The study of national business systems is increasingly concerned with the issue of path dependency and change. This paper seeks to clarify this debate through a theoretical and empirical examination of these issues in the context of change within the Japanese financial markets. The first section...

The extent of non-trading is shown to be much greater in the UK than in the more heavily researched US equity markets. Over the period 1975 to 1995 we find that almost 44% of all stocks in our sample failed to trade on the last day of a given month, a figure which is significantly higher than...