonstrate VERB issue-3073 84 10 to to PART issue-3073 84 11 encourage encourage VERB issue-3073 84 12 specialisation specialisation NOUN issue-3073 84 13 and and CCONJ issue-3073 84 14 enable enable VERB issue-3073 84 15 producers producer NOUN issue-3073 84 16 to to PART issue-3073 84 17 target target VERB issue-3073 84 18 premium premium ADJ issue-3073 84 19 export export NOUN issue-3073 84 20 markets market NOUN issue-3073 84 21 , , PUNCT issue-3073 84 22 especially especially ADV issue-3073 84 23 in in ADP issue-3073 84 24 europe europe PROPN issue-3073 84 25 ( ( PUNCT issue-3073 84 26 knútsson knútsson PROPN issue-3073 84 27 et et PROPN issue-3073 84 28 al al PROPN issue-3073 84 29 . . PROPN issue-3073 84 30 , , PUNCT issue-3073 84 31 2016 2016 NUM issue-3073 84 32 ) ) PUNCT issue-3073 84 33 . . PUNCT issue-3073 85 1 iceland iceland PROPN issue-3073 85 2 ’s ’s PART issue-3073 85 3 transition transition NOUN issue-3073 85 4 from from ADP issue-3073 85 5 a a DET issue-3073 85 6 crisis crisis NOUN issue-3073 85 7 - - PUNCT issue-3073 85 8 ridden ride VERB issue-3073 85 9 fisheries fishery NOUN issue-3073 85 10 management management NOUN issue-3073 85 11 model model NOUN issue-3073 85 12 to to ADP issue-3073 85 13 a a DET issue-3073 85 14 rights right NOUN issue-3073 85 15 - - PUNCT issue-3073 85 16 based base VERB issue-3073 85 17 one one NOUN issue-3073 85 18 exemplifies exemplify VERB issue-3073 85 19 the the DET issue-3073 85 20 transformative transformative ADJ issue-3073 85 21 power power NOUN issue-3073 85 22 of of ADP issue-3073 85 23 itqs itqs PROPN issue-3073 85 24 . . PUNCT issue-3073 86 1 by by ADP issue-3073 86 2 aligning align VERB issue-3073 86 3 economic economic ADJ issue-3073 86 4 incentives incentive NOUN issue-3073 86 5 with with ADP issue-3073 86 6 sustainability sustainability NOUN issue-3073 86 7 , , PUNCT issue-3073 86 8 the the DET issue-3073 86 9 sector sector NOUN issue-3073 86 10 has have AUX issue-3073 86 11 been be AUX issue-3073 86 12 revitalised revitalise VERB issue-3073 86 13 . . PUNCT issue-3073 87 1 a a DET issue-3073 87 2 key key ADJ issue-3073 87 3 outcome outcome NOUN issue-3073 87 4 has have AUX issue-3073 87 5 been be AUX issue-3073 87 6 the the DET issue-3073 87 7 creation creation NOUN issue-3073 87 8 of of ADP issue-3073 87 9 pqs pqs PROPN issue-3073 87 10 , , PUNCT issue-3073 87 11 which which PRON issue-3073 87 12 can can AUX issue-3073 87 13 be be AUX issue-3073 87 14 considered consider VERB issue-3073 87 15 a a DET issue-3073 87 16 distinct distinct ADJ issue-3073 87 17 asset asset NOUN issue-3073 87 18 class class NOUN issue-3073 87 19 . . PUNCT issue-3073 88 1 as as SCONJ issue-3073 88 2 this this DET issue-3073 88 3 paper paper NOUN issue-3073 88 4 demonstrates demonstrate VERB issue-3073 88 5 , , PUNCT issue-3073 88 6 pqs pqs NOUN issue-3073 88 7 have have AUX issue-3073 88 8 delivered deliver VERB issue-3073 88 9 higher high ADJ issue-3073 88 10 returns return NOUN issue-3073 88 11 than than ADP issue-3073 88 12 many many ADJ issue-3073 88 13 traditional traditional ADJ issue-3073 88 14 investments investment NOUN issue-3073 88 15 , , PUNCT issue-3073 88 16 highlighting highlight VERB issue-3073 88 17 the the DET issue-3073 88 18 economic economic ADJ issue-3073 88 19 and and CCONJ issue-3073 88 20 ecological ecological ADJ issue-3073 88 21 value value NOUN issue-3073 88 22 of of ADP issue-3073 88 23 a a DET issue-3073 88 24 well well ADV issue-3073 88 25 - - PUNCT issue-3073 88 26 designed design VERB issue-3073 88 27 itq itq NOUN issue-3073 88 28 system system NOUN issue-3073 88 29 . . PUNCT issue-3073 89 1 3 3 X issue-3073 89 2 . . X issue-3073 89 3 literature literature NOUN issue-3073 89 4 review review NOUN issue-3073 89 5 in in ADP issue-3073 89 6 recent recent ADJ issue-3073 89 7 decades decade NOUN issue-3073 89 8 , , PUNCT issue-3073 89 9 individual individual ADJ issue-3073 89 10 transferable transferable ADJ issue-3073 89 11 quotas quota NOUN issue-3073 89 12 ( ( PUNCT issue-3073 89 13 itqs itqs PROPN issue-3073 89 14 ) ) PUNCT issue-3073 89 15 have have AUX issue-3073 89 16 become become VERB issue-3073 89 17 a a DET issue-3073 89 18 prominent prominent ADJ issue-3073 89 19 fisheries fishery NOUN issue-3073 89 20 management management NOUN issue-3073 89 21 strategy strategy NOUN issue-3073 89 22 ( ( PUNCT issue-3073 89 23 squires squire NOUN issue-3073 89 24 et et PROPN issue-3073 89 25 al al PROPN issue-3073 89 26 . . PROPN issue-3073 89 27 , , PUNCT issue-3073 89 28 1995 1995 NUM issue-3073 89 29 ; ; PUNCT issue-3073 89 30 hoshino hoshino PROPN issue-3073 89 31 et et PROPN issue-3073 89 32 al al PROPN issue-3073 89 33 . . PROPN issue-3073 89 34 , , PUNCT issue-3073 89 35 2020 2020 NUM issue-3073 89 36 ) ) PUNCT issue-3073 89 37 . . PUNCT issue-3073 90 1 the the DET issue-3073 90 2 objective objective NOUN issue-3073 90 3 of of ADP issue-3073 90 4 these these DET issue-3073 90 5 systems system NOUN issue-3073 90 6 is be AUX issue-3073 90 7 to to PART issue-3073 90 8 mitigate mitigate VERB issue-3073 90 9 the the DET issue-3073 90 10 issue issue NOUN issue-3073 90 11 of of ADP issue-3073 90 12 overfishing overfishe VERB issue-3073 90 13 and and CCONJ issue-3073 90 14 enhance enhance VERB issue-3073 90 15 efficiency efficiency NOUN issue-3073 90 16 by by ADP issue-3073 90 17 allocating allocate VERB issue-3073 90 18 long long ADJ issue-3073 90 19 - - PUNCT issue-3073 90 20 term term NOUN issue-3073 90 21 , , PUNCT issue-3073 90 22 tradable tradable ADJ issue-3073 90 23 harvesting harvesting NOUN issue-3073 90 24 rights right NOUN issue-3073 90 25 to to ADP issue-3073 90 26 individuals individual NOUN issue-3073 90 27 , , PUNCT issue-3073 90 28 vessels vessel NOUN issue-3073 90 29 or or CCONJ issue-3073 90 30 firms firm NOUN issue-3073 90 31 ( ( PUNCT issue-3073 90 32 hoshino hoshino PROPN issue-3073 90 33 et et PROPN issue-3073 90 34 al al PROPN issue-3073 90 35 . . PROPN issue-3073 90 36 , , PUNCT issue-3073 90 37 2020 2020 NUM issue-3073 90 38 ) ) PUNCT issue-3073 90 39 . . PUNCT issue-3073 91 1 several several ADJ issue-3073 91 2 countries country NOUN issue-3073 91 3 , , PUNCT issue-3073 91 4 including include VERB issue-3073 91 5 new new PROPN issue-3073 91 6 zealand zealand PROPN issue-3073 91 7 and and CCONJ issue-3073 91 8 iceland iceland PROPN issue-3073 91 9 , , PUNCT issue-3073 91 10 have have AUX issue-3073 91 11 adopted adopt VERB issue-3073 91 12 itqs itqs NOUN issue-3073 91 13 with with ADP issue-3073 91 14 the the DET issue-3073 91 15 objective objective NOUN issue-3073 91 16 of of ADP issue-3073 91 17 promoting promote VERB issue-3073 91 18 sustainability sustainability NOUN issue-3073 91 19 and and CCONJ issue-3073 91 20 improving improve VERB issue-3073 91 21 economic economic ADJ issue-3073 91 22 outcomes outcome NOUN issue-3073 91 23 ( ( PUNCT issue-3073 91 24 árnason árnason NOUN issue-3073 91 25 , , PUNCT issue-3073 91 26 1993 1993 NUM issue-3073 91 27 ; ; PUNCT issue-3073 91 28 gunnlaugsson gunnlaugsson PROPN issue-3073 91 29 et et PROPN issue-3073 91 30 al al PROPN issue-3073 91 31 . . PROPN issue-3073 91 32 , , PUNCT issue-3073 91 33 2021 2021 NUM issue-3073 91 34 ; ; PUNCT issue-3073 91 35 lock lock PROPN issue-3073 91 36 & & CCONJ issue-3073 91 37 leslie leslie PROPN issue-3073 91 38 , , PUNCT issue-3073 91 39 2007 2007 NUM issue-3073 91 40 ; ; PUNCT issue-3073 91 41 mace mace X issue-3073 91 42 et et PROPN issue-3073 91 43 al al PROPN issue-3073 91 44 . . PROPN issue-3073 91 45 , , PUNCT issue-3073 91 46 2014 2014 NUM issue-3073 91 47 ) ) PUNCT issue-3073 91 48 . . PUNCT issue-3073 92 1 in in ADP issue-3073 92 2 iceland iceland PROPN issue-3073 92 3 , , PUNCT issue-3073 92 4 the the DET issue-3073 92 5 majority majority NOUN issue-3073 92 6 of of ADP issue-3073 92 7 fisheries fishery NOUN issue-3073 92 8 have have AUX issue-3073 92 9 been be AUX issue-3073 92 10 subject subject ADJ issue-3073 92 11 to to ADP issue-3073 92 12 itqs itqs NOUN issue-3073 92 13 since since SCONJ issue-3073 92 14 1990 1990 NUM issue-3073 92 15 , , PUNCT issue-3073 92 16 resulting result VERB issue-3073 92 17 in in ADP issue-3073 92 18 substantial substantial ADJ issue-3073 92 19 improvements improvement NOUN issue-3073 92 20 in in ADP issue-3073 92 21 economic economic ADJ issue-3073 92 22 efficiency efficiency NOUN issue-3073 92 23 ( ( PUNCT issue-3073 92 24 árnason árnason NOUN issue-3073 92 25 , , PUNCT issue-3073 92 26 1993 1993 NUM issue-3073 92 27 ) ) PUNCT issue-3073 92 28 . . PUNCT issue-3073 93 1 a a DET issue-3073 93 2 significant significant ADJ issue-3073 93 3 area area NOUN issue-3073 93 4 of of ADP issue-3073 93 5 research research NOUN issue-3073 93 6 has have AUX issue-3073 93 7 been be AUX issue-3073 93 8 the the DET issue-3073 93 9 economic economic ADJ issue-3073 93 10 impact impact NOUN issue-3073 93 11 of of ADP issue-3073 93 12 itqs itqs PROPN issue-3073 93 13 . . PUNCT issue-3073 94 1 research research NOUN issue-3073 94 2 indicates indicate VERB issue-3073 94 3 that that SCONJ issue-3073 94 4 such such ADJ issue-3073 94 5 systems system NOUN issue-3073 94 6 can can AUX issue-3073 94 7 enhance enhance VERB issue-3073 94 8 operational operational ADJ issue-3073 94 9 efficiency efficiency NOUN issue-3073 94 10 , , PUNCT issue-3073 94 11 promote promote VERB issue-3073 94 12 consolidation consolidation NOUN issue-3073 94 13 , , PUNCT issue-3073 94 14 and and CCONJ issue-3073 94 15 result result VERB issue-3073 94 16 in in ADP issue-3073 94 17 increased increase VERB issue-3073 94 18 profits profit NOUN issue-3073 94 19 through through ADP issue-3073 94 20 optimised optimise VERB issue-3073 94 21 vessel vessel NOUN issue-3073 94 22 utilisation utilisation NOUN issue-3073 94 23 and and CCONJ issue-3073 94 24 enhanced enhance VERB issue-3073 94 25 product product NOUN issue-3073 94 26 quality quality NOUN issue-3073 94 27 ( ( PUNCT issue-3073 94 28 hoshino hoshino PROPN issue-3073 94 29 et et PROPN issue-3073 94 30 al al PROPN issue-3073 94 31 . . PROPN issue-3073 94 32 , , PUNCT issue-3073 94 33 2020 2020 NUM issue-3073 94 34 ) ) PUNCT issue-3073 94 35 . . PUNCT issue-3073 95 1 in in ADP issue-3073 95 2 iceland iceland PROPN issue-3073 95 3 , , PUNCT issue-3073 95 4 studies study NOUN issue-3073 95 5 have have AUX issue-3073 95 6 found find VERB issue-3073 95 7 that that SCONJ issue-3073 95 8 the the DET issue-3073 95 9 introduction introduction NOUN issue-3073 95 10 of of ADP issue-3073 95 11 itqs itqs PROPN issue-3073 95 12 helped help VERB issue-3073 95 13 reduce reduce VERB issue-3073 95 14 excess excess ADJ issue-3073 95 15 fishing fishing NOUN issue-3073 95 16 effort effort NOUN issue-3073 95 17 and and CCONJ issue-3073 95 18 contributed contribute VERB issue-3073 95 19 to to ADP issue-3073 95 20 a a DET issue-3073 95 21 more more ADV issue-3073 95 22 profitable profitable ADJ issue-3073 95 23 and and CCONJ issue-3073 95 24 professionalised professionalise VERB issue-3073 95 25 fishing fishing NOUN issue-3073 95 26 industry industry NOUN issue-3073 95 27 ( ( PUNCT issue-3073 95 28 árnason árnason NOUN issue-3073 95 29 , , PUNCT issue-3073 95 30 1993 1993 NUM issue-3073 95 31 ; ; PUNCT issue-3073 95 32 knútsson knútsson PROPN issue-3073 95 33 et et PROPN issue-3073 95 34 al al PROPN issue-3073 95 35 . . PROPN issue-3073 95 36 , , PUNCT issue-3073 95 37 2016 2016 NUM issue-3073 95 38 ) ) PUNCT issue-3073 95 39 . . PUNCT issue-3073 96 1 the the DET issue-3073 96 2 pricing pricing NOUN issue-3073 96 3 of of ADP issue-3073 96 4 pqs pqs PROPN issue-3073 96 5 in in ADP issue-3073 96 6 quota quota NOUN issue-3073 96 7 markets market NOUN issue-3073 96 8 has have AUX issue-3073 96 9 also also ADV issue-3073 96 10 been be AUX issue-3073 96 11 explored explore VERB issue-3073 96 12 . . PUNCT issue-3073 97 1 research research NOUN issue-3073 97 2 in in ADP issue-3073 97 3 new new PROPN issue-3073 97 4 zealand zealand PROPN issue-3073 97 5 found find VERB issue-3073 97 6 that that SCONJ issue-3073 97 7 the the DET issue-3073 97 8 value value NOUN issue-3073 97 9 of of ADP issue-3073 97 10 quota quota NOUN issue-3073 97 11 shares share NOUN issue-3073 97 12 closely closely ADV issue-3073 97 13 tracked track VERB issue-3073 97 14 the the DET issue-3073 97 15 expected expected ADJ issue-3073 97 16 future future ADJ issue-3073 97 17 profitability profitability NOUN issue-3073 97 18 of of ADP issue-3073 97 19 fishing fishing NOUN issue-3073 97 20 operations operation NOUN issue-3073 97 21 ( ( PUNCT issue-3073 97 22 newell newell PROPN issue-3073 97 23 et et PROPN issue-3073 97 24 al al PROPN issue-3073 97 25 . . PROPN issue-3073 97 26 , , PUNCT issue-3073 97 27 2005 2005 NUM issue-3073 97 28 , , PUNCT issue-3073 97 29 2007 2007 NUM issue-3073 97 30 ) ) PUNCT issue-3073 97 31 . . PUNCT issue-3073 98 1 however however ADV issue-3073 98 2 , , PUNCT issue-3073 98 3 it it PRON issue-3073 98 4 has have AUX issue-3073 98 5 been be AUX issue-3073 98 6 suggested suggest VERB issue-3073 98 7 that that SCONJ issue-3073 98 8 quota quota NOUN issue-3073 98 9 prices price NOUN issue-3073 98 10 in in ADP issue-3073 98 11 norway norway PROPN issue-3073 98 12 were be AUX issue-3073 98 13 sometimes sometimes ADV issue-3073 98 14 higher high ADJ issue-3073 98 15 than than SCONJ issue-3073 98 16 could could AUX issue-3073 98 17 be be AUX issue-3073 98 18 justified justify VERB issue-3073 98 19 by by ADP issue-3073 98 20 actual actual ADJ issue-3073 98 21 earnings earning NOUN issue-3073 98 22 , , PUNCT issue-3073 98 23 potentially potentially ADV issue-3073 98 24 indicating indicate VERB issue-3073 98 25 the the DET issue-3073 98 26 influence influence NOUN issue-3073 98 27 of of ADP issue-3073 98 28 factors factor NOUN issue-3073 98 29 beyond beyond ADP issue-3073 98 30 immediate immediate ADJ issue-3073 98 31 profitability profitability NOUN issue-3073 98 32 ( ( PUNCT issue-3073 98 33 hannesson hannesson PROPN issue-3073 98 34 , , PUNCT issue-3073 98 35 2017 2017 NUM issue-3073 98 36 ) ) PUNCT issue-3073 98 37 . . PUNCT issue-3073 99 1 sævaldsson sævaldsson NOUN issue-3073 99 2 ( ( PUNCT issue-3073 99 3 2007 2007 NUM issue-3073 99 4 ) ) PUNCT issue-3073 99 5 observed observe VERB issue-3073 99 6 comparable comparable ADJ issue-3073 99 7 trends trend NOUN issue-3073 99 8 in in ADP issue-3073 99 9 iceland iceland PROPN issue-3073 99 10 , , PUNCT issue-3073 99 11 where where SCONJ issue-3073 99 12 quota quota NOUN issue-3073 99 13 prices price NOUN issue-3073 99 14 increased increase VERB issue-3073 99 15 rapidly rapidly ADV issue-3073 99 16 during during ADP issue-3073 99 17 the the DET issue-3073 99 18 early early ADJ issue-3073 99 19 to to PART issue-3073 99 20 mid-2000s mid-2000s PROPN issue-3073 99 21 . . PUNCT issue-3073 100 1 this this PRON issue-3073 100 2 was be AUX issue-3073 100 3 probably probably ADV issue-3073 100 4 due due ADJ issue-3073 100 5 to to ADP issue-3073 100 6 a a DET issue-3073 100 7 credit credit NOUN issue-3073 100 8 boom boom NOUN issue-3073 100 9 rather rather ADV issue-3073 100 10 than than ADP issue-3073 100 11 actual actual ADJ issue-3073 100 12 profitability profitability NOUN issue-3073 100 13 . . PUNCT issue-3073 101 1 another another DET issue-3073 101 2 important important ADJ issue-3073 101 3 feature feature NOUN issue-3073 101 4 of of ADP issue-3073 101 5 itq itq NOUN issue-3073 101 6 systems system NOUN issue-3073 101 7 is be AUX issue-3073 101 8 the the DET issue-3073 101 9 leasing leasing NOUN issue-3073 101 10 of of ADP issue-3073 101 11 quotas quota NOUN issue-3073 101 12 . . PUNCT issue-3073 102 1 this this PRON issue-3073 102 2 enables enable VERB issue-3073 102 3 quota quota NOUN issue-3073 102 4 owners owner NOUN issue-3073 102 5 to to PART issue-3073 102 6 generate generate VERB issue-3073 102 7 income income NOUN issue-3073 102 8 without without ADP issue-3073 102 9 fishing fish VERB issue-3073 102 10 themselves themselves PRON issue-3073 102 11 while while SCONJ issue-3073 102 12 granting grant VERB issue-3073 102 13 others other NOUN issue-3073 102 14 access access NOUN issue-3073 102 15 to to ADP issue-3073 102 16 catch catch NOUN issue-3073 102 17 rights right NOUN issue-3073 102 18 . . PUNCT issue-3073 103 1 studies study NOUN issue-3073 103 2 have have AUX issue-3073 103 3 shown show VERB issue-3073 103 4 that that SCONJ issue-3073 103 5 lease lease NOUN issue-3073 103 6 prices price NOUN issue-3073 103 7 reflect reflect VERB issue-3073 103 8 both both DET issue-3073 103 9 short short ADJ issue-3073 103 10 - - PUNCT issue-3073 103 11 term term NOUN issue-3073 103 12 market market NOUN issue-3073 103 13 conditions condition NOUN issue-3073 103 14 and and CCONJ issue-3073 103 15 the the DET issue-3073 103 16 biological biological ADJ issue-3073 103 17 state state NOUN issue-3073 103 18 of of ADP issue-3073 103 19 fish fish NOUN issue-3073 103 20 stocks stock NOUN issue-3073 103 21 ( ( PUNCT issue-3073 103 22 león león X issue-3073 103 23 et et PROPN issue-3073 103 24 al al PROPN issue-3073 103 25 . . PROPN issue-3073 103 26 , , PUNCT issue-3073 103 27 2015 2015 NUM issue-3073 103 28 ) ) PUNCT issue-3073 103 29 . . PUNCT issue-3073 104 1 this this PRON issue-3073 104 2 means mean VERB issue-3073 104 3 that that SCONJ issue-3073 104 4 , , PUNCT issue-3073 104 5 similar similar ADJ issue-3073 104 6 to to ADP issue-3073 104 7 how how SCONJ issue-3073 104 8 some some DET issue-3073 104 9 real real ADJ issue-3073 104 10 assets asset NOUN issue-3073 104 11 behave behave VERB issue-3073 104 12 , , PUNCT issue-3073 104 13 quota quota NOUN issue-3073 104 14 ownership ownership NOUN issue-3073 104 15 can can AUX issue-3073 104 16 produce produce VERB issue-3073 104 17 two two NUM issue-3073 104 18 sources source NOUN issue-3073 104 19 of of ADP issue-3073 104 20 return return NOUN issue-3073 104 21 : : PUNCT issue-3073 104 22 capital capital NOUN issue-3073 104 23 appreciation appreciation NOUN issue-3073 104 24 and and CCONJ issue-3073 104 25 lease lease NOUN issue-3073 104 26 income income NOUN issue-3073 104 27 . . PUNCT issue-3073 105 1 however however ADV issue-3073 105 2 , , PUNCT issue-3073 105 3 the the DET issue-3073 105 4 economic economic ADJ issue-3073 105 5 benefits benefit NOUN issue-3073 105 6 and and CCONJ issue-3073 105 7 impacts impact NOUN issue-3073 105 8 of of ADP issue-3073 105 9 quota quota NOUN issue-3073 105 10 leasing leasing NOUN issue-3073 105 11 are be AUX issue-3073 105 12 highly highly ADV issue-3073 105 13 controversial controversial ADJ issue-3073 105 14 subjects subject NOUN issue-3073 105 15 of of ADP issue-3073 105 16 ongoing ongoing ADJ issue-3073 105 17 discussion discussion NOUN issue-3073 105 18 ( ( PUNCT issue-3073 105 19 pinkerton pinkerton PROPN issue-3073 105 20 & & CCONJ issue-3073 105 21 edwards edwards PROPN issue-3073 105 22 , , PUNCT issue-3073 105 23 2009 2009 NUM issue-3073 105 24 ) ) PUNCT issue-3073 105 25 . . PUNCT issue-3073 106 1 nevertheless nevertheless ADV issue-3073 106 2 , , PUNCT issue-3073 106 3 there there PRON issue-3073 106 4 are be VERB issue-3073 106 5 significant significant ADJ issue-3073 106 6 differences difference NOUN issue-3073 106 7 between between ADP issue-3073 106 8 quota quota NOUN issue-3073 106 9 shares share NOUN issue-3073 106 10 and and CCONJ issue-3073 106 11 financial financial ADJ issue-3073 106 12 assets asset NOUN issue-3073 106 13 . . PUNCT issue-3073 107 1 pqs pqs PROPN issue-3073 107 2 baltic baltic PROPN issue-3073 107 3 journal journal PROPN issue-3073 107 4 of of ADP issue-3073 107 5 economic economic ADJ issue-3073 107 6 studies study NOUN issue-3073 107 7 33 33 NUM issue-3073 107 8 vol vol NOUN issue-3073 107 9 . . PUNCT issue-3073 107 10 11 11 NUM issue-3073 107 11 no no NOUN issue-3073 107 12 . . NOUN issue-3073 107 13 5 5 NUM issue-3073 107 14 , , PUNCT issue-3073 107 15 2025 2025 NUM issue-3073 107 16 represent represent VERB issue-3073 107 17 access access NOUN issue-3073 107 18 rights right NOUN issue-3073 107 19 to to ADP issue-3073 107 20 a a DET issue-3073 107 21 public public ADJ issue-3073 107 22 resource resource NOUN issue-3073 107 23 and and CCONJ issue-3073 107 24 are be AUX issue-3073 107 25 subject subject ADJ issue-3073 107 26 to to ADP issue-3073 107 27 rules rule NOUN issue-3073 107 28 that that PRON issue-3073 107 29 do do AUX issue-3073 107 30 not not PART issue-3073 107 31 apply apply VERB issue-3073 107 32 to to ADP issue-3073 107 33 stocks stock NOUN issue-3073 107 34 or or CCONJ issue-3073 107 35 bonds bond NOUN issue-3073 107 36 . . PUNCT issue-3073 108 1 in in ADP issue-3073 108 2 iceland iceland PROPN issue-3073 108 3 , , PUNCT issue-3073 108 4 for for ADP issue-3073 108 5 example example NOUN issue-3073 108 6 , , PUNCT issue-3073 108 7 the the DET issue-3073 108 8 veiðiskylda veiðiskylda NOUN issue-3073 108 9 rule rule NOUN issue-3073 108 10 requires require VERB issue-3073 108 11 quota quota NOUN issue-3073 108 12 holders holder NOUN issue-3073 108 13 to to PART issue-3073 108 14 actively actively ADV issue-3073 108 15 fish fish VERB issue-3073 108 16 over over ADP issue-3073 108 17 50 50 NUM issue-3073 108 18 % % NOUN issue-3073 108 19 of of ADP issue-3073 108 20 their their PRON issue-3073 108 21 quota quota NOUN issue-3073 108 22 , , PUNCT issue-3073 108 23 thereby thereby ADV issue-3073 108 24 limiting limit VERB issue-3073 108 25 purely purely ADV issue-3073 108 26 speculative speculative ADJ issue-3073 108 27 holdings holding NOUN issue-3073 108 28 . . PUNCT issue-3073 109 1 some some DET issue-3073 109 2 scholars scholar NOUN issue-3073 109 3 have have AUX issue-3073 109 4 highlighted highlight VERB issue-3073 109 5 that that SCONJ issue-3073 109 6 the the DET issue-3073 109 7 regulatory regulatory ADJ issue-3073 109 8 and and CCONJ issue-3073 109 9 ecological ecological ADJ issue-3073 109 10 context context NOUN issue-3073 109 11 of of ADP issue-3073 109 12 itqs itqs PROPN issue-3073 109 13 distinguishes distinguish VERB issue-3073 109 14 them they PRON issue-3073 109 15 significantly significantly ADV issue-3073 109 16 from from ADP issue-3073 109 17 standard standard ADJ issue-3073 109 18 securities security NOUN issue-3073 109 19 ( ( PUNCT issue-3073 109 20 hoshino hoshino PROPN issue-3073 109 21 et et PROPN issue-3073 109 22 al al PROPN issue-3073 109 23 . . PROPN issue-3073 109 24 , , PUNCT issue-3073 109 25 2020 2020 NUM issue-3073 109 26 ) ) PUNCT issue-3073 109 27 . . PUNCT issue-3073 110 1 in in ADP issue-3073 110 2 light light NOUN issue-3073 110 3 of of ADP issue-3073 110 4 these these DET issue-3073 110 5 distinctive distinctive ADJ issue-3073 110 6 features feature NOUN issue-3073 110 7 and and CCONJ issue-3073 110 8 the the DET issue-3073 110 9 growing grow VERB issue-3073 110 10 significance significance NOUN issue-3073 110 11 of of ADP issue-3073 110 12 pqs pqs NOUN issue-3073 110 13 as as ADP issue-3073 110 14 capital capital NOUN issue-3073 110 15 assets asset NOUN issue-3073 110 16 , , PUNCT issue-3073 110 17 a a DET issue-3073 110 18 thorough thorough ADJ issue-3073 110 19 empirical empirical ADJ issue-3073 110 20 investigation investigation NOUN issue-3073 110 21 of of ADP issue-3073 110 22 their their PRON issue-3073 110 23 investment investment NOUN issue-3073 110 24 performance performance NOUN issue-3073 110 25 is be AUX issue-3073 110 26 warranted warrant VERB issue-3073 110 27 . . PUNCT issue-3073 111 1 despite despite SCONJ issue-3073 111 2 the the DET issue-3073 111 3 growing grow VERB issue-3073 111 4 prevalence prevalence NOUN issue-3073 111 5 and and CCONJ issue-3073 111 6 acceptance acceptance NOUN issue-3073 111 7 of of ADP issue-3073 111 8 itqs itqs NOUN issue-3073 111 9 , , PUNCT issue-3073 111 10 there there PRON issue-3073 111 11 is be VERB issue-3073 111 12 a a DET issue-3073 111 13 continued continue VERB issue-3073 111 14 need need NOUN issue-3073 111 15 for for ADP issue-3073 111 16 critical critical ADJ issue-3073 111 17 examinations examination NOUN issue-3073 111 18 of of ADP issue-3073 111 19 their their PRON issue-3073 111 20 distributional distributional ADJ issue-3073 111 21 effects effect NOUN issue-3073 111 22 , , PUNCT issue-3073 111 23 ecological ecological ADJ issue-3073 111 24 impacts impact NOUN issue-3073 111 25 and and CCONJ issue-3073 111 26 long long ADJ issue-3073 111 27 - - PUNCT issue-3073 111 28 term term NOUN issue-3073 111 29 socio socio NOUN issue-3073 111 30 - - PUNCT issue-3073 111 31 economic economic ADJ issue-3073 111 32 consequences consequence NOUN issue-3073 111 33 . . PUNCT issue-3073 112 1 beyond beyond ADP issue-3073 112 2 economics economic NOUN