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Shanghai Stock Exchange Project

Shanghai

The Shanghai Stock Exchange History Research Project is an on-going research effort by the International Center of Finance to collect price and dividend information on stocks that were listed in the Shanghai Stock Exchange (SSE) during the nineteenth and beginning of the twentieth centuries.

The market for securities trading in Shanghai begins in late 1860s. More specifically, in June 1866, a list of thirteen companies, including the Hong Kong & Shanghai Banking Corporation, appeared in a local newspaper under the 'Shares and Stocks' section. According to the English newspaper in Shanghai, The North-China Herald this is the time that a 'regular system of dealing in Shares sprang up'. The operation of Shanghai stock exchange comes to a halt on December 8, 1941 when the Japanese took hold of the International Settlement. After the war ended, China assumed full control over Shanghai, the legal privilege and means of enforcing financial contracts for foreign businessmen had gone. The Shanghai Stock Exchange, as a foreign share brokers' association, never reopened again.

Professors Christos Cabolis, Wenzhong Fan, William Goetzmann, and Siew Choo (Julie) Ng have collected annual price data for all the securities listed in the Shanghai Stock Exchange from 1870 to 1940. The source of the dataset is the The North-China Herald, the English newspaper in Shanghai. The main purpose of this project is to construct complete series of data for SSE that will allow them to study long-term trends and performance.

Constructed Indicies

Construction Methods for the Shanghai Stock Exchange Indexes:1870 - 1940" by Wenzhong Fan outlining the construction of the SSE indexes [.pdf]

Shanghi Stock Exchange Indices [.xls]

SSE Graphs:1870-1940