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The Governance of Exchanges: Members' Co-operatives Versus Outside Ownership

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  • Oliver Hart
  • John Moore

Abstract

The paper compares co-operative governance structure to outside ownership. The distinction between the two lies in who has residual rights of control. It is found that a co-operative becomes relatively less efficient as the environment becomes more competitive, and the interests of members become more skewed. These ideas are applied to the governance of exchanges.

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Bibliographic Info

Paper provided by Suntory and Toyota International Centres for Economics and Related Disciplines, LSE in its series STICERD - Theoretical Economics Paper Series with number /1996/292.

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Date of creation: Mar 1996
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Handle: RePEc:cep:stitep:/1996/292

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Web page: http://sticerd.lse.ac.uk/_new/publications/default.asp

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