issue-3073 112 3 , , PUNCT issue-3073 112 4 there there PRON issue-3073 112 5 is be VERB issue-3073 112 6 also also ADV issue-3073 112 7 an an DET issue-3073 112 8 increasing increase VERB issue-3073 112 9 discussion discussion NOUN issue-3073 112 10 about about ADP issue-3073 112 11 the the DET issue-3073 112 12 social social ADJ issue-3073 112 13 and and CCONJ issue-3073 112 14 political political ADJ issue-3073 112 15 implications implication NOUN issue-3073 112 16 of of ADP issue-3073 112 17 itqs itqs NOUN issue-3073 112 18 . . PUNCT issue-3073 113 1 some some DET issue-3073 113 2 researchers researcher NOUN issue-3073 113 3 argue argue VERB issue-3073 113 4 that that SCONJ issue-3073 113 5 these these DET issue-3073 113 6 systems system NOUN issue-3073 113 7 can can AUX issue-3073 113 8 lead lead VERB issue-3073 113 9 to to ADP issue-3073 113 10 the the DET issue-3073 113 11 concentration concentration NOUN issue-3073 113 12 of of ADP issue-3073 113 13 wealth wealth NOUN issue-3073 113 14 and and CCONJ issue-3073 113 15 access access NOUN issue-3073 113 16 rights right NOUN issue-3073 113 17 , , PUNCT issue-3073 113 18 particularly particularly ADV issue-3073 113 19 when when SCONJ issue-3073 113 20 quotas quota NOUN issue-3073 113 21 are be AUX issue-3073 113 22 permanent permanent ADJ issue-3073 113 23 and and CCONJ issue-3073 113 24 fully fully ADV issue-3073 113 25 tradable tradable ADJ issue-3073 113 26 ( ( PUNCT issue-3073 113 27 byrne byrne PROPN issue-3073 113 28 et et PROPN issue-3073 113 29 al al PROPN issue-3073 113 30 . . PROPN issue-3073 113 31 , , PUNCT issue-3073 113 32 2024 2024 NUM issue-3073 113 33 ; ; PUNCT issue-3073 113 34 eythórsson eythórsson PROPN issue-3073 113 35 , , PUNCT issue-3073 113 36 1996 1996 NUM issue-3073 113 37 ) ) PUNCT issue-3073 113 38 . . PUNCT issue-3073 114 1 in in ADP issue-3073 114 2 iceland iceland PROPN issue-3073 114 3 , , PUNCT issue-3073 114 4 concerns concern NOUN issue-3073 114 5 have have AUX issue-3073 114 6 been be AUX issue-3073 114 7 raised raise VERB issue-3073 114 8 for for ADP issue-3073 114 9 years year NOUN issue-3073 114 10 that that SCONJ issue-3073 114 11 the the DET issue-3073 114 12 value value NOUN issue-3073 114 13 generated generate VERB issue-3073 114 14 from from ADP issue-3073 114 15 fishing fishing NOUN issue-3073 114 16 may may AUX issue-3073 114 17 not not PART issue-3073 114 18 be be AUX issue-3073 114 19 shared share VERB issue-3073 114 20 fairly fairly ADV issue-3073 114 21 with with ADP issue-3073 114 22 the the DET issue-3073 114 23 public public ADJ issue-3073 114 24 ( ( PUNCT issue-3073 114 25 lebedef lebedef PROPN issue-3073 114 26 & & CCONJ issue-3073 114 27 chambers chamber NOUN issue-3073 114 28 , , PUNCT issue-3073 114 29 2023 2023 NUM issue-3073 114 30 ) ) PUNCT issue-3073 114 31 . . PUNCT issue-3073 115 1 the the DET issue-3073 115 2 concentration concentration NOUN issue-3073 115 3 of of ADP issue-3073 115 4 quota quota NOUN issue-3073 115 5 holdings holding NOUN issue-3073 115 6 has have AUX issue-3073 115 7 increased increase VERB issue-3073 115 8 ( ( PUNCT issue-3073 115 9 agnarsson agnarsson NOUN issue-3073 115 10 et et PROPN issue-3073 115 11 al al PROPN issue-3073 115 12 . . PROPN issue-3073 115 13 , , PUNCT issue-3073 115 14 2016 2016 NUM issue-3073 115 15 ; ; PUNCT issue-3073 115 16 byrne byrne PROPN issue-3073 115 17 et et PROPN issue-3073 115 18 al al PROPN issue-3073 115 19 . . PROPN issue-3073 115 20 , , PUNCT issue-3073 115 21 2020 2020 NUM issue-3073 115 22 ) ) PUNCT issue-3073 115 23 , , PUNCT issue-3073 115 24 raising raise VERB issue-3073 115 25 questions question NOUN issue-3073 115 26 about about ADP issue-3073 115 27 equity equity NOUN issue-3073 115 28 , , PUNCT issue-3073 115 29 public public ADJ issue-3073 115 30 benefit benefit NOUN issue-3073 115 31 and and CCONJ issue-3073 115 32 the the DET issue-3073 115 33 legitimacy legitimacy NOUN issue-3073 115 34 of of ADP issue-3073 115 35 privatised privatised ADJ issue-3073 115 36 access access NOUN issue-3073 115 37 to to ADP issue-3073 115 38 a a DET issue-3073 115 39 shared share VERB issue-3073 115 40 natural natural ADJ issue-3073 115 41 resource resource NOUN issue-3073 115 42 . . PUNCT issue-3073 116 1 in in ADP issue-3073 116 2 the the DET issue-3073 116 3 absence absence NOUN issue-3073 116 4 of of ADP issue-3073 116 5 redistributive redistributive ADJ issue-3073 116 6 measures measure NOUN issue-3073 116 7 , , PUNCT issue-3073 116 8 the the DET issue-3073 116 9 gains gain NOUN issue-3073 116 10 accrue accrue VERB issue-3073 116 11 directly directly ADV issue-3073 116 12 to to ADP issue-3073 116 13 private private ADJ issue-3073 116 14 holders holder NOUN issue-3073 116 15 . . PUNCT issue-3073 117 1 in in ADP issue-3073 117 2 recent recent ADJ issue-3073 117 3 years year NOUN issue-3073 117 4 , , PUNCT issue-3073 117 5 scholars scholar NOUN issue-3073 117 6 have have AUX issue-3073 117 7 begun begin VERB issue-3073 117 8 using use VERB issue-3073 117 9 tools tool NOUN issue-3073 117 10 from from ADP issue-3073 117 11 financial financial ADJ issue-3073 117 12 economics economic NOUN issue-3073 117 13 to to PART issue-3073 117 14 gain gain VERB issue-3073 117 15 a a DET issue-3073 117 16 better well ADJ issue-3073 117 17 understanding understanding NOUN issue-3073 117 18 of of ADP issue-3073 117 19 natural natural ADJ issue-3073 117 20 resource resource NOUN issue-3073 117 21 assets asset NOUN issue-3073 117 22 . . PUNCT issue-3073 118 1 measures measure NOUN issue-3073 118 2 such such ADJ issue-3073 118 3 as as ADP issue-3073 118 4 the the DET issue-3073 118 5 sharpe sharpe PROPN issue-3073 118 6 ratio ratio NOUN issue-3073 118 7 and and CCONJ issue-3073 118 8 return return VERB issue-3073 118 9 volatility volatility NOUN issue-3073 118 10 provide provide VERB issue-3073 118 11 insight insight NOUN issue-3073 118 12 into into ADP issue-3073 118 13 how how SCONJ issue-3073 118 14 investors investor NOUN issue-3073 118 15 perceive perceive VERB issue-3073 118 16 risk risk NOUN issue-3073 118 17 and and CCONJ issue-3073 118 18 value value NOUN issue-3073 118 19 in in ADP issue-3073 118 20 fisheries fishery NOUN issue-3073 118 21 . . PUNCT issue-3073 119 1 the the DET issue-3073 119 2 sharpe sharpe PROPN issue-3073 119 3 ratio ratio NOUN issue-3073 119 4 is be AUX issue-3073 119 5 a a DET issue-3073 119 6 widely widely ADV issue-3073 119 7 used use VERB issue-3073 119 8 tool tool NOUN issue-3073 119 9 for for ADP issue-3073 119 10 evaluating evaluate VERB issue-3073 119 11 investment investment NOUN issue-3073 119 12 performance performance NOUN issue-3073 119 13 ( ( PUNCT issue-3073 119 14 rivin rivin PROPN issue-3073 119 15 , , PUNCT issue-3073 119 16 2018 2018 NUM issue-3073 119 17 ) ) PUNCT issue-3073 119 18 . . PUNCT issue-3073 120 1 nevertheless nevertheless ADV issue-3073 120 2 , , PUNCT issue-3073 120 3 long long ADJ issue-3073 120 4 - - PUNCT issue-3073 120 5 term term NOUN issue-3073 120 6 studies study NOUN issue-3073 120 7 are be AUX issue-3073 120 8 rare rare ADJ issue-3073 120 9 and and CCONJ issue-3073 120 10 little little ADJ issue-3073 120 11 research research NOUN issue-3073 120 12 has have AUX issue-3073 120 13 been be AUX issue-3073 120 14 conducted conduct VERB issue-3073 120 15 into into ADP issue-3073 120 16 how how SCONJ issue-3073 120 17 quota quota NOUN issue-3073 120 18 returns return NOUN issue-3073 120 19 in in ADP issue-3073 120 20 fisheries fishery NOUN issue-3073 120 21 compare compare VERB issue-3073 120 22 with with ADP issue-3073 120 23 other other ADJ issue-3073 120 24 asset asset NOUN issue-3073 120 25 classes class NOUN issue-3073 120 26 over over ADP issue-3073 120 27 time time NOUN issue-3073 120 28 . . PUNCT issue-3073 121 1 this this DET issue-3073 121 2 study study NOUN issue-3073 121 3 aims aim VERB issue-3073 121 4 to to PART issue-3073 121 5 address address VERB issue-3073 121 6 this this PRON issue-3073 121 7 by by ADP issue-3073 121 8 analysing analyse VERB issue-3073 121 9 a a DET issue-3073 121 10 28 28 NUM issue-3073 121 11 - - PUNCT issue-3073 121 12 year year NOUN issue-3073 121 13 dataset dataset NOUN issue-3073 121 14 on on ADP issue-3073 121 15 iceland iceland PROPN issue-3073 121 16 ’s ’s PART issue-3073 121 17 demersal demersal ADJ issue-3073 121 18 quotas quota NOUN issue-3073 121 19 , , PUNCT issue-3073 121 20 with with ADP issue-3073 121 21 a a DET issue-3073 121 22 focus focus NOUN issue-3073 121 23 on on ADP issue-3073 121 24 both both DET issue-3073 121 25 returns return NOUN issue-3073 121 26 and and CCONJ issue-3073 121 27 risk risk NOUN issue-3073 121 28 . . PUNCT issue-3073 122 1 4 4 X issue-3073 122 2 . . X issue-3073 122 3 methodology methodology NOUN issue-3073 122 4 and and CCONJ issue-3073 122 5 data data VERB issue-3073 122 6 the the DET issue-3073 122 7 present present ADJ issue-3073 122 8 study study NOUN issue-3073 122 9 has have AUX issue-3073 122 10 evaluated evaluate VERB issue-3073 122 11 the the DET issue-3073 122 12 financial financial ADJ issue-3073 122 13 performance performance NOUN issue-3073 122 14 of of ADP issue-3073 122 15 permanent permanent ADJ issue-3073 122 16 quota quota NOUN issue-3073 122 17 shares share NOUN issue-3073 122 18 ( ( PUNCT issue-3073 122 19 pqs pqs NOUN issue-3073 122 20 ) ) PUNCT issue-3073 122 21 in in ADP issue-3073 122 22 iceland iceland PROPN issue-3073 122 23 's 's PART issue-3073 122 24 itq itq NOUN issue-3073 122 25 - - PUNCT issue-3073 122 26 managed manage VERB issue-3073 122 27 demersal demersal ADJ issue-3073 122 28 fisheries fishery NOUN issue-3073 122 29 from from ADP issue-3073 122 30 1992 1992 NUM issue-3073 122 31 to to ADP issue-3073 122 32 2019 2019 NUM issue-3073 122 33 . . PUNCT issue-3073 123 1 the the DET issue-3073 123 2 concept concept NOUN issue-3073 123 3 of of ADP issue-3073 123 4 a a DET issue-3073 123 5 hypothetical hypothetical ADJ issue-3073 123 6 " " PUNCT issue-3073 123 7 armchair armchair NOUN issue-3073 123 8 fisherman fisherman NOUN issue-3073 123 9 " " PUNCT issue-3073 123 10 is be AUX issue-3073 123 11 posited posit VERB issue-3073 123 12 , , PUNCT issue-3073 123 13 which which PRON issue-3073 123 14 is be AUX issue-3073 123 15 defined define VERB issue-3073 123 16 as as ADP issue-3073 123 17 an an DET issue-3073 123 18 investor investor NOUN issue-3073 123 19 who who PRON issue-3073 123 20 does do AUX issue-3073 123 21 not not PART issue-3073 123 22 partake partake VERB issue-3073 123 23 in in ADP issue-3073 123 24 fishing fishing NOUN issue-3073 123 25 activities activity NOUN issue-3073 123 26 but but CCONJ issue-3073 123 27 holds hold VERB issue-3073 123 28 pqs pqs NOUN issue-3073 123 29 and and CCONJ issue-3073 123 30 leases lease VERB issue-3073 123 31 out out ADP issue-3073 123 32 all all PRON issue-3073 123 33 of of ADP issue-3073 123 34 the the DET issue-3073 123 35 associated associated ADJ issue-3073 123 36 catch catch NOUN issue-3073 123 37 entitlements entitlement NOUN issue-3073 123 38 . . PUNCT issue-3073 124 1 the the DET issue-3073 124 2 purpose purpose NOUN issue-3073 124 3 of of ADP issue-3073 124 4 his his PRON issue-3073 124 5 return return NOUN issue-3073 124 6 is be AUX issue-3073 124 7 to to PART issue-3073 124 8 evaluate evaluate VERB issue-3073 124 9 the the DET issue-3073 124 10 financial financial ADJ issue-3073 124 11 performance performance NOUN issue-3073 124 12 of of ADP issue-3073 124 13 quota quota NOUN issue-3073 124 14 ownership ownership NOUN issue-3073 124 15 as as ADP issue-3073 124 16 a a DET issue-3073 124 17 passive passive ADJ issue-3073 124 18 investment investment NOUN issue-3073 124 19 . . PUNCT issue-3073 125 1 the the DET issue-3073 125 2 present present ADJ issue-3073 125 3 study study NOUN issue-3073 125 4 sets set VERB issue-3073 125 5 out out ADP issue-3073 125 6 to to PART issue-3073 125 7 compare compare VERB issue-3073 125 8 the the DET issue-3073 125 9 returns return NOUN issue-3073 125 10 of of ADP issue-3073 125 11 pqs pqs NOUN issue-3073 125 12 with with ADP issue-3073 125 13 those those PRON issue-3073 125 14 of of ADP issue-3073 125 15 five five NUM issue-3073 125 16 different different ADJ issue-3073 125 17 asset asset NOUN issue-3073 125 18 classes class NOUN issue-3073 125 19 available available ADJ issue-3073 125 20 to to ADP issue-3073 125 21 investors investor NOUN issue-3073 125 22 in in ADP issue-3073 125 23 iceland iceland PROPN issue-3073 125 24 . . PUNCT issue-3073 126 1 these these DET issue-3073 126 2 classes class NOUN issue-3073 126 3 include include VERB issue-3073 126 4 domestic domestic ADJ issue-3073 126 5 equities equity NOUN issue-3073 126 6 , , PUNCT issue-3073 126 7 long long ADJ issue-3073 126 8 - - PUNCT issue-3073 126 9 term term NOUN issue-3073 126 10 government government NOUN issue-3073 126 11 bonds bond NOUN issue-3073 126 12 , , PUNCT issue-3073 126 13 short short ADJ issue-3073 126 14 - - PUNCT issue-3073 126 15 term term NOUN issue-3073 126 16 bank bank NOUN issue-3073 126 17 deposits deposit NOUN issue-3073 126 18 , , PUNCT issue-3073 126 19 u.s u.s PROPN issue-3073 126 20 . . PROPN issue-3073 126 21 treasury treasury PROPN issue-3073 126 22 bills bill NOUN issue-3073 126 23 ( ( PUNCT issue-3073 126 24 converted convert VERB issue-3073 126 25 to to ADP issue-3073 126 26 icelandic icelandic ADJ issue-3073 126 27 krona krona NOUN issue-3073 126 28 ( ( PUNCT issue-3073 126 29 isk isk NOUN issue-3073 126 30 ) ) PUNCT issue-3073 126 31 ) ) PUNCT issue-3073 126 32 , , PUNCT issue-3073 126 33 and and CCONJ issue-3073 126 34 international international ADJ issue-3073 126 35 equities equity NOUN issue-3073 126 36 ( ( PUNCT issue-3073 126 37 in in ADP issue-3073 126 38 isk isk NOUN issue-3073 126 39 ) ) PUNCT issue-3073 126 40 . . PUNCT issue-3073 127 1 the the DET issue-3073 127 2 key key ADJ issue-3073 127 3 financial financial ADJ issue-3073 127 4 metrics metric NOUN issue-3073 127 5 that that PRON issue-3073 127 6 are be AUX issue-3073 127 7 employed employ VERB issue-3073 127 8 in in ADP issue-3073 127 9 this this DET issue-3073 127 10 study study NOUN issue-3073 127 11 include include VERB issue-3073 127 12 average average ADJ issue-3073 127 13 annual annual ADJ issue-3073 127 14 return return NOUN issue-3073 127 15 , , PUNCT issue-3073 127 16 standard standard ADJ issue-3073 127 17 deviation deviation NOUN issue-3073 127 18 , , PUNCT issue-3073 127 19 and and CCONJ issue-3073 127 20 sharpe sharpe PROPN issue-3073 127 21 ratio ratio NOUN issue-3073 127 22 . . PUNCT issue-3073 128 1 in in ADP issue-3073 128 2 iceland iceland PROPN issue-3073 128 3 , , PUNCT issue-3073 128 4 each each DET issue-3073 128 5 pqs pqs NOUN issue-3073 128 6 represents represent VERB issue-3073 128 7 a a DET issue-3073 128 8 fixed fixed ADJ issue-3073 128 9 share share NOUN issue-3073 128 10 s s NOUN issue-3073 128 11 of of ADP issue-3073 128 12 the the DET issue-3073 128 13 total total ADJ issue-3073 128 14 allowable allowable ADJ issue-3073 128 15 catch catch NOUN issue-3073 128 16 ( ( PUNCT issue-3073 128 17 tac tac PROPN issue-3073 128 18 ) ) PUNCT issue-3073 128 19 for for ADP issue-3073 128 20 a a DET issue-3073 128 21 given give VERB issue-3073 128 22 species specie NOUN issue-3073 128 23 . . PUNCT issue-3073 129 1 this this DET issue-3073 129 2 study study NOUN issue-3073 129 3 calculates calculate VERB issue-3073 129 4 the the DET issue-3073 129 5 return return NOUN issue-3073 129 6 from from ADP issue-3073 129 7 holding hold VERB issue-3073 129 8 a a DET issue-3073 129 9 1 1 NUM issue-3073 129 10 % % NOUN issue-3073 129 11 quota quota NOUN issue-3073 129 12 share share NOUN issue-3073 129 13 annually annually ADV issue-3073 129 14 for for ADP issue-3073 129 15 each each DET issue-3073 129 16 species specie NOUN issue-3073 129 17 . . PUNCT issue-3073 130 1 the the DET issue-3073 130 2 corresponding correspond VERB issue-3073 130 3 harvestable harvestable NOUN issue-3073 130 4 volume volume NOUN issue-3073 130 5 in in ADP issue-3073 130 6 year year NOUN issue-3073 130 7 t t PROPN issue-3073 130 8 is be AUX issue-3073 130 9 given give VERB issue-3073 130 10 by by ADP issue-3073 130 11 : : PUNCT issue-3073 130 12 q q PROPN issue-3073 130 13 t t PROPN issue-3073 130 14 = = SYM issue-3073 130 15 0 0 NUM issue-3073 130 16 01 01 NUM issue-3073 130 17 . . PUNCT issue-3073 131 1 * * PUNCT issue-3073 131 2 tac tac PROPN issue-3073 131 3 t t PROPN issue-3073 131 4 where where SCONJ issue-3073 131 5 qt qt NOUN issue-3073 131 6 is be AUX issue-3073 131 7 the the DET issue-3073 131 8 number number NOUN issue-3073 131 9 of of ADP issue-3073 131 10 kilograms kilogram NOUN issue-3073 131 11 tied tie VERB issue-3073 131 12 to to ADP issue-3073 131 13 1 1 NUM issue-3073 131 14 % % NOUN issue-3073 131 15 of of ADP issue-3073 131 16 the the DET issue-3073 131 17 tac tac PROPN issue-3073 131 18 in in ADP issue-3073 131 19 year year PROPN issue-3073 131 20 t t PROPN issue-3073 131 21 , , PUNCT issue-3073 131 22 and and CCONJ issue-3073 131 23 tact tact NOUN issue-3073 131 24 is be AUX issue-3073 131 25 the the DET issue-3073 131 26 total total NOUN issue-3073 131 27 allowable allowable ADJ issue-3073 131 28 of of ADP issue-3073 131 29 the the DET issue-3073 131 30 species specie NOUN issue-3073 131 31 catch catch NOUN issue-3073 131 32 set set VERB issue-3073 131 33 by by ADP issue-3073 131 34 fisheries fishery NOUN issue-3073 131 35 authorities authority NOUN issue-3073 131 36 . . PUNCT issue-3073 132 1 the the DET issue-3073 132 2 total total ADJ issue-3073 132 3 return return NOUN issue-3073 132 4 from from ADP issue-3073 132 5 pqs pqs PROPN issue-3073 132 6 is be AUX issue-3073 132 7 composed compose VERB issue-3073 132 8 of of ADP issue-3073 132 9 two two NUM issue-3073 132 10 parts part NOUN issue-3073 132 11 : : PUNCT issue-3073 132 12 capital capital NOUN issue-3073 132 13 gains gain NOUN issue-3073 132 14 , , PUNCT issue-3073 132 15 which which PRON issue-3073 132 16 reflect reflect VERB issue-3073 132 17 changes change NOUN issue-3073 132 18 in in ADP issue-3073 132 19 the the DET issue-3073 132 20 market market NOUN issue-3073 132 21 value value NOUN issue-3073 132 22 of of ADP issue-3073 132 23 the the DET issue-3073 132 24 quota quota NOUN issue-3073 132 25 due due ADP issue-3073 132 26 to to ADP issue-3073 132 27 fluctuations fluctuation NOUN issue-3073 132 28 in in ADP issue-3073 132 29 tac tac PROPN issue-3073 132 30 and and CCONJ issue-3073 132 31 the the DET issue-3073 132 32 price price NOUN issue-3073 132 33 per per ADP issue-3073 132 34 kilogram kilogram NOUN issue-3073 132 35 , , PUNCT issue-3073 132 36 and and CCONJ issue-3073 132 37 lease lease NOUN issue-3073 132 38 income income NOUN issue-3073 132 39 , , PUNCT issue-3073 132 40 derived derive VERB issue-3073 132 41 from from ADP issue-3073 132 42 leasing lease VERB issue-3073 132 43 the the DET issue-3073 132 44 quota quota NOUN issue-3073 132 45 to to ADP issue-3073 132 46 active active ADJ issue-3073 132 47 fishers fisher NOUN issue-3073 132 48 . . PUNCT issue-3073 133 1 the the DET issue-3073 133 2 capital capital NOUN issue-3073 133 3 return return NOUN issue-3073 133 4 in in ADP issue-3073 133 5 year year NOUN issue-3073 133 6 t t PROPN issue-3073 133 7 is be AUX issue-3073 133 8 defined define VERB issue-3073 133 9 as as ADP issue-3073 133 10 : : PUNCT issue-3073 133 11 rₜᶜᵃᵖⁱᵗᵃˡ rₜᶜᵃᵖⁱᵗᵃˡ NOUN issue-3073 133 12 = = PUNCT issue-3073 133 13 ( ( PUNCT issue-3073 133 14 qₜ qₜ VERB issue-3073 133 15 × × PROPN issue-3073 133 16 pₜ pₜ INTJ issue-3073 133 17 ) ) PUNCT issue-3073 133 18 / / PUNCT issue-3073 133 19 ( ( PUNCT issue-3073 133 20 qₜ₋₁ qₜ₋₁ NOUN issue-3073 133 21 × × PROPN issue-3073 133 22 pₜ₋₁ pₜ₋₁ NOUN issue-3073 133 23 ) ) PUNCT issue-3073 134 1 − − PROPN issue-3073 134 2 1 1 NUM issue-3073 134 3 where where SCONJ issue-3073 134 4 pₜ pₜ ADJ issue-3073 134 5 is be AUX issue-3073 134 6 the the DET issue-3073 134 7 market market NOUN issue-3073 134 8 price price NOUN issue-3073 134 9 per per ADP issue-3073 134 10 kilogram kilogram PROPN issue-3073 134 11 of of ADP issue-3073 134 12 quota quota NOUN issue-3073 134 13 at at ADP issue-3073 134 14 the the DET issue-3073 134 15 end end NOUN issue-3073 134 16 of of ADP issue-3073 134 17 year year NOUN issue-3073 134 18 t t PROPN issue-3073 134 19 ; ; PUNCT issue-3073 134 20 qₜ qₜ NOUN issue-3073 134 21 is be AUX issue-3073 134 22 the the DET issue-3073 134 23 quota quota NOUN issue-3073 134 24 volume volume NOUN issue-3073 134 25 in in ADP issue-3073 134 26 kilograms kilogram NOUN issue-3073 134 27 associated associate VERB issue-3073 134 28 with with ADP issue-3073 134 29 a a DET issue-3073 134 30 1 1 NUM issue-3073 134 31 % % NOUN issue-3073 134 32 share share NOUN issue-3073 134 33 in in ADP issue-3073 134 34 year year NOUN issue-3073 134 35 t t PROPN issue-3073 134 36 and and CCONJ issue-3073 134 37 qₜ₋₁ qₜ₋₁ NOUN issue-3073 134 38 × × PROPN issue-3073 134 39 pₜ₋₁ pₜ₋₁ NOUN issue-3073 134 40 is be AUX issue-3073 134 41 the the DET issue-3073 134 42 market market NOUN issue-3073 134 43 value value NOUN issue-3073 134 44 of of ADP issue-3073 134 45 the the DET issue-3073 134 46 1 1 NUM issue-3073 134 47 % % NOUN issue-3073 134 48 share share NOUN issue-3073 134 49 in in ADP issue-3073 134 50 the the DET issue-3073 134 51 previous previous ADJ issue-3073 134 52 year year NOUN issue-3073 134 53 . . PUNCT issue-3073 135 1 the the DET issue-3073 135 2 total total ADJ issue-3073 135 3 return return NOUN issue-3073 135 4 also also ADV issue-3073 135 5 includes include VERB issue-3073 135 6 lease lease NOUN issue-3073 135 7 income income NOUN issue-3073 135 8 received receive VERB issue-3073 135 9 over over ADP issue-3073 135 10 the the DET issue-3073 135 11 year year NOUN issue-3073 135 12 . . PUNCT issue-3073 136 1 let let VERB issue-3073 136 2 lₜ lₜ PRON issue-3073 136 3 be be AUX issue-3073 136 4 the the DET issue-3073 136 5 average average ADJ issue-3073 136 6 lease lease NOUN issue-3073 136 7 price price NOUN issue-3073 136 8 per per ADP issue-3073 136 9 kilogram kilogram PROPN issue-3073 136 10 in in ADP issue-3073 136 11 year year NOUN issue-3073 136 12 t. t. PROPN issue-3073 136 13 the the DET issue-3073 136 14 lease lease NOUN issue-3073 136 15 yield yield NOUN issue-3073 136 16 component component NOUN issue-3073 136 17 is be AUX issue-3073 136 18 : : PUNCT issue-3073 136 19 rₜˡᵉᵃˢᵉ rₜˡᵉᵃˢᵉ PROPN issue-3073 136 20 = = PUNCT issue-3073 137 1 ( ( PUNCT issue-3073 137 2 qₜ qₜ VERB issue-3073 137 3 × × PROPN issue-3073 137 4 lₜ lₜ PROPN issue-3073 137 5 ) ) PUNCT issue-3073 137 6 / / PUNCT issue-3073 138 1 ( ( PUNCT issue-3073 138 2 qₜ₋₁ qₜ₋₁ NOUN issue-3073 138 3 × × PROPN issue-3073 138 4 pₜ₋₁ pₜ₋₁ NOUN issue-3073 138 5 ) ) PUNCT issue-3073 138 6 the the DET issue-3073 138 7 total total ADJ issue-3073 138 8 return return NOUN issue-3073 138 9 from from ADP issue-3073 138 10 holding hold VERB issue-3073 138 11 a a DET issue-3073 138 12 1 1 NUM issue-3073 138 13 % % NOUN issue-3073 138 14 pqs pqs NOUN issue-3073 138 15 is be AUX issue-3073 138 16 : : PUNCT issue-3073 138 17 rₜ rₜ NOUN issue-3073 138 18 = = SYM issue-3073 138 19 ( ( PUNCT issue-3073 138 20 1+rₜᶜᵃᵖⁱᵗᵃˡ 1+rₜᶜᵃᵖⁱᵗᵃˡ NUM issue-3073 138 21 ) ) PUNCT issue-3073 138 22 × × NOUN issue-3073 138 23 ( ( PUNCT issue-3073 138 24 1+rₜˡᵉᵃˢᵉ 1+rₜˡᵉᵃˢᵉ NUM issue-3073 138 25 ) ) PUNCT issue-3073 138 26 1 1 NUM issue-3073 138 27 this this DET issue-3073 138 28 formulation formulation NOUN issue-3073 138 29 captures capture VERB issue-3073 138 30 both both CCONJ issue-3073 138 31 price price NOUN issue-3073 138 32 and and CCONJ issue-3073 138 33 quantity quantity NOUN issue-3073 138 34 changes change NOUN issue-3073 138 35 over over ADP issue-3073 138 36 time time NOUN issue-3073 138 37 and and CCONJ issue-3073 138 38 reflects reflect VERB issue-3073 138 39 the the DET issue-3073 138 40 dual dual ADJ issue-3073 138 41 - - PUNCT issue-3073 138 42 income income NOUN issue-3073 138 43 nature nature NOUN issue-3073 138 44 of of ADP issue-3073 138 45 pqs pqs NOUN issue-3073 138 46 : : PUNCT issue-3073 138 47 capital capital NOUN issue-3073 138 48 appreciation appreciation NOUN issue-3073 138 49 and and CCONJ issue-3073 138 50 lease lease NOUN issue-3073 138 51 revenue revenue NOUN issue-3073 138 52 . . PUNCT issue-3073 139 1 price price NOUN issue-3073 139 2 and and CCONJ issue-3073 139 3 lease lease NOUN issue-3073 139 4 data datum NOUN issue-3073 139 5 were be AUX issue-3073 139 6 compiled compile VERB issue-3073 139 7 from from ADP issue-3073 139 8 a a DET issue-3073 139 9 variety variety NOUN issue-3073 139 10 of