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The purpose of this study is to investigate whether companies subject to an Australian Securities and Investment Commission (ASIC) action have poorer corporate governance than other companies. Evidence from the USA suggests such a relationship but the issue has not been investigated for Australian firms.

The paper considers a matched sample of 240 companies, including 120 which were subject to 143 actions relating to; interpretation of accounting standards; the continuous disclosure regime; and other governance matters during the period 1998‐2004.

We find that companies subject to ASIC actions are less likely to comply with the Australian stock exchange (ASX) best practice governance recommendations and that the main area of difference relates to separation of the roles of the CEO and board chair.

We were able to investigate only 3 of 10 items in the ASX recommendations due to data availability. The sample of ASIC companies is not randomly drawn, thus our results are not generalisable the wider population of listed companies. Capital market consequences of ASIC actions, such as effect on share price, bid‐ask spread, analyst following and cost of capital, are not considered and could be investigated in future research.

The results suggest that, in relation to publicised cases, ASIC is effective in targeting more poorly governed companies, a positive signal for Australian capital markets.

Few papers investigate ASIC's publicised cases and no prior study has linked ASIC cases and corporate governance practices. The findings will be of interest to Australian capital market participants, some of whom question the benefits of corporate governance recommendations.

Most governments would profess either to having a model regulatory system for their markets or at least to having a proposal for a model regulatory system. The leading international grouping of securities market regulators, the International Organisation of Securities Commissions (IOSCO), which comprises the regulatory bodies of almost 100 countries with day‐to‐day responsibility for securities regulation and the administration of securities laws, has devised a benchmark standard of regulatory best practice against which regulators around the world can reliably measure their operations' effectiveness.

Automotive electronics, after 1995, will be similar to aerospace electronics because there is a demand for low weight and volume together with very high speed and ultra‐high reliability. What is different is that automotive electronics must achieve all those properties at very low cost. It will be shown that when using ASIC chips the chip area is determined by the number of pins instead of the number of components of the active circuit. As ASIC technology proceeds towards line widths in the submicrometre range, the ratio of active Si area to total chip area is becoming much less than 1. This means that on the ASIC chip there is Si area which is ‘empty’. This ‘empty’ Si area can be used for designing self‐test circuits and redundant functions on the ASIC chip at a cost penalty slightly higher than the design cost. It will also be shown that these ASICs can work in the order of 100 MHz at the chip level. Such ASIC chips will therefore have a very high reliability at the chip level due to the inherent properties of the Si and the built‐in redundancy. At the same time they can work at very high speed. From a performance point of view the best solution should be a highly miniaturised packaging technology. With self‐test circuits on the chip, there is a good correlation between wafer test and final test. Therefore, from an economical point of view, working with chips will then have an economical advantage compared with working with packaged circuits. From a reliability point of view it will be shown that the solder joints are the limiting factor. A critical review is presented of the reliability problems plaguing the SMD and soldering technology of today. It will be shown that, if SMD technology is to meet the reliability demands in a future automotive environment, it will have to have solder joint failure rates better than 30 ppm over the life, 17 years, in automotive applications. The conclusion is that a multi‐ASIC chip approach has the best potential as the solution for the future, post 1995, automotive electronics, provided there is a highly reliable chip interconnection technology available at that time.

The purpose of this paper is to discover the weaknesses of initial public offering (IPO) regulation in Bangladesh in the light of the relevant law and practice in Australia.

A qualitative analysis of archival materials has been carried out to achieve the objective of the paper. Two different sets of legal provisions dealing with some selected issues relevant to the regulation primary share markets have been compared and contrasted. The level of market development, composition and performance of securities regulators and the level of investor sophistication have been critically in this paper in discussing aspects of regulation.

This paper finds that the IPO regulation in Bangladesh is weaker than that in Australia. The major weaknesses may be attributed to different factors such as the adoption of the disclosure philosophy prematurely by discarding the previous merit regulation in 1999 for a pre‐emerging securities market, lack of experienced and well‐trained people in the composition of securities regulators, lack of regulatory authority to sue for compensation on behalf of investors in the absence of shareholders class action, lack of authority to regulate auditors and lawyers who play significant roles in preparing defective prospectuses for public consumption. Findings also suggest that adequate investor protection cannot be ensured by regulatory measures alone, investors should be educated to protect themselves in the first place against the cupidity of issuers.

It provides an insight into an effective IPO regulatory regime. An immediate implementation of the recommendations made in this paper may contribute to improving the legal and regulatory regime for the primary share market in Bangladesh which may set a good example for others.

The purpose of this paper is to examine the relationship between enforcement and compliance and to report on the results of an empirical study that assesses the impact of enforcement action by the Australian Securities and Investments Commission (ASIC) on the subsequent compliance by violators.

Following an extensive literature review, a sample of 50 similar complaints made to ASIC during the 2005/2006 financial year, were selected and grouped into two samples. The first sample, described as the enforcement sample, comprised of complaints that had been resourced for investigation by ASIC, and the second sample, described as the non‐enforcement sample, comprised of complaints that had not been resourced for investigation. An analysis was conducted to compare how many subsequent complaints had been received by ASIC in the following three years against members of the two samples.

The empirical evidence of the decrease in subsequent complaints against corporate violators subject to enforcement action clearly supports the argument that enforcement action does have an impact on corporate compliance of those violators. However, it has to be acknowledged that differences in rates of subsequent violation still do not guarantee that there is a cause and effect relationship between compliance and enforcement, as it is possible enforcement action may have resulted in violators becoming better at avoiding detection and complaint.

The samples were limited to complaints identified in the 2005/2006 year and only taken from two of ASIC's five regulatory categories, so caution is required when interpreting and making generalisations from the results. Only three years of subsequent complaints were examined so the study was limited to the examination of relatively short‐term effects of enforcement action.

Corporate regulators such as ASIC now need to obtain and examine qualitative data from violators and potential violators to gain insights into their actions and motivations after investigation and enforcement actions. This may enable regulators to better understand the impact on violators themselves and the extent to which media reporting of enforcement action may have a demonstration effect on potential violators.

The paper provides valuable empirical evidence of the influence of enforcement on compliance, which should be of interest to corporate regulators and those interested in regulation and corporate governance.

Analog designers working infields such as aerospace, the defense and nuclear industries, telecommunications and medical electronics have long faced a special problem when trying to source application‐specific integrated circuits (ASICs) for their designs. Although digital ASICs have long been available with the degree of radiation hardening normally required for these applications, sourcing radiation‐hardened (‘rad‐hard’) analog ASICs has been much more difficult. In particular, the CMOS/SOS technology used very successfully to produce rad‐hard digital ASICs has long been considered to be fundamentally unsuitable for analog designs. Only now has CMOS/SOS technology been developed to the point where highly integrated, high‐performance rad‐hard analog ASICSs can be made readily available — thanks to a breakthrough by Swedish semiconductor specialists ABB HAFO that is now opening up new opportunities for analog designers everywhere.

Policy issues associated with the regulation of the unlisted debenture market have been highlighted in recent times with the collapse of a number of regionally based mortgage companies. The purpose of this paper is to analyse the decline and demise of the unlisted debenture market between 2007-2013 with particular reference to the effectiveness of the regulatory regime in stabilising the industry and protecting investors’ interests.

A database was constructed which reflected the total population of unlisted mortgage companies in the financial sector. A snapshot approach was used to assess the extent to which these companies complied with regulatory provisions.

Findings suggest the regulatory process allowed these companies to continue operating despite not complying with the relevant Australian Securities and Investments Commission benchmarks. In the light of the current inquiry into the financial system, the research suggests that a re-evaluation of the regulatory approach is timely.

This research is restricted to a study of one category of debenture issuers (issuers of mortgage finance). It is based on reports required by regulatory authorities. It does not provide an analysis of the motivations of investors in these companies.

This research has implications for the implementation of regulatory change in respect to oversight of shadow banking activities. It suggested that a passive approach to regulation is not sufficient to ensure that the interests of investors are fully protected.

No prior research has systematically examined the unlisted mortgage and analysed the borrowing and lending activities of companies that have failed and those that have survived.

Boundary-spanning exploration through establishing alliances is an effective strategy to explore technologies beyond local search in innovating firms. The purpose of this paper is to argue that it is useful to make a distinction in boundary-spanning exploration between what a firm learns from its alliance partners (explorative learning from partners (ELP)) and what it learns from other organisations (explorative learning from non-partners (ELN)).

The authors contend that alliances play a role in both types of exploration. More specifically, the authors discern three types of alliances (inside ties, clique-spanning ties and outside ties) based on their role vis-à-vis existing alliance cliques. Clique members are highly embedded, and breaking out of the cliques through clique-spanning and outside alliances is crucial to improving explorative learning. Thereafter, the authors claim that clique-spanning ties and outside ties have a different effect on ELN and ELP.

The empirical analysis of the “application specific integrated circuits” industry indicates that inside ties have negligible effects on both types of explorative learning. Clique-spanning ties have a positive effect on ELP, but not on ELN. The reverse is true for outside ties. The results show that research on explorative learning should devote greater attention to the various roles alliance partners and types of alliances play in advancing technological exploration.

The literature only emphasises the learning from partners, focussing mainly on accessing their technology. In sum, alliance partners play different roles in exploration, and their network position influences the role they are able to play.

This paper aims to provide a chronological review of changes in the institutional setting regulating Australian initial public offering (IPO) firms’ earnings forecasts over the period from 1994 to 2012. The changing forecasting environment covers both IPO firms’ prospectus earnings forecasts and post-listing updates to those forecasts.

This historical analysis reviews the changes in corporate regulation and enforcement, Australian Securities Exchange listing requirements and the outcomes of securities class actions (SCA) that affect IPO firms’ earnings forecasts.

A review of the institutional setting regulating Australian IPO firms’ earnings forecasts reveals two inter-temporal shifts in (increasing) litigation risk over 1994-2012 period which have arisen from more onerous regulations, stronger regulatory enforcement and a more active SCA market. The authors document the corporate responses to those shifts.

This is the first study to comprehensively document research of an inter-temporal litigation risk shift on IPO firms’ earnings forecasting behaviour. It therefore provides a formative base and a useful resource for researchers, practitioners and investigators (regulators, forensic accountants, etc.) when examining the impact of the changes on IPO firms’ forecasting behaviour following regulatory change and enforcement.

This paper presents an overview of the ASIC design cycle, and covers the main topics involved in the successful translation of an ASIC concept into a chip capable of exploitation in volume manufacture. Many points are emphasised, which, in the author's opinion, form part of a sound design methodology. However, there can be no one unique formula for all of the points considered, as each ASIC development will have its own particular technical and commercial environment, which in turn will influence decision making in some of the key areas discussed.