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

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

Author Info

Oliver Hart
John Moore

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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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Publisher 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 292.

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

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Article
- Hart, Oliver & Moore, John, 1996. "The Governance of Exchanges: Members' Cooperatives versus Outside Ownership," Oxford Review of Economic Policy, Oxford University Press, vol. 12(4), pages 53-69, Winter.

Cited by:
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Brink, R. van den & Ruys, P.H.M. & Semenov, R., 1999. "Governance of clubs and firms with cultural dimensions," Discussion Paper 101, Tilburg University, Center for Economic Research. [Downloadable!]
Oliver Fabel & Thomas Weber, 2005. "Entrepreneurial Elites: Industry Structure and Welfare Effects of Incubating New Businesses," Working Papers of the Research Group Heterogenous Labor 05-09, Research Group Heterogeneous Labor, University of Konstanz/ZEW Mannheim. [Downloadable!]
John Miranowski & Helen H. Jensen & S. Patricia Batres-Marquez & Ariun Ishdorj, 2004. "Product Differentiation and Segregation in Agricultural Systems: Non-Genetically Modified and Specialty Corn and Soybean Crops in Iowa," Center for Agricultural and Rural Development (CARD) Publications 04-wp354, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
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- Miranowski, John & Jensen, Helen H. & Batres-Marquez, S. Patricia & Ishdorj, Ariun, 2004. "Product Differentiation and Segregation in Agricultural Systems: Non-Genetically Modified and Specialty Corn and Soybean Crops in Iowa," Staff General Research Papers 11433, Iowa State University, Department of Economics. [Downloadable!]
Schmiedel, Heiko, 2002. "Total factor productivity growth in European stock exchanges: A non-parametric frontier approach," Research Discussion Papers 11/2002, Bank of Finland. [Downloadable!]
Frank Milne & David Kelsey, 2006. "Takeovers and Cooperatives," Working Papers 1113, Queen's University, Department of Economics. [Downloadable!]
Andrew Worthington & Helen Higgs, 2006. "Market Risk in Demutualized Self-Listed Stock Exchanges: An International Analysis of Selected Time-Varying Betas," Global Economic Review, Taylor and Francis Journals, vol. 35(3), pages 239-257, September. [Downloadable!] (restricted)
Baris Serifsoy & Marco Weiß, 2007. "Settling for Efficiency - A Framework for the European Securities Transactions Industry," Working Paper Series: Finance and Accounting 151, Department of Finance, Goethe University Frankfurt am Main. [Downloadable!]
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- Serifsoy, Baris & Wei[ss], Marco, 2007. "Settling for efficiency - A framework for the European securities transaction industry," Journal of Banking & Finance, Elsevier, vol. 31(10), pages 3034-3057, October. [Downloadable!] (restricted)
Oliver Hart & John Moore, 1998. "Cooperatives vs. Outside Ownership," NBER Working Papers 6421, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Oliver Hart & John Moore, 1998. "Cooperatives vs. Outside Ownership," Harvard Institute of Economic Research Working Papers 1816, Harvard - Institute of Economic Research.
- Oliver Hart & John Moore, 2004. "Cooperatives vs. Outside Ownership," ESE Discussion Papers 114, Edinburgh School of Economics, University of Edinburgh.
- Oliver Hart & John Moore, 1998. "Cooperatives vs. Outside Ownership," STICERD - Theoretical Economics Paper Series 346, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
Marek Hudon, 2006. "Subsidies and financial performances of the microfinance institutions: Does management matter?," Working Papers CEB 05-015.RS, Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB). [Downloadable!]
Kirsten Foss & Nicolai J. Foss, . "Assets, Attributes and Ownership," IVS/CBS Working Papers 00-3, Department of Industrial Economics and Strategy, Copenhagen Business School. [Downloadable!]
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- Kirsten Foss, Nicolai Foss, 2001. "Assets, Attributes and Ownership," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 8(1), pages 19-37, February. [Downloadable!] (restricted)
Frank Milne & David Kelsey, 2005. "Externalities, Monopoly and the Objective Function of the Firm," Working Papers 1078, Queen's University, Department of Economics. [Downloadable!]
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- David Kelsey & Frank Milne, 2006. "Externalities, monopoly and the objective function of the firm," Economic Theory, Springer, vol. 29(3), pages 565-589, November. [Downloadable!] (restricted)
Malkamäki , Markku & Topi, Jukka, 1999. "Strategic Challenges for Exchanges and Securities Settlement," Research Discussion Papers 21/1999, Bank of Finland. [Downloadable!]
Chong-en Bai & Chenggang Xu, 1995. "Does Employee Ownership Improve Incentives for Efforts," Boston College Working Papers in Economics 303., Boston College Department of Economics. [Downloadable!]
Andrew Worthington & Helen Higgs, 2005. "Market Risk in Demutualised Self-Listed Stock Exchanges: An International Analysis of Selected Time-Varying Betas," School of Economics and Finance Discussion Papers and Working Papers Series 201, School of Economics and Finance, Queensland University of Technology. [Downloadable!]
Malkamäki, Markku, 1999. "Are there Economies of Scale in Stock Exchange Activities?," Research Discussion Papers 4/1999, Bank of Finland. [Downloadable!]
William R. Emmons & Willi Mueller, 1997. "Conflict of interest between borrowers and lenders in credit co- operatives: the case of German co-operative banks," Working Papers 1997-009, Federal Reserve Bank of St. Louis. [Downloadable!]
Herbst, P. & Prufer, J., 2007. "Firms, Nonprofits, and Cooperatives: A Theory of Organizational Choice," Discussion Paper 2007-7, Tilburg University, Center for Economic Research. [Downloadable!]
Bengt Holmstrom & Steven N. Kaplan, 2001. "Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s," NBER Working Papers 8220, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)

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