of ADP issue-3073 139 11 sources source NOUN issue-3073 139 12 , , PUNCT issue-3073 139 13 including include VERB issue-3073 139 14 the the DET issue-3073 139 15 central central ADJ issue-3073 139 16 bank bank NOUN issue-3073 139 17 of of ADP issue-3073 139 18 iceland iceland PROPN issue-3073 139 19 , , PUNCT issue-3073 139 20 the the DET issue-3073 139 21 directorate directorate NOUN issue-3073 139 22 of of ADP issue-3073 139 23 fisheries fishery NOUN issue-3073 139 24 , , PUNCT issue-3073 139 25 government government NOUN issue-3073 139 26 documents document NOUN issue-3073 139 27 , , PUNCT issue-3073 139 28 institutional institutional ADJ issue-3073 139 29 archives archive NOUN issue-3073 139 30 , , PUNCT issue-3073 139 31 and and CCONJ issue-3073 139 32 industry industry NOUN issue-3073 139 33 bulletins bulletin NOUN issue-3073 139 34 . . PUNCT issue-3073 140 1 in in ADP issue-3073 140 2 the the DET issue-3073 140 3 absence absence NOUN issue-3073 140 4 of of ADP issue-3073 140 5 a a DET issue-3073 140 6 central central ADJ issue-3073 140 7 historical historical ADJ issue-3073 140 8 quota quota NOUN issue-3073 140 9 price price NOUN issue-3073 140 10 database database NOUN issue-3073 140 11 , , PUNCT issue-3073 140 12 particularly particularly ADV issue-3073 140 13 in in ADP issue-3073 140 14 the the DET issue-3073 140 15 early early ADJ issue-3073 140 16 years year NOUN issue-3073 140 17 , , PUNCT issue-3073 140 18 data datum NOUN issue-3073 140 19 reconstruction reconstruction NOUN issue-3073 140 20 involved involve VERB issue-3073 140 21 cross cross ADJ issue-3073 140 22 - - NOUN issue-3073 140 23 verification verification ADJ issue-3073 140 24 and and CCONJ issue-3073 140 25 interpolation interpolation NOUN issue-3073 140 26 techniques technique NOUN issue-3073 140 27 . . PUNCT issue-3073 141 1 the the DET issue-3073 141 2 finalised finalise VERB issue-3073 141 3 dataset dataset NOUN issue-3073 141 4 encompasses encompass VERB issue-3073 141 5 a a DET issue-3073 141 6 28year 28year ADJ issue-3073 141 7 period period NOUN issue-3073 141 8 , , PUNCT issue-3073 141 9 encompassing encompass VERB issue-3073 141 10 five five NUM issue-3073 141 11 key key ADJ issue-3073 141 12 demersal demersal ADJ issue-3073 141 13 species specie NOUN issue-3073 141 14 : : PUNCT issue-3073 141 15 cod cod NOUN issue-3073 141 16 , , PUNCT issue-3073 141 17 haddock haddock NOUN issue-3073 141 18 , , PUNCT issue-3073 141 19 saithe saithe ADJ issue-3073 141 20 , , PUNCT issue-3073 141 21 redfish redfish ADJ issue-3073 141 22 , , PUNCT issue-3073 141 23 and and CCONJ issue-3073 141 24 greenland greenland PROPN issue-3073 141 25 halibut halibut PROPN issue-3073 141 26 . . PUNCT issue-3073 142 1 the the DET issue-3073 142 2 asset asset NOUN issue-3073 142 3 class class NOUN issue-3073 142 4 comparison comparison NOUN issue-3073 142 5 data datum NOUN issue-3073 142 6 were be AUX issue-3073 142 7 obtained obtain VERB issue-3073 142 8 from from ADP issue-3073 142 9 nasdaq nasdaq PROPN issue-3073 142 10 iceland iceland PROPN issue-3073 142 11 , , PUNCT issue-3073 142 12 the the DET issue-3073 142 13 central central ADJ issue-3073 142 14 bank bank NOUN issue-3073 142 15 of of ADP issue-3073 142 16 iceland iceland PROPN issue-3073 142 17 , , PUNCT issue-3073 142 18 and and CCONJ issue-3073 142 19 bloomberg bloomberg PROPN issue-3073 142 20 . . PUNCT issue-3073 143 1 the the DET issue-3073 143 2 returns return NOUN issue-3073 143 3 on on ADP issue-3073 143 4 icelandic icelandic ADJ issue-3073 143 5 stocks stock NOUN issue-3073 143 6 and and CCONJ issue-3073 143 7 bonds bond NOUN issue-3073 143 8 were be AUX issue-3073 143 9 derived derive VERB issue-3073 143 10 from from ADP issue-3073 143 11 official official ADJ issue-3073 143 12 indices index NOUN issue-3073 143 13 and and CCONJ issue-3073 143 14 yield yield VERB issue-3073 143 15 data datum NOUN issue-3073 143 16 . . PUNCT issue-3073 144 1 the the DET issue-3073 144 2 reibid reibid ADJ issue-3073 144 3 interest interest NOUN issue-3073 144 4 rate rate NOUN issue-3073 144 5 was be AUX issue-3073 144 6 established establish VERB issue-3073 144 7 as as ADP issue-3073 144 8 the the DET issue-3073 144 9 domestic domestic ADJ issue-3073 144 10 risk risk NOUN issue-3073 144 11 - - PUNCT issue-3073 144 12 free free ADJ issue-3073 144 13 rate rate NOUN issue-3073 144 14 . . PUNCT issue-3073 145 1 the the DET issue-3073 145 2 returns return NOUN issue-3073 145 3 on on ADP issue-3073 145 4 u.s u.s PROPN issue-3073 145 5 . . PROPN issue-3073 145 6 treasury treasury PROPN issue-3073 145 7 bills bill NOUN issue-3073 145 8 and and CCONJ issue-3073 145 9 the the DET issue-3073 145 10 msci msci PROPN issue-3073 145 11 world world PROPN issue-3073 145 12 index index NOUN issue-3073 145 13 were be AUX issue-3073 145 14 converted convert VERB issue-3073 145 15 to to ADP issue-3073 145 16 isk isk NOUN issue-3073 145 17 at at ADP issue-3073 145 18 the the DET issue-3073 145 19 prevailing prevailing ADJ issue-3073 145 20 annual annual ADJ issue-3073 145 21 exchange exchange NOUN issue-3073 145 22 rates rate NOUN issue-3073 145 23 . . PUNCT issue-3073 146 1 it it PRON issue-3073 146 2 is be AUX issue-3073 146 3 imperative imperative ADJ issue-3073 146 4 to to PART issue-3073 146 5 note note VERB issue-3073 146 6 that that SCONJ issue-3073 146 7 all all DET issue-3073 146 8 returns return NOUN issue-3073 146 9 are be AUX issue-3073 146 10 of of ADP issue-3073 146 11 a a DET issue-3073 146 12 nominal nominal ADJ issue-3073 146 13 nature nature NOUN issue-3073 146 14 . . PUNCT issue-3073 147 1 baltic baltic PROPN issue-3073 147 2 journal journal PROPN issue-3073 147 3 of of ADP issue-3073 147 4 economic economic ADJ issue-3073 147 5 studies study NOUN issue-3073 147 6 34 34 NUM issue-3073 147 7 vol vol NOUN issue-3073 147 8 . . PROPN issue-3073 148 1 11 11 NUM issue-3073 148 2 no no NOUN issue-3073 148 3 . . NOUN issue-3073 148 4 5 5 NUM issue-3073 148 5 , , PUNCT issue-3073 148 6 2025 2025 NUM issue-3073 148 7 in in ADP issue-3073 148 8 order order NOUN issue-3073 148 9 to to PART issue-3073 148 10 evaluate evaluate VERB issue-3073 148 11 risk risk NOUN issue-3073 148 12 - - PUNCT issue-3073 148 13 adjusted adjust VERB issue-3073 148 14 performance performance NOUN issue-3073 148 15 , , PUNCT issue-3073 148 16 the the DET issue-3073 148 17 sharpe sharpe PROPN issue-3073 148 18 ratio ratio NOUN issue-3073 148 19 was be AUX issue-3073 148 20 calculated calculate VERB issue-3073 148 21 . . PUNCT issue-3073 149 1 s s PART issue-3073 149 2 = = NOUN issue-3073 149 3 ( ( PUNCT issue-3073 149 4 r̄ r̄ NOUN issue-3073 149 5 − − PROPN issue-3073 149 6 rf rf NOUN issue-3073 149 7 ) ) PUNCT issue-3073 149 8 / / PUNCT issue-3073 150 1 σ σ NOUN issue-3073 150 2 where where SCONJ issue-3073 150 3 r̄ r̄ NOUN issue-3073 150 4 is be AUX issue-3073 150 5 the the DET issue-3073 150 6 average average ADJ issue-3073 150 7 annual annual ADJ issue-3073 150 8 return return NOUN issue-3073 150 9 on on ADP issue-3073 150 10 the the DET issue-3073 150 11 asset asset NOUN issue-3073 150 12 ; ; PUNCT issue-3073 150 13 rf rf PRON issue-3073 150 14 is be AUX issue-3073 150 15 the the DET issue-3073 150 16 average average ADJ issue-3073 150 17 annual annual ADJ issue-3073 150 18 risk risk NOUN issue-3073 150 19 - - PUNCT issue-3073 150 20 free free ADJ issue-3073 150 21 rate rate NOUN issue-3073 150 22 ( ( PUNCT issue-3073 150 23 reibid reibid NOUN issue-3073 150 24 ) ) PUNCT issue-3073 150 25 and and CCONJ issue-3073 150 26 σ σ PROPN issue-3073 150 27 is be AUX issue-3073 150 28 the the DET issue-3073 150 29 standard standard ADJ issue-3073 150 30 deviation deviation NOUN issue-3073 150 31 of of ADP issue-3073 150 32 returns return NOUN issue-3073 150 33 . . PUNCT issue-3073 151 1 the the DET issue-3073 151 2 sharpe sharpe PROPN issue-3073 151 3 ratio ratio NOUN issue-3073 151 4 is be AUX issue-3073 151 5 a a DET issue-3073 151 6 standard standard ADJ issue-3073 151 7 measure measure NOUN issue-3073 151 8 of of ADP issue-3073 151 9 return return NOUN issue-3073 151 10 per per ADP issue-3073 151 11 unit unit NOUN issue-3073 151 12 of of ADP issue-3073 151 13 risk risk NOUN issue-3073 151 14 and and CCONJ issue-3073 151 15 allows allow VERB issue-3073 151 16 direct direct ADJ issue-3073 151 17 comparison comparison NOUN issue-3073 151 18 between between ADP issue-3073 151 19 pqs pqs NOUN issue-3073 151 20 and and CCONJ issue-3073 151 21 conventional conventional ADJ issue-3073 151 22 financial financial ADJ issue-3073 151 23 assets asset NOUN issue-3073 151 24 . . PUNCT issue-3073 152 1 a a DET issue-3073 152 2 fundamental fundamental ADJ issue-3073 152 3 constraint constraint NOUN issue-3073 152 4 pertains pertain NOUN issue-3073 152 5 to to ADP issue-3073 152 6 the the DET issue-3073 152 7 reconstructed reconstructed ADJ issue-3073 152 8 nature nature NOUN issue-3073 152 9 of of ADP issue-3073 152 10 the the DET issue-3073 152 11 pqs pqs NOUN issue-3073 152 12 price price NOUN issue-3073 152 13 and and CCONJ issue-3073 152 14 lease lease NOUN issue-3073 152 15 series series NOUN issue-3073 152 16 . . PUNCT issue-3073 153 1 despite despite SCONJ issue-3073 153 2 the the DET issue-3073 153 3 meticulous meticulous ADJ issue-3073 153 4 efforts effort NOUN issue-3073 153 5 made make VERB issue-3073 153 6 to to PART issue-3073 153 7 ensure ensure VERB issue-3073 153 8 the the DET issue-3073 153 9 accuracy accuracy NOUN issue-3073 153 10 of of ADP issue-3073 153 11 the the DET issue-3073 153 12 data datum NOUN issue-3073 153 13 , , PUNCT issue-3073 153 14 a a DET issue-3073 153 15 certain certain ADJ issue-3073 153 16 degree degree NOUN issue-3073 153 17 of of ADP issue-3073 153 18 estimation estimation NOUN issue-3073 153 19 error error NOUN issue-3073 153 20 is be AUX issue-3073 153 21 inevitable inevitable ADJ issue-3073 153 22 , , PUNCT issue-3073 153 23 particularly particularly ADV issue-3073 153 24 with with ADP issue-3073 153 25 regard regard NOUN issue-3073 153 26 to to ADP issue-3073 153 27 the the DET issue-3073 153 28 early early ADJ issue-3073 153 29 1990s 1990 NOUN issue-3073 153 30 . . PUNCT issue-3073 154 1 furthermore furthermore ADV issue-3073 154 2 , , PUNCT issue-3073 154 3 the the DET issue-3073 154 4 liquidity liquidity NOUN issue-3073 154 5 of of ADP issue-3073 154 6 quota quota NOUN issue-3073 154 7 markets market NOUN issue-3073 154 8 was be AUX issue-3073 154 9 found find VERB issue-3073 154 10 to to PART issue-3073 154 11 vary vary VERB issue-3073 154 12 over over ADP issue-3073 154 13 time time NOUN issue-3073 154 14 , , PUNCT issue-3073 154 15 thereby thereby ADV issue-3073 154 16 impacting impact VERB issue-3073 154 17 the the DET issue-3073 154 18 reliability reliability NOUN issue-3073 154 19 of of ADP issue-3073 154 20 prices price NOUN issue-3073 154 21 . . PUNCT issue-3073 155 1 notwithstanding notwithstanding ADV issue-3073 155 2 , , PUNCT issue-3073 155 3 the the DET issue-3073 155 4 present present ADJ issue-3073 155 5 study study NOUN issue-3073 155 6 provides provide VERB issue-3073 155 7 the the DET issue-3073 155 8 first first ADJ issue-3073 155 9 long long ADJ issue-3073 155 10 - - PUNCT issue-3073 155 11 term term NOUN issue-3073 155 12 empirical empirical ADJ issue-3073 155 13 analysis analysis NOUN issue-3073 155 14 of of ADP issue-3073 155 15 pqs pqs NOUN issue-3073 155 16 as as ADP issue-3073 155 17 financial financial ADJ issue-3073 155 18 assets asset NOUN issue-3073 155 19 under under ADP issue-3073 155 20 a a DET issue-3073 155 21 mature mature ADJ issue-3073 155 22 itq itq NOUN issue-3073 155 23 regime regime NOUN issue-3073 155 24 . . PUNCT issue-3073 156 1 5 5 X issue-3073 156 2 . . NOUN issue-3073 156 3 results result NOUN issue-3073 156 4 table table NOUN issue-3073 156 5 1 1 NUM issue-3073 156 6 summarises summarise VERB issue-3073 156 7 the the DET issue-3073 156 8 performance performance NOUN issue-3073 156 9 of of ADP issue-3073 156 10 a a DET issue-3073 156 11 hypothetical hypothetical ADJ issue-3073 156 12 investor investor NOUN issue-3073 156 13 who who PRON issue-3073 156 14 maintained maintain VERB issue-3073 156 15 an an DET issue-3073 156 16 equally equally ADV issue-3073 156 17 weighted weight VERB issue-3073 156 18 portfolio portfolio NOUN issue-3073 156 19 of of ADP issue-3073 156 20 pqs pqs PROPN issue-3073 156 21 across across ADP issue-3073 156 22 five five NUM issue-3073 156 23 demersal demersal ADJ issue-3073 156 24 species specie NOUN issue-3073 156 25 ( ( PUNCT issue-3073 156 26 cod cod NOUN issue-3073 156 27 , , PUNCT issue-3073 156 28 haddock haddock NOUN issue-3073 156 29 , , PUNCT issue-3073 156 30 saithe saithe ADJ issue-3073 156 31 , , PUNCT issue-3073 156 32 redfish redfish NOUN issue-3073 156 33 and and CCONJ issue-3073 156 34 greenland greenland PROPN issue-3073 156 35 halibut halibut PROPN issue-3073 156 36 ) ) PUNCT issue-3073 156 37 between between ADP issue-3073 156 38 1992 1992 NUM issue-3073 156 39 and and CCONJ issue-3073 156 40 2019 2019 NUM issue-3073 156 41 . . PUNCT issue-3073 157 1 the the DET issue-3073 157 2 returns return NOUN issue-3073 157 3 are be AUX issue-3073 157 4 broken break VERB issue-3073 157 5 down down ADP issue-3073 157 6 into into ADP issue-3073 157 7 capital capital NOUN issue-3073 157 8 appreciation appreciation NOUN issue-3073 157 9 ( ( PUNCT issue-3073 157 10 price price NOUN issue-3073 157 11 changes change NOUN issue-3073 157 12 ) ) PUNCT issue-3073 157 13 and and CCONJ issue-3073 157 14 rental rental ADJ issue-3073 157 15 income income NOUN issue-3073 157 16 ( ( PUNCT issue-3073 157 17 lease lease NOUN issue-3073 157 18 yield yield NOUN issue-3073 157 19 ) ) PUNCT issue-3073 157 20 . . PUNCT issue-3073 158 1 the the DET issue-3073 158 2 table table NOUN issue-3073 158 3 also also ADV issue-3073 158 4 shows show VERB issue-3073 158 5 the the DET issue-3073 158 6 standard standard ADJ issue-3073 158 7 deviation deviation NOUN issue-3073 158 8 of of ADP issue-3073 158 9 annual annual ADJ issue-3073 158 10 returns return NOUN issue-3073 158 11 to to PART issue-3073 158 12 illustrate illustrate VERB issue-3073 158 13 risk risk NOUN issue-3073 158 14 , , PUNCT issue-3073 158 15 and and CCONJ issue-3073 158 16 calculates calculate VERB issue-3073 158 17 the the DET issue-3073 158 18 sharpe sharpe PROPN issue-3073 158 19 ratio ratio NOUN issue-3073 158 20 using use VERB issue-3073 158 21 the the DET issue-3073 158 22 icelandic icelandic ADJ issue-3073 158 23 risk risk NOUN issue-3073 158 24 - - PUNCT issue-3073 158 25 free free ADJ issue-3073 158 26 rate rate NOUN issue-3073 158 27 ( ( PUNCT issue-3073 158 28 reibid reibid NOUN issue-3073 158 29 ) ) PUNCT issue-3073 158 30 as as ADP issue-3073 158 31 a a DET issue-3073 158 32 benchmark benchmark NOUN issue-3073 158 33 . . PUNCT issue-3073 159 1 these these DET issue-3073 159 2 results result NOUN issue-3073 159 3 reveal reveal VERB issue-3073 159 4 several several ADJ issue-3073 159 5 notable notable ADJ issue-3073 159 6 trends trend NOUN issue-3073 159 7 . . PUNCT issue-3073 160 1 firstly firstly ADV issue-3073 160 2 , , PUNCT issue-3073 160 3 pqs pqs PROPN issue-3073 160 4 performed perform VERB issue-3073 160 5 remarkably remarkably ADV issue-3073 160 6 well well ADV issue-3073 160 7 as as ADP issue-3073 160 8 an an DET issue-3073 160 9 investment investment NOUN issue-3073 160 10 , , PUNCT issue-3073 160 11 delivering deliver VERB issue-3073 160 12 an an DET issue-3073 160 13 average average ADJ issue-3073 160 14 annual annual ADJ issue-3073 160 15 return return NOUN issue-3073 160 16 of of ADP issue-3073 160 17 21.6 21.6 NUM issue-3073 160 18 % % NOUN issue-3073 160 19 over over ADP issue-3073 160 20 the the DET issue-3073 160 21 entire entire ADJ issue-3073 160 22 28 28 NUM issue-3073 160 23 - - PUNCT issue-3073 160 24 year year NOUN issue-3073 160 25 period period NOUN issue-3073 160 26 . . PUNCT issue-3073 161 1 this this DET issue-3073 161 2 figure figure NOUN issue-3073 161 3 is be AUX issue-3073 161 4 particularly particularly ADV issue-3073 161 5 striking striking ADJ issue-3073 161 6 when when SCONJ issue-3073 161 7 compared compare VERB issue-3073 161 8 to to ADP issue-3073 161 9 that that PRON issue-3073 161 10 of of ADP issue-3073 161 11 traditional traditional ADJ issue-3073 161 12 financial financial ADJ issue-3073 161 13 assets asset NOUN issue-3073 161 14 , , PUNCT issue-3073 161 15 as as SCONJ issue-3073 161 16 will will AUX issue-3073 161 17 be be AUX issue-3073 161 18 discussed discuss VERB issue-3073 161 19 later later ADV issue-3073 161 20 . . PUNCT issue-3073 162 1 secondly secondly ADV issue-3073 162 2 , , PUNCT issue-3073 162 3 both both DET issue-3073 162 4 components component NOUN issue-3073 162 5 of of ADP issue-3073 162 6 the the DET issue-3073 162 7 total total ADJ issue-3073 162 8 return return NOUN issue-3073 162 9 – – PUNCT issue-3073 162 10 price price NOUN issue-3073 162 11 appreciation appreciation NOUN issue-3073 162 12 and and CCONJ issue-3073 162 13 lease lease NOUN issue-3073 162 14 yield yield NOUN issue-3073 162 15 – – PUNCT issue-3073 162 16 contributed contribute VERB issue-3073 162 17 significantly significantly ADV issue-3073 162 18 . . PUNCT issue-3073 163 1 the the DET issue-3073 163 2 mean mean ADJ issue-3073 163 3 proportion proportion NOUN issue-3073 163 4 of of ADP issue-3073 163 5 returns return NOUN issue-3073 163 6 attributable attributable ADJ issue-3073 163 7 to to ADP issue-3073 163 8 capital capital NOUN issue-3073 163 9 gains gain NOUN issue-3073 163 10 was be AUX issue-3073 163 11 8.2 8.2 NUM issue-3073 163 12 percentage percentage NOUN issue-3073 163 13 points point NOUN issue-3073 163 14 , , PUNCT issue-3073 163 15 whereas whereas SCONJ issue-3073 163 16 the the DET issue-3073 163 17 mean mean ADJ issue-3073 163 18 proportion proportion NOUN issue-3073 163 19 attributable attributable ADJ issue-3073 163 20 to to PART issue-3073 163 21 lease lease NOUN issue-3073 163 22 yield yield NOUN issue-3073 163 23 was be AUX issue-3073 163 24 12.4 12.4 NUM issue-3073 163 25 percentage percentage NOUN issue-3073 163 26 points point NOUN issue-3073 163 27 . . PUNCT issue-3073 164 1 this this DET issue-3073 164 2 relatively relatively ADV issue-3073 164 3 even even ADV issue-3073 164 4 split split VERB issue-3073 164 5 serves serve VERB issue-3073 164 6 to to PART issue-3073 164 7 emphasise emphasise VERB issue-3073 164 8 the the DET issue-3073 164 9 dual dual ADJ issue-3073 164 10 - - PUNCT issue-3073 164 11 income income NOUN issue-3073 164 12 nature nature NOUN issue-3073 164 13 of of ADP issue-3073 164 14 pqs pqs PROPN issue-3073 164 15 , , PUNCT issue-3073 164 16 bearing bear VERB issue-3073 164 17 resemblance resemblance NOUN issue-3073 164 18 to to ADP issue-3073 164 19 dividend dividend VERB issue-3073 164 20 - - PUNCT issue-3073 164 21 paying pay VERB issue-3073 164 22 stocks stock NOUN issue-3073 164 23 in in ADP issue-3073 164 24 that that SCONJ issue-3073 164 25 they they PRON issue-3073 164 26 offer offer VERB issue-3073 164 27 both both DET issue-3073 164 28 growth growth NOUN issue-3073 164 29 potential potential NOUN issue-3073 164 30 and and CCONJ issue-3073 164 31 a a DET issue-3073 164 32 steady steady ADJ issue-3073 164 33 cash cash NOUN issue-3073 164 34 flow flow NOUN issue-3073 164 35 . . PUNCT issue-3073 165 1 thirdly thirdly ADV issue-3073 165 2 , , PUNCT issue-3073 165 3 significant significant ADJ issue-3073 165 4 variation variation NOUN issue-3073 165 5 was be AUX issue-3073 165 6 observed observe VERB issue-3073 165 7 across across ADP issue-3073 165 8 sub sub NOUN issue-3073 165 9 - - NOUN issue-3073 165 10 periods period NOUN issue-3073 165 11 . . PUNCT issue-3073 166 1 the the DET issue-3073 166 2 highest high ADJ issue-3073 166 3 returns return NOUN issue-3073 166 4 were be AUX issue-3073 166 5 recorded record VERB issue-3073 166 6 in in ADP issue-3073 166 7 the the DET issue-3073 166 8 early early ADJ issue-3073 166 9 years year NOUN issue-3073 166 10 of of ADP issue-3073 166 11 the the DET issue-3073 166 12 itq itq NOUN issue-3073 166 13 system system NOUN issue-3073 166 14 . . PUNCT issue-3073 167 1 this this PRON issue-3073 167 2 is be AUX issue-3073 167 3 likely likely ADJ issue-3073 167 4 to to PART issue-3073 167 5 have have AUX issue-3073 167 6 reflected reflect VERB issue-3073 167 7 the the DET issue-3073 167 8 initial initial ADJ issue-3073 167 9 phase phase NOUN issue-3073 167 10 of of ADP issue-3073 167 11 efficiency efficiency NOUN issue-3073 167 12 gains gain NOUN issue-3073 167 13 and and CCONJ issue-3073 167 14 structural structural ADJ issue-3073 167 15 adjustments adjustment NOUN issue-3073 167 16 , , PUNCT issue-3073 167 17 as as ADV issue-3073 167 18 well well ADV issue-3073 167 19 as as ADP issue-3073 167 20 positive positive ADJ issue-3073 167 21 investor investor NOUN issue-3073 167 22 sentiment sentiment NOUN issue-3073 167 23 as as SCONJ issue-3073 167 24 the the DET issue-3073 167 25 market market NOUN issue-3073 167 26 matured mature VERB issue-3073 167 27 . . PUNCT issue-3073 168 1 the the DET issue-3073 168 2 perception perception NOUN issue-3073 168 3 that that SCONJ issue-3073 168 4 the the DET issue-3073 168 5 itq itq NOUN issue-3073 168 6 system system NOUN issue-3073 168 7 was be AUX issue-3073 168 8 permanent permanent ADJ issue-3073 168 9 also also ADV issue-3073 168 10 reduced reduce VERB issue-3073 168 11 risk risk NOUN issue-3073 168 12 , , PUNCT issue-3073 168 13 thus thus ADV issue-3073 168 14 increasing increase VERB issue-3073 168 15 the the DET issue-3073 168 16 prices price NOUN issue-3073 168 17 of of ADP issue-3073 168 18 the the DET issue-3073 168 19 pqs pqs NOUN issue-3073 168 20 . . PUNCT issue-3073 169 1 the the DET issue-3073 169 2 worst bad ADJ issue-3073 169 3 period period NOUN issue-3073 169 4 for for ADP issue-3073 169 5 performance performance NOUN issue-3073 169 6 was be AUX issue-3073 169 7 2006–2012 2006–2012 NUM issue-3073 169 8 , , PUNCT issue-3073 169 9 which which PRON issue-3073 169 10 was be AUX issue-3073 169 11 dominated dominate VERB issue-3073 169 12 by by ADP issue-3073 169 13 the the DET issue-3073 169 14 global global ADJ issue-3073 169 15 financial financial ADJ issue-3073 169 16 crisis crisis NOUN issue-3073 169 17 and and CCONJ issue-3073 169 18 the the DET issue-3073 169 19 collapse collapse NOUN issue-3073 169 20 of of ADP issue-3073 169 21 the the DET issue-3073 169 22 icelandic icelandic ADJ issue-3073 169 23 banking banking NOUN issue-3073 169 24 system system NOUN issue-3073 169 25 in in ADP issue-3073 169 26 2008 2008 NUM issue-3073 169 27 . . PUNCT issue-3073 170 1 during during ADP issue-3073 170 2 this this DET issue-3073 170 3 time time NOUN issue-3073 170 4 , , PUNCT issue-3073 170 5 pqs pqs PROPN issue-3073 170 6 prices price NOUN issue-3073 170 7 collapsed collapse VERB issue-3073 170 8 , , PUNCT issue-3073 170 9 though though SCONJ issue-3073 170 10 leasing leasing NOUN issue-3073 170 11 income income NOUN issue-3073 170 12 remained remain VERB issue-3073 170 13 relatively relatively ADV issue-3073 170 14 stable stable ADJ issue-3073 170 15 , , PUNCT issue-3073 170 16 which which PRON issue-3073 170 17 offset offset VERB issue-3073 170 18 the the DET issue-3073 170 19 downturn downturn NOUN issue-3073 170 20 to to ADP issue-3073 170 21 some some DET issue-3073 170 22 extent extent NOUN issue-3073 170 23 . . PUNCT issue-3073 171 1 notably notably ADV issue-3073 171 2 , , PUNCT issue-3073 171 3 the the DET issue-3073 171 4 period period NOUN issue-3073 171 5 from from ADP issue-3073 171 6 1999 1999 NUM issue-3073 171 7 to to ADP issue-3073 171 8 2005 2005 NUM issue-3073 171 9 saw see VERB issue-3073 171 10 a a DET issue-3073 171 11 high high ADJ issue-3073 171 12 return return NOUN issue-3073 171 13 ( ( PUNCT issue-3073 171 14 25.6 25.6 NUM issue-3073 171 15 % % NOUN issue-3073 171 16 ) ) PUNCT issue-3073 171 17 alongside alongside ADP issue-3073 171 18 very very ADV issue-3073 171 19 low low ADJ issue-3073 171 20 volatility volatility NOUN issue-3073 171 21 ( ( PUNCT issue-3073 171 22 a a DET issue-3073 171 23 standard standard ADJ issue-3073 171 24 deviation deviation NOUN issue-3073 171 25 of of ADP issue-3073 171 26 just just ADV issue-3073 171 27 4.9 4.9 NUM issue-3073 171 28 % % NOUN issue-3073 171 29 ) ) PUNCT issue-3073 171 30 , , PUNCT issue-3073 171 31 resulting result VERB issue-3073 171 32 in in ADP issue-3073 171 33 an an DET issue-3073 171 34 exceptionally exceptionally ADV issue-3073 171 35 high high ADJ issue-3073 171 36 sharpe sharpe NOUN