Alfred Liu, Ph.D.

Associate Professor

Department of Accounting and Law

School of Business

University at Albany

Education

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, management disclosure, analyst forecast and valuation, and information technology.

Publications

"Does mandatory retrospective hedge effectiveness assessment under ASC 815 provide risk-relevant information?" with Zhihong Chen, Gim Seow and Hong Xie, Accounting Horizons, forthcoming.

"Management Forecast Optimism during Credit Watch: Can Credit Rating Agencies Play a Disciplinary Role?" with Kai Wai Hui and Yao Zhang, Journal of Accounting, Auditing & Finance, forthcoming.

"Too much of a good thing? An investigation of overinvestment in corporate social responsibility in the case of product recall crisis" with Angela Liu, Rui Wang, and Sean X. Xu, Journal of Management Studies (2019), article-in-press. (Link)

"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 37(2018): 49-74. (Link).

"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 93(2018): 267-298. (Link)

"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)  

"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.

"The Rewards for Meeting or Beating Managers' Own Earnings Forecasts" with Kai Wai Hui and Yao Zhang.

"Social Media and Financial Information Asymmetry: How Information Aggregation on Wikipedia Reduces Insider Trading Profitability" with Sean X. Xu, Michael XQ Zhang, and Xiaofei Zhao.