Peter L. Swan AM

Scientia Professor and ARC Australian Professorial Fellow

BEc (Hons) ANU, PhD Monash, AM, FASSA


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  Room number: Quadrangle 3042
Phone Number: 02 9385 5871
Fax Number: 02 9385 6347
E-Mail address:



Research Interests

  • Corporate governance and executive compensation
  • Market microstructure
  • Asset Pricing


Economics of Market Structure/Industrial Organisation | Protection/Macroeconomic Issues |

Industry Studies/Regulation/Law and Economics | Taxation/Inflation Accounting |

Labour Market Regulation/Single Motherhood | Environmental Economics/Property Rights |

Corporate Finance/Financial Economics/Banking/Financial Intermediation |

Benchmarking/Performance Evaluation | Working Papers

Note that the articles below are linked to the J-STOR Archive. A subscription to this service is required for access to the articles.

Economics of Market Structure/Industrial Organisation

  1. "Durability of Consumption Goods", American Economic Review, Vol. 60, No. 5 (December 1970): 884-894.
  2. "The Durability of Goods and Regulation of Monopoly", Bell Journal of Economics and Management Science, Vol. 2, No. 1 (Spring 1971): 347-357.
  3. "Market Structure and Technological Progress: The Influence of Monopoly on Product Innovation", Quarterly Journal of Economics, Vol. 84, No. 4 (November 1971): 627-638.
  4. "The Influence of Monopoly on Product Innovation : Rejoinder", Quarterly Journal of Economics, Vol. 86, No. 2 (May 1972): 346-349.
  5. "Optimum Durability, Second-Hand Markets and Planned Obsolescence", Journal of Political Economy, Vol. 80, No. 3, Part 1 (May 1972): 575-585.
  6. "Monopoly and Competition in the Market for Durable Goods", Review of Economic Studies, Vol. 40, No. 3 (July 1973): 333-351. (with E. Sieper).
  7. "The Coase Theorem and 'Sequential' Pareto Optimality", The Economic Record, Vol. 51 (June 1975): 268-271.
  8. "Optimum Replacement of Capital Goods with Labor-saving Technical Progress: A Comparison of the Early New England and British Textile Firm", Journal of Political Economy, Vol. 84, No. 6 (December 1976): 1293-1303.
  9. "Product Durability under Monopoly and Competition: Comment", Econometrica, Vol. 45, No. 1 (January 1977): 229-235.
  10. "Alcoa: The Influence of Recycling on Monopoly Power", Journal of Political Economy, Vol. 88, No. 1 (February, 1980): 76-99. Reprinted in Law and Economics, edited by Jenny B. Wahl, Garland Publishing Inc. 1000A Sherman Avenue, Hamden, CT 06514 (Carole Puccino), 1998.
  11. "Durability and Taxes: Market Structure and Quasi-Capital Market Distortion", Econometrica, Vol. 49(2), March 1981, pp.425-435.
  12. "Club Participation Under Uncertainty", Economic Letters 4 (1979): 307-312 (with A.L.Hillman).
  13. "Participation rules for Pareto-optimal clubs", Journal of Public Economics, 20 (1983), 55-76. (With A.L. Hillman).

Protection/Macroeconomic Issues

  1. "The Australian Balance of Payments and Capital Imports 1914-15 to 23-24", Australian Economic Papers, Vol. 7, No. 10 (June 1968): 91-103.
  2. "Guaranteed Market Share Arrangements in Passenger Motor Vehicles", Australian Journal of Management, Vol. 2, No. 1 (October, 1977): 149-160.
  3. "The Vision in the Australian Manufacturing Council Report", Australian Journal of Management, 16 (Special Issue June 1991) 27-33.
  4. "Executive Summary, Going International: Export Myths and Strategic Realities", Australian Journal of Management, Vol. 16, No. 2, December 1991, 229-237 (with Philip Yetton and Jeremy Davis).
  5. "The Emerging Australian Manufacturing Export Response to Microeconomic Reform", Australian Journal of Management, Vol. 17, No. 1, June 1992, 21-58, (with John Zeitsch).