issue-3073 171 37 ratio ratio NOUN issue-3073 171 38 of of ADP issue-3073 171 39 3.52 3.52 NUM issue-3073 171 40 . . PUNCT issue-3073 171 41 table table NOUN issue-3073 171 42 2 2 NUM issue-3073 171 43 shows show VERB issue-3073 171 44 the the DET issue-3073 171 45 disaggregated disaggregated ADJ issue-3073 171 46 return return NOUN issue-3073 171 47 data datum NOUN issue-3073 171 48 for for ADP issue-3073 171 49 the the DET issue-3073 171 50 five five NUM issue-3073 171 51 demersal demersal ADJ issue-3073 171 52 species specie NOUN issue-3073 171 53 analysed analyse VERB issue-3073 171 54 in in ADP issue-3073 171 55 this this DET issue-3073 171 56 study study NOUN issue-3073 171 57 . . PUNCT issue-3073 172 1 the the DET issue-3073 172 2 results result NOUN issue-3073 172 3 show show VERB issue-3073 172 4 that that SCONJ issue-3073 172 5 the the DET issue-3073 172 6 average average ADJ issue-3073 172 7 returns return NOUN issue-3073 172 8 are be AUX issue-3073 172 9 relatively relatively ADV issue-3073 172 10 similar similar ADJ issue-3073 172 11 across across ADP issue-3073 172 12 species specie NOUN issue-3073 172 13 , , PUNCT issue-3073 172 14 with with ADP issue-3073 172 15 cod cod NOUN issue-3073 172 16 yielding yield VERB issue-3073 172 17 the the DET issue-3073 172 18 highest high ADJ issue-3073 172 19 and and CCONJ issue-3073 172 20 saithe saithe VERB issue-3073 172 21 the the DET issue-3073 172 22 lowest low ADJ issue-3073 172 23 . . PUNCT issue-3073 173 1 cod cod NOUN issue-3073 173 2 is be AUX issue-3073 173 3 the the DET issue-3073 173 4 most most ADV issue-3073 173 5 economically economically ADV issue-3073 173 6 significant significant ADJ issue-3073 173 7 species specie NOUN issue-3073 173 8 in in ADP issue-3073 173 9 icelandic icelandic ADJ issue-3073 173 10 fisheries fishery NOUN issue-3073 173 11 , , PUNCT issue-3073 173 12 forming form VERB issue-3073 173 13 the the DET issue-3073 173 14 basis basis NOUN issue-3073 173 15 of of ADP issue-3073 173 16 much much ADJ issue-3073 173 17 fishing fishing NOUN issue-3073 173 18 activity activity NOUN issue-3073 173 19 . . PUNCT issue-3073 174 1 its its PRON issue-3073 174 2 high high ADJ issue-3073 174 3 profitability profitability NOUN issue-3073 174 4 has have AUX issue-3073 174 5 led lead VERB issue-3073 174 6 to to ADP issue-3073 174 7 intense intense ADJ issue-3073 174 8 demand demand NOUN issue-3073 174 9 for for ADP issue-3073 174 10 quotas quota NOUN issue-3073 174 11 , , PUNCT issue-3073 174 12 with with ADP issue-3073 174 13 vessels vessel NOUN issue-3073 174 14 often often ADV issue-3073 174 15 facing face VERB issue-3073 174 16 constraints constraint NOUN issue-3073 174 17 due due ADJ issue-3073 174 18 to to ADP issue-3073 174 19 scarcity scarcity NOUN issue-3073 174 20 . . PUNCT issue-3073 175 1 sometimes sometimes ADV issue-3073 175 2 , , PUNCT issue-3073 175 3 they they PRON issue-3073 175 4 even even ADV issue-3073 175 5 have have VERB issue-3073 175 6 to to PART issue-3073 175 7 avoid avoid VERB issue-3073 175 8 catching catch VERB issue-3073 175 9 cod cod NOUN issue-3073 175 10 in in ADP issue-3073 175 11 order order NOUN issue-3073 175 12 to to PART issue-3073 175 13 remain remain VERB issue-3073 175 14 within within ADP issue-3073 175 15 legal legal ADJ issue-3073 175 16 limits limit NOUN issue-3073 175 17 . . PUNCT issue-3073 176 1 in in ADP issue-3073 176 2 contrast contrast NOUN issue-3073 176 3 , , PUNCT issue-3073 176 4 saithe saithe PROPN issue-3073 176 5 is be AUX issue-3073 176 6 more more ADV issue-3073 176 7 challenging challenging ADJ issue-3073 176 8 to to PART issue-3073 176 9 harvest harvest VERB issue-3073 176 10 , , PUNCT issue-3073 176 11 and and CCONJ issue-3073 176 12 the the DET issue-3073 176 13 icelandic icelandic ADJ issue-3073 176 14 fleet fleet NOUN issue-3073 176 15 has have AUX issue-3073 176 16 failed fail VERB issue-3073 176 17 to to PART issue-3073 176 18 catch catch VERB issue-3073 176 19 the the DET issue-3073 176 20 full full ADJ issue-3073 176 21 total total ADJ issue-3073 176 22 allowable allowable ADJ issue-3073 176 23 catch catch NOUN issue-3073 176 24 ( ( PUNCT issue-3073 176 25 tac tac NOUN issue-3073 176 26 ) ) PUNCT issue-3073 176 27 for for ADP issue-3073 176 28 this this DET issue-3073 176 29 species specie NOUN issue-3073 176 30 in in ADP issue-3073 176 31 several several ADJ issue-3073 176 32 years year NOUN issue-3073 176 33 . . PUNCT issue-3073 177 1 this this DET issue-3073 177 2 underutilisation underutilisation NOUN issue-3073 177 3 likely likely ADV issue-3073 177 4 explains explain VERB issue-3073 177 5 the the DET issue-3073 177 6 comparatively comparatively ADV issue-3073 177 7 low low ADJ issue-3073 177 8 return return NOUN issue-3073 177 9 on on ADP issue-3073 177 10 saithe saithe PROPN issue-3073 177 11 pqs pqs NOUN issue-3073 177 12 . . PUNCT issue-3073 178 1 in in ADP issue-3073 178 2 the the DET issue-3073 178 3 context context NOUN issue-3073 178 4 of of ADP issue-3073 178 5 the the DET issue-3073 178 6 study study NOUN issue-3073 178 7 , , PUNCT issue-3073 178 8 cod cod PROPN issue-3073 178 9 was be AUX issue-3073 178 10 identified identify VERB issue-3073 178 11 as as ADP issue-3073 178 12 the the DET issue-3073 178 13 most most ADV issue-3073 178 14 attractive attractive ADJ issue-3073 178 15 individual individual ADJ issue-3073 178 16 asset asset NOUN issue-3073 178 17 , , PUNCT issue-3073 178 18 offering offer VERB issue-3073 178 19 the the DET issue-3073 178 20 highest high ADJ issue-3073 178 21 return return NOUN issue-3073 178 22 ( ( PUNCT issue-3073 178 23 23.8 23.8 NUM issue-3073 178 24 % % NOUN issue-3073 178 25 ) ) PUNCT issue-3073 178 26 and and CCONJ issue-3073 178 27 the the DET issue-3073 178 28 lowest low ADJ issue-3073 178 29 risk risk NOUN issue-3073 178 30 among among ADP issue-3073 178 31 the the DET issue-3073 178 32 five five NUM issue-3073 178 33 species specie NOUN issue-3073 178 34 . . PUNCT issue-3073 179 1 cod cod NOUN issue-3073 179 2 is be AUX issue-3073 179 3 the the DET issue-3073 179 4 cornerstone cornerstone NOUN issue-3073 179 5 of of ADP issue-3073 179 6 icelandic icelandic ADJ issue-3073 179 7 fisheries fishery NOUN issue-3073 179 8 , , PUNCT issue-3073 179 9 accounting account VERB issue-3073 179 10 for for ADP issue-3073 179 11 over over ADP issue-3073 179 12 one one NUM issue-3073 179 13 - - PUNCT issue-3073 179 14 third third NOUN issue-3073 179 15 of of ADP issue-3073 179 16 total total ADJ issue-3073 179 17 catch catch NOUN issue-3073 179 18 value value NOUN issue-3073 179 19 . . PUNCT issue-3073 180 1 its its PRON issue-3073 180 2 consistent consistent ADJ issue-3073 180 3 economic economic ADJ issue-3073 180 4 performance performance NOUN issue-3073 180 5 underlines underline VERB issue-3073 180 6 its its PRON issue-3073 180 7 dominant dominant ADJ issue-3073 180 8 role role NOUN issue-3073 180 9 in in ADP issue-3073 180 10 the the DET issue-3073 180 11 quota quota NOUN issue-3073 180 12 market market NOUN issue-3073 180 13 . . PUNCT issue-3073 181 1 by by ADP issue-3073 181 2 contrast contrast NOUN issue-3073 181 3 , , PUNCT issue-3073 181 4 redfish redfish PROPN issue-3073 181 5 exhibited exhibit VERB issue-3073 181 6 an an DET issue-3073 181 7 unusually unusually ADV issue-3073 181 8 high high ADJ issue-3073 181 9 lease lease NOUN issue-3073 181 10 yield yield NOUN issue-3073 181 11 ( ( PUNCT issue-3073 181 12 15.7 15.7 NUM issue-3073 181 13 % % NOUN issue-3073 181 14 ) ) PUNCT issue-3073 181 15 , , PUNCT issue-3073 181 16 but but CCONJ issue-3073 181 17 the the DET issue-3073 181 18 lowest low ADJ issue-3073 181 19 capital capital NOUN issue-3073 181 20 appreciation appreciation NOUN issue-3073 181 21 ( ( PUNCT issue-3073 181 22 3.6 3.6 NUM issue-3073 181 23 % % NOUN issue-3073 181 24 ) ) PUNCT issue-3073 181 25 . . PUNCT issue-3073 182 1 saithe saithe PROPN issue-3073 182 2 and and CCONJ issue-3073 182 3 haddock haddock NOUN issue-3073 182 4 had have VERB issue-3073 182 5 similar similar ADJ issue-3073 182 6 profiles profile NOUN issue-3073 182 7 , , PUNCT issue-3073 182 8 with with ADP issue-3073 182 9 moderate moderate ADJ issue-3073 182 10 capital capital NOUN issue-3073 182 11 growth growth NOUN issue-3073 182 12 table table NOUN issue-3073 182 13 1 1 NUM issue-3073 182 14 performance performance NOUN issue-3073 182 15 of of ADP issue-3073 182 16 an an DET issue-3073 182 17 equally equally ADV issue-3073 182 18 weighted weight VERB issue-3073 182 19 pqs pqs PROPN issue-3073 182 20 portfolio portfolio NOUN issue-3073 182 21 , , PUNCT issue-3073 182 22 1992–2019 1992–2019 NUM issue-3073 182 23 period period NOUN issue-3073 182 24 total total ADJ issue-3073 182 25 return return NOUN issue-3073 182 26 capital capital NOUN issue-3073 182 27 return return NOUN issue-3073 182 28 lease lease NOUN issue-3073 182 29 return return NOUN issue-3073 182 30 std std PROPN issue-3073 182 31 . . PUNCT issue-3073 183 1 dev dev PROPN issue-3073 183 2 . . PUNCT issue-3073 184 1 sharpe sharpe PROPN issue-3073 184 2 ratio ratio NOUN issue-3073 184 3 1992–1998 1992–1998 NUM issue-3073 184 4 28.1 28.1 NUM issue-3073 184 5 % % NOUN issue-3073 184 6 10.8 10.8 NUM issue-3073 184 7 % % NOUN issue-3073 184 8 15.6 15.6 NUM issue-3073 184 9 % % NOUN issue-3073 184 10 22.9 22.9 NUM issue-3073 184 11 % % NOUN issue-3073 184 12 0.90 0.90 NUM issue-3073 184 13 1999–2005 1999–2005 NUM issue-3073 184 14 25.6 25.6 NUM issue-3073 184 15 % % NOUN issue-3073 184 16 12.3 12.3 NUM issue-3073 184 17 % % NOUN issue-3073 184 18 11.8 11.8 NUM issue-3073 184 19 % % NOUN issue-3073 184 20 4.9 4.9 NUM issue-3073 184 21 % % NOUN issue-3073 184 22 3.52 3.52 NUM issue-3073 184 23 2006–2012 2006–2012 NUM issue-3073 184 24 18.2 18.2 NUM issue-3073 184 25 % % NOUN issue-3073 184 26 4.3 4.3 NUM issue-3073 184 27 % % NOUN issue-3073 184 28 13.3 13.3 NUM issue-3073 184 29 % % NOUN issue-3073 184 30 28.5 28.5 NUM issue-3073 184 31 % % NOUN issue-3073 184 32 0.32 0.32 NUM issue-3073 184 33 2013–2019 2013–2019 NUM issue-3073 184 34 20.8 20.8 NUM issue-3073 184 35 % % NOUN issue-3073 184 36 10.6 10.6 NUM issue-3073 184 37 % % NOUN issue-3073 184 38 9.2 9.2 NUM issue-3073 184 39 % % NOUN issue-3073 184 40 17.8 17.8 NUM issue-3073 184 41 % % NOUN issue-3073 184 42 0.92 0.92 NUM issue-3073 184 43 1992–2019 1992–2019 NUM issue-3073 184 44 21.6 21.6 NUM issue-3073 184 45 % % NOUN issue-3073 184 46 8.2 8.2 NUM issue-3073 184 47 % % NOUN issue-3073 184 48 12.4 12.4 NUM issue-3073 184 49 % % NOUN issue-3073 184 50 20.0 20.0 NUM issue-3073 184 51 % % NOUN issue-3073 184 52 0.72 0.72 NUM issue-3073 184 53 sources source NOUN issue-3073 184 54 : : PUNCT issue-3073 184 55 author author PROPN issue-3073 184 56 ’s ’s PART issue-3073 184 57 calculations calculation NOUN issue-3073 184 58 based base VERB issue-3073 184 59 on on ADP issue-3073 184 60 data datum NOUN issue-3073 184 61 from from ADP issue-3073 184 62 the the DET issue-3073 184 63 directorate directorate NOUN issue-3073 184 64 of of ADP issue-3073 184 65 fisheries fishery NOUN issue-3073 184 66 , , PUNCT issue-3073 184 67 central central ADJ issue-3073 184 68 bank bank NOUN issue-3073 184 69 of of ADP issue-3073 184 70 iceland iceland PROPN issue-3073 184 71 , , PUNCT issue-3073 184 72 and and CCONJ issue-3073 184 73 reconstructed reconstruct VERB issue-3073 184 74 quota quota NOUN issue-3073 184 75 and and CCONJ issue-3073 184 76 lease lease NOUN issue-3073 184 77 price price NOUN issue-3073 184 78 series series NOUN issue-3073 184 79 from from ADP issue-3073 184 80 public public ADJ issue-3073 184 81 and and CCONJ issue-3073 184 82 industry industry NOUN issue-3073 184 83 records record NOUN issue-3073 184 84 baltic baltic PROPN issue-3073 184 85 journal journal PROPN issue-3073 184 86 of of ADP issue-3073 184 87 economic economic ADJ issue-3073 184 88 studies study NOUN issue-3073 184 89 35 35 NUM issue-3073 184 90 vol vol NOUN issue-3073 184 91 . . PUNCT issue-3073 185 1 11 11 NUM issue-3073 186 1 no no NOUN issue-3073 186 2 . . NOUN issue-3073 186 3 5 5 NUM issue-3073 186 4 , , PUNCT issue-3073 186 5 2025 2025 NUM issue-3073 186 6 and and CCONJ issue-3073 186 7 stable stable ADJ issue-3073 186 8 lease lease NOUN issue-3073 186 9 yields yield NOUN issue-3073 186 10 . . PUNCT issue-3073 187 1 greenland greenland PROPN issue-3073 187 2 halibut halibut PROPN issue-3073 187 3 showed show VERB issue-3073 187 4 the the DET issue-3073 187 5 highest high ADJ issue-3073 187 6 risk risk NOUN issue-3073 187 7 . . PUNCT issue-3073 188 1 table table NOUN issue-3073 188 2 3 3 NUM issue-3073 188 3 benchmarks benchmark NOUN issue-3073 188 4 the the DET issue-3073 188 5 performance performance NOUN issue-3073 188 6 of of ADP issue-3073 188 7 pqs pqs NOUN issue-3073 188 8 against against ADP issue-3073 188 9 that that PRON issue-3073 188 10 of of ADP issue-3073 188 11 major major ADJ issue-3073 188 12 alternative alternative ADJ issue-3073 188 13 investments investment NOUN issue-3073 188 14 in in ADP issue-3073 188 15 both both CCONJ issue-3073 188 16 the the DET issue-3073 188 17 icelandic icelandic ADJ issue-3073 188 18 and and CCONJ issue-3073 188 19 international international ADJ issue-3073 188 20 contexts contexts NOUN issue-3073 188 21 . . PUNCT issue-3073 189 1 several several ADJ issue-3073 189 2 key key ADJ issue-3073 189 3 insights insight NOUN issue-3073 189 4 emerge emerge VERB issue-3073 189 5 from from ADP issue-3073 189 6 this this DET issue-3073 189 7 comparison comparison NOUN issue-3073 189 8 . . PUNCT issue-3073 190 1 firstly firstly ADV issue-3073 190 2 , , PUNCT issue-3073 190 3 pqs pqs PROPN issue-3073 190 4 substantially substantially ADV issue-3073 190 5 outperformed outperform VERB issue-3073 190 6 all all DET issue-3073 190 7 other other ADJ issue-3073 190 8 asset asset NOUN issue-3073 190 9 classes class NOUN issue-3073 190 10 in in ADP issue-3073 190 11 terms term NOUN issue-3073 190 12 of of ADP issue-3073 190 13 average average ADJ issue-3073 190 14 annual annual ADJ issue-3073 190 15 return return NOUN issue-3073 190 16 . . PUNCT issue-3073 191 1 the the DET issue-3073 191 2 closest close ADJ issue-3073 191 3 competitor competitor NOUN issue-3073 191 4 , , PUNCT issue-3073 191 5 international international ADJ issue-3073 191 6 stocks stock NOUN issue-3073 191 7 ( ( PUNCT issue-3073 191 8 in in ADP issue-3073 191 9 isk isk NOUN issue-3073 191 10 ) ) PUNCT issue-3073 191 11 , , PUNCT issue-3073 191 12 offered offer VERB issue-3073 191 13 a a DET issue-3073 191 14 return return NOUN issue-3073 191 15 of of ADP issue-3073 191 16 just just ADV issue-3073 191 17 10.8 10.8 NUM issue-3073 191 18 % % NOUN issue-3073 191 19 , , PUNCT issue-3073 191 20 less less ADJ issue-3073 191 21 than than ADP issue-3073 191 22 half half DET issue-3073 191 23 that that DET issue-3073 191 24 of of ADP issue-3073 191 25 pqs pqs PROPN issue-3073 191 26 . . PUNCT issue-3073 192 1 secondly secondly ADV issue-3073 192 2 , , PUNCT issue-3073 192 3 pqs pqs PROPN issue-3073 192 4 also also ADV issue-3073 192 5 delivered deliver VERB issue-3073 192 6 robust robust ADJ issue-3073 192 7 risk risk NOUN issue-3073 192 8 - - PUNCT issue-3073 192 9 adjusted adjust VERB issue-3073 192 10 returns return NOUN issue-3073 192 11 , , PUNCT issue-3073 192 12 as as SCONJ issue-3073 192 13 evidenced evidence VERB issue-3073 192 14 by by ADP issue-3073 192 15 its its PRON issue-3073 192 16 sharpe sharpe NOUN issue-3073 192 17 ratio ratio NOUN issue-3073 192 18 of of ADP issue-3073 192 19 0.72 0.72 NUM issue-3073 192 20 , , PUNCT issue-3073 192 21 surpassing surpass VERB issue-3073 192 22 all all DET issue-3073 192 23 other other ADJ issue-3073 192 24 asset asset NOUN issue-3073 192 25 classes class NOUN issue-3073 192 26 by by ADP issue-3073 192 27 a a DET issue-3073 192 28 significant significant ADJ issue-3073 192 29 margin margin NOUN issue-3073 192 30 . . PUNCT issue-3073 193 1 the the DET issue-3073 193 2 performance performance NOUN issue-3073 193 3 of of ADP issue-3073 193 4 the the DET issue-3073 193 5 icelandic icelandic ADJ issue-3073 193 6 stock stock NOUN issue-3073 193 7 market market NOUN issue-3073 193 8 between between ADP issue-3073 193 9 1992 1992 NUM issue-3073 193 10 and and CCONJ issue-3073 193 11 2019 2019 NUM issue-3073 193 12 was be AUX issue-3073 193 13 notable notable ADJ issue-3073 193 14 for for ADP issue-3073 193 15 its its PRON issue-3073 193 16 volatility volatility NOUN issue-3073 193 17 . . PUNCT issue-3073 194 1 the the DET issue-3073 194 2 collapse collapse NOUN issue-3073 194 3 of of ADP issue-3073 194 4 the the DET issue-3073 194 5 banking banking NOUN issue-3073 194 6 sector sector NOUN issue-3073 194 7 in in ADP issue-3073 194 8 2008 2008 NUM issue-3073 194 9 , , PUNCT issue-3073 194 10 which which PRON issue-3073 194 11 saw see VERB issue-3073 194 12 the the DET issue-3073 194 13 main main ADJ issue-3073 194 14 stock stock NOUN issue-3073 194 15 index index NOUN issue-3073 194 16 decline decline NOUN issue-3073 194 17 by by ADP issue-3073 194 18 94.4 94.4 NUM issue-3073 194 19 % % NOUN issue-3073 194 20 , , PUNCT issue-3073 194 21 severely severely ADV issue-3073 194 22 affected affect VERB issue-3073 194 23 long long ADJ issue-3073 194 24 - - PUNCT issue-3073 194 25 term term NOUN issue-3073 194 26 returns return NOUN issue-3073 194 27 . . PUNCT issue-3073 195 1 this this PRON issue-3073 195 2 reduced reduce VERB issue-3073 195 3 the the DET issue-3073 195 4 average average ADJ issue-3073 195 5 annual annual ADJ issue-3073 195 6 return return NOUN issue-3073 195 7 on on ADP issue-3073 195 8 icelandic icelandic ADJ issue-3073 195 9 equities equity NOUN issue-3073 195 10 to to ADP issue-3073 195 11 just just ADV issue-3073 195 12 2.5 2.5 NUM issue-3073 195 13 % % NOUN issue-3073 195 14 , , PUNCT issue-3073 195 15 producing produce VERB issue-3073 195 16 a a DET issue-3073 195 17 negative negative ADJ issue-3073 195 18 sharpe sharpe NOUN issue-3073 195 19 ratio ratio NOUN issue-3073 195 20 of of ADP issue-3073 195 21 -0.15 -0.15 NUM issue-3073 195 22 . . PUNCT issue-3073 196 1 excluding exclude VERB issue-3073 196 2 2008 2008 NUM issue-3073 196 3 , , PUNCT issue-3073 196 4 the the DET issue-3073 196 5 average average ADJ issue-3073 196 6 return return NOUN issue-3073 196 7 increases increase VERB issue-3073 196 8 significantly significantly ADV issue-3073 196 9 to to ADP issue-3073 196 10 14.1 14.1 NUM issue-3073 196 11 % % NOUN issue-3073 196 12 , , PUNCT issue-3073 196 13 but but CCONJ issue-3073 196 14 remains remain VERB issue-3073 196 15 well well ADV issue-3073 196 16 below below ADP issue-3073 196 17 the the DET issue-3073 196 18 returns return NOUN issue-3073 196 19 generated generate VERB issue-3073 196 20 by by ADP issue-3073 196 21 pqs pqs PROPN issue-3073 196 22 . . PUNCT issue-3073 197 1 u.s u.s PROPN issue-3073 197 2 . . PROPN issue-3073 197 3 treasury treasury PROPN issue-3073 197 4 bills bill NOUN issue-3073 197 5 , , PUNCT issue-3073 197 6 which which PRON issue-3073 197 7 are be AUX issue-3073 197 8 usually usually ADV issue-3073 197 9 considered consider VERB issue-3073 197 10 a a DET issue-3073 197 11 safe safe ADJ issue-3073 197 12 investment investment NOUN issue-3073 197 13 , , PUNCT issue-3073 197 14 performed perform VERB issue-3073 197 15 poorly poorly ADV issue-3073 197 16 in in ADP issue-3073 197 17 icelandic icelandic ADJ issue-3073 197 18 krónur krónur NOUN issue-3073 197 19 due due ADP issue-3073 197 20 to to ADP issue-3073 197 21 currency currency NOUN issue-3073 197 22 fluctuations fluctuation NOUN issue-3073 197 23 . . PUNCT issue-3073 198 1 this this PRON issue-3073 198 2 highlights highlight VERB issue-3073 198 3 the the DET issue-3073 198 4 risks risk NOUN issue-3073 198 5 of of ADP issue-3073 198 6 holding hold VERB issue-3073 198 7 foreign foreign ADJ issue-3073 198 8 - - PUNCT issue-3073 198 9 currency currency NOUN issue-3073 198 10 assets asset NOUN issue-3073 198 11 in in ADP issue-3073 198 12 a a DET issue-3073 198 13 volatile volatile ADJ issue-3073 198 14 macroeconomic macroeconomic ADJ issue-3073 198 15 environment environment NOUN issue-3073 198 16 . . PUNCT issue-3073 199 1 6 6 X issue-3073 199 2 . . X issue-3073 199 3 discussion discussion NOUN issue-3073 199 4 the the DET issue-3073 199 5 findings finding NOUN issue-3073 199 6 of of ADP issue-3073 199 7 this this DET issue-3073 199 8 study study NOUN issue-3073 199 9 reveal reveal VERB issue-3073 199 10 that that SCONJ issue-3073 199 11 permanent permanent ADJ issue-3073 199 12 quota quota NOUN issue-3073 199 13 shares share NOUN issue-3073 199 14 ( ( PUNCT issue-3073 199 15 pqs pqs NOUN issue-3073 199 16 ) ) PUNCT issue-3073 199 17 in in ADP issue-3073 199 18 iceland iceland PROPN issue-3073 199 19 ’s ’ VERB issue-3073 199 20 the the DET issue-3073 199 21 individual individual ADJ issue-3073 199 22 transferable transferable ADJ issue-3073 199 23 quota quota NOUN issue-3073 199 24 ( ( PUNCT issue-3073 199 25 itq itq NOUN issue-3073 199 26 ) ) PUNCT issue-3073 199 27 fisheries fishery NOUN issue-3073 199 28 system system NOUN issue-3073 199 29 yielded yield VERB issue-3073 199 30 remarkably remarkably ADV issue-3073 199 31 high high ADJ issue-3073 199 32 financial financial ADJ issue-3073 199 33 returns return NOUN issue-3073 199 34 over over ADP issue-3073 199 35 the the DET issue-3073 199 36 1992–2019 1992–2019 NUM issue-3073 199 37 period period NOUN issue-3073 199 38 . . PUNCT issue-3073 200 1 utilising utilise VERB issue-3073 200 2 a a DET issue-3073 200 3 robust robust ADJ issue-3073 200 4 statistical statistical ADJ issue-3073 200 5 framework framework NOUN issue-3073 200 6 , , PUNCT issue-3073 200 7 this this DET issue-3073 200 8 study study NOUN issue-3073 200 9 finds find VERB issue-3073 200 10 that that SCONJ issue-3073 200 11 pqs pqs NOUN issue-3073 200 12 exhibited exhibit VERB issue-3073 200 13 an an DET issue-3073 200 14 average average ADJ issue-3073 200 15 annual annual ADJ issue-3073 200 16 return return NOUN issue-3073 200 17 of of ADP issue-3073 200 18 21.6 21.6 NUM issue-3073 200 19 % % NOUN issue-3073 200 20 and and CCONJ issue-3073 200 21 a a DET issue-3073 200 22 sharpe sharpe NOUN issue-3073 200 23 ratio ratio NOUN issue-3073 200 24 of of ADP issue-3073 200 25 0.72 0.72 NUM issue-3073 200 26 . . PUNCT issue-3073 201 1 this this DET issue-3073 201 2 performance performance NOUN issue-3073 201 3 surpassed surpass VERB issue-3073 201 4 that that PRON issue-3073 201 5 of of ADP issue-3073 201 6 all all DET issue-3073 201 7 major major ADJ issue-3073 201 8 domestic domestic ADJ issue-3073 201 9 and and CCONJ issue-3073 201 10 international international ADJ issue-3073 201 11 benchmarks benchmark NOUN issue-3073 201 12 , , PUNCT issue-3073 201 13 including include VERB issue-3073 201 14 equities equity NOUN issue-3073 201 15 and and CCONJ issue-3073 201 16 bonds bond NOUN issue-3073 201 17 . . PUNCT issue-3073 202 1 these these DET issue-3073 202 2 figures figure NOUN issue-3073 202 3 underscore underscore VERB issue-3073 202 4 the the DET issue-3073 202 5 potential potential NOUN issue-3073 202 6 of of ADP issue-3073 202 7 quota quota NOUN issue-3073 202 8 rights right NOUN issue-3073 202 9 to to PART issue-3073 202 10 function function VERB issue-3073 202 11 as as ADP issue-3073 202 12 investmentgrade investmentgrade NOUN issue-3073 202 13 assets asset NOUN issue-3073 202 14 . . PUNCT issue-3073 203 1 however however ADV issue-3073 203 2 , , PUNCT issue-3073 203 3 pqs pqs PROPN issue-3073 203 4 are be AUX issue-3073 203 5 not not PART issue-3073 203 6 conventional conventional ADJ issue-3073 203 7 securities security NOUN issue-3073 203 8 . . PUNCT issue-3073 204 1 these these DET issue-3073 204 2 rights right NOUN issue-3073 204 3 are be AUX issue-3073 204 4 predicated predicate VERB issue-3073 204 5 on on ADP issue-3073 204 6 conditions condition NOUN issue-3073 204 7 and and CCONJ issue-3073 204 8 the the DET issue-3073 204 9 utilisation utilisation NOUN issue-3073 204 10 of of ADP issue-3073 204 11 a a DET issue-3073 204 12 public public ADJ issue-3073 204 13 resource resource NOUN issue-3073 204 14 , , PUNCT issue-3073 204 15 and and CCONJ issue-3073 204 16 are be AUX issue-3073 204 17 embedded embed VERB issue-3073 204 18 withina withina PROPN issue-3073 204 19 legal legal ADJ issue-3073 204 20 and and CCONJ issue-3073 204 21 ecological ecological ADJ issue-3073 204 22 management management NOUN issue-3073 204 23 regime regime NOUN issue-3073 204 24 . . PUNCT issue-3073 205 1 as as SCONJ issue-3073 205 2 árnason árnason NOUN issue-3073 205 3 ( ( PUNCT