From Aug. 24^th to Aug. 27^th, the first World Business History Conference and the 20^th European Business History Association Annual Conference was held in the city of Bergen, Norway. Associate Professor Zhang Yaguang, was invited to attend the conference and made a report on the sub-forum the Capital Market and Business Development.

The paper he reported was Research on the Stock Market Efficiency in Modern China: Evidence from Shanghai Stock Market in the Late Qing Dynasty, which is co-authored with Wang Yushi. In the report, Prof. Zhang described the origins and transformation of Chinese capital market and analyzed the effectiveness of Shanghai Stock Market in late Qing Dynasty. He noted that, according to the daily transaction data sorted by Shen Bao and Efficient Markets Hypothesis presented by Fama, the Shanghai stock market was efficient but not weak-form efficient from November 1882 to August 1883. It can be explained from several aspects such as modern capital market information quality, investors’ quality, market scale, deposits and official system.

The meeting was organized by EBHA and University of Bergen. More than 300 scholars from more than 40 countries attended the meeting. Top scholars in the field of world business history and economic history made speeches on the conference. Besides, Associate Professor Zhang visited the University of Bergen at the invitation of Harm G. Schroter, chairman of the organizing committee, and communicated on the cooperation between Chinese scholars and EBHA.