Alfred Z. Liu, Ph.D.

Assistant Professor

Department of Accounting and Law

School of Business

University at Albany


Ph.D., University of California at Irvine
M.S., Tsinghua University
B.S., Tsinghua University

Research Interests

Credit rating and accounting information in risk assessment, analyst forecast and valuation, management disclosure, and information technology.


“Do Firms Manage Earnings to Influence Credit Ratings? Evidence from Negative Credit Watch Resolutions” with K.R. Subramanyam, Jieying Zhang and Charles Shi, The Accounting Review. (article in press)

“Are Material Weaknesses in Internal Controls Associated with Poor M&A Decisions? Evidence from Goodwill Impairment” with Dennis Caplan and Saurav Dutta, Auditing: A Journal of Practice & Theory (article in press).

“Analysts’ Experience and Interpretation of Discretionary Accruals in Predicting Future Earnings” with Richard Schneible, Advances in Accounting 38(2017): 88-98 (Link)

“Revisiting Long-Run Stock Underperformance after Rating Downgrades: The Impact of Credit Watch Placement on Post-Downgrade Recovery” with Le Sun, Journal of Accounting, Auditing & Finance 32 (2017): 271-299. (PDF) (previously titled “Credit Watch and Long-Run Stock Returns Following Rating Downgrades”) 

“Corporate Innovation, Default Risk, and Bond Pricing” with Po-Hsuan Hsu, Hsiao-Hui Lee, and Zhipeng Zhang, Journal of Corporate Finance 35 (2015): 329-344. (PDF)

“Can External Monitoring Affect Corporate Financial Reporting and Disclosure? Evidence from Earnings and Expectations Management.” Accounting Horizons 28 (2014): 529-559. (PDF)

“How Do Competitive Environments Moderate CRM Value?” with Sean X. Xu and Hongju Liu, Decision Support Systems 56 (2013): 462-473. (PDF)

“Informational Effects of Regulation FD: Evidence from Rating Agencies” with Philippe Jorion and Charles Shi, Journal of Financial Economics 76 (2005): 309–330. (PDF)

Working Papers

“Real Activities Management and Volatility of Operating Cash Flows: The Impact of Enterprise Systems” with Morton Pincus and Sean X. Xu. (revise and resubmit)

“What Does the Retrospective Hedging Effectiveness Review Tell Us?” with Zhihong Chen, Gim Seow and Hong Xie. (revise and resubmit)

“Does the Wisdom of Crowds Affect Insider Trading? Evidence from Information Aggregation on Corporate Wikipedia” with Sean X. Xu, Michael XQ Zhang, and Xiaofei Zhao. (under review)