issue-3073 205 4 1993 1993 NUM issue-3073 205 5 ) ) PUNCT issue-3073 205 6 and and CCONJ issue-3073 205 7 daníelsson daníelsson NOUN issue-3073 205 8 ( ( PUNCT issue-3073 205 9 1997 1997 NUM issue-3073 205 10 ) ) PUNCT issue-3073 205 11 emphasise emphasise VERB issue-3073 205 12 , , PUNCT issue-3073 205 13 iceland iceland PROPN issue-3073 205 14 's 's PART issue-3073 205 15 itq itq NOUN issue-3073 205 16 system system NOUN issue-3073 205 17 was be AUX issue-3073 205 18 designed design VERB issue-3073 205 19 to to PART issue-3073 205 20 promote promote VERB issue-3073 205 21 economic economic ADJ issue-3073 205 22 efficiency efficiency NOUN issue-3073 205 23 while while SCONJ issue-3073 205 24 preserving preserve VERB issue-3073 205 25 resource resource NOUN issue-3073 205 26 sustainability sustainability NOUN issue-3073 205 27 , , PUNCT issue-3073 205 28 and and CCONJ issue-3073 205 29 includes include VERB issue-3073 205 30 constraints constraint NOUN issue-3073 205 31 such such ADJ issue-3073 205 32 as as ADP issue-3073 205 33 the the DET issue-3073 205 34 veiðiskylda veiðiskylda NOUN issue-3073 205 35 , , PUNCT issue-3073 205 36 which which PRON issue-3073 205 37 mandates mandate VERB issue-3073 205 38 that that SCONJ issue-3073 205 39 a a DET issue-3073 205 40 large large ADJ issue-3073 205 41 share share NOUN issue-3073 205 42 of of ADP issue-3073 205 43 quota quota NOUN issue-3073 205 44 holdings holding NOUN issue-3073 205 45 must must AUX issue-3073 205 46 be be AUX issue-3073 205 47 fished fish VERB issue-3073 205 48 by by ADP issue-3073 205 49 the the DET issue-3073 205 50 owner owner NOUN issue-3073 205 51 or or CCONJ issue-3073 205 52 associated associated ADJ issue-3073 205 53 operators operator NOUN issue-3073 205 54 . . PUNCT issue-3073 206 1 this this DET issue-3073 206 2 obligation obligation NOUN issue-3073 206 3 serves serve VERB issue-3073 206 4 to to PART issue-3073 206 5 limit limit VERB issue-3073 206 6 the the DET issue-3073 206 7 scope scope NOUN issue-3073 206 8 of of ADP issue-3073 206 9 speculative speculative ADJ issue-3073 206 10 ownership ownership NOUN issue-3073 206 11 , , PUNCT issue-3073 206 12 thereby thereby ADV issue-3073 206 13 contributing contribute VERB issue-3073 206 14 to to ADP issue-3073 206 15 an an DET issue-3073 206 16 understanding understanding NOUN issue-3073 206 17 of of ADP issue-3073 206 18 why why SCONJ issue-3073 206 19 pqs pqs NOUN issue-3073 206 20 , , PUNCT issue-3073 206 21 despite despite SCONJ issue-3073 206 22 their their PRON issue-3073 206 23 financial financial ADJ issue-3073 206 24 profitability profitability NOUN issue-3073 206 25 , , PUNCT issue-3073 206 26 remain remain VERB issue-3073 206 27 firmly firmly ADV issue-3073 206 28 embedded embed VERB issue-3073 206 29 within within ADP issue-3073 206 30 regulatory regulatory ADJ issue-3073 206 31 and and CCONJ issue-3073 206 32 operational operational ADJ issue-3073 206 33 constraints constraint NOUN issue-3073 206 34 . . PUNCT issue-3073 207 1 the the DET issue-3073 207 2 robust robust ADJ issue-3073 207 3 performance performance NOUN issue-3073 207 4 evident evident ADJ issue-3073 207 5 in in ADP issue-3073 207 6 this this DET issue-3073 207 7 study study NOUN issue-3073 207 8 should should AUX issue-3073 207 9 not not PART issue-3073 207 10 be be AUX issue-3073 207 11 interpreted interpret VERB issue-3073 207 12 in in ADP issue-3073 207 13 isolation isolation NOUN issue-3073 207 14 . . PUNCT issue-3073 208 1 this this DET issue-3073 208 2 phenomenon phenomenon NOUN issue-3073 208 3 is be AUX issue-3073 208 4 indicative indicative ADJ issue-3073 208 5 of of ADP issue-3073 208 6 broader broad ADJ issue-3073 208 7 structural structural ADJ issue-3073 208 8 and and CCONJ issue-3073 208 9 economic economic ADJ issue-3073 208 10 developments development NOUN issue-3073 208 11 in in ADP issue-3073 208 12 icelandic icelandic ADJ issue-3073 208 13 fisheries fishery NOUN issue-3073 208 14 . . PUNCT issue-3073 209 1 it it PRON issue-3073 209 2 is be AUX issue-3073 209 3 evident evident ADJ issue-3073 209 4 that that SCONJ issue-3073 209 5 over over ADP issue-3073 209 6 the the DET issue-3073 209 7 past past ADJ issue-3073 209 8 three three NUM issue-3073 209 9 decades decade NOUN issue-3073 209 10 , , PUNCT issue-3073 209 11 the the DET issue-3073 209 12 sector sector NOUN issue-3073 209 13 has have AUX issue-3073 209 14 experienced experience VERB issue-3073 209 15 a a DET issue-3073 209 16 period period NOUN issue-3073 209 17 of of ADP issue-3073 209 18 sustained sustained ADJ issue-3073 209 19 profitability profitability NOUN issue-3073 209 20 . . PUNCT issue-3073 210 1 this this PRON issue-3073 210 2 can can AUX issue-3073 210 3 be be AUX issue-3073 210 4 attributed attribute VERB issue-3073 210 5 to to ADP issue-3073 210 6 three three NUM issue-3073 210 7 key key ADJ issue-3073 210 8 factors factor NOUN issue-3073 210 9 : : PUNCT issue-3073 210 10 firstly firstly ADV issue-3073 210 11 , , PUNCT issue-3073 210 12 technological technological ADJ issue-3073 210 13 modernisation modernisation NOUN issue-3073 210 14 ; ; PUNCT issue-3073 210 15 secondly secondly ADV issue-3073 210 16 , , PUNCT issue-3073 210 17 industry industry NOUN issue-3073 210 18 consolidation consolidation NOUN issue-3073 210 19 ; ; PUNCT issue-3073 210 20 and and CCONJ issue-3073 210 21 thirdly thirdly ADV issue-3073 210 22 , , PUNCT issue-3073 210 23 enhanced enhance VERB issue-3073 210 24 market market NOUN issue-3073 210 25 orientation orientation NOUN issue-3073 210 26 . . PUNCT issue-3073 211 1 gunnlaugsson gunnlaugsson NOUN issue-3073 211 2 and and CCONJ issue-3073 211 3 valtýsson valtýsson NOUN issue-3073 211 4 ( ( PUNCT issue-3073 211 5 2022 2022 NUM issue-3073 211 6 ) ) PUNCT issue-3073 211 7 observe observe VERB issue-3073 211 8 that that SCONJ issue-3073 211 9 the the DET issue-3073 211 10 itq itq NOUN issue-3073 211 11 system system NOUN issue-3073 211 12 table table NOUN issue-3073 211 13 2 2 NUM issue-3073 211 14 return return NOUN issue-3073 211 15 characteristics characteristic NOUN issue-3073 211 16 by by ADP issue-3073 211 17 demersal demersal ADJ issue-3073 211 18 species specie NOUN issue-3073 211 19 , , PUNCT issue-3073 211 20 1992–2019 1992–2019 NUM issue-3073 211 21 species specie NOUN issue-3073 211 22 total total ADJ issue-3073 211 23 return return NOUN issue-3073 211 24 capital capital NOUN issue-3073 211 25 return return NOUN issue-3073 211 26 lease lease NOUN issue-3073 211 27 return return NOUN issue-3073 211 28 std std PROPN issue-3073 211 29 . . PUNCT issue-3073 212 1 dev dev PROPN issue-3073 212 2 . . PUNCT issue-3073 213 1 cod cod NOUN issue-3073 213 2 23.8 23.8 NUM issue-3073 213 3 % % NOUN issue-3073 213 4 10.8 10.8 NUM issue-3073 213 5 % % NOUN issue-3073 213 6 11.8 11.8 NUM issue-3073 213 7 % % NOUN issue-3073 213 8 25.3 25.3 NUM issue-3073 213 9 % % NOUN issue-3073 213 10 haddock haddock NOUN issue-3073 213 11 20.6 20.6 NUM issue-3073 213 12 % % NOUN issue-3073 213 13 8.6 8.6 NUM issue-3073 213 14 % % NOUN issue-3073 213 15 11.1 11.1 NUM issue-3073 213 16 % % NOUN issue-3073 213 17 27.7 27.7 NUM issue-3073 213 18 % % NOUN issue-3073 213 19 saithe saithe NOUN issue-3073 213 20 19.6 19.6 NUM issue-3073 213 21 % % NOUN issue-3073 213 22 8.7 8.7 NUM issue-3073 213 23 % % NOUN issue-3073 213 24 10.0 10.0 NUM issue-3073 213 25 % % NOUN issue-3073 213 26 30.4 30.4 NUM issue-3073 213 27 % % NOUN issue-3073 213 28 redfish redfish NOUN issue-3073 213 29 19.9 19.9 NUM issue-3073 213 30 % % NOUN issue-3073 213 31 3.6 3.6 NUM issue-3073 213 32 % % NOUN issue-3073 213 33 15.7 15.7 NUM issue-3073 213 34 % % NOUN issue-3073 213 35 30.2 30.2 NUM issue-3073 213 36 % % NOUN issue-3073 213 37 greenland greenland PROPN issue-3073 213 38 halibut halibut PROPN issue-3073 213 39 22.5 22.5 NUM issue-3073 213 40 % % NOUN issue-3073 213 41 8.0 8.0 NUM issue-3073 213 42 % % NOUN issue-3073 213 43 13.5 13.5 NUM issue-3073 213 44 % % NOUN issue-3073 213 45 34.4 34.4 NUM issue-3073 213 46 % % NOUN issue-3073 213 47 sources source NOUN issue-3073 213 48 : : PUNCT issue-3073 213 49 author author PROPN issue-3073 213 50 ’s ’s PART issue-3073 213 51 calculations calculation NOUN issue-3073 213 52 based base VERB issue-3073 213 53 on on ADP issue-3073 213 54 data datum NOUN issue-3073 213 55 from from ADP issue-3073 213 56 the the DET issue-3073 213 57 directorate directorate NOUN issue-3073 213 58 of of ADP issue-3073 213 59 fisheries fishery NOUN issue-3073 213 60 , , PUNCT issue-3073 213 61 central central ADJ issue-3073 213 62 bank bank NOUN issue-3073 213 63 of of ADP issue-3073 213 64 iceland iceland PROPN issue-3073 213 65 , , PUNCT issue-3073 213 66 and and CCONJ issue-3073 213 67 reconstructed reconstruct VERB issue-3073 213 68 quota quota NOUN issue-3073 213 69 and and CCONJ issue-3073 213 70 lease lease NOUN issue-3073 213 71 price price NOUN issue-3073 213 72 series series NOUN issue-3073 213 73 from from ADP issue-3073 213 74 public public ADJ issue-3073 213 75 and and CCONJ issue-3073 213 76 industry industry NOUN issue-3073 213 77 records record NOUN issue-3073 213 78 table table NOUN issue-3073 213 79 3 3 NUM issue-3073 213 80 pqs pqs NOUN issue-3073 213 81 vs. vs. ADP issue-3073 213 82 benchmark benchmark NOUN issue-3073 213 83 asset asset NOUN issue-3073 213 84 classes class NOUN issue-3073 213 85 , , PUNCT issue-3073 213 86 1992–2019 1992–2019 NUM issue-3073 213 87 asset asset NOUN issue-3073 213 88 class class PROPN issue-3073 213 89 avg avg PROPN issue-3073 213 90 . . PROPN issue-3073 214 1 return return PROPN issue-3073 214 2 std std PROPN issue-3073 214 3 . . PUNCT issue-3073 215 1 dev dev PROPN issue-3073 215 2 . . PUNCT issue-3073 216 1 sharpe sharpe PROPN issue-3073 216 2 ratio ratio PROPN issue-3073 216 3 international international PROPN issue-3073 216 4 stocks stock NOUN issue-3073 216 5 ( ( PUNCT issue-3073 216 6 isk isk NOUN issue-3073 216 7 ) ) PUNCT issue-3073 216 8 10.8 10.8 NUM issue-3073 216 9 % % NOUN issue-3073 216 10 15.4 15.4 NUM issue-3073 216 11 % % NOUN issue-3073 216 12 0.23 0.23 NUM issue-3073 216 13 icelandic icelandic ADJ issue-3073 216 14 stocks stock NOUN issue-3073 216 15 ( ( PUNCT issue-3073 216 16 incl incl NOUN issue-3073 216 17 . . PUNCT issue-3073 216 18 2008 2008 NUM issue-3073 216 19 ) ) PUNCT issue-3073 216 20 2.5 2.5 NUM issue-3073 216 21 % % NOUN issue-3073 216 22 32.4 32.4 NUM issue-3073 216 23 % % NOUN issue-3073 216 24 -0.15 -0.15 NUM issue-3073 216 25 icelandic icelandic ADJ issue-3073 216 26 stocks stock NOUN issue-3073 216 27 ( ( PUNCT issue-3073 216 28 excl excl NOUN issue-3073 216 29 . . PUNCT issue-3073 216 30 2008 2008 NUM issue-3073 216 31 ) ) PUNCT issue-3073 216 32 14.1 14.1 NUM issue-3073 216 33 % % NOUN issue-3073 216 34 25.2 25.2 NUM issue-3073 216 35 % % NOUN issue-3073 216 36 0.27 0.27 NUM issue-3073 216 37 risk risk NOUN issue-3073 216 38 - - PUNCT issue-3073 216 39 free free ADJ issue-3073 216 40 ( ( PUNCT issue-3073 216 41 reibid reibid NOUN issue-3073 216 42 ) ) PUNCT issue-3073 216 43 7.3 7.3 NUM issue-3073 216 44 % % NOUN issue-3073 216 45 3.1 3.1 NUM issue-3073 216 46 % % NOUN issue-3073 216 47 — — PUNCT issue-3073 216 48 icelandic icelandic ADJ issue-3073 216 49 gov gov PROPN issue-3073 216 50 . . PROPN issue-3073 216 51 bonds bond NOUN issue-3073 216 52 ( ( PUNCT issue-3073 216 53 long long ADJ issue-3073 216 54 - - PUNCT issue-3073 216 55 term term NOUN issue-3073 216 56 ) ) PUNCT issue-3073 216 57 8.8 8.8 NUM issue-3073 216 58 % % NOUN issue-3073 216 59 4.8 4.8 NUM issue-3073 216 60 % % NOUN issue-3073 216 61 0.31 0.31 NUM issue-3073 216 62 u.s u.s PROPN issue-3073 216 63 . . PROPN issue-3073 216 64 t t PROPN issue-3073 216 65 - - PUNCT issue-3073 216 66 bills bill NOUN issue-3073 216 67 ( ( PUNCT issue-3073 216 68 isk isk NOUN issue-3073 216 69 ) ) PUNCT issue-3073 216 70 5.2 5.2 NUM issue-3073 216 71 % % NOUN issue-3073 216 72 21.8 21.8 NUM issue-3073 216 73 % % NOUN issue-3073 216 74 -0.10 -0.10 NUM issue-3073 216 75 equally equally ADV issue-3073 216 76 weighted weight VERB issue-3073 216 77 pqs pqs PROPN issue-3073 216 78 portfolio portfolio NOUN issue-3073 216 79 , , PUNCT issue-3073 216 80 21.6 21.6 NUM issue-3073 216 81 % % NOUN issue-3073 216 82 20.0 20.0 NUM issue-3073 216 83 % % NOUN issue-3073 216 84 0.72 0.72 NUM issue-3073 216 85 source source NOUN issue-3073 216 86 : : PUNCT issue-3073 216 87 author author PROPN issue-3073 216 88 ’s ’s PART issue-3073 216 89 calculations calculation NOUN issue-3073 216 90 based base VERB issue-3073 216 91 on on ADP issue-3073 216 92 nasdaq nasdaq PROPN issue-3073 216 93 iceland iceland PROPN issue-3073 216 94 indices index NOUN issue-3073 216 95 , , PUNCT issue-3073 216 96 central central ADJ issue-3073 216 97 bank bank NOUN issue-3073 216 98 of of ADP issue-3073 216 99 iceland iceland PROPN issue-3073 216 100 bloomberg bloomberg PROPN issue-3073 216 101 ( ( PUNCT issue-3073 216 102 for for ADP issue-3073 216 103 international international ADJ issue-3073 216 104 assets asset NOUN issue-3073 216 105 ) ) PUNCT issue-3073 216 106 , , PUNCT issue-3073 216 107 and and CCONJ issue-3073 216 108 official official ADJ issue-3073 216 109 exchange exchange NOUN issue-3073 216 110 rates rate NOUN issue-3073 216 111 baltic baltic ADJ issue-3073 216 112 journal journal PROPN issue-3073 216 113 of of ADP issue-3073 216 114 economic economic ADJ issue-3073 216 115 studies study NOUN issue-3073 216 116 36 36 NUM issue-3073 216 117 vol vol NOUN issue-3073 216 118 . . PROPN issue-3073 216 119 11 11 NUM issue-3073 216 120 no no NOUN issue-3073 216 121 . . NOUN issue-3073 216 122 5 5 NUM issue-3073 216 123 , , PUNCT issue-3073 216 124 2025 2025 NUM issue-3073 216 125 has have AUX issue-3073 216 126 been be AUX issue-3073 216 127 successful successful ADJ issue-3073 216 128 in in ADP issue-3073 216 129 generating generate VERB issue-3073 216 130 wealth wealth NOUN issue-3073 216 131 and and CCONJ issue-3073 216 132 ensuring ensure VERB issue-3073 216 133 biological biological ADJ issue-3073 216 134 sustainability sustainability NOUN issue-3073 216 135 . . PUNCT issue-3073 217 1 however however ADV issue-3073 217 2 , , PUNCT issue-3073 217 3 these these DET issue-3073 217 4 gains gain NOUN issue-3073 217 5 have have AUX issue-3073 217 6 not not PART issue-3073 217 7 been be AUX issue-3073 217 8 universally universally ADV issue-3073 217 9 welcomed welcome VERB issue-3073 217 10 across across ADP issue-3073 217 11 icelandic icelandic ADJ issue-3073 217 12 society society NOUN issue-3073 217 13 . . PUNCT issue-3073 218 1 as as ADP issue-3073 218 2 knútsson knútsson PROPN issue-3073 218 3 et et PROPN issue-3073 218 4 al al PROPN issue-3073 218 5 . . PUNCT issue-3073 219 1 ( ( PUNCT issue-3073 219 2 2016 2016 NUM issue-3073 219 3 ) ) PUNCT issue-3073 219 4 also also ADV issue-3073 219 5 demonstrate demonstrate VERB issue-3073 219 6 , , PUNCT issue-3073 219 7 improvements improvement NOUN issue-3073 219 8 in in ADP issue-3073 219 9 value value NOUN issue-3073 219 10 - - PUNCT issue-3073 219 11 chain chain NOUN issue-3073 219 12 efficiency efficiency NOUN issue-3073 219 13 and and CCONJ issue-3073 219 14 export export NOUN issue-3073 219 15 prices price NOUN issue-3073 219 16 are be AUX issue-3073 219 17 identified identify VERB issue-3073 219 18 as as ADP issue-3073 219 19 key key ADJ issue-3073 219 20 drivers driver NOUN issue-3073 219 21 of of ADP issue-3073 219 22 enhanced enhanced ADJ issue-3073 219 23 economic economic ADJ issue-3073 219 24 returns return NOUN issue-3073 219 25 . . PUNCT issue-3073 220 1 these these DET issue-3073 220 2 developments development NOUN issue-3073 220 3 were be AUX issue-3073 220 4 capitalised capitalise VERB issue-3073 220 5 into into ADP issue-3073 220 6 quota quota NOUN issue-3073 220 7 prices price NOUN issue-3073 220 8 , , PUNCT issue-3073 220 9 particularly particularly ADV issue-3073 220 10 during during ADP issue-3073 220 11 periods period NOUN issue-3073 220 12 of of ADP issue-3073 220 13 cheap cheap ADJ issue-3073 220 14 credit credit NOUN issue-3073 220 15 . . PUNCT issue-3073 221 1 the the DET issue-3073 221 2 high high ADJ issue-3073 221 3 returns return NOUN issue-3073 221 4 calculated calculate VERB issue-3073 221 5 for for ADP issue-3073 221 6 the the DET issue-3073 221 7 hypothetical hypothetical ADJ issue-3073 221 8 " " PUNCT issue-3073 221 9 armchair armchair NOUN issue-3073 221 10 fisherman fisherman NOUN issue-3073 221 11 " " PUNCT issue-3073 221 12 are be AUX issue-3073 221 13 therefore therefore ADV issue-3073 221 14 not not PART issue-3073 221 15 anomalies anomaly NOUN issue-3073 221 16 , , PUNCT issue-3073 221 17 but but CCONJ issue-3073 221 18 rather rather ADV issue-3073 221 19 a a DET issue-3073 221 20 financial financial ADJ issue-3073 221 21 reflection reflection NOUN issue-3073 221 22 of of ADP issue-3073 221 23 an an DET issue-3073 221 24 increasingly increasingly ADV issue-3073 221 25 profitable profitable ADJ issue-3073 221 26 and and CCONJ issue-3073 221 27 industrialised industrialised ADJ issue-3073 221 28 sector sector NOUN issue-3073 221 29 . . PUNCT issue-3073 222 1 nevertheless nevertheless ADV issue-3073 222 2 , , PUNCT issue-3073 222 3 there there PRON issue-3073 222 4 are be VERB issue-3073 222 5 manifest manifest ADJ issue-3073 222 6 indications indication NOUN issue-3073 222 7 that that SCONJ issue-3073 222 8 these these DET issue-3073 222 9 exceptional exceptional ADJ issue-3073 222 10 returns return NOUN issue-3073 222 11 may may AUX issue-3073 222 12 not not PART issue-3073 222 13 persist persist VERB issue-3073 222 14 indefinitely indefinitely ADV issue-3073 222 15 . . PUNCT issue-3073 223 1 it it PRON issue-3073 223 2 is be AUX issue-3073 223 3 evident evident ADJ issue-3073 223 4 that that SCONJ issue-3073 223 5 the the DET issue-3073 223 6 economic economic ADJ issue-3073 223 7 efficiency efficiency NOUN issue-3073 223 8 gains gain NOUN issue-3073 223 9 from from ADP issue-3073 223 10 the the DET issue-3073 223 11 itq itq NOUN issue-3073 223 12 reform reform NOUN issue-3073 223 13 process process NOUN issue-3073 223 14 have have AUX issue-3073 223 15 already already ADV issue-3073 223 16 been be AUX issue-3073 223 17 realised realise VERB issue-3073 223 18 , , PUNCT issue-3073 223 19 and and CCONJ issue-3073 223 20 total total ADJ issue-3073 223 21 allowable allowable ADJ issue-3073 223 22 catches catch NOUN issue-3073 223 23 ( ( PUNCT issue-3073 223 24 tacs tacs PROPN issue-3073 223 25 ) ) PUNCT issue-3073 223 26 for for ADP issue-3073 223 27 key key ADJ issue-3073 223 28 species specie NOUN issue-3073 223 29 are be AUX issue-3073 223 30 stable stable ADJ issue-3073 223 31 . . PUNCT issue-3073 224 1 as as ADP issue-3073 224 2 the the DET issue-3073 224 3 sector sector NOUN issue-3073 224 4 matures mature NOUN issue-3073 224 5 , , PUNCT issue-3073 224 6 the the DET issue-3073 224 7 potential potential NOUN issue-3073 224 8 for for ADP issue-3073 224 9 further further ADJ issue-3073 224 10 capital capital NOUN issue-3073 224 11 appreciation appreciation NOUN issue-3073 224 12 in in ADP issue-3073 224 13 quota quota NOUN issue-3073 224 14 prices price NOUN issue-3073 224 15 is be AUX issue-3073 224 16 likely likely ADJ issue-3073 224 17 to to PART issue-3073 224 18 diminish diminish VERB issue-3073 224 19 . . PUNCT issue-3073 225 1 byrne byrne PROPN issue-3073 225 2 et et PROPN issue-3073 225 3 al al PROPN issue-3073 225 4 . . PROPN issue-3073 226 1 ( ( PUNCT issue-3073 226 2 2024 2024 NUM issue-3073 226 3 ) ) PUNCT issue-3073 226 4 posit posit VERB issue-3073 226 5 that that SCONJ issue-3073 226 6 iceland iceland NOUN issue-3073 226 7 's 's PART issue-3073 226 8 quota quota NOUN issue-3073 226 9 system system NOUN issue-3073 226 10 manifests manifest NOUN issue-3073 226 11 features feature VERB issue-3073 226 12 indicative indicative ADJ issue-3073 226 13 of of ADP issue-3073 226 14 a a DET issue-3073 226 15 transitional transitional ADJ issue-3073 226 16 gains gain NOUN issue-3073 226 17 trap trap NOUN issue-3073 226 18 , , PUNCT issue-3073 226 19 wherein wherein SCONJ issue-3073 226 20 early early ADJ issue-3073 226 21 adopters adopter NOUN issue-3073 226 22 accrue accrue VERB issue-3073 226 23 substantial substantial ADJ issue-3073 226 24 windfall windfall NOUN issue-3073 226 25 benefits benefit NOUN issue-3073 226 26 that that PRON issue-3073 226 27 subsequent subsequent ADJ issue-3073 226 28 participants participant NOUN issue-3073 226 29 are be AUX issue-3073 226 30 unable unable ADJ issue-3073 226 31 to to PART issue-3073 226 32 replicate replicate VERB issue-3073 226 33 . . PUNCT issue-3073 227 1 this this DET issue-3073 227 2 framework framework NOUN issue-3073 227 3 suggests suggest VERB issue-3073 227 4 that that SCONJ issue-3073 227 5 the the DET issue-3073 227 6 era era NOUN issue-3073 227 7 of of ADP issue-3073 227 8 double double ADJ issue-3073 227 9 - - PUNCT issue-3073 227 10 digit digit NOUN issue-3073 227 11 capital capital NOUN issue-3073 227 12 gains gain NOUN issue-3073 227 13 for for ADP issue-3073 227 14 pqs pqs NOUN issue-3073 227 15 holders holder NOUN issue-3073 227 16 may may AUX issue-3073 227 17 be be AUX issue-3073 227 18 drawing draw VERB issue-3073 227 19 to to ADP issue-3073 227 20 a a DET issue-3073 227 21 close close ADJ issue-3073 227 22 , , PUNCT issue-3073 227 23 replaced replace VERB issue-3073 227 24 by by ADP issue-3073 227 25 more more ADV issue-3073 227 26 modest modest ADJ issue-3073 227 27 returns return NOUN issue-3073 227 28 aligned align VERB issue-3073 227 29 with with ADP issue-3073 227 30 stable stable ADJ issue-3073 227 31 biological biological ADJ issue-3073 227 32 and and CCONJ issue-3073 227 33 operational operational ADJ issue-3073 227 34 conditions condition NOUN issue-3073 227 35 . . PUNCT issue-3073 228 1 conversely conversely ADV issue-3073 228 2 , , PUNCT issue-3073 228 3 it it PRON issue-3073 228 4 is be AUX issue-3073 228 5 anticipated anticipate VERB issue-3073 228 6 that that SCONJ issue-3073 228 7 lease lease NOUN issue-3073 228 8 income income NOUN issue-3073 228 9 will will AUX issue-3073 228 10 continue continue VERB issue-3073 228 11 to to PART issue-3073 228 12 serve serve VERB issue-3073 228 13 as as ADP issue-3073 228 14 a a DET issue-3073 228 15 dependable dependable ADJ issue-3073 228 16 source source NOUN issue-3073 228 17 of of ADP issue-3073 228 18 return return NOUN issue-3073 228 19 on on ADP issue-3073 228 20 investment investment NOUN issue-3073 228 21 . . PUNCT issue-3073 229 1 nevertheless nevertheless ADV issue-3073 229 2 , , PUNCT issue-3073 229 3 the the DET issue-3073 229 4 financialisation financialisation NOUN issue-3073 229 5 of of ADP issue-3073 229 6 quota quota NOUN issue-3073 229 7 rights right NOUN issue-3073 229 8 gives give VERB issue-3073 229 9 rise rise NOUN issue-3073 229 10 to to ADP issue-3073 229 11 significant significant ADJ issue-3073 229 12 distributional distributional ADJ issue-3073 229 13 concerns concern NOUN issue-3073 229 14 . . PUNCT issue-3073 230 1 eythórsson eythórsson NOUN issue-3073 230 2 ( ( PUNCT issue-3073 230 3 1996 1996 NUM issue-3073 230 4 ) ) PUNCT issue-3073 230 5 was be AUX issue-3073 230 6 among among ADP issue-3073 230 7 the the DET issue-3073 230 8 first first ADJ issue-3073 230 9 to to PART issue-3073 230 10 issue issue VERB issue-3073 230 11 a a DET issue-3073 230 12 warning warning NOUN issue-3073 230 13 that that SCONJ issue-3073 230 14 the the DET issue-3073 230 15 itq itq NOUN issue-3073 230 16 system system NOUN issue-3073 230 17 risked risk VERB issue-3073 230 18 marginalising marginalise VERB issue-3073 230 19 coastal coastal ADJ issue-3073 230 20 communities community NOUN issue-3073 230 21 and and CCONJ issue-3073 230 22 concentrating concentrate VERB issue-3073 230 23 benefits benefit NOUN issue-3073 230 24 among among ADP issue-3073 230 25 absentee absentee NOUN issue-3073 230 26 owners owner NOUN issue-3073 230 27 . . PUNCT issue-3073 231 1 subsequent subsequent ADJ issue-3073 231 2 studies study NOUN issue-3073 231 3 by by ADP issue-3073 231 4 agnarsson agnarsson NOUN issue-3073 231 5 et et PROPN issue-3073 231 6 al al PROPN issue-3073 231 7 . . PROPN issue-3073 232 1 ( ( PUNCT issue-3073 232 2 2016 2016 NUM issue-3073 232 3 ) ) PUNCT issue-3073 232 4 and and CCONJ issue-3073 232 5 byrne byrne VERB issue-3073 232 6 et et PROPN issue-3073 232 7 al al PROPN issue-3073 232 8 . . PROPN issue-3073 233 1 ( ( PUNCT issue-3073 233 2 2020 2020 NUM issue-3073 233 3 ) ) PUNCT issue-3073 233 4 have have AUX issue-3073 233 5 confirmed confirm