Miao Liu

Miao Liu

Assistant Professor of Accounting

Boston College — Carroll School of Management

My research lies at the intersection of accounting and AI. I study how firms and markets produce and process information — with a particular focus on how machine learning and large language models can uncover new insights in financial disclosure, capital markets, and corporate transparency.

I designed and teach AI Applications in Business: Insights from Corporate Data for undergraduate and MBA students at Boston College. The course moves from corporate valuation to supervised machine learning and then to large language models and transformer architectures applied to financial filings, earnings calls, and other corporate text data. It emphasizes that business domain knowledge remains essential in the AI era and helps students develop critical thinking by learning to use LLMs as a co-pilot rather than a substitute for judgment.

I received my Ph.D. in Accounting from the University of Chicago Booth School of Business in 2020.

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Publications

“Credit Loss Expectations: Insights from Bank Supervisory Data”
Conditionally Accepted
Journal of Accounting and Economics
with Sanjeev Bhojraj, Anya Kleymenova, Yao Lu, and Partha Sengupta
Invited to Present at the 2025 JAE Conference
“Informing Entrepreneurs: Public Corporate Disclosure and New Business Formation”
Conditionally Accepted
Journal of Accounting Research
with John Barrios, Jung Ho Choi, Yael Hochberg, and Jinhwan Kim
“Assessing Human Information Processing in Lending Decisions: A Machine Learning Approach”
Published
Journal of Accounting Research, 60: 607–651, 2022
2021 FARS Best Dissertation Award Top 10 most-cited papers in JAR (2022–23) Invited to Present at the 2021 JAR Conference
“Are Chinese Growth and Inflation Too Smooth? Evidence from Engel Curves”
Published
American Economic Journal: Macroeconomics, 8(3): 113–144, 2016
with Emi Nakamura and Jon Steinsson

Working Papers

“The Cost of Regulatory Inaction: Evidence from IFRS Non-adoption”
R&R
The Accounting Review
with Wanrong Xu and Rachel Xi Zhang
Presentations: BC; NUS; HARC
“The Credibility of Non-Answers in Conference Calls: a Real-time Market Response Approach”
R&R
The Accounting Review
with Yang Cao and Jared Flake
Presentations: FARS; AAA; BC; BYU
“Executives vs. Chatbots: Unmasking Insights through Human-AI Differences in Earnings Conference Q&A”
R&R
Management Science
with John (Jianqiu) Bai, Nicole Boyson, Yi Cao, and Chi Wan
Presentations: SOAR Symposium; Santiago Finance Workshop; Fintech for Inclusivity; CFEA; NFA; MAS; HARC; Northeastern; NTU Singapore; CICF; Balyasny Asset Management; Q-Group; LLMs & Generative AI for Finance Workshop; Wolfe Research AI in Finance Conference
“Locking in Talent through Disclosure: Labor Market Competition and Corporate Patent Transparency”
R&R
Journal of Accounting and Economics
with Yu Hou, Jiaping Qiu, and Chi Wan
Presentations: WHU
“Biodiversity Risk Disclosure”
R&R
Journal of Accounting and Economics
with Sijia Fan, Yao Lu, and David Ng
Presentations: SOAR Accounting Symposium; HKUST Accounting Research Symposium; Cornell; CICF
“The Shadow Value of “Public” Information: Evidence from Mutual Fund Managers”
Submitted
with Ed deHaan, Chanseok Lee, and Suzie Noh
Presentations: Stanford; LBS; Berkeley; MIT; BU; Bocconi Accounting Symposium; Colorado Summer Accounting Research Conference; CICF
“When Charts Clarify and Mislead: Visual Disclosure in Earnings Call Presentations”
Submitted
with Yang Cao and Zhizhe Liu
Presentations: CUHK (Shenzhen); HK PolyU; FARS; HARC; NYU Stern; Dartmouth
“Narrative Risk Disclosures: Implications for Systematic Risk Exposures and Asset Prices”
Submitted
with John (Jianqiu) Bai, Chi Wan, and Zafer Yuksel
2024 Michael Jones Best Paper Prize
Presentations: U of Utah; Balyasny Asset Management; Financial Reporting and Business Communication Conference; WHU; Accounting Design Project Workshop; BEACON Conference
“The Market Value of Commercialized Innovation: Evidence from Product Announcements”
Submitted
with Danqing Mei and Tianshu Sun
Presentations: CKGSB
“The Risk Sharing Value of Disclosure: A Real-time Market Response Approach to Hedge Climate Change Risk”
Working Paper
with Yang Cao and Rachel Zhang
2024 IQAM Research Award (2nd Prize)
Presentations: BEACON; BC; Northeastern Finance Conference; EFMA; HK Conference for Fintech AI and Big Data; Xiamen U; CICF; Bristol Financial Markets Conference; JAAF ESG Symposium; DekaBank Frankfurt; PolyU; FARS
“Human Information Production in the Data Economy: Evidence from Digitalization in the Asset Management Industry”
Working Paper
with Yang Cao, Kai Du, and Shuyang Wang
Presentations: BEACON; MIT Asia; Accounting and Labor Conference; NanYang Tech U; FARS; AAA
“The Digital Wordsmith: AI-Assisted Disclosures and Crowdfunding Success”
Working Paper
with John (Jianqiu) Bai, Yi Cao, and Chi Wan
Presentations: CICF
“Is Information Production for the U.S. Stock Market Becoming More Concentrated?”
Working Paper
with Yang Cao and Rachel Xi Zhang
Presentations: FARS; Music City Conference; MIT Asia; BC; Chicago Booth; AAA
“Human–AI Collaboration in Corporate Valuation: Experimental Evidence with a Valuation AI Agent”
Working Paper
with Huan Liu, Zhizhe Liu, and Danqing Mei
“Biased Guidance, Better Capital Allocation? Imperfect Expectations, Information Acquisition, and Investment Efficiency”
Working Paper
with Sanjeev Bhojraj, Ruining Li, and Yao Lu

Contact

Get in Touch

miao.liu@bc.edu
(917) 392-5887
Carroll School of Management
Boston College
140 Commonwealth Avenue
Chestnut Hill, MA 02467

Professional Profiles

Boston College Faculty Page
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