Industry Studies/Regulation/Law and Economics

  1. The Demand for Commercial Vehicles, Industry Economics Branch Study, Tariff Board, Canberra, August 1973 (Australian Government Publishing Service) (36 pp plus appendices).
  2. "Industry Structure, Market Conduct and Performance", Chapter 3 of Bureau of Transport Economics, The Long Distance Road Haulage Industry, AGPS, Canberra, 1979.
  3. "On Buying a Job: The Regulation of Taxi Cabs in Canberra", Centre for Independent Studies, Policy Monograph No. 1, with an introduction by Ross Parish, December, 1979.
  4. Is Law Reform Too Important to be Left to the Lawyers?: A Critique of Two Law Reform Commission Reports, Human Tissue Transplants and Insurance Agents and Brokers. in R. Cranston and A. Schick (eds), Law and Economics, Department of Law, Research School of Social Sciences, Australian National University, Canberra, 1982, pp.10-24.
  5. "The economics of QANGOS:SECV and ELCOM", in The Economics of Bureaucracy and Statutory Authorities, Centre for Independent Studies, Policy Forums 1, Sydney, 1983, 23-36.
  6. "The railways: haemorrhage of the body politic", IPA Review, (Winter 1983), 64-69. (With J. Nestor).
  7. "The Marginal Cost of Base-Load Power: An Application to Alcoa's Portland Smelter", The Economic Record, Vol.59 (December 1983), 332-344.
  8. "Regulation of Insurance Brokers" in R. Albon and G. Lindsay (eds), Occupational Regulation and the Public Interest: Competition or Monopoly?, Centre for Independent Studies, Sydney, 1984, 135-150.
  9. "The Economics of Law: Economic Imperialism in Negligence Law, No Fault Insurance, Occupational Licensing and Criminology?", Australian Economic Review, 3rd Quarter, 1984, 92-108.
  10. "A Comment on 'The Allocation of Medical Resources'", in C.L. Buchanan and E.W. Prior (eds.), Medical Care and Markets: Conflicts Between Efficiency and Justice, George Allen and Unwin, Sydney 1985, 70-76.
  11. "Common Law Rights vs 'No Fault': The NSW Green Papers on Transport Accident and Workers' Compensation Schemes", CIS Policy Report 2 (6), December 1986, 10-15.
  12. "Management Education in Australia: Problems and Prospect", Kazuo Hara (ed.), The Internationalization of Higher Education, International Christian University, 1987.
  13. The Pure Food Laws and Regulations: Burdensome Laws in Search of Meaningful Objectives? CIS Policy Monographs 13, The Centre for Independent Studies, Sydney, 1987.
  14. "Can the VFT be Made to Work", Policy, Summer 1989 (with Chris Reberger) 17-22.
  15. "Economies of Scale and Utilization: An Analysis of the Multi-Plant Generation Costs of the Electricity Commission of New South Wales, 1970/71-1984/85", The Economic Record, Vol. 65 (191) (December 1989), 329-344 (Lead article, with Jeff Bateson).
  16. "Why Regulate for Competition? Comment", in Michael James (ed.), Regulating for Competition? Trade Practices Policy in a Changing Economy, CIS Policy Forums 8, Centre for Independent Studies, Sydney, 1989, 42-43.
  17. "Competition Policy and Economic Rationalism Comments", in Stephen King and Peter Lloyd (eds.), Economic Rationalism: Dead End or Way Forward?, Allen and Unwin, 1993, 192-195.
  18. "What is Behind the Mergers between Australian Independent Grocery Wholesalers", in Megan Richardson and Philip Williams (eds), The Law and the Market, The Federation Press, Sydney 1995, 59-96.

Taxation/Inflation Accounting

  1. "Income Taxes, Profit Taxes and Neutrality of Optimizing Decisions", The Economic Record, Vol. 52 (June 1976): 166-181.
  2. "The Tax Effects of CCA", in Dean, G.W. and M.C. Wells (eds) Current Cost Accounting: Identifying the Issues, A Book of Readings, Department of Accounting, University of Sydney, Sydney, N.S.W., 1977: 143-147.
  3. "The Mathews Report on Business Taxation", The Economic Record, Vol. 54, No. 145 (April, 1978): 1-16
  4. "The Mathews Report on Business Taxation: Rejoinder", The Economic Record, Vol. 56 (September 1980):.270-277.
  5. "Is There a Case for Complete Integration of Corporate and Personal Income Taxes?", Australian Financial System Inquiry, Commissioned Studies and Selected Papers, Part 3, AGPS, 1982, pp.1-32.
  6. "An Optimum Business Tax Structure for Australia", Australian Financial System Inquiry, Commissioned Studies and Selected Papers, Part 3, 1982, AGPS, pp.33-89.
  7. "A Comment on Professor John G. Head, Company Taxation-Some Further Reflections", Australian Financial System Inquiry, Commissioned Studies, Part 3, pp.226-229.
  8. "Further Notes on the Integration of Company and Personal Taxation", Australian Financial System Inquiry, Commissioned Studies and Selected Papers, Part 3, AGPS, 1982, pp.90-100.
  9. "An Australian view on tax integration", in Head, J. G. (ed.), Taxation Issues of the 1980s, Australian Tax Research Foundation, Sydney, 1983, 259-278.
  10. "Reforming the System: An Economist's View", in David J. Collins (ed.), Tax Avoidance and the Economy. Papers presented at a conference organized by the New South Wales Branch of the Economics Society of Australia, March 1983, Australian Tax Research Foundation, Sydney, 1984, 47-56.
  11. "Capital Gains Taxes, Cash Flow Taxes and Corporate Tax Reform", Australian Tax Forum, Vol.1 No.3 (September 1984), 293-311.
  12. "Resource Rent Tax: The Issues," Economic Papers, Vol.3, No.3 (September 1984), 1-11.
  13. "Inflation drag or taxation in drag: Responsible for the rising share of government in Australian GDP?" Public Choice, 65, 1990, 143-156.