VERB issue-3073 233 6 these these DET issue-3073 233 7 dynamics dynamic NOUN issue-3073 233 8 , , PUNCT issue-3073 233 9 showing show VERB issue-3073 233 10 a a DET issue-3073 233 11 high high ADJ issue-3073 233 12 degree degree NOUN issue-3073 233 13 of of ADP issue-3073 233 14 quota quota NOUN issue-3073 233 15 concentration concentration NOUN issue-3073 233 16 . . PUNCT issue-3073 234 1 the the DET issue-3073 234 2 ' ' PUNCT issue-3073 234 3 armchair armchair NOUN issue-3073 234 4 fisherman fisherman NOUN issue-3073 234 5 ' ' PUNCT issue-3073 234 6 created create VERB issue-3073 234 7 in in ADP issue-3073 234 8 this this DET issue-3073 234 9 study study NOUN issue-3073 234 10 is be AUX issue-3073 234 11 a a DET issue-3073 234 12 hypothetical hypothetical ADJ issue-3073 234 13 figure figure NOUN issue-3073 234 14 designed design VERB issue-3073 234 15 to to PART issue-3073 234 16 evaluate evaluate VERB issue-3073 234 17 the the DET issue-3073 234 18 financial financial ADJ issue-3073 234 19 returns return NOUN issue-3073 234 20 of of ADP issue-3073 234 21 quota quota NOUN issue-3073 234 22 ownership ownership NOUN issue-3073 234 23 , , PUNCT issue-3073 234 24 independent independent ADJ issue-3073 234 25 of of ADP issue-3073 234 26 fishing fishing NOUN issue-3073 234 27 activity activity NOUN issue-3073 234 28 . . PUNCT issue-3073 235 1 while while SCONJ issue-3073 235 2 this this DET issue-3073 235 3 model model NOUN issue-3073 235 4 illustrates illustrate VERB issue-3073 235 5 the the DET issue-3073 235 6 investment investment NOUN issue-3073 235 7 characteristics characteristic NOUN issue-3073 235 8 of of ADP issue-3073 235 9 pqs pqs PROPN issue-3073 235 10 , , PUNCT issue-3073 235 11 it it PRON issue-3073 235 12 does do AUX issue-3073 235 13 not not PART issue-3073 235 14 represent represent VERB issue-3073 235 15 the the DET issue-3073 235 16 typical typical ADJ issue-3073 235 17 icelandic icelandic ADJ issue-3073 235 18 quota quota NOUN issue-3073 235 19 holder holder NOUN issue-3073 235 20 . . PUNCT issue-3073 236 1 the the DET issue-3073 236 2 veiðiskylda veiðiskylda NOUN issue-3073 236 3 rule rule NOUN issue-3073 236 4 , , PUNCT issue-3073 236 5 which which PRON issue-3073 236 6 requires require VERB issue-3073 236 7 that that SCONJ issue-3073 236 8 a a DET issue-3073 236 9 significant significant ADJ issue-3073 236 10 proportion proportion NOUN issue-3073 236 11 of of ADP issue-3073 236 12 allocated allocate VERB issue-3073 236 13 quota quota NOUN issue-3073 236 14 be be AUX issue-3073 236 15 fished fish VERB issue-3073 236 16 , , PUNCT issue-3073 236 17 limits limit VERB issue-3073 236 18 the the DET issue-3073 236 19 extent extent NOUN issue-3073 236 20 to to PART issue-3073 236 21 which which PRON issue-3073 236 22 purely purely ADV issue-3073 236 23 passive passive ADJ issue-3073 236 24 ownership ownership NOUN issue-3073 236 25 is be AUX issue-3073 236 26 permissible permissible ADJ issue-3073 236 27 under under ADP issue-3073 236 28 current current ADJ issue-3073 236 29 legislation legislation NOUN issue-3073 236 30 . . PUNCT issue-3073 237 1 consequently consequently ADV issue-3073 237 2 , , PUNCT issue-3073 237 3 the the DET issue-3073 237 4 armchair armchair NOUN issue-3073 237 5 fisherman fisherman NOUN issue-3073 237 6 remains remain VERB issue-3073 237 7 an an DET issue-3073 237 8 analytical analytical ADJ issue-3073 237 9 exception exception NOUN issue-3073 237 10 rather rather ADV issue-3073 237 11 than than ADP issue-3073 237 12 a a DET issue-3073 237 13 common common ADJ issue-3073 237 14 feature feature NOUN issue-3073 237 15 of of ADP issue-3073 237 16 the the DET issue-3073 237 17 system system NOUN issue-3073 237 18 . . PUNCT issue-3073 238 1 nevertheless nevertheless ADV issue-3073 238 2 , , PUNCT issue-3073 238 3 this this DET issue-3073 238 4 scenario scenario NOUN issue-3073 238 5 highlights highlight VERB issue-3073 238 6 ongoing ongoing ADJ issue-3073 238 7 debates debate NOUN issue-3073 238 8 about about ADP issue-3073 238 9 quota quota NOUN issue-3073 238 10 leasing leasing NOUN issue-3073 238 11 , , PUNCT issue-3073 238 12 absentee absentee NOUN issue-3073 238 13 ownership ownership NOUN issue-3073 238 14 and and CCONJ issue-3073 238 15 the the DET issue-3073 238 16 distribution distribution NOUN issue-3073 238 17 of of ADP issue-3073 238 18 resource resource NOUN issue-3073 238 19 rents rent NOUN issue-3073 238 20 within within ADP issue-3073 238 21 the the DET issue-3073 238 22 itq itq NOUN issue-3073 238 23 framework framework NOUN issue-3073 238 24 . . PUNCT issue-3073 239 1 more more ADV issue-3073 239 2 broadly broadly ADV issue-3073 239 3 , , PUNCT issue-3073 239 4 the the DET issue-3073 239 5 findings finding NOUN issue-3073 239 6 highlight highlight VERB issue-3073 239 7 the the DET issue-3073 239 8 strengths strength NOUN issue-3073 239 9 and and CCONJ issue-3073 239 10 ongoing ongoing ADJ issue-3073 239 11 challenges challenge NOUN issue-3073 239 12 of of ADP issue-3073 239 13 iceland iceland NOUN issue-3073 239 14 ’s ’s PART issue-3073 239 15 rights right NOUN issue-3073 239 16 - - PUNCT issue-3073 239 17 based base VERB issue-3073 239 18 fisheries fishery NOUN issue-3073 239 19 management management NOUN issue-3073 239 20 approach approach NOUN issue-3073 239 21 . . PUNCT issue-3073 240 1 the the DET issue-3073 240 2 itq itq NOUN issue-3073 240 3 system system NOUN issue-3073 240 4 has have AUX issue-3073 240 5 delivered deliver VERB issue-3073 240 6 notable notable ADJ issue-3073 240 7 benefits benefit NOUN issue-3073 240 8 , , PUNCT issue-3073 240 9 including include VERB issue-3073 240 10 increased increase VERB issue-3073 240 11 profitability profitability NOUN issue-3073 240 12 , , PUNCT issue-3073 240 13 greater great ADJ issue-3073 240 14 biological biological ADJ issue-3073 240 15 sustainability sustainability NOUN issue-3073 240 16 and and CCONJ issue-3073 240 17 improved improve VERB issue-3073 240 18 operational operational ADJ issue-3073 240 19 efficiency efficiency NOUN issue-3073 240 20 . . PUNCT issue-3073 241 1 however however ADV issue-3073 241 2 , , PUNCT issue-3073 241 3 these these DET issue-3073 241 4 gains gain NOUN issue-3073 241 5 have have AUX issue-3073 241 6 coincided coincide VERB issue-3073 241 7 with with ADP issue-3073 241 8 increased increase VERB issue-3073 241 9 quota quota NOUN issue-3073 241 10 concentration concentration NOUN issue-3073 241 11 . . PUNCT issue-3073 242 1 although although SCONJ issue-3073 242 2 passive passive ADJ issue-3073 242 3 rent rent NOUN issue-3073 242 4 extraction extraction NOUN issue-3073 242 5 is be AUX issue-3073 242 6 structurally structurally ADV issue-3073 242 7 constrained constrain VERB issue-3073 242 8 , , PUNCT issue-3073 242 9 perceptions perception NOUN issue-3073 242 10 of of ADP issue-3073 242 11 inequity inequity NOUN issue-3073 242 12 , , PUNCT issue-3073 242 13 especially especially ADV issue-3073 242 14 in in ADP issue-3073 242 15 coastal coastal ADJ issue-3073 242 16 communities community NOUN issue-3073 242 17 , , PUNCT issue-3073 242 18 remain remain VERB issue-3073 242 19 politically politically ADV issue-3073 242 20 salient salient ADJ issue-3073 242 21 . . PUNCT issue-3073 243 1 as as ADP issue-3073 243 2 the the DET issue-3073 243 3 sector sector NOUN issue-3073 243 4 matures mature NOUN issue-3073 243 5 with with ADP issue-3073 243 6 slower slow ADJ issue-3073 243 7 capital capital NOUN issue-3073 243 8 growth growth NOUN issue-3073 243 9 , , PUNCT issue-3073 243 10 there there PRON issue-3073 243 11 may may AUX issue-3073 243 12 be be AUX issue-3073 243 13 greater great ADJ issue-3073 243 14 scope scope NOUN issue-3073 243 15 for for ADP issue-3073 243 16 policy policy NOUN issue-3073 243 17 to to PART issue-3073 243 18 address address VERB issue-3073 243 19 distributional distributional ADJ issue-3073 243 20 imbalances imbalance NOUN issue-3073 243 21 without without ADP issue-3073 243 22 undermining undermine VERB issue-3073 243 23 the the DET issue-3073 243 24 system system NOUN issue-3073 243 25 ’s ’s PART issue-3073 243 26 core core NOUN issue-3073 243 27 efficiency efficiency NOUN issue-3073 243 28 . . PUNCT issue-3073 244 1 tools tool NOUN issue-3073 244 2 such such ADJ issue-3073 244 3 as as ADP issue-3073 244 4 rent rent NOUN issue-3073 244 5 taxation taxation NOUN issue-3073 244 6 , , PUNCT issue-3073 244 7 communitybased communitybase VERB issue-3073 244 8 quota quota NOUN issue-3073 244 9 allocations allocation NOUN issue-3073 244 10 or or CCONJ issue-3073 244 11 targeted target VERB issue-3073 244 12 redistributive redistributive ADJ issue-3073 244 13 measures measure NOUN issue-3073 244 14 could could AUX issue-3073 244 15 help help VERB issue-3073 244 16 to to PART issue-3073 244 17 align align VERB issue-3073 244 18 private private ADJ issue-3073 244 19 returns return NOUN issue-3073 244 20 more more ADV issue-3073 244 21 closely closely ADV issue-3073 244 22 with with ADP issue-3073 244 23 the the DET issue-3073 244 24 public public ADJ issue-3073 244 25 interest interest NOUN issue-3073 244 26 , , PUNCT issue-3073 244 27 thereby thereby ADV issue-3073 244 28 strengthening strengthen VERB issue-3073 244 29 the the DET issue-3073 244 30 longterm longterm ADJ issue-3073 244 31 legitimacy legitimacy NOUN issue-3073 244 32 of of ADP issue-3073 244 33 the the DET issue-3073 244 34 itq itq NOUN issue-3073 244 35 regime regime NOUN issue-3073 244 36 . . PUNCT issue-3073 245 1 these these DET issue-3073 245 2 results result NOUN issue-3073 245 3 also also ADV issue-3073 245 4 have have VERB issue-3073 245 5 implications implication NOUN issue-3073 245 6 for for ADP issue-3073 245 7 future future ADJ issue-3073 245 8 research research NOUN issue-3073 245 9 . . PUNCT issue-3073 246 1 it it PRON issue-3073 246 2 is be AUX issue-3073 246 3 necessary necessary ADJ issue-3073 246 4 to to PART issue-3073 246 5 gain gain VERB issue-3073 246 6 a a DET issue-3073 246 7 better well ADJ issue-3073 246 8 understanding understanding NOUN issue-3073 246 9 of of ADP issue-3073 246 10 the the DET issue-3073 246 11 long long ADJ issue-3073 246 12 - - PUNCT issue-3073 246 13 term term NOUN issue-3073 246 14 financial financial ADJ issue-3073 246 15 dynamics dynamic NOUN issue-3073 246 16 of of ADP issue-3073 246 17 quota quota NOUN issue-3073 246 18 systems system NOUN issue-3073 246 19 under under ADP issue-3073 246 20 stable stable ADJ issue-3073 246 21 conditions condition NOUN issue-3073 246 22 , , PUNCT issue-3073 246 23 including include VERB issue-3073 246 24 how how SCONJ issue-3073 246 25 market market NOUN issue-3073 246 26 expectations expectation NOUN issue-3073 246 27 adapt adapt VERB issue-3073 246 28 when when SCONJ issue-3073 246 29 growth growth NOUN issue-3073 246 30 potential potential ADJ issue-3073 246 31 plateaus plateaus NOUN issue-3073 246 32 . . PUNCT issue-3073 247 1 moreover moreover ADV issue-3073 247 2 , , PUNCT issue-3073 247 3 comparative comparative ADJ issue-3073 247 4 work work NOUN issue-3073 247 5 on on ADP issue-3073 247 6 leasing leasing NOUN issue-3073 247 7 markets market NOUN issue-3073 247 8 , , PUNCT issue-3073 247 9 rent rent NOUN issue-3073 247 10 distribution distribution NOUN issue-3073 247 11 , , PUNCT issue-3073 247 12 and and CCONJ issue-3073 247 13 governance governance NOUN issue-3073 247 14 responses response NOUN issue-3073 247 15 across across ADP issue-3073 247 16 itq itq NOUN issue-3073 247 17 regimes regime NOUN issue-3073 247 18 ( ( PUNCT issue-3073 247 19 e.g. e.g. ADV issue-3073 247 20 , , PUNCT issue-3073 247 21 new new PROPN issue-3073 247 22 zealand zealand PROPN issue-3073 247 23 or or CCONJ issue-3073 247 24 norway norway PROPN issue-3073 247 25 ) ) PUNCT issue-3073 247 26 has have VERB issue-3073 247 27 the the DET issue-3073 247 28 potential potential NOUN issue-3073 247 29 to to PART issue-3073 247 30 illuminate illuminate VERB issue-3073 247 31 policy policy NOUN issue-3073 247 32 pathways pathway NOUN issue-3073 247 33 for for ADP issue-3073 247 34 maintaining maintain VERB issue-3073 247 35 legitimacy legitimacy NOUN issue-3073 247 36 in in ADP issue-3073 247 37 mature mature ADJ issue-3073 247 38 fisheries fishery NOUN issue-3073 247 39 systems system NOUN issue-3073 247 40 . . PUNCT issue-3073 248 1 the the DET issue-3073 248 2 icelandic icelandic ADJ issue-3073 248 3 case case NOUN issue-3073 248 4 demonstrates demonstrate VERB issue-3073 248 5 that that SCONJ issue-3073 248 6 even even ADV issue-3073 248 7 a a DET issue-3073 248 8 quota quota NOUN issue-3073 248 9 system system NOUN issue-3073 248 10 that that PRON issue-3073 248 11 has have AUX issue-3073 248 12 achieved achieve VERB issue-3073 248 13 global global ADJ issue-3073 248 14 acclaim acclaim NOUN issue-3073 248 15 must must AUX issue-3073 248 16 evolve evolve VERB issue-3073 248 17 if if SCONJ issue-3073 248 18 it it PRON issue-3073 248 19 is be AUX issue-3073 248 20 to to PART issue-3073 248 21 maintain maintain VERB issue-3073 248 22 its its PRON issue-3073 248 23 broad broad ADV issue-3073 248 24 - - PUNCT issue-3073 248 25 based base VERB issue-3073 248 26 support support NOUN issue-3073 248 27 in in ADP issue-3073 248 28 an an DET issue-3073 248 29 era era NOUN issue-3073 248 30 of of ADP issue-3073 248 31 consolidation consolidation NOUN issue-3073 248 32 and and CCONJ issue-3073 248 33 capital capital NOUN issue-3073 248 34 saturation saturation NOUN issue-3073 248 35 . . PUNCT issue-3073 248 36     SPACE issue-3073 249 1 7 7 NUM issue-3073 249 2 . . PUNCT issue-3073 249 3 conclusions conclusion NOUN issue-3073 249 4 the the DET issue-3073 249 5 present present ADJ issue-3073 249 6 paper paper NOUN issue-3073 249 7 is be AUX issue-3073 249 8 an an DET issue-3073 249 9 inaugural inaugural ADJ issue-3073 249 10 attempt attempt NOUN issue-3073 249 11 to to PART issue-3073 249 12 undertake undertake VERB issue-3073 249 13 a a DET issue-3073 249 14 comprehensive comprehensive ADJ issue-3073 249 15 financial financial ADJ issue-3073 249 16 evaluation evaluation NOUN issue-3073 249 17 of of ADP issue-3073 249 18 permanent permanent ADJ issue-3073 249 19 quota quota NOUN issue-3073 249 20 shares share NOUN issue-3073 249 21 ( ( PUNCT issue-3073 249 22 pqs pqs NOUN issue-3073 249 23 ) ) PUNCT issue-3073 249 24 in in ADP issue-3073 249 25 iceland iceland PROPN issue-3073 249 26 's 's PART issue-3073 249 27 itq itq NOUN issue-3073 249 28 - - PUNCT issue-3073 249 29 regulated regulate VERB issue-3073 249 30 demersal demersal ADJ issue-3073 249 31 fisheries fishery NOUN issue-3073 249 32 . . PUNCT issue-3073 250 1 this this DET issue-3073 250 2 evaluation evaluation NOUN issue-3073 250 3 encompasses encompass VERB issue-3073 250 4 a a DET issue-3073 250 5 longitudinal longitudinal ADJ issue-3073 250 6 perspective perspective NOUN issue-3073 250 7 , , PUNCT issue-3073 250 8 extending extend VERB issue-3073 250 9 from from ADP issue-3073 250 10 1992 1992 NUM issue-3073 250 11 to to ADP issue-3073 250 12 2019 2019 NUM issue-3073 250 13 . . PUNCT issue-3073 251 1 the the DET issue-3073 251 2 analysis analysis NOUN issue-3073 251 3 demonstrates demonstrate VERB issue-3073 251 4 that that SCONJ issue-3073 251 5 pqs pqs NOUN issue-3073 251 6 consistently consistently ADV issue-3073 251 7 yielded yield VERB issue-3073 251 8 high high ADJ issue-3073 251 9 returns return NOUN issue-3073 251 10 over over ADP issue-3073 251 11 a a DET issue-3073 251 12 period period NOUN issue-3073 251 13 of of ADP issue-3073 251 14 nearly nearly ADV issue-3073 251 15 three three NUM issue-3073 251 16 decades decade NOUN issue-3073 251 17 , , PUNCT issue-3073 251 18 with with ADP issue-3073 251 19 average average ADJ issue-3073 251 20 annual annual ADJ issue-3073 251 21 returns return NOUN issue-3073 251 22 of of ADP issue-3073 251 23 21.6 21.6 NUM issue-3073 251 24 % % NOUN issue-3073 251 25 . . PUNCT issue-3073 252 1 this this DET issue-3073 252 2 return return NOUN issue-3073 252 3 was be AUX issue-3073 252 4 driven drive VERB issue-3073 252 5 by by ADP issue-3073 252 6 rising rise VERB issue-3073 252 7 asset asset NOUN issue-3073 252 8 values value NOUN issue-3073 252 9 and and CCONJ issue-3073 252 10 stable stable ADJ issue-3073 252 11 lease lease NOUN issue-3073 252 12 income income NOUN issue-3073 252 13 , , PUNCT issue-3073 252 14 and and CCONJ issue-3073 252 15 it it PRON issue-3073 252 16 surpassed surpass VERB issue-3073 252 17 the the DET issue-3073 252 18 performance performance NOUN issue-3073 252 19 of of ADP issue-3073 252 20 all all DET issue-3073 252 21 other other ADJ issue-3073 252 22 major major ADJ issue-3073 252 23 asset asset NOUN issue-3073 252 24 classes class NOUN issue-3073 252 25 available available ADJ issue-3073 252 26 to to ADP issue-3073 252 27 icelandic icelandic ADJ issue-3073 252 28 investors investor NOUN issue-3073 252 29 , , PUNCT issue-3073 252 30 including include VERB issue-3073 252 31 equities equity NOUN issue-3073 252 32 and and CCONJ issue-3073 252 33 government government NOUN issue-3073 252 34 bonds bond NOUN issue-3073 252 35 . . PUNCT issue-3073 253 1 the the DET issue-3073 253 2 results result NOUN issue-3073 253 3 at at ADP issue-3073 253 4 the the DET issue-3073 253 5 species species NOUN issue-3073 253 6 level level NOUN issue-3073 253 7 confirm confirm VERB issue-3073 253 8 that that SCONJ issue-3073 253 9 pqs pqs PROPN issue-3073 253 10 returns return NOUN issue-3073 253 11 were be AUX issue-3073 253 12 strong strong ADJ issue-3073 253 13 across across ADP issue-3073 253 14 all all DET issue-3073 253 15 five five NUM issue-3073 253 16 demersal demersal ADJ issue-3073 253 17 stocks stock NOUN issue-3073 253 18 analysed analyse VERB issue-3073 253 19 . . PUNCT issue-3073 254 1 the the DET issue-3073 254 2 analysis analysis NOUN issue-3073 254 3 indicates indicate VERB issue-3073 254 4 that that SCONJ issue-3073 254 5 cod cod NOUN issue-3073 254 6 quota quota NOUN issue-3073 254 7 shares share NOUN issue-3073 254 8 delivered deliver VERB issue-3073 254 9 the the DET issue-3073 254 10 highest high ADJ issue-3073 254 11 returns return NOUN issue-3073 254 12 with with ADP issue-3073 254 13 relatively relatively ADV issue-3073 254 14 low low ADJ issue-3073 254 15 volatility volatility NOUN issue-3073 254 16 , , PUNCT issue-3073 254 17 reflecting reflect VERB issue-3073 254 18 the the DET issue-3073 254 19 species specie NOUN issue-3073 254 20 ' ' PART issue-3073 254 21 ecological ecological ADJ issue-3073 254 22 resilience resilience NOUN issue-3073 254 23 and and CCONJ issue-3073 254 24 central central ADJ issue-3073 254 25 role role NOUN issue-3073 254 26 in in ADP issue-3073 254 27 iceland iceland PROPN issue-3073 254 28 's 's PART issue-3073 254 29 catch catch NOUN issue-3073 254 30 profile profile NOUN issue-3073 254 31 . . PUNCT issue-3073 255 1 greenland greenland PROPN issue-3073 255 2 halibut halibut PROPN issue-3073 255 3 and and CCONJ issue-3073 255 4 redfish redfish PROPN issue-3073 255 5 pqs pqs NOUN issue-3073 255 6 exhibited exhibit VERB issue-3073 255 7 higher high ADJ issue-3073 255 8 yield yield NOUN issue-3073 255 9 - - PUNCT issue-3073 255 10 based base VERB issue-3073 255 11 income income NOUN issue-3073 255 12 but but CCONJ issue-3073 255 13 more more ADV issue-3073 255 14 modest modest ADJ issue-3073 255 15 capital capital NOUN issue-3073 255 16 gains gain NOUN issue-3073 255 17 , , PUNCT issue-3073 255 18 indicating indicate VERB issue-3073 255 19 divergent divergent ADJ issue-3073 255 20 risk risk NOUN issue-3073 255 21 - - PUNCT issue-3073 255 22 return return NOUN issue-3073 255 23 profiles profile NOUN issue-3073 255 24 among among ADP issue-3073 255 25 different different ADJ issue-3073 255 26 species specie NOUN issue-3073 255 27 . . PUNCT issue-3073 256 1 the the DET issue-3073 256 2 findings finding NOUN issue-3073 256 3 of of ADP issue-3073 256 4 this this DET issue-3073 256 5 study study NOUN issue-3073 256 6 suggest suggest VERB issue-3073 256 7 that that SCONJ issue-3073 256 8 , , PUNCT issue-3073 256 9 within within ADP issue-3073 256 10 the the DET issue-3073 256 11 context context NOUN issue-3073 256 12 of of ADP issue-3073 256 13 a a DET issue-3073 256 14 well well ADV issue-3073 256 15 - - PUNCT issue-3073 256 16 established establish VERB issue-3073 256 17 itq itq NOUN issue-3073 256 18 system system NOUN issue-3073 256 19 , , PUNCT issue-3073 256 20 quota quota NOUN issue-3073 256 21 shares share NOUN issue-3073 256 22 have have VERB issue-3073 256 23 the the DET issue-3073 256 24 potential potential NOUN issue-3073 256 25 to to PART issue-3073 256 26 function function VERB issue-3073 256 27 as as ADP issue-3073 256 28 high high ADV issue-3073 256 29 - - PUNCT issue-3073 256 30 performing perform VERB issue-3073 256 31 real real ADJ issue-3073 256 32 assets asset NOUN issue-3073 256 33 . . PUNCT issue-3073 257 1 the the DET issue-3073 257 2 evidence evidence NOUN issue-3073 257 3 presented present VERB issue-3073 257 4 in in ADP issue-3073 257 5 this this DET issue-3073 257 6 paper paper NOUN issue-3073 257 7 further far ADV issue-3073 257 8 validates validate VERB issue-3073 257 9 the the DET issue-3073 257 10 economic economic ADJ issue-3073 257 11 rationale rationale NOUN issue-3073 257 12 underpinning underpin VERB issue-3073 257 13 baltic baltic ADJ issue-3073 257 14 journal journal PROPN issue-3073 257 15 of of ADP issue-3073 257 16 economic economic ADJ issue-3073 257 17 studies study NOUN issue-3073 257 18 37 37 NUM issue-3073 257 19 vol vol NOUN issue-3073 257 20 . . PROPN issue-3073 258 1 11 11 NUM issue-3073 259 1 no no NOUN issue-3073 259 2 . . NOUN issue-3073 259 3 5 5 NUM issue-3073 259 4 , , PUNCT issue-3073 259 5 2025 2025 NUM issue-3073 259 6 itq itq NOUN issue-3073 259 7 - - PUNCT issue-3073 259 8 based base VERB issue-3073 259 9 governance governance NOUN issue-3073 259 10 , , PUNCT issue-3073 259 11 demonstrating demonstrate VERB issue-3073 259 12 that that SCONJ issue-3073 259 13 by by ADP issue-3073 259 14 assigning assign VERB issue-3073 259 15 secure secure ADJ issue-3073 259 16 , , PUNCT issue-3073 259 17 tradable tradable ADJ issue-3073 259 18 harvest harvest NOUN issue-3073 259 19 rights right NOUN issue-3073 259 20 , , PUNCT issue-3073 259 21 the the DET issue-3073 259 22 system system NOUN issue-3073 259 23 has have AUX issue-3073 259 24 attracted attract VERB issue-3073 259 25 investment investment NOUN issue-3073 259 26 , , PUNCT issue-3073 259 27 encouraged encourage VERB issue-3073 259 28 operational operational ADJ issue-3073 259 29 efficiency efficiency NOUN issue-3073 259 30 , , PUNCT issue-3073 259 31 and and CCONJ issue-3073 259 32 delivered deliver VERB issue-3073 259 33 consistent consistent ADJ issue-3073 259 34 economic economic ADJ issue-3073 259 35 returns return NOUN issue-3073 259 36 . . PUNCT issue-3073 260 1 in in ADP issue-3073 260 2 conclusion conclusion NOUN issue-3073 260 3 , , PUNCT issue-3073 260 4 pqs pqs PROPN issue-3073 260 5 represent represent VERB issue-3073 260 6 a a DET issue-3073 260 7 form form NOUN issue-3073 260 8 of of ADP issue-3073 260 9 access access NOUN issue-3073 260 10 right right ADJ issue-3073 260 11 with with ADP issue-3073 260 12 the the DET issue-3073 260 13 potential potential NOUN issue-3073 260 14 to to PART issue-3073 260 15 mature mature VERB issue-3073 260 16 into into ADP issue-3073 260 17 a a DET issue-3073 260 18 distinct distinct ADJ issue-3073 260 19 asset asset NOUN issue-3073 260 20 class class NOUN issue-3073 260 21 . . PUNCT issue-3073 261 1 the the DET issue-3073 261 2 long long ADJ issue-3073 261 3 - - PUNCT issue-3073 261 4 term term NOUN issue-3073 261 5 performance performance NOUN issue-3073 261 6 of of ADP issue-3073 261 7 these these DET issue-3073 261 8 fisheries fishery NOUN issue-3073 261 9 provides provide VERB issue-3073 261 10 a a DET issue-3073 261 11 compelling compelling ADJ issue-3073 261 12 illustration illustration NOUN issue-3073 261 13 of of ADP issue-3073 261 14 the the DET issue-3073 261 15 potential potential NOUN issue-3073 261 16 of of ADP issue-3073 261 17 rights right NOUN issue-3073 261 18 - - PUNCT issue-3073 261 19 based base VERB issue-3073 261 20 fisheries fishery NOUN issue-3073 261 21 management management NOUN issue-3073 261 22 to to PART issue-3073 261 23 not not PART issue-3073 261 24 only only ADV issue-3073 261 25 ensure ensure VERB issue-3073 261 26 the the DET issue-3073 261 27 sustainability sustainability NOUN issue-3073 261 28 of of ADP issue-3073 261 29 fish fish NOUN issue-3073 261 30 stocks stock