Place beef in a large plastic zipper bag. Add flour, salt, and pepper. Shake until beef is coated with flour.
Heat a Dutch oven over medium-high heat. Add oil. Add beef and cook until browned on all sides. Transfer to a plate. Work in batches to avoid overcrowding the pan.
Add the onions to the pot, adding more oil if needed. Cook for 5 minutes, or until soft. Add bay leaves, rosemary, and thyme. Add the beef back to pot. Add red wine and beef broth. Bring to a simmer and reduce heat to low.
Cover and cook for 1½ to 2 hours, or until beef is fork tender. