The Governance of Exchanges: Members' Co-operatives Versus Outside Ownership
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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|Date of creation:||Mar 1996|
|Date of revision:|
|Contact details of provider:|| Web page: http://sticerd.lse.ac.uk/_new/publications/default.asp|
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