Trading of shares in the Societates Publicanorum?

This paper demonstrates the often repeated modern claim of significant trading in 'shares of the societates publicanorum' (partes) during the late Roman Republic cannot be supported using the available 'primary sources'. Building on recent contributions detailing the economy of the late Republic, in general, and the tax farming activities of the publicani, in particular, an alternative more plausible legal and commercial explanation of the 'primary sources' - especially In Vatinium [12.29] and Pro C. Rabiro Postumo [2.4] - is provided.