The governance of exchanges: members' cooperatives versus outside ownership
比较了会员合作社与外部所有权两种治理结构，发现合作社在竞争加剧或成员利益分化时效率相对较低，并将此应用于交易所治理。
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.