Labour Market Regulation/Single Motherhood

  1. "The Libertarian Challenge to Big Government", Quadrant, Vol. 23, No. 9 (September, 1979): 5-11.
  2. "Brides of the State", IPA Review, May-July 1987, with Mikhail S. Bernstam, 22-25.
  3. "Support for Single Parents", in Michael James (ed.), The Welfare State: Foundations and Alternatives, Social Welfare Research Program, Centre for Independent Studies, CIS Policy Forums 7, 225-236 (with Mikhail S. Bernstam).

Environmental Economics/Property Rights

  1. "Property Rights and Implicit Discount Rates in the World Oil Market", in David O. Wood (ed), Papers and Proceedings of the Eighth Annual North American Conference, The International Association of Energy Economists, May 1987, 525-530 (with Robert Marks).
  2. "The Political Economy of the Symbiosis between Labour Market Regulation and the Social Welfare System", Australian Journal of Management, 13(2), December 1988 (with Mikhail S. Bernstam).
  3. "Abatement: global action, Australian road transport and macroeconomic cost", in D. Swaine (ed.), Greenhouse and Energy, Commonwealth Scientific and Industrial Research Organisation, Melbourne, 1990, 107-118 (with R.E. Marks).
  4. "The Cost of Australian Carbon Dioxide Abatement", The Energy Journal, 12(2), April 1991 (with Robert Marks, Peter McLennan, Richard Schodde, Peter Dixon and David Johnson), 135-151.
  5. "Exhaustibility and the reserves/production ratio", Economics Letters, 42, 1993, 117-119 (with Robert E. Marks).

