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Stapled securities: Antipodean anomaly or adaptable innovation?

Published on 01 Jul 16 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE

The issuing of stapled securities (such as a unit in a trust and a share in a company) which cannot be traded separately occurs relatively frequently in Australia but is not common elsewhere. This article outlines the features and use of stapled security structures and examines explanations for their popularity in Australia, such as tax, behavioural finance, and governance aspects. It considers the use of such structures, and regulatory impediments, in other economies.

Author profile

Kevin Davis
Kevin is a Professor of Finance, University of Melbourne, Research Director, Australian Centre for Financial Studies and Professor of Finance, Monash University.
1 July 2016
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