NOUN issue-3073 261 31 but but CCONJ issue-3073 261 32 also also ADV issue-3073 261 33 to to PART issue-3073 261 34 generate generate VERB issue-3073 261 35 significant significant ADJ issue-3073 261 36 private private ADJ issue-3073 261 37 returns return NOUN issue-3073 261 38 . . PUNCT issue-3073 262 1 the the DET issue-3073 262 2 experience experience NOUN issue-3073 262 3 of of ADP issue-3073 262 4 iceland iceland PROPN issue-3073 262 5 serves serve VERB issue-3073 262 6 as as ADP issue-3073 262 7 a a DET issue-3073 262 8 valuable valuable ADJ issue-3073 262 9 point point NOUN issue-3073 262 10 of of ADP issue-3073 262 11 reference reference NOUN issue-3073 262 12 for for ADP issue-3073 262 13 policymakers policymaker NOUN issue-3073 262 14 and and CCONJ issue-3073 262 15 researchers researcher NOUN issue-3073 262 16 assessing assess VERB issue-3073 262 17 the the DET issue-3073 262 18 financial financial ADJ issue-3073 262 19 and and CCONJ issue-3073 262 20 governance governance NOUN issue-3073 262 21 dimensions dimension NOUN issue-3073 262 22 of of ADP issue-3073 262 23 transferable transferable ADJ issue-3073 262 24 quota quota NOUN issue-3073 262 25 systems system NOUN issue-3073 262 26 . . PUNCT issue-3073 263 1 references reference NOUN issue-3073 263 2 : : PUNCT issue-3073 263 3 agnarsson agnarsson PROPN issue-3073 263 4 , , PUNCT issue-3073 263 5 s. s. PROPN issue-3073 263 6 , , PUNCT issue-3073 263 7 matthíasson matthíasson PROPN issue-3073 263 8 , , PUNCT issue-3073 263 9 þ þ PROPN issue-3073 263 10 . . PROPN issue-3073 263 11 , , PUNCT issue-3073 263 12 & & CCONJ issue-3073 263 13 giry giry PROPN issue-3073 263 14 , , PUNCT issue-3073 263 15 f. f. PROPN issue-3073 263 16 ( ( PUNCT issue-3073 263 17 2016 2016 NUM issue-3073 263 18 ) ) PUNCT issue-3073 263 19 . . PUNCT issue-3073 264 1 consolidation consolidation NOUN issue-3073 264 2 and and CCONJ issue-3073 264 3 distribution distribution NOUN issue-3073 264 4 of of ADP issue-3073 264 5 quota quota NOUN issue-3073 264 6 holdings holding NOUN issue-3073 264 7 in in ADP issue-3073 264 8 the the DET issue-3073 264 9 icelandic icelandic ADJ issue-3073 264 10 fisheries fishery NOUN issue-3073 264 11 . . PUNCT issue-3073 265 1 marine marine ADJ issue-3073 265 2 policy policy NOUN issue-3073 265 3 , , PUNCT issue-3073 265 4 72 72 NUM issue-3073 265 5 , , PUNCT issue-3073 265 6 263 263 NUM issue-3073 265 7 . . PUNCT issue-3073 266 1 doi doi NOUN issue-3073 266 2 : : PUNCT issue-3073 266 3 https://doi.org/10.1016/j.marpol.2016.04.037 https://doi.org/10.1016/j.marpol.2016.04.037 ADJ issue-3073 266 4 árnason árnason NOUN issue-3073 266 5 , , PUNCT issue-3073 266 6 r. r. PROPN issue-3073 266 7 ( ( PUNCT issue-3073 266 8 1993 1993 NUM issue-3073 266 9 ) ) PUNCT issue-3073 266 10 . . PUNCT issue-3073 267 1 the the DET issue-3073 267 2 icelandic icelandic ADJ issue-3073 267 3 individual individual ADJ issue-3073 267 4 transferable transferable ADJ issue-3073 267 5 quota quota NOUN issue-3073 267 6 system system NOUN issue-3073 267 7 : : PUNCT issue-3073 267 8 a a DET issue-3073 267 9 descriptive descriptive ADJ issue-3073 267 10 account account NOUN issue-3073 267 11 . . PUNCT issue-3073 268 1 marine marine ADJ issue-3073 268 2 resource resource NOUN issue-3073 268 3 economics economic NOUN issue-3073 268 4 , , PUNCT issue-3073 268 5 8(3 8(3 NUM issue-3073 268 6 ) ) PUNCT issue-3073 268 7 , , PUNCT issue-3073 268 8 201 201 NUM issue-3073 268 9 . . PUNCT issue-3073 269 1 doi doi NOUN issue-3073 269 2 : : PUNCT issue-3073 269 3 https://doi.org/10.1086/mre.8.3.42629066 https://doi.org/10.1086/mre.8.3.42629066 PROPN issue-3073 269 4 asness asness PROPN issue-3073 269 5 , , PUNCT issue-3073 269 6 c. c. PROPN issue-3073 269 7 s. s. PROPN issue-3073 269 8 ( ( PUNCT issue-3073 269 9 2000 2000 NUM issue-3073 269 10 ) ) PUNCT issue-3073 269 11 . . PUNCT issue-3073 270 1 stocks stock NOUN issue-3073 270 2 versus versus ADP issue-3073 270 3 bonds bond NOUN issue-3073 270 4 : : PUNCT issue-3073 270 5 explaining explain VERB issue-3073 270 6 the the DET issue-3073 270 7 equity equity NOUN issue-3073 270 8 risk risk NOUN issue-3073 270 9 premium premium NOUN issue-3073 270 10 . . PUNCT issue-3073 271 1 financial financial ADJ issue-3073 271 2 analysts analyst NOUN issue-3073 271 3 journal journal NOUN issue-3073 271 4 , , PUNCT issue-3073 271 5 56(2 56(2 ADJ issue-3073 271 6 ) ) PUNCT issue-3073 271 7 , , PUNCT issue-3073 271 8 96 96 NUM issue-3073 271 9 . . PUNCT issue-3073 272 1 doi doi NOUN issue-3073 272 2 : : PUNCT issue-3073 272 3 https://doi.org/10.2469/faj.v56.n2.2347 https://doi.org/10.2469/faj.v56.n2.2347 ADJ issue-3073 272 4 atkins atkins PROPN issue-3073 272 5 , , PUNCT issue-3073 272 6 a. a. PROPN issue-3073 272 7 b. b. PROPN issue-3073 272 8 , , PUNCT issue-3073 272 9 & & CCONJ issue-3073 272 10 ng ng PROPN issue-3073 272 11 , , PUNCT issue-3073 272 12 p. p. PROPN issue-3073 272 13 ( ( PUNCT issue-3073 272 14 2014 2014 NUM issue-3073 272 15 ) ) PUNCT issue-3073 272 16 . . PUNCT issue-3073 273 1 refining refine VERB issue-3073 273 2 our our PRON issue-3073 273 3 understanding understanding NOUN issue-3073 273 4 of of ADP issue-3073 273 5 beta beta NOUN issue-3073 273 6 through through ADP issue-3073 273 7 quantile quantile ADJ issue-3073 273 8 regressions regression NOUN issue-3073 273 9 . . PUNCT issue-3073 274 1 journal journal NOUN issue-3073 274 2 of of ADP issue-3073 274 3 risk risk NOUN issue-3073 274 4 and and CCONJ issue-3073 274 5 financial financial ADJ issue-3073 274 6 management management NOUN issue-3073 274 7 , , PUNCT issue-3073 274 8 7(2 7(2 NUM issue-3073 274 9 ) ) PUNCT issue-3073 274 10 , , PUNCT issue-3073 274 11 67 67 NUM issue-3073 274 12 . . PUNCT issue-3073 275 1 doi doi PROPN issue-3073 275 2 : : PUNCT issue-3073 275 3 https://doi.org/10.3390/jrfm7020067 https://doi.org/10.3390/jrfm7020067 PROPN issue-3073 275 4 bess bess PROPN issue-3073 275 5 , , PUNCT issue-3073 275 6 r. r. PROPN issue-3073 275 7 ( ( PUNCT issue-3073 275 8 2005 2005 NUM issue-3073 275 9 ) ) PUNCT issue-3073 275 10 . . PUNCT issue-3073 276 1 expanding expand VERB issue-3073 276 2 new new PROPN issue-3073 276 3 zealand zealand PROPN issue-3073 276 4 ’s ’s PART issue-3073 276 5 quota quota NOUN issue-3073 276 6 management management NOUN issue-3073 276 7 system system NOUN issue-3073 276 8 . . PUNCT issue-3073 277 1 marine marine ADJ issue-3073 277 2 policy policy NOUN issue-3073 277 3 , , PUNCT issue-3073 277 4 29(4 29(4 NOUN issue-3073 277 5 ) ) PUNCT issue-3073 277 6 , , PUNCT issue-3073 277 7 339 339 NUM issue-3073 277 8 . . PUNCT issue-3073 278 1 doi doi NOUN issue-3073 278 2 : : PUNCT issue-3073 278 3 https://doi.org/10.1016/j.marpol.2004.04.008 https://doi.org/10.1016/j.marpol.2004.04.008 NOUN issue-3073 278 4 birkenbach birkenbach NOUN issue-3073 278 5 , , PUNCT issue-3073 278 6 a. a. NOUN issue-3073 278 7 m. m. NOUN issue-3073 278 8 , , PUNCT issue-3073 278 9 kaczan kaczan PROPN issue-3073 278 10 , , PUNCT issue-3073 278 11 d. d. PROPN issue-3073 278 12 , , PUNCT issue-3073 278 13 smith smith PROPN issue-3073 278 14 , , PUNCT issue-3073 278 15 m. m. PROPN issue-3073 278 16 d. d. PROPN issue-3073 278 17 , , PUNCT issue-3073 278 18 ardini ardini PROPN issue-3073 278 19 , , PUNCT issue-3073 278 20 g. g. PROPN issue-3073 278 21 , , PUNCT issue-3073 278 22 holland holland PROPN issue-3073 278 23 , , PUNCT issue-3073 278 24 d. d. PROPN issue-3073 278 25 s. s. PROPN issue-3073 278 26 , , PUNCT issue-3073 278 27 lee lee PROPN issue-3073 278 28 , , PUNCT issue-3073 278 29 m. m. NOUN issue-3073 278 30 , , PUNCT issue-3073 278 31 lipton lipton PROPN issue-3073 278 32 , , PUNCT issue-3073 278 33 d. d. PROPN issue-3073 278 34 , , PUNCT issue-3073 278 35 & & CCONJ issue-3073 278 36 travis travis PROPN issue-3073 278 37 , , PUNCT issue-3073 278 38 m. m. PROPN issue-3073 278 39 d. d. PROPN issue-3073 278 40 ( ( PUNCT issue-3073 278 41 2023 2023 NUM issue-3073 278 42 ) ) PUNCT issue-3073 278 43 . . PUNCT issue-3073 279 1 do do AUX issue-3073 279 2 catch catch NOUN issue-3073 279 3 shares share NOUN issue-3073 279 4 increase increase VERB issue-3073 279 5 prices price NOUN issue-3073 279 6 ? ? PUNCT issue-3073 280 1 evidence evidence NOUN issue-3073 280 2 from from ADP issue-3073 280 3 us us PROPN issue-3073 280 4 fisheries fishery NOUN issue-3073 280 5 . . PUNCT issue-3073 281 1 marine marine ADJ issue-3073 281 2 resource resource NOUN issue-3073 281 3 economics economic NOUN issue-3073 281 4 , , PUNCT issue-3073 281 5 38(3 38(3 NUM issue-3073 281 6 ) ) PUNCT issue-3073 281 7 , , PUNCT issue-3073 281 8 203 203 NUM issue-3073 281 9 . . PUNCT issue-3073 282 1 doi doi NOUN issue-3073 282 2 : : PUNCT issue-3073 282 3 https://doi.org/10.1086/725010 https://doi.org/10.1086/725010 PROPN issue-3073 282 4 bloomberg bloomberg PROPN issue-3073 282 5 . . PUNCT issue-3073 283 1 ( ( PUNCT issue-3073 283 2 n.d n.d PROPN issue-3073 283 3 . . PROPN issue-3073 283 4 ) ) PUNCT issue-3073 283 5 . . PUNCT issue-3073 284 1 market market NOUN issue-3073 284 2 data data PROPN issue-3073 284 3 . . PUNCT issue-3073 285 1 available available ADJ issue-3073 285 2 at at ADP issue-3073 285 3 : : PUNCT issue-3073 285 4 https://www.bloomberg.com/ https://www.bloomberg.com/ NOUN issue-3073 285 5 buck buck PROPN issue-3073 285 6 , , PUNCT issue-3073 285 7 e. e. PROPN issue-3073 285 8 h. h. PROPN issue-3073 285 9 ( ( PUNCT issue-3073 285 10 1995 1995 NUM issue-3073 285 11 ) ) PUNCT issue-3073 285 12 . . PUNCT issue-3073 286 1 individual individual ADJ issue-3073 286 2 transferable transferable ADJ issue-3073 286 3 quotas quota NOUN issue-3073 286 4 in in ADP issue-3073 286 5 fishery fishery NOUN issue-3073 286 6 management management NOUN issue-3073 286 7 . . PUNCT issue-3073 287 1 available available ADJ issue-3073 287 2 at at ADP issue-3073 287 3 : : PUNCT issue-3073 287 4 https://digital.library.unt.edu/ark:/67531/metadc822583/m2/1/high_res_d/95-849_1995sep25.pdf https://digital.library.unt.edu/ark:/67531/metadc822583/m2/1/high_res_d/95-849_1995sep25.pdf PROPN issue-3073 287 5 byrne byrne PROPN issue-3073 287 6 , , PUNCT issue-3073 287 7 c. c. PROPN issue-3073 287 8 , , PUNCT issue-3073 287 9 agnarsson agnarsson NOUN issue-3073 287 10 , , PUNCT issue-3073 287 11 s. s. PROPN issue-3073 287 12 , , PUNCT issue-3073 287 13 davíðsdóttir davíðsdóttir PROPN issue-3073 287 14 , , PUNCT issue-3073 287 15 b. b. PROPN issue-3073 287 16 , , PUNCT issue-3073 287 17 & & CCONJ issue-3073 287 18 oostdijk oostdijk PROPN issue-3073 287 19 , , PUNCT issue-3073 287 20 m. m. NOUN issue-3073 287 21 ( ( PUNCT issue-3073 287 22 2020 2020 NUM issue-3073 287 23 ) ) PUNCT issue-3073 287 24 . . PUNCT issue-3073 288 1 species species NOUN issue-3073 288 2 - - PUNCT issue-3073 288 3 level level NOUN issue-3073 288 4 quota quota NOUN issue-3073 288 5 concentration concentration NOUN issue-3073 288 6 in in ADP issue-3073 288 7 the the DET issue-3073 288 8 icelandic icelandic ADJ issue-3073 288 9 harvesting harvesting NOUN issue-3073 288 10 sector sector NOUN issue-3073 288 11 . . PUNCT issue-3073 289 1 marine marine ADJ issue-3073 289 2 policy policy NOUN issue-3073 289 3 , , PUNCT issue-3073 289 4 121 121 NUM issue-3073 289 5 , , PUNCT issue-3073 289 6 104108 104108 NUM issue-3073 289 7 . . PUNCT issue-3073 290 1 doi doi NOUN issue-3073 290 2 : : PUNCT issue-3073 290 3 https://doi.org/10.1016/j.marpol.2020.104108 https://doi.org/10.1016/j.marpol.2020.104108 NOUN issue-3073 290 4 byrne byrne NOUN issue-3073 290 5 , , PUNCT issue-3073 290 6 c. c. PROPN issue-3073 290 7 , , PUNCT issue-3073 290 8 oostdijk oostdijk PROPN issue-3073 290 9 , , PUNCT issue-3073 290 10 m. m. NOUN issue-3073 290 11 , , PUNCT issue-3073 290 12 agnarsson agnarsson PROPN issue-3073 290 13 , , PUNCT issue-3073 290 14 s. s. PROPN issue-3073 290 15 , , PUNCT issue-3073 290 16 & & CCONJ issue-3073 290 17 davíðsdóttir davíðsdóttir PROPN issue-3073 290 18 , , PUNCT issue-3073 290 19 b. b. PROPN issue-3073 290 20 ( ( PUNCT issue-3073 290 21 2024 2024 NUM issue-3073 290 22 ) ) PUNCT issue-3073 290 23 . . PUNCT issue-3073 291 1 the the DET issue-3073 291 2 transitional transitional ADJ issue-3073 291 3 gains gain NOUN issue-3073 291 4 trap trap NOUN issue-3073 291 5 in in ADP issue-3073 291 6 grandfathered grandfathere VERB issue-3073 291 7 individual individual ADJ issue-3073 291 8 transferable transferable ADJ issue-3073 291 9 quota quota NOUN issue-3073 291 10 fisheries fishery NOUN issue-3073 291 11 . . PUNCT issue-3073 292 1 ecological ecological ADJ issue-3073 292 2 economics economic NOUN issue-3073 292 3 , , PUNCT issue-3073 292 4 215 215 NUM issue-3073 292 5 , , PUNCT issue-3073 292 6 108013 108013 NUM issue-3073 292 7 . . PUNCT issue-3073 293 1 doi doi NOUN issue-3073 293 2 : : PUNCT issue-3073 293 3 https://doi.org/10.1016/j https://doi.org/10.1016/j NOUN issue-3073 293 4 . . PUNCT issue-3073 294 1 ecolecon.2023.108013 ecolecon.2023.108013 NUM issue-3073 294 2 central central ADJ issue-3073 294 3 bank bank NOUN issue-3073 294 4 of of ADP issue-3073 294 5 iceland iceland PROPN issue-3073 294 6 . . PUNCT issue-3073 295 1 ( ( PUNCT issue-3073 295 2 n.d n.d PROPN issue-3073 295 3 . . PROPN issue-3073 295 4 ) ) PUNCT issue-3073 295 5 . . PUNCT issue-3073 296 1 statistics statistic NOUN issue-3073 296 2 . . PUNCT issue-3073 297 1 available available ADJ issue-3073 297 2 at at ADP issue-3073 297 3 : : PUNCT issue-3073 297 4 https://www.cb.is/statistics/ https://www.cb.is/statistics/ PROPN issue-3073 297 5 daníelsson daníelsson PROPN issue-3073 297 6 , , PUNCT issue-3073 297 7 á á X issue-3073 297 8 . . PUNCT issue-3073 297 9 ( ( PUNCT issue-3073 297 10 1997 1997 NUM issue-3073 297 11 ) ) PUNCT issue-3073 297 12 . . PUNCT issue-3073 298 1 fisheries fishery NOUN issue-3073 298 2 management management NOUN issue-3073 298 3 in in ADP issue-3073 298 4 iceland iceland PROPN issue-3073 298 5 . . PUNCT issue-3073 299 1 ocean ocean PROPN issue-3073 299 2 & & CCONJ issue-3073 299 3 coastal coastal ADJ issue-3073 299 4 management management NOUN issue-3073 299 5 , , PUNCT issue-3073 299 6 35 35 NUM issue-3073 299 7 , , PUNCT issue-3073 299 8 121 121 NUM issue-3073 299 9 . . PUNCT issue-3073 300 1 doi doi NOUN issue-3073 300 2 : : PUNCT issue-3073 300 3 https://doi.org/10.1016/s0964-5691(97)00029-x https://doi.org/10.1016/s0964-5691(97)00029-x NOUN issue-3073 300 4 derman derman NOUN issue-3073 300 5 , , PUNCT issue-3073 300 6 e. e. PROPN issue-3073 300 7 ( ( PUNCT issue-3073 300 8 2002 2002 NUM issue-3073 300 9 ) ) PUNCT issue-3073 300 10 . . PUNCT issue-3073 301 1 the the DET issue-3073 301 2 perception perception NOUN issue-3073 301 3 of of ADP issue-3073 301 4 time time NOUN issue-3073 301 5 , , PUNCT issue-3073 301 6 risk risk NOUN issue-3073 301 7 and and CCONJ issue-3073 301 8 return return VERB issue-3073 301 9 during during ADP issue-3073 301 10 periods period NOUN issue-3073 301 11 of of ADP issue-3073 301 12 speculation speculation NOUN issue-3073 301 13 . . PUNCT issue-3073 302 1 quantitative quantitative ADJ issue-3073 302 2 finance finance NOUN issue-3073 302 3 , , PUNCT issue-3073 302 4 2(4 2(4 NUM issue-3073 302 5 ) ) PUNCT issue-3073 302 6 , , PUNCT issue-3073 302 7 282 282 NUM issue-3073 302 8 . . PUNCT issue-3073 303 1 doi doi NOUN issue-3073 303 2 : : PUNCT issue-3073 303 3 https://doi.org/10.1088/1469-7688/2/4/304 https://doi.org/10.1088/1469-7688/2/4/304 PROPN issue-3073 303 4 directorate directorate NOUN issue-3073 303 5 of of ADP issue-3073 303 6 fisheries fishery NOUN issue-3073 303 7 . . PUNCT issue-3073 304 1 ( ( PUNCT issue-3073 304 2 n.d n.d PROPN issue-3073 304 3 . . PROPN issue-3073 304 4 ) ) PUNCT issue-3073 304 5 . . PUNCT issue-3073 305 1 official official ADJ issue-3073 305 2 website website NOUN issue-3073 305 3 . . PUNCT issue-3073 306 1 available available ADJ issue-3073 306 2 at at ADP issue-3073 306 3 : : PUNCT issue-3073 306 4 https://island.is/s/fiskistofa https://island.is/s/fiskistofa NOUN issue-3073 306 5 eythórsson eythórsson NOUN issue-3073 306 6 , , PUNCT issue-3073 306 7 e. e. PROPN issue-3073 306 8 ( ( PUNCT issue-3073 306 9 1996 1996 NUM issue-3073 306 10 ) ) PUNCT issue-3073 306 11 . . PUNCT issue-3073 307 1 coastal coastal ADJ issue-3073 307 2 communities community NOUN issue-3073 307 3 and and CCONJ issue-3073 307 4 itq itq NOUN issue-3073 307 5 management management NOUN issue-3073 307 6 . . PUNCT issue-3073 308 1 the the DET issue-3073 308 2 case case NOUN issue-3073 308 3 of of ADP issue-3073 308 4 icelandic icelandic ADJ issue-3073 308 5 fisheries fishery NOUN issue-3073 308 6 . . PUNCT issue-3073 309 1 sociologia sociologia PROPN issue-3073 309 2 ruralis ruralis PROPN issue-3073 309 3 , , PUNCT issue-3073 309 4 36(2 36(2 NUM issue-3073 309 5 ) ) PUNCT issue-3073 309 6 , , PUNCT issue-3073 309 7 212 212 NUM issue-3073 309 8 . . PUNCT issue-3073 310 1 doi doi NOUN issue-3073 310 2 : : PUNCT issue-3073 310 3 https://doi.org/10.1111/j.1467-9523.1996.tb00017.x https://doi.org/10.1111/j.1467-9523.1996.tb00017.x PROPN issue-3073 310 4 fama fama PROPN issue-3073 310 5 , , PUNCT issue-3073 310 6 e. e. PROPN issue-3073 310 7 f. f. PROPN issue-3073 310 8 , , PUNCT issue-3073 310 9 & & CCONJ issue-3073 310 10 french french PROPN issue-3073 310 11 , , PUNCT issue-3073 310 12 k. k. PROPN issue-3073 310 13 r. r. PROPN issue-3073 310 14 ( ( PUNCT issue-3073 310 15 2004 2004 NUM issue-3073 310 16 ) ) PUNCT issue-3073 310 17 . . PUNCT issue-3073 311 1 the the DET issue-3073 311 2 capital capital NOUN issue-3073 311 3 asset asset NOUN issue-3073 311 4 pricing pricing NOUN issue-3073 311 5 model model NOUN issue-3073 311 6 : : PUNCT issue-3073 311 7 theory theory NOUN issue-3073 311 8 and and CCONJ issue-3073 311 9 evidence evidence NOUN issue-3073 311 10 . . PUNCT issue-3073 312 1 the the DET issue-3073 312 2 journal journal NOUN issue-3073 312 3 of of ADP issue-3073 312 4 economic economic ADJ issue-3073 312 5 perspectives perspective NOUN issue-3073 312 6 , , PUNCT issue-3073 312 7 18(3 18(3 NUM issue-3073 312 8 ) ) PUNCT issue-3073 312 9 , , PUNCT issue-3073 312 10 25 25 NUM issue-3073 312 11 . . PUNCT issue-3073 312 12 doi doi PROPN issue-3073 312 13 : : PUNCT issue-3073 312 14 https://doi.org/10.1257/0895330042162430 https://doi.org/10.1257/0895330042162430 PROPN issue-3073 312 15 guðmundsson guðmundsson PROPN issue-3073 312 16 , , PUNCT issue-3073 312 17 g. g. PROPN issue-3073 312 18 j. j. PROPN issue-3073 312 19 ( ( PUNCT issue-3073 312 20 2006 2006 NUM issue-3073 312 21 ) ) PUNCT issue-3073 312 22 . . PUNCT issue-3073 313 1 the the DET issue-3073 313 2 cod cod NOUN issue-3073 313 3 and and CCONJ issue-3073 313 4 the the DET issue-3073 313 5 cold cold PROPN issue-3073 313 6 war war PROPN issue-3073 313 7 . . PUNCT issue-3073 314 1 scandinavian scandinavian ADJ issue-3073 314 2 journal journal PROPN issue-3073 314 3 of of ADP issue-3073 314 4 history history NOUN issue-3073 314 5 , , PUNCT issue-3073 314 6 31(2 31(2 NUM issue-3073 314 7 ) ) PUNCT issue-3073 314 8 , , PUNCT issue-3073 315 1 97 97 NUM issue-3073 315 2 . . PUNCT issue-3073 315 3 doi doi NOUN issue-3073 315 4 : : PUNCT issue-3073 315 5 https://doi.org/10.1080/03468750600604184 https://doi.org/10.1080/03468750600604184 VERB issue-3073 315 6 gunnlaugsson gunnlaugsson NOUN issue-3073 315 7 , , PUNCT issue-3073 315 8 s. s. PROPN issue-3073 315 9 b. b. PROPN issue-3073 315 10 , , PUNCT issue-3073 315 11 sævaldsson sævaldsson PROPN issue-3073 315 12 , , PUNCT issue-3073 315 13 h. h. PROPN issue-3073 315 14 , , PUNCT issue-3073 315 15 kristófersson kristófersson PROPN issue-3073 315 16 , , PUNCT issue-3073 315 17 d. d. PROPN issue-3073 315 18 m. m. PROPN issue-3073 315 19 , , PUNCT issue-3073 315 20 agnarsson agnarsson PROPN issue-3073 315 21 , , PUNCT issue-3073 315 22 s. s. PROPN issue-3073 315 23 , , PUNCT issue-3073 315 24 & & CCONJ issue-3073 315 25 ishimura ishimura PROPN issue-3073 315 26 , , PUNCT issue-3073 315 27 g. g. PROPN issue-3073 315 28 ( ( PUNCT issue-3073 315 29 2021 2021 NUM issue-3073 315 30 ) ) PUNCT issue-3073 315 31 . . PUNCT issue-3073 316 1 derby derby PROPN issue-3073 316 2 versus versus ADP issue-3073 316 3 itq itq PROPN issue-3073 316 4 : : PUNCT issue-3073 316 5 iceland iceland PROPN issue-3073 316 6 ’s ’s PART issue-3073 316 7 coastal coastal ADJ issue-3073 316 8 fisheries fishery NOUN issue-3073 316 9 explained explain VERB issue-3073 316 10 and and CCONJ issue-3073 316 11 compared compare VERB issue-3073 316 12 to to ADP issue-3073 316 13 its its PRON issue-3073 316 14 itq itq NOUN issue-3073 316 15 - - PUNCT issue-3073 316 16 managed manage VERB issue-3073 316 17 fisheries fishery NOUN issue-3073 316 18 . . PUNCT issue-3073 317 1 regional regional ADJ issue-3073 317 2 studies study NOUN issue-3073 317 3 in in ADP issue-3073 317 4 marine marine ADJ issue-3073 317 5 science science NOUN issue-3073 317 6 , , PUNCT issue-3073 317 7 42 42 NUM issue-3073 317 8 , , PUNCT issue-3073 317 9 101665 101665 NUM issue-3073 317 10 . . PUNCT issue-3073 318 1 doi doi NOUN issue-3073 318 2 : : PUNCT issue-3073 318 3 https://doi.org/10.1016/j.rsma.2021.101665 https://doi.org/10.1016/j.rsma.2021.101665 ADJ issue-3073 318 4 gunnlaugsson gunnlaugsson NOUN issue-3073 318 5 , , PUNCT issue-3073 318 6 s. s. PROPN issue-3073 318 7 b. b. PROPN issue-3073 318 8 , , PUNCT issue-3073 318 9 & & CCONJ issue-3073 318 10 valtýsson valtýsson PROPN issue-3073 318 11 , , PUNCT issue-3073 318 12 h. h. PROPN issue-3073 318 13 þ þ PROPN issue-3073 318 14 . . PUNCT issue-3073 319 1 ( ( PUNCT issue-3073 319 2 2022 2022 NUM issue-3073 319 3 ) ) PUNCT issue-3073 319 4 . . PUNCT issue-3073 320 1 sustainability sustainability NOUN issue-3073 320 2 and and CCONJ issue-3073 320 3 wealth wealth NOUN issue-3073 320 4 creation creation NOUN issue-3073 320 5 , , PUNCT issue-3073 320 6 but but CCONJ issue-3073 320 7 no no DET issue-3073 320 8 consensus consensus NOUN issue-3073 320 9 : : PUNCT issue-3073 320 10 recent recent ADJ issue-3073 320 11 decades decade NOUN issue-3073 320 12 in in ADP issue-3073 320 13 iceland iceland PROPN issue-3073 320 14 ’s ’s PART issue-3073 320 15 itq itq PROPN issue-3073 320 16 - - PUNCT issue-3073 320 17 managed manage VERB issue-3073 320 18 fisheries fishery NOUN issue-3073 320 19 . . PUNCT issue-3073 321 1 marine marine ADJ issue-3073 321 2 policy policy NOUN issue-3073 321 3 , , PUNCT issue-3073 321 4 135 135 NUM issue-3073 321 5 , , PUNCT issue-3073 321 6 104836 104836 NUM issue-3073 321 7 . . PUNCT issue-3073 322 1 doi doi NOUN issue-3073 322 2 : : PUNCT issue-3073 322 3 https://doi.org/10.1016/ https://doi.org/10.1016/ PROPN issue-3073 322 4 j.marpol.2021.104836 j.marpol.2021.104836 PROPN issue-3073 322 5 hannesson hannesson PROPN issue-3073 322 6 , , PUNCT issue-3073 322 7 r. r. PROPN issue-3073 322 8 ( ( PUNCT issue-3073 322 9 2017 2017 NUM issue-3073 322 10 ) ) PUNCT issue-3073 322 11 . . PUNCT issue-3073 323 1 fish fish NOUN issue-3073 323 2 quota quota NOUN issue-3073 323 3 prices price NOUN issue-3073 323 4 in in ADP issue-3073 323 5 norway norway PROPN issue-3073 323 6 . . PUNCT issue-3073 324 1 marine marine PROPN issue-3073 324 2 resource resource NOUN issue-3073 324 3 economics economic NOUN issue-3073 324 4 , , PUNCT issue-3073 324 5 32(1 32(1 NUM issue-3073 324 6 ) ) PUNCT issue-3073 324 7 , , PUNCT issue-3073 325 1 109 109 NUM issue-3073 325 2 . . PUNCT issue-3073 325 3 doi doi NOUN issue-3073 325 4 : : PUNCT issue-3073 325 5 https://doi.org/10.1086/689190 https://doi.org/10.1086/689190 VERB issue-3073 325 6 hoof hoof NOUN issue-3073 325 7 , , PUNCT issue-3073 325 8 l. l. PROPN issue-3073 325 9 van van PROPN issue-3073 325 10 . . PUNCT issue-3073 325 11 ( ( PUNCT issue-3073 325 12 2013 2013 NUM issue-3073 325 13 ) ) PUNCT issue-3073 325 14 . . PUNCT issue-3073 326 1 design design NOUN issue-3073 326 2 or or CCONJ issue-3073 326 3 pragmatic pragmatic ADJ issue-3073 326 4 evolution evolution NOUN issue-3073 326 5 : : PUNCT issue-3073 326 6 applying apply VERB issue-3073 326 7 itqs itqs NOUN issue-3073 326 8 in in ADP issue-3073 326 9 eu eu PROPN issue-3073 326 10 fisheries fisheries PROPN issue-3073 326 11 management management NOUN issue-3073 326 12 . . PUNCT issue-3073 327 1 ices ice NOUN issue-3073 327 2 journal journal PROPN issue-3073 327 3 of of ADP issue-3073 327 4 marine marine ADJ issue-3073 327 5 science science NOUN issue-3073 327 6 , , PUNCT issue-3073 327 7 70(2 70(2 PROPN issue-3073 327 8 ) ) PUNCT issue-3073 327 9 , , PUNCT issue-3073 327 10 462 462 NUM issue-3073 327 11 . . PUNCT issue-3073 328 1 doi doi NOUN issue-3073 328 2 : : PUNCT issue-3073 328 3 https://doi:10.1093 