Stapled Securities: Antipodean Anomaly or Adaptable Innovation?

29 Pages Posted: 21 Jan 2013

See all articles by Kevin Thomas Davis

Kevin Thomas Davis

University of Melbourne - Department of Finance; Australian Centre for Financial Studies

Multiple version iconThere are 2 versions of this paper

Date Written: September 16, 2012

Abstract

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 paper outlines the features and usage of stapled security structures and examines explanations for their popularity in Australia such as tax, behavioral finance, and governance aspects. It considers the use of such structures, and regulatory impediments, in other economies.

Keywords: Stapled Securities, Financial Innovation, Taxation, REITs, Infrastructure Funds

JEL Classification: G32

Suggested Citation

Davis, Kevin Thomas, Stapled Securities: Antipodean Anomaly or Adaptable Innovation? (September 16, 2012). 2013 Financial Markets & Corporate Governance Conference. Available at SSRN: https://ssrn.com/abstract=2204284 or http://dx.doi.org/10.2139/ssrn.2204284

Kevin Thomas Davis (Contact Author)

University of Melbourne - Department of Finance ( email )

Faculty of Business and Economics
Parkville, Victoria 3010 3010
Australia
+613 8344 5098 (Phone)
+613 8344 6914 (Fax)

Australian Centre for Financial Studies ( email )

Level 46, 525 Collins St
Melbourne, Victoria 3079
Australia

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