Lisa Yao Liu

Research Papers

1. Sustainability and Auditing

(Focus: The evolving role of disclosure, auditing, and regulation in shaping sustainability and corporate accountability)

Published and Accepted Papers:

• "The Real Effects of Mandated Information on Social Responsibility in Financial Reports: Evidence from Mine-Safety Records" 

with Hans Christensen, Eric Floyd, and Mark Maffett 

Journal of Accounting and Economics, Vol. 64, No. 2-3, 2017.

Presented at the Journal of Accounting and Economics Conference

Distinguished Contribution to Accounting Literature Award 

Selected Press: Columbia Law School Blue Sky Blog, Chicago Booth Review

• “The Effect of Firms’ Information Exposure on Safeguarding Employee Health: Evidence from COVID-19" 

with Shirley Lu 

Journal of Accounting Research, Vol. 61, No. 3, 891-933, 2023.

Presented at the Journal of Accounting Research Conference: Current Topics in Accounting Research and the Economics of Sustainability Reporting

The Chazen Global Research Fund ($10,000)

Selected Press: Columbia Law School Blue Sky Blog, Columbia Business School Magazine Ideas at Work

• "Financial Statement Audits and Data Breaches" 

Solo-authored

Management Science, Vol. 71, No. 8, 6340-6366, 2024.

Dissertation Committee: Philip G. Berger, Hans Christensen (chair), Christian Leuz, Mark Maffett, Mike Minnis 

Stigler Center PhD Dissertation Award (Bradley Fellowship) 

• "Cash Substitution and Deferred Consumption as Data Breach Harms" (Previously titled “How Do Data Breaches Affect Consumer Spending?")

with Lior Strahilevitz

Journal of Legal Studies, Vol. 54, No. 2, 357 - 412, 2025.

Selected Press: Consumer Law & Policy Blog, Keystone 

Working Papers:

• “The Spillover Effect of Public Firm Audit Regulation on Private Firm Auditing: Evidence from Common Partners” 

with Lijing Tong, R&R

Best Paper Award, Haskell & White Corporate Reporting and Governance Conference

• "ESG Ratings of ESG Index Providers"

  with Sona Agrawal, Shiva Rajgopal, Suhas Sridharan, Yifan Yan, and Teri Yohn, R&R

  This paper integrates two earlier working papers: “ESG Ratings of ESG Index Providers” by Agrawal, Liu, and Rajgopal, and “ESG Rating Agency Incentives” by Sridharan, Yan, and Yohn

Selected Press: Institutional Investor, ETF Stream, ESG Professionals Network

• "Public Firms and Regulatory Challenges: Implications for Cross-Country Shareholder-Stakeholder Conflicts"

with Sona Agrawal and Anthony Le

Selected Press: Duke University Law School FinReg Blog 

• "Mandatory CSR Disclosures and Real Asset Regulatory Leakage"

  with Hans Christensen, Mark Maffett, and Wendy Wen

• "Follow the Money: Are Severe Weather Events Value Relevant?"

with Sona Agrawal and Shiva Rajgopal

Selected Press: Forbes, MSCI

• "Estimating the Value of Auditing Services for Private Firms: Evidence from Chinese Data"

with Edwige Cheynel, Lijing Tong, and Frank Zhou

2. Regulation, Technology, and Corporate Transparency

(Focus: How regulation and technology shape the corporate information environment)

Published and Accepted Papers:

• "Proactive Financial Reporting Enforcement and Shareholder Wealth" 

with Hans Christensen and Mark Maffett 

Journal of Accounting and Economics, Vol. 69, No. 2-3, 2020. 

Selected Press: Chicago Booth Review

Working Papers:

• “How Does Internal Communication Technology Affect Internal Information: Theory and Evidence”

with Ehsan Azarmsa and Suzie Noh, R&R

• “Internal Frictions and the Role of Managerial Reporting Quality in Investment Efficiency” 

with Philip G. Berger, Feng Li, and M.H. Franco Wong, R&R 

• “How Do Multiple Regulators Regulate? Evidence from Fairness Opinion Providers’ Conflict of Interest Disclosures” [Video]

with Phil Berger, Rachel Geoffroy, and Claudia Imperatore, R&R

Presented at the Journal of Accounting Research Second Registered Reports Conference

Bernstein Center Faculty Research Grant ($10,000)

Selected Press: Columbia Law School Blue Sky Blog

• "Long-Run Economic Consequences of Firm Avoidance in the Threshold Regulation for Financial Reporting"

  with Yu Cao

Works in Progress 

• “Financial Reporting Regulation and Firm Dynamics” 

Research proposal and data access are approved by the U.S. Census Bureau and the IRS 

• "PCAOB Monitoring and Auditor Effort: Evidence from Dynamic Model Estimation"

with Shunsuke Matsuno, R&R

Presented at the 2024 PCAOB/TAR Registered Reports Conference on Current Issues in Auditing

• "Private Clients and Auditor Human Capital: Evidence from Structural Estimation"

with Ying Liang and Lijing Tong

• "Social Movements and Court Decisions Toward Corporations: Evidence from Employee Protests"

with Claudia Imperatore and Trung Nguyen

• "Private Firms' Disclosure for Everyday Investors on Crowdfunding Platforms"

with Suzie Noh and Andy Jiarui Su

• “Externalities of Improved Internal Controls” 

with Philip G. Berger, Feng Li, and M.H. Franco Wong

• “Trust in Regulators and Product Market Access” 

with Yu Cao 

George J. Stigler Center for the Study of the Economy and the State, Research Grant ($35,000) 

The World Bank East Asia and Pacific Research Fund ($20,000)