Corporate Finance/Financial Economics/Banking/Financial Intermediation

  1. "The Welfare Gains from Bank Deregulation", Australian Financial System Inquiry, Commissioned Studies and Selected Papers, Part 1, AGPS, 1982, pp.475-512 (with I. Harper).
  2. "The Campbell Report and deregulation", Special Edition, Economic Papers, April 1983, Papers presented to a conference on the Campbell Report, 177-193.
  3. "Economies of scale in Australian branch banking", AGSM Working Paper Series, No.82-021 (November 1982). (With I.R. Harper).
  4. "Financial Intermediation Under the Microscope", in D.J. Jüttner and T. Valentine (eds.) The Economics and Management of Financial Institutions, Longman Cheshire, 1987, 50-61 (with Ian Harper).
  5. "Costs and Technology in Australian Branch Banking", AGSM Working Paper Series 88-030, December 1988 (with David Simmonds).
  6. "Real Rates of Return in Electricity Supply: New South Wales, Tasmania and Victoria", The Economic Record, 66, 193, (June 1990), 93-109.
  7. "Corporatisation, Privatisation and the Regulatory Framework for the Electricity Sector", Economic Papers, 8(3) (September) 1989, 55-69.
  8. "Response to the Australian Stock Exchange's Discussion Paper on Appropriate Voting Rights for Equity Securities", Company and Securities Law Journal, 9 (3) June 1991, 158-184 (with Gerald Garvey).
  9. "The Disciplinary Role of Debt on a Hierarchical Firm", Andrew H. Chen (ed.), Research in Finance, JAI Press, Greenwich, Vol. 10, 1992, 1-40 (lead article) (with Gerald T. Garvey).
  10. "Managerial Objectives, Capital Structure and the Provision of Worker Incentives", Journal of Labor Economics 10(4), October 1992, 357-379 (lead article) (with Gerald T. Garvey).
  11. "The Interaction Between Financial and Employment Contracts: A Formal Model of Japanese Corporate Governance", Journal of Japanese and International Economies, 6, 247-274, 1992 (with Gerald T. Garvey).
  12. "Optimal Capital Structure for a Hierarchical Firm", Journal of Financial Intermediation, 2, No. 4, 1992, 376-400 (with Gerald T. Garvey).
  13. "How Brokers Facilitate Trade for Long-Term Clients in Competitive Securities Markets", The Journal of Business, 68 (1) January 1995, 1-33 (with Michael J. Aitken and Gerald Garvey).
  14. "Principal and Agency Trades are Complementary: The Welfare Effects of Deregulation of Agency Trading and a Ban on Principal Trades", Accounting and Finance 33(2) November 1993, 19-42. (with Michael J Aitken).
  15. "The Fable of the Barge Pullers: An Advantage of Capitalistic Over Worker-Owned Organisations," University of Sydney Working Paper (with Gerald Garvey).
  16. Shareholder Activism, 'Voluntary' Restructuring and the Management of Labor", Journal of Economics and Management Strategy Vol 4, Number 4, Winter 1995, 591-621 (with Gerald Garvey).
  17. "Agency Theory and 'Management Research': A Comment", Australian Journal of Management, 18(1), June 1993, 93-102 (with Neal Arthur, Gerald T. Garvey and Stephen Taylor).
  18. "The Economics of Corporate Governance: Beyond the Marshallian Firm", Journal of Corporate Finance 1, 1994, 139-174. (lead article) (with Gerald T. Garvey).
  19. "The Taxation of Capital Gains when the Cash Component of Income is Taxed", Abacus, 30(2), September 1994, 160-174.
  20. "Limited Voting Stock and Corporate Efficiency", 1994 Conference of Industry Economics: Papers and Proceedings, ANU, Bureau of Industry Economics, Occasional Paper 23, AGPS Canberra, 100-121.
  21. "Responsiveness of Share Trading to Transaction Costs", ASX Perspective, Vol. 1, 1994 published by the Australian Stock Exchange, 19-26.
  22. "Corporate Governance and Employment Incentives: Is the Japanese System Really Different?", in Sheard, P. (ed.) Japanese Firms, Finance, and Markets, Addison-Wesley Melbourne (with Gerald Garvey). 1996, 91-123.
  23. "How much did we gain from the halving of stamp duty", ASX Perspective 2nd Quarter 1997, 4-10. (Lead article, with Michael Aitken).
  24. "The Impact of a 'Traded Equity' Tax on the Equities Market", ASX Perspective 3rd Quarter, 1998, pp.60-64 (With Terry Walter).
  25. "Asia's Financial Crisis: Its Causes and Likely Impact on Australia", Policy, vol. 14, no. 1, Autumn 1998, pp. 10-16.
  26. "Short Sales are Almost Instantaneously Bad News: Evidence from the Australian Stock Exchange", Journal of Finance 53, No. 6, December 1998, 2205-2224 (with Michael J. Aitken, Alex Frino, and Michael S. McCorry).
  27. "Performance Thresholds in Incentive Contracts", forthcoming Journal of Business (with Xianming Zhou).

Benchmarking/Performance Evaluation

  1. "Measuring Carrier Efficiency-The Facts", Australian Communications, October 1990, 21-25.
  2. "The Comparative Efficiency of State Electricity Authorities" (with Denis Lawrence and John Zeitsch), in Michael Johnson, Peter Kriesler and Tony Owens (eds), Contemporary Issues in Australian Economics, Macmillan, Sydney, 1991, 183-199.
  3. "Infrastructure: The Contribution of Benchmarking and Economic Analysis to the Reform of the Energy, Water and Transport Sectors", Invited Paper, World Congress of the International Economic Association, Tunis, Tunisia, December 1995 (with Denis Lawrence and John Zeitsch). Published by Macmillan and St Martin's Press volume, 1998: Yair Mundlak (ed), Contempory Economic Issues vol. 2, Chap. 11, pp. 213-242.

Working Papers

  1. Swan, Peter L., 2002a. "Can 'illiquidity' explain the equity premium puzzle?: The value of endogenous market trading." Working Paper, School of Banking and Finance, Faculty of Commerce, UNSW, Sydney. Under consideration by The American Economic Review.
  2. Swan, Peter L., 2002b, "Will the true marginal investor please stand up?: Asset prices with immutable security trading by investors." Working Paper, School of Banking and Finance, Faculty of Commerce, UNSW, Sydney. Under consideration by The Journal of Financial Economics.
  3. Garvey, Gerald T. and Peter L. Swan, 2002, "What Can Market Microstructure Contribute to Explaining Executive Incentive Pay?: Liquidity and the Use of Stock-Based Compensation." Working Paper, School of Banking and Finance, Faculty of Commerce, UNSW, Sydney. Under review by The Journal of Political Economy.
  4. Oetomo, Teddy and Peter L. Swan, 2002, "Can managerial superiority explain high executive pay in large firms?: Evidence supportive of Rosen's 'cloning' hypothesis." Working Paper, School of Banking and Finance, Faculty of Commerce, UNSW, Sydney. Under review by The Journal of Political Economy.

Other Information

A website providing information on some articles of Peter Swan is at: