Stewart Jones

• PhD., FCPA., CA
• Professor at The University of Sydney

Chimeric antigen receptors (CARs) are synthetic receptors that usually redirect T cells to surface antigens independent of human leukocyte antigen (HLA). Here, we investigated a T cell receptor-like CAR based on an antibody that recognizes HLA-A∗0201 presenting a peptide epitope derived from the cancer-testis antigen NY-ESO-1. We hypothesized that...

Corporate bankruptcy prediction has attracted significant research attention from business academics, regulators and financial economists over the past five decades (Altman, 2002). However, much of this literature has relied on quite simplistic classifiers such as logistic regression and linear discrminant analysis (LDA) (Jones and Hensher, 2008)....

In this study, we examine the predictive performance of a wide class of binary classifiers using a large sample of international credit ratings changes from the period 1983–2013. Using a number of financial, market, corporate governance, macro-economic and other indicators as explanatory variables, we compare classifiers ranging from conventional t...

This paper examines, using proprietary ASX data containing institutional holdings, if institutional investors exit en mass prior to announcements of financial distress. Evidence indicates that while some institutional investors exit the stock, the withdrawal is gradual, commencing approximately 115 days prior to event. This is driven by active inst...

This study builds on recent research by Clarke, Ferris, Jayaraman, and Lee [200610. Clarke , J. , Ferris , S. P. , Jayaraman , N. and Lee , J. 2006. Are Analyst Recommendations Biased? Evidence from Corporate Bankruptcies. Journal of Financial and Quantitative Analysis, 41: 169–196. [CrossRef], [Web of Science ®]View all references]. Based on a...

A major responsibility of governments worldwide is to maintain and upgrade state‐owned physical infrastructure. Yet contemporary accounting reports fail to recognize commitments arising from deferred maintenance, and the usefulness of descriptions of book values and depreciation charges on those assets is questionable. A range of options for report...

SYNOPSIS Using a stated preference experiment, this study investigates the infrastructure reporting preferences of 103 public sector managers having experience with the use and interpretation of specialized infrastructure information. The results of the ordered mixed logit analysis indicate that public sector managers tend to choose more comprehens...

According to the International Accounting Standards Board (IASB), International Financial Reporting Standards (IFRS) are intended to provide a common set of globally applicable accounting standards, having the ultimate aim of reducing international financial reporting diversity. Much previous research on standards harmonisation has been conducted o...

Under various carbon emissions trading schemes proposed around the world (including the United States), organizations will need to implement carbon management schemes to meet carbon ration targets, earn revenue, and reduce costs. Emission Trading Schemes will impact the accounting profession significantly; however, discussions on how to report thes...

The value relevance of intangible assets is now well documented in the literature, leading to calls for standard setters to adopt more flexible reporting rules for these assets. In this study, I evaluate the merits of intangibles capitalization from a bankruptcy and default risk perspective, which has not been previously considered in the literatur...

Murray and Dollery (2005) (MD) applied a statistical model utilising a series of key performance indicators (KPIs) published by the NSW Department of Local Government (DLG) to assess the DLG's procedures for identifying local councils that were ‘at risk’. While it appears that the authors were attacking a straw man (since the DLG's assessments were...

T-cell receptors (TCRs) are membrane proteins which recognize antigens with high specificity forming the basis of the cellular immune response. The study of these receptors has been limited by the challenges in expressing sufficient quantities of stable soluble protein. Here we report our systematic approach for generating soluble, (alpha)(beta)-TC...

T cell antigen recognition requires binding of the T cell receptor (TCR) to a complex between peptide antigen and major histocompatibility complex molecules (pMHC), and this recognition occurs at the interface between the T cell and the antigen-presenting cell. The TCR and pMHC molecules are small compared with other abundant cell surface molecules...

Although cytotoxic T lymphocytes (CTLs) in people infected with human immunodeficiency virus type 1 can potentially target multiple virus epitopes, the same few are recognized repeatedly. We show here that CTL immunodominance in regions of the human immunodeficiency virus type 1 group-associated antigen proteins p17 and p24 correlated with epitope...

T-cell interaction with a target cell is a key event in the adaptive immune response and primarily driven by T-cell receptor (TCR) recognition of peptide-MHC (pMHC) complexes. TCR avidity for a given pMHC is determined by number of MHC molecules, availability of coreceptors, and TCR affinity for MHC or peptide, respectively, with peptide recognitio...

MHC-peptide-specific Fab antibodies binding to HLA-A*0201 complexes presenting the wild-type EAAGIGILTV (EAA) or analogue Melan-A 10-mer ELAGIGILTV (ELA) peptide were generated to study efficacy of peptide processing and presentation. None of the selected Fab antibodies detected the naturally processed EAA/HLA-A*0201 complex on melanoma tumor cells...

The African Journal of Neurological Sciences ( AJNS) is still being published despite several and recurrent difficulties encountered, thanks to R. RUBERTI's determination and willingness to give of his time. By so doing, he has carried on the task and we highly commend him for the excellent work he has accomplished !!

Interest in the notion of the possible financial sacrifice suffered by socially responsible investment (SRI) fund investors for considering ethical, social and environmental issues in their investment decisions has spawned considerable academic interest in the performance of SRI funds. Both the Australian and international research literature have...

The corporate distress literature to date has largely focused on the predictive power of accounting variables (Altman, 2001). Following previous literature, this study examines the relevance of abnormal stock returns in discriminating between failed and non-failed firms (e.g. Clark and Weinstein, 1983; Shumway, 2001). Our results confirm the findin...

Econometric models involving a discrete outcome dependent variable abound in the finance and accounting literatures. However, much of the literature to date utilises a basic or standard logit model. Capitalising on recent developments in the discrete choice literature, we examine three advanced (or non-IID) logit models, namely: nested logit, mixed...

This study evaluates the theoretical and empirical significance of the multinomial nested logit (NL) model as an advanced closed-form model for the explanation and prediction of firm financial distress. Using a four-state failure model based on Australian company samples, we estimate an NL model and test its predictive performance on a holdout samp...

The importance of sustainability reporting to external stakeholders is reflected in the advent of various reporting guidelines and government inquiries. However, evidence of the inadequacy of such reporting, coupled with limited evidence of its use by market participants (such as investors and creditors) for resource-allocation decisions, raises qu...

This paper introduces a four-state failure model to depict a wider range of distress scenarios that public companies typically face in the real world. We use a multinomial error component logit model to analyse firm failure, a major advance on the modelling techniques used in previous research. The error component logit model, being an extension of...

In recent studies, Jones and Hensher (2004, 2005) provide an illustration of the usefulness of advanced probability modelling in the prediction of corporate bankruptcies, insolvencies and takeovers. Mixed logit (or random parameter logit) is the most general of these models and appears to have the greatest promise in terms of underlying behavioural...

This article develops a statistical model to explain sources of distress in local government. Whereas 'financial distress' in the private sector has been equated with a failure to meet financial commitments, here 'distress' is interpreted as an inability to maintain pre-existing levels of services to the community. Since the late 1990s local counci...

This study reports the findings of a structured telephone survey on adoption of international financial reporting standards (IFRS) from 60 firms drawn from among Australia's top 200 corporations. Although we find evidence of strong systematic variation in survey responses with factors such as firm size, industry background and expected impacts on f...

Purpose The purpose of this paper is to demonstrate that the decision facilitation and decision influencing roles for management information are concomitant in organizations, and therefore must be analysed concurrently. Design/methodology/approach A two‐stage regression procedure for testing the moderating and intervening relationships among the v...

This study provides evidence that mandatory cash flow disclosure required by Approved Australian Accounting Standard "AASB 1026, Statement of Cash Flows"(June 1992) was associated with a decline in bid-ask spreads following the introduction of the regulation, even after controlling for changes in trading volume and price volatility. More pronounced...

This study examines the nature and extent of sustainability reporting practices in the various reporting media used by companies listed on the ASX (annual reports, discrete reports and websites). The sustainability reporting practices of the sample are compared with key indicators outlined in the GRI framework. The annual report is found to be the...

All thymically selected T cells are inherently cross-reactive, yet many data indicate a fine specificity in antigen recognition, which enables virus escape from immune control by mutation in infections such as the human immunodeficiency virus (HIV). To address this paradox, we analyzed the fine specificity of T cells recognizing a human histocompat...

Over the past three decades the literature on financial distress prediction has largely been confined to simple multiple discriminant analysis, binary logistic or probit analysis, or rudimentary multinomial logit models (MNL). There has been a conspicuous absence of modeling innovation in this literature as well as a failure to keep abreast of impo...

On 4 March 1997, the Department of Treasury of the Australian Government announced sweeping measures to reform standard setting arrangements in Australia (CLERP Paper No. 1, Commonwealth of Australia, 1997). The Government's agenda is profoundly reformist as it recommended the wholesale adoption of International Accounting Standards by Australian r...

Australia has a long tradition of using methods of valuation which depart from the traditional 'historical cost' model - and this has steadily been reflected in regulatory requirements and practices for different industries. However, while many forms of market value accounting have been introduced into a variety of accounting standards, the Austral...

The release of CLERP 9 (Commonwealth of Australia, 2002) requires the Financial Reporting Council and the Australian Accounting Standards Board to adopt International Accounting Standards (IAS) en bloc as domestic reporting standards by 1 January 2005. This article considers the current and future role and direction of the conceptual framework (CF)...

This paper investigates further the findings of a survey on cash-flow reporting presented by Joneset al. (1995). Their study both corroborated and extended on previous UK and US research which demonstrated the decision relevance and utility of the CFS (see for example Lee, 1981; McEnroe, 1989). However, their results were both preliminary and gener...

There has been a perceptible movement in Australian accounting regulations towards various forms of current value accounting (CVA) in the past five years. These developments could reflect changing commercial attitudes to CVA in Australia. This paper presents evidence about the acceptance of CVA based on a survey of 176 public companies in Australia...

In June 1991, the Australian Accounting Standards Board issued AASB 1026, Statement of Cash Flows. Since replacing the funds flow statement, the new accounting standard has become a compulsory part of Australian corporate financial reporting. In contrast to cash flow developments in the US and UK. the emergence of AASB 1026 has been preceded by alm...