https://doi:10.1093 ADJ issue-3073 328 4 / / SYM issue-3073 328 5 icesjms icesjms PROPN issue-3073 328 6 / / SYM issue-3073 328 7 fss189 fss189 PROPN issue-3073 328 8 hoshino hoshino PROPN issue-3073 328 9 , , PUNCT issue-3073 328 10 e. e. PROPN issue-3073 328 11 , , PUNCT issue-3073 328 12 putten putten VERB issue-3073 328 13 , , PUNCT issue-3073 328 14 i. i. PROPN issue-3073 328 15 van van PROPN issue-3073 328 16 , , PUNCT issue-3073 328 17 pascoe pascoe PROPN issue-3073 328 18 , , PUNCT issue-3073 328 19 s. s. PROPN issue-3073 328 20 , , PUNCT issue-3073 328 21 & & CCONJ issue-3073 328 22 vieira vieira PROPN issue-3073 328 23 , , PUNCT issue-3073 328 24 s. s. PROPN issue-3073 328 25 ( ( PUNCT issue-3073 328 26 2020 2020 NUM issue-3073 328 27 ) ) PUNCT issue-3073 328 28 . . PUNCT issue-3073 329 1 individual individual ADJ issue-3073 329 2 transferable transferable ADJ issue-3073 329 3 quotas quota NOUN issue-3073 329 4 in in ADP issue-3073 329 5 achieving achieve VERB issue-3073 329 6 multiple multiple ADJ issue-3073 329 7 objectives objective NOUN issue-3073 329 8 of of ADP issue-3073 329 9 fisheries fishery NOUN issue-3073 329 10 management management NOUN issue-3073 329 11 . . PUNCT issue-3073 330 1 marine marine ADJ issue-3073 330 2 policy policy NOUN issue-3073 330 3 , , PUNCT issue-3073 330 4 113 113 NUM issue-3073 330 5 , , PUNCT issue-3073 330 6 103744 103744 NUM issue-3073 330 7 . . PUNCT issue-3073 331 1 doi doi NOUN issue-3073 331 2 : : PUNCT issue-3073 331 3 https://doi.org/10.1016/j https://doi.org/10.1016/j NOUN issue-3073 331 4 . . PUNCT issue-3073 332 1 marpol.2019.103744 marpol.2019.103744 NOUN issue-3073 332 2 hussain hussain PROPN issue-3073 332 3 , , PUNCT issue-3073 332 4 r. r. PROPN issue-3073 332 5 ( ( PUNCT issue-3073 332 6 n.d n.d PROPN issue-3073 332 7 . . PROPN issue-3073 332 8 ) ) PUNCT issue-3073 332 9 . . PUNCT issue-3073 333 1 basics basic NOUN issue-3073 333 2 of of ADP issue-3073 333 3 portfolio portfolio NOUN issue-3073 333 4 theory theory NOUN issue-3073 333 5 . . PUNCT issue-3073 333 6 available available ADJ issue-3073 333 7 at at ADP issue-3073 333 8 : : PUNCT issue-3073 333 9 https://www.scranton.edu/faculty/hussain/teaching/ https://www.scranton.edu/faculty/hussain/teaching/ ADJ issue-3073 333 10 fin586_/gpt103.pdf fin586_/gpt103.pdf NOUN issue-3073 333 11 khagerty khagerty NOUN issue-3073 333 12 . . PUNCT issue-3073 334 1 ( ( PUNCT issue-3073 334 2 n.d n.d PROPN issue-3073 334 3 . . PROPN issue-3073 334 4 ) ) PUNCT issue-3073 334 5 . . PUNCT issue-3073 335 1 portfoliotheory_2_jan_1_20081.ppt portfoliotheory_2_jan_1_20081.ppt X issue-3073 335 2 . . PUNCT issue-3073 335 3 available available ADJ issue-3073 335 4 at at ADP issue-3073 335 5 : : PUNCT issue-3073 335 6 https://www.kellogg.northwestern.edu/ https://www.kellogg.northwestern.edu/ VERB issue-3073 335 7 faculty faculty NOUN issue-3073 335 8 / / SYM issue-3073 335 9 hagerty hagerty PROPN issue-3073 335 10 / / SYM issue-3073 335 11 ftp ftp PROPN issue-3073 335 12 / / SYM issue-3073 335 13 emp_investments emp_investment NOUN issue-3073 335 14 / / SYM issue-3073 335 15 lectures lecture NOUN issue-3073 335 16 / / SYM issue-3073 335 17 portfoliotheory_2_jan_1_20081.pdf portfoliotheory_2_jan_1_20081.pdf NOUN issue-3073 335 18 baltic baltic ADJ issue-3073 335 19 journal journal NOUN issue-3073 335 20 of of ADP issue-3073 335 21 economic economic ADJ issue-3073 335 22 studies study NOUN issue-3073 335 23 38 38 NUM issue-3073 335 24 vol vol NOUN issue-3073 335 25 . . PUNCT issue-3073 335 26 11 11 NUM issue-3073 336 1 no no NOUN issue-3073 336 2 . . NOUN issue-3073 336 3 5 5 NUM issue-3073 336 4 , , PUNCT issue-3073 336 5 2025 2025 NUM issue-3073 336 6 knútsson knútsson NOUN issue-3073 336 7 , , PUNCT issue-3073 336 8 ö. ö. PROPN issue-3073 336 9 , , PUNCT issue-3073 336 10 kristófersson kristófersson PROPN issue-3073 336 11 , , PUNCT issue-3073 336 12 d. d. PROPN issue-3073 336 13 m. m. PROPN issue-3073 336 14 , , PUNCT issue-3073 336 15 & & CCONJ issue-3073 336 16 gestsson gestsson PROPN issue-3073 336 17 , , PUNCT issue-3073 336 18 h. h. PROPN issue-3073 336 19 ( ( PUNCT issue-3073 336 20 2016 2016 NUM issue-3073 336 21 ) ) PUNCT issue-3073 336 22 . . PUNCT issue-3073 337 1 the the DET issue-3073 337 2 effects effect NOUN issue-3073 337 3 of of ADP issue-3073 337 4 fisheries fishery NOUN issue-3073 337 5 management management NOUN issue-3073 337 6 on on ADP issue-3073 337 7 the the DET issue-3073 337 8 icelandic icelandic ADJ issue-3073 337 9 demersal demersal ADJ issue-3073 337 10 fish fish NOUN issue-3073 337 11 value value NOUN issue-3073 337 12 chain chain NOUN issue-3073 337 13 . . PUNCT issue-3073 338 1 marine marine ADJ issue-3073 338 2 policy policy NOUN issue-3073 338 3 , , PUNCT issue-3073 338 4 63 63 NUM issue-3073 338 5 , , PUNCT issue-3073 338 6 172 172 NUM issue-3073 338 7 . . PUNCT issue-3073 339 1 doi doi NOUN issue-3073 339 2 : : PUNCT issue-3073 339 3 https://doi.org/10.1016/j https://doi.org/10.1016/j NOUN issue-3073 339 4 . . PUNCT issue-3073 340 1 marpol.2015.03.015 marpol.2015.03.015 X issue-3073 340 2 lebedef lebedef ADJ issue-3073 340 3 , , PUNCT issue-3073 340 4 e. e. PROPN issue-3073 340 5 a. a. PROPN issue-3073 340 6 , , PUNCT issue-3073 340 7 & & CCONJ issue-3073 340 8 chambers chamber NOUN issue-3073 340 9 , , PUNCT issue-3073 340 10 c. c. PROPN issue-3073 340 11 ( ( PUNCT issue-3073 340 12 2023 2023 NUM issue-3073 340 13 ) ) PUNCT issue-3073 340 14 . . PUNCT issue-3073 341 1 youth youth NOUN issue-3073 341 2 and and CCONJ issue-3073 341 3 newcomers newcomer NOUN issue-3073 341 4 in in ADP issue-3073 341 5 icelandic icelandic ADJ issue-3073 341 6 fisheries fishery NOUN issue-3073 341 7 : : PUNCT issue-3073 341 8 opportunities opportunity NOUN issue-3073 341 9 and and CCONJ issue-3073 341 10 obstacles obstacle NOUN issue-3073 341 11 . . PUNCT issue-3073 342 1 mast mast NOUN issue-3073 342 2 . . PUNCT issue-3073 343 1 maritime maritime ADJ issue-3073 343 2 studies study NOUN issue-3073 343 3 / / SYM issue-3073 343 4 maritime maritime ADJ issue-3073 343 5 studies study NOUN issue-3073 343 6 , , PUNCT issue-3073 343 7 22(3 22(3 NUM issue-3073 343 8 ) ) PUNCT issue-3073 343 9 . . PUNCT issue-3073 344 1 doi doi NOUN issue-3073 344 2 : : PUNCT issue-3073 344 3 https://doi.org/10.1007/s40152-023-00326-0 https://doi.org/10.1007/s40152-023-00326-0 NUM issue-3073 344 4 león león PROPN issue-3073 344 5 , , PUNCT issue-3073 344 6 r. r. PROPN issue-3073 344 7 , , PUNCT issue-3073 344 8 gardner gardner NOUN issue-3073 344 9 , , PUNCT issue-3073 344 10 c. c. PROPN issue-3073 344 11 , , PUNCT issue-3073 344 12 putten putten VERB issue-3073 344 13 , , PUNCT issue-3073 344 14 i. i. PROPN issue-3073 344 15 van van PROPN issue-3073 344 16 , , PUNCT issue-3073 344 17 & & CCONJ issue-3073 344 18 hartmann hartmann PROPN issue-3073 344 19 , , PUNCT issue-3073 344 20 k. k. PROPN issue-3073 344 21 ( ( PUNCT issue-3073 344 22 2015 2015 NUM issue-3073 344 23 ) ) PUNCT issue-3073 344 24 . . PUNCT issue-3073 345 1 changes change NOUN issue-3073 345 2 in in ADP issue-3073 345 3 the the DET issue-3073 345 4 lease lease NOUN issue-3073 345 5 and and CCONJ issue-3073 345 6 permanent permanent ADJ issue-3073 345 7 sale sale NOUN issue-3073 345 8 quota quota NOUN issue-3073 345 9 markets market NOUN issue-3073 345 10 of of ADP issue-3073 345 11 a a DET issue-3073 345 12 rock rock NOUN issue-3073 345 13 lobster lobster NOUN issue-3073 345 14 fishery fishery NOUN issue-3073 345 15 in in ADP issue-3073 345 16 response response NOUN issue-3073 345 17 to to ADP issue-3073 345 18 stock stock NOUN issue-3073 345 19 abundance abundance NOUN issue-3073 345 20 . . PUNCT issue-3073 346 1 ices ice NOUN issue-3073 346 2 journal journal PROPN issue-3073 346 3 of of ADP issue-3073 346 4 marine marine ADJ issue-3073 346 5 science science NOUN issue-3073 346 6 , , PUNCT issue-3073 346 7 72(5 72(5 NOUN issue-3073 346 8 ) ) PUNCT issue-3073 346 9 , , PUNCT issue-3073 346 10 1555 1555 NUM issue-3073 346 11 . . PUNCT issue-3073 347 1 doi doi NOUN issue-3073 347 2 : : PUNCT issue-3073 347 3 https://doi.org/10.1093/icesjms/fsu246 https://doi.org/10.1093/icesjms/fsu246 PROPN issue-3073 347 4 lock lock PROPN issue-3073 347 5 , , PUNCT issue-3073 347 6 k. k. PROPN issue-3073 347 7 , , PUNCT issue-3073 347 8 & & CCONJ issue-3073 347 9 leslie leslie PROPN issue-3073 347 10 , , PUNCT issue-3073 347 11 s. s. PROPN issue-3073 347 12 ( ( PUNCT issue-3073 347 13 2007 2007 NUM issue-3073 347 14 ) ) PUNCT issue-3073 347 15 . . PUNCT issue-3073 348 1 new new PROPN issue-3073 348 2 zealand zealand PROPN issue-3073 348 3 ’s ’s PART issue-3073 348 4 quota quota NOUN issue-3073 348 5 management management NOUN issue-3073 348 6 system system NOUN issue-3073 348 7 : : PUNCT issue-3073 348 8 a a DET issue-3073 348 9 history history NOUN issue-3073 348 10 of of ADP issue-3073 348 11 the the DET issue-3073 348 12 first first ADJ issue-3073 348 13 20 20 NUM issue-3073 348 14 years year NOUN issue-3073 348 15 . . PUNCT issue-3073 349 1 ssrn ssrn PROPN issue-3073 349 2 electronic electronic ADJ issue-3073 349 3 journal journal NOUN issue-3073 349 4 . . PUNCT issue-3073 350 1 doi doi NOUN issue-3073 350 2 : : PUNCT issue-3073 350 3 https://doi.org/10.2139/ssrn.978115 https://doi.org/10.2139/ssrn.978115 PROPN issue-3073 350 4 mace mace NOUN issue-3073 350 5 , , PUNCT issue-3073 350 6 p. p. NOUN issue-3073 350 7 m. m. NOUN issue-3073 350 8 , , PUNCT issue-3073 350 9 sullivan sullivan PROPN issue-3073 350 10 , , PUNCT issue-3073 350 11 k. k. PROPN issue-3073 350 12 , , PUNCT issue-3073 350 13 & & CCONJ issue-3073 350 14 cryer cryer PROPN issue-3073 350 15 , , PUNCT issue-3073 350 16 m. m. NOUN issue-3073 350 17 ( ( PUNCT issue-3073 350 18 2014 2014 NUM issue-3073 350 19 ) ) PUNCT issue-3073 350 20 . . PUNCT issue-3073 351 1 the the DET issue-3073 351 2 evolution evolution NOUN issue-3073 351 3 of of ADP issue-3073 351 4 new new PROPN issue-3073 351 5 zealand zealand PROPN issue-3073 351 6 ’s ’s PART issue-3073 351 7 fisheries fishery NOUN issue-3073 351 8 science science NOUN issue-3073 351 9 and and CCONJ issue-3073 351 10 management management NOUN issue-3073 351 11 systems system NOUN issue-3073 351 12 under under ADP issue-3073 351 13 itqs†. itqs†. NUM issue-3073 351 14 ices ice NOUN issue-3073 351 15 journal journal NOUN issue-3073 351 16 of of ADP issue-3073 351 17 marine marine ADJ issue-3073 351 18 science science NOUN issue-3073 351 19 , , PUNCT issue-3073 351 20 71(2 71(2 NUM issue-3073 351 21 ) ) PUNCT issue-3073 351 22 , , PUNCT issue-3073 351 23 204 204 NUM issue-3073 351 24 . . PUNCT issue-3073 351 25 doi doi NOUN issue-3073 351 26 : : PUNCT issue-3073 351 27 https://doi.org/10.1093/icesjms/fst159 https://doi.org/10.1093/icesjms/fst159 PROPN issue-3073 351 28 matthíasson matthíasson NOUN issue-3073 351 29 , , PUNCT issue-3073 351 30 þ þ PROPN issue-3073 351 31 . . PUNCT issue-3073 351 32 ( ( PUNCT issue-3073 351 33 2003 2003 NUM issue-3073 351 34 ) ) PUNCT issue-3073 351 35 . . PUNCT issue-3073 352 1 closing close VERB issue-3073 352 2 the the DET issue-3073 352 3 open open ADJ issue-3073 352 4 sea sea NOUN issue-3073 352 5 : : PUNCT issue-3073 352 6 development development NOUN issue-3073 352 7 of of ADP issue-3073 352 8 fishery fishery NOUN issue-3073 352 9 management management NOUN issue-3073 352 10 in in ADP issue-3073 352 11 four four NUM issue-3073 352 12 icelandic icelandic ADJ issue-3073 352 13 fisheries fishery NOUN issue-3073 352 14 . . PUNCT issue-3073 353 1 natural natural ADJ issue-3073 353 2 resources resource NOUN issue-3073 353 3 forum forum PROPN issue-3073 353 4 , , PUNCT issue-3073 353 5 27(1 27(1 NUM issue-3073 353 6 ) ) PUNCT issue-3073 353 7 , , PUNCT issue-3073 353 8 1 1 X issue-3073 353 9 . . X issue-3073 353 10 doi doi NOUN issue-3073 353 11 : : PUNCT issue-3073 353 12 https://doi.org/10.1111/1469-8219.00065-i1 https://doi.org/10.1111/1469-8219.00065-i1 PROPN issue-3073 353 13 nasdaq nasdaq PROPN issue-3073 353 14 iceland iceland PROPN issue-3073 353 15 . . PUNCT issue-3073 354 1 ( ( PUNCT issue-3073 354 2 n.d n.d PROPN issue-3073 354 3 . . PROPN issue-3073 354 4 ) ) PUNCT issue-3073 354 5 . . PUNCT issue-3073 355 1 indices index NOUN issue-3073 355 2 . . PUNCT issue-3073 356 1 available available ADJ issue-3073 356 2 at at ADP issue-3073 356 3 : : PUNCT issue-3073 356 4 https://www.nasdaqomxnordic.com/indexes/iceland https://www.nasdaqomxnordic.com/indexes/iceland PROPN issue-3073 356 5 newell newell PROPN issue-3073 356 6 , , PUNCT issue-3073 356 7 r. r. PROPN issue-3073 356 8 g. g. PROPN issue-3073 356 9 , , PUNCT issue-3073 356 10 papps papps NOUN issue-3073 356 11 , , PUNCT issue-3073 356 12 k. k. PROPN issue-3073 356 13 l. l. PROPN issue-3073 356 14 , , PUNCT issue-3073 356 15 & & CCONJ issue-3073 356 16 sanchirico sanchirico PROPN issue-3073 356 17 , , PUNCT issue-3073 356 18 j. j. PROPN issue-3073 356 19 n. n. PROPN issue-3073 356 20 ( ( PUNCT issue-3073 356 21 2007 2007 NUM issue-3073 356 22 ) ) PUNCT issue-3073 356 23 . . PUNCT issue-3073 357 1 asset asset NOUN issue-3073 357 2 pricing pricing NOUN issue-3073 357 3 in in ADP issue-3073 357 4 created create VERB issue-3073 357 5 markets market NOUN issue-3073 357 6 . . PUNCT issue-3073 358 1 american american ADJ issue-3073 358 2 journal journal PROPN issue-3073 358 3 of of ADP issue-3073 358 4 agricultural agricultural ADJ issue-3073 358 5 economics economic NOUN issue-3073 358 6 , , PUNCT issue-3073 358 7 89(2 89(2 NOUN issue-3073 358 8 ) ) PUNCT issue-3073 358 9 , , PUNCT issue-3073 358 10 259 259 NUM issue-3073 358 11 . . PUNCT issue-3073 358 12 doi doi NOUN issue-3073 358 13 : : PUNCT issue-3073 358 14 https://doi.org/10.1111/j.1467-8276.2007.01018.x https://doi.org/10.1111/j.1467-8276.2007.01018.x PROPN issue-3073 358 15 newell newell PROPN issue-3073 358 16 , , PUNCT issue-3073 358 17 r. r. PROPN issue-3073 358 18 g. g. PROPN issue-3073 358 19 , , PUNCT issue-3073 358 20 sanchirico sanchirico PROPN issue-3073 358 21 , , PUNCT issue-3073 358 22 j. j. PROPN issue-3073 358 23 n. n. PROPN issue-3073 358 24 , , PUNCT issue-3073 358 25 & & CCONJ issue-3073 358 26 kerr kerr PROPN issue-3073 358 27 , , PUNCT issue-3073 358 28 s. s. PROPN issue-3073 358 29 ( ( PUNCT issue-3073 358 30 2005 2005 NUM issue-3073 358 31 ) ) PUNCT issue-3073 358 32 . . PUNCT issue-3073 359 1 fishing fishing NOUN issue-3073 359 2 quota quota NOUN issue-3073 359 3 markets market NOUN issue-3073 359 4 . . PUNCT issue-3073 360 1 journal journal PROPN issue-3073 360 2 of of ADP issue-3073 360 3 environmental environmental ADJ issue-3073 360 4 economics economic NOUN issue-3073 360 5 and and CCONJ issue-3073 360 6 management management NOUN issue-3073 360 7 , , PUNCT issue-3073 360 8 49(3 49(3 PROPN issue-3073 360 9 ) ) PUNCT issue-3073 360 10 , , PUNCT issue-3073 360 11 437 437 NUM issue-3073 360 12 . . PUNCT issue-3073 361 1 doi doi NOUN issue-3073 361 2 : : PUNCT issue-3073 361 3 https://doi.org/10.1016/j.jeem.2004.06.005 https://doi.org/10.1016/j.jeem.2004.06.005 PROPN issue-3073 361 4 oostdijk oostdijk PROPN issue-3073 361 5 , , PUNCT issue-3073 361 6 m. m. NOUN issue-3073 361 7 , , PUNCT issue-3073 361 8 santos santos PROPN issue-3073 361 9 , , PUNCT issue-3073 361 10 m. m. NOUN issue-3073 361 11 j. j. PROPN issue-3073 361 12 , , PUNCT issue-3073 361 13 agnarsson agnarsson PROPN issue-3073 361 14 , , PUNCT issue-3073 361 15 s. s. PROPN issue-3073 361 16 , , PUNCT issue-3073 361 17 & & CCONJ issue-3073 361 18 woods wood NOUN issue-3073 361 19 , , PUNCT issue-3073 361 20 p. p. NOUN issue-3073 361 21 j. j. PROPN issue-3073 361 22 ( ( PUNCT issue-3073 361 23 2019 2019 NUM issue-3073 361 24 ) ) PUNCT issue-3073 361 25 . . PUNCT issue-3073 362 1 structure structure NOUN issue-3073 362 2 and and CCONJ issue-3073 362 3 evolution evolution NOUN issue-3073 362 4 of of ADP issue-3073 362 5 cod cod PROPN issue-3073 362 6 quota quota NOUN issue-3073 362 7 market market NOUN issue-3073 362 8 networks network NOUN issue-3073 362 9 in in ADP issue-3073 362 10 iceland iceland PROPN issue-3073 362 11 over over ADP issue-3073 362 12 times time NOUN issue-3073 362 13 of of ADP issue-3073 362 14 financial financial ADJ issue-3073 362 15 volatility volatility NOUN issue-3073 362 16 . . PUNCT issue-3073 363 1 ecological ecological ADJ issue-3073 363 2 economics economic NOUN issue-3073 363 3 , , PUNCT issue-3073 363 4 159 159 NUM issue-3073 363 5 , , PUNCT issue-3073 363 6 279 279 NUM issue-3073 363 7 . . PUNCT issue-3073 364 1 doi doi NOUN issue-3073 364 2 : : PUNCT issue-3073 364 3 https://doi.org/10.1016/ https://doi.org/10.1016/ PROPN issue-3073 364 4 j.ecolecon.2019.01.035 j.ecolecon.2019.01.035 ADP issue-3073 364 5 pincinato pincinato PROPN issue-3073 364 6 , , PUNCT issue-3073 364 7 r. r. PROPN issue-3073 364 8 b. b. PROPN issue-3073 364 9 m. m. PROPN issue-3073 364 10 , , PUNCT issue-3073 364 11 asche asche PROPN issue-3073 364 12 , , PUNCT issue-3073 364 13 f. f. PROPN issue-3073 364 14 , , PUNCT issue-3073 364 15 cojocaru cojocaru PROPN issue-3073 364 16 , , PUNCT issue-3073 364 17 a. a. PROPN issue-3073 364 18 l. l. PROPN issue-3073 364 19 , , PUNCT issue-3073 364 20 liu liu PROPN issue-3073 364 21 , , PUNCT issue-3073 364 22 y. y. PROPN issue-3073 364 23 , , PUNCT issue-3073 364 24 & & CCONJ issue-3073 364 25 roll roll PROPN issue-3073 364 26 , , PUNCT issue-3073 364 27 k. k. PROPN issue-3073 364 28 h. h. PROPN issue-3073 364 29 ( ( PUNCT issue-3073 364 30 2022 2022 NUM issue-3073 364 31 ) ) PUNCT issue-3073 364 32 . . PUNCT issue-3073 365 1 the the DET issue-3073 365 2 impact impact NOUN issue-3073 365 3 of of ADP issue-3073 365 4 transferable transferable ADJ issue-3073 365 5 fishing fishing NOUN issue-3073 365 6 quotas quota NOUN issue-3073 365 7 on on ADP issue-3073 365 8 cost cost NOUN issue-3073 365 9 , , PUNCT issue-3073 365 10 price price NOUN issue-3073 365 11 , , PUNCT issue-3073 365 12 and and CCONJ issue-3073 365 13 season season NOUN issue-3073 365 14 length length NOUN issue-3073 365 15 . . PUNCT issue-3073 366 1 marine marine ADJ issue-3073 366 2 resource resource NOUN issue-3073 366 3 economics economic NOUN issue-3073 366 4 , , PUNCT issue-3073 366 5 37(1 37(1 NUM issue-3073 366 6 ) ) PUNCT issue-3073 366 7 , , PUNCT issue-3073 366 8 53 53 NUM issue-3073 366 9 . . PUNCT issue-3073 366 10 doi doi NOUN issue-3073 366 11 : : PUNCT issue-3073 366 12 https://doi.org/10.1086/716728 https://doi.org/10.1086/716728 NUM issue-3073 366 13 pinkerton pinkerton PROPN issue-3073 366 14 , , PUNCT issue-3073 366 15 e. e. PROPN issue-3073 366 16 , , PUNCT issue-3073 366 17 & & CCONJ issue-3073 366 18 edwards edwards PROPN issue-3073 366 19 , , PUNCT issue-3073 366 20 d. d. PROPN issue-3073 366 21 n. n. PROPN issue-3073 366 22 ( ( PUNCT issue-3073 366 23 2009 2009 NUM issue-3073 366 24 ) ) PUNCT issue-3073 366 25 . . PUNCT issue-3073 367 1 the the DET issue-3073 367 2 elephant elephant NOUN issue-3073 367 3 in in ADP issue-3073 367 4 the the DET issue-3073 367 5 room room NOUN issue-3073 367 6 : : PUNCT issue-3073 367 7 the the DET issue-3073 367 8 hidden hide VERB issue-3073 367 9 costs cost NOUN issue-3073 367 10 of of ADP issue-3073 367 11 leasing lease VERB issue-3073 367 12 individual individual ADJ issue-3073 367 13 transferable transferable ADJ issue-3073 367 14 fishing fishing NOUN issue-3073 367 15 quotas quota NOUN issue-3073 367 16 . . PUNCT issue-3073 368 1 marine marine ADJ issue-3073 368 2 policy policy NOUN issue-3073 368 3 , , PUNCT issue-3073 368 4 33(4 33(4 NUM issue-3073 368 5 ) ) PUNCT issue-3073 368 6 , , PUNCT issue-3073 368 7 707 707 NUM issue-3073 368 8 . . PUNCT issue-3073 369 1 doi doi NOUN issue-3073 369 2 : : PUNCT issue-3073 369 3 https://doi.org/10.1016/j.marpol.2009.02.004 https://doi.org/10.1016/j.marpol.2009.02.004 PROPN issue-3073 369 4 rivin rivin PROPN issue-3073 369 5 , , PUNCT issue-3073 369 6 i. i. PROPN issue-3073 369 7 ( ( PUNCT issue-3073 369 8 2018 2018 NUM issue-3073 369 9 ) ) PUNCT issue-3073 369 10 . . PUNCT issue-3073 370 1 what what PRON issue-3073 370 2 is be AUX issue-3073 370 3 the the DET issue-3073 370 4 sharpe sharpe NOUN issue-3073 370 5 ratio ratio NOUN issue-3073 370 6 , , PUNCT issue-3073 370 7 and and CCONJ issue-3073 370 8 how how SCONJ issue-3073 370 9 can can AUX issue-3073 370 10 everyone everyone PRON issue-3073 370 11 get get VERB issue-3073 370 12 it it PRON issue-3073 370 13 wrong wrong ADJ issue-3073 370 14 ? ? PUNCT issue-3073 371 1 arxiv arxiv NOUN issue-3073 371 2 ( ( PUNCT issue-3073 371 3 cornell cornell PROPN issue-3073 371 4 university university PROPN issue-3073 371 5 ) ) PUNCT issue-3073 371 6 . . PUNCT issue-3073 372 1 doi doi NOUN issue-3073 372 2 : : PUNCT issue-3073 372 3 https://doi.org/10.48550/arxiv.1802.04413 https://doi.org/10.48550/arxiv.1802.04413 PROPN issue-3073 372 4 sævaldsson sævaldsson PROPN issue-3073 372 5 , , PUNCT issue-3073 372 6 h. h. PROPN issue-3073 372 7 ( ( PUNCT issue-3073 372 8 2007 2007 NUM issue-3073 372 9 ) ) PUNCT issue-3073 372 10 . . PUNCT issue-3073 373 1 áhrifaþættir áhrifaþættir VERB issue-3073 373 2 á á PROPN issue-3073 373 3 verð verð NOUN issue-3073 373 4 þorskaflaheimilda þorskaflaheimilda NOUN issue-3073 373 5 . . PUNCT issue-3073 374 1 available available ADJ issue-3073 374 2 at at ADP issue-3073 374 3 : : PUNCT issue-3073 374 4 https://skemman.is/handle/1946/815 https://skemman.is/handle/1946/815 NOUN issue-3073 374 5 sigurdsson sigurdsson NOUN issue-3073 374 6 , , PUNCT issue-3073 374 7 t. t. PROPN issue-3073 374 8 ( ( PUNCT issue-3073 374 9 2006 2006 NUM issue-3073 374 10 ) ) PUNCT issue-3073 374 11 . . PUNCT issue-3073 375 1 the the DET issue-3073 375 2 collapse collapse NOUN issue-3073 375 3 of of ADP issue-3073 375 4 the the DET issue-3073 375 5 atlanto atlanto PROPN issue-3073 375 6 - - PUNCT issue-3073 375 7 scandian scandian PROPN issue-3073 375 8 herring herring PROPN issue-3073 375 9 fishery fishery PROPN issue-3073 375 10 : : PUNCT issue-3073 375 11 effects effect NOUN issue-3073 375 12 on on ADP issue-3073 375 13 the the DET issue-3073 375 14 icelandic icelandic ADJ issue-3073 375 15 economy economy NOUN issue-3073 375 16 . . PUNCT issue-3073 376 1 available available ADJ issue-3073 376 2 at at ADP issue-3073 376 3 : : PUNCT issue-3073 376 4 https://ir.library.oregonstate.edu/concern/conference_proceedings_or_journals/ https://ir.library.oregonstate.edu/concern/conference_proceedings_or_journals/ PROPN issue-3073 376 5 hm50ts95q?locale hm50ts95q?locale NOUN issue-3073 376 6 = = SYM issue-3073 376 7 en en X issue-3073 376 8 squires squire NOUN issue-3073 376 9 , , PUNCT issue-3073 376 10 d. d. PROPN issue-3073 376 11 , , PUNCT issue-3073 376 12 kirkley kirkley PROPN issue-3073 376 13 , , PUNCT issue-3073 376 14 j. j. PROPN issue-3073 376 15 e. e. PROPN issue-3073 376 16 , , PUNCT issue-3073 376 17 & & CCONJ issue-3073 376 18 tisdell tisdell VERB issue-3073 376 19 , , PUNCT issue-3073 376 20 c. c. PROPN issue-3073 376 21 ( ( PUNCT issue-3073 376 22 1995 1995 NUM issue-3073 376 23 ) ) PUNCT issue-3073 376 24 . . PUNCT issue-3073 377 1 individual individual ADJ issue-3073 377 2 transferable transferable ADJ issue-3073 377 3 quotas quota NOUN issue-3073 377 4 as as ADP issue-3073 377 5 a a DET issue-3073 377 6 fisheries fishery NOUN issue-3073 377 7 management management NOUN issue-3073 377 8 tool tool NOUN issue-3073 377 9 . . PUNCT issue-3073 378 1 reviews review NOUN issue-3073 378 2 in in ADP issue-3073 378 3 fisheries fishery NOUN issue-3073 378 4 science science NOUN issue-3073 378 5 , , PUNCT issue-3073 378 6 3(2 3(2 NUM issue-3073 378 7 ) ) PUNCT issue-3073 378 8 , , PUNCT issue-3073 378 9 141 141 NUM issue-3073 378 10 . . PUNCT issue-3073 379 1 doi doi NOUN issue-3073 379 2 : : PUNCT issue-3073 379 3 https://doi.org/10.1080/10641269509388570 https://doi.org/10.1080/10641269509388570 PROPN issue-3073 379 4 received receive VERB issue-3073 379 5 on on ADP issue-3073 379 6 : : PUNCT issue-3073 379 7 12th 12th NOUN issue-3073 379 8 of of ADP issue-3073 379 9 june june PROPN issue-3073 379 10 , , PUNCT issue-3073 379 11 2025 2025 NUM issue-3073 379 12 accepted accept VERB issue-3073 379 13 on on ADP issue-3073 379 14 : : PUNCT issue-3073 379 15 24th 24th NOUN issue-3073 379 16 of of ADP issue-3073 379 17 september september PROPN issue-3073 379 18 , , PUNCT issue-3073 379 19 2025 2025 NUM issue-3073 379 20 published publish VERB issue-3073 379 21 on on ADP issue-3073 379 22 : : PUNCT issue-3073 379 23 13th 13th NOUN issue-3073 379 24 of of ADP issue-3073 379 25 november november PROPN issue-3073 379 26 , , PUNCT issue-3073 379 27 2025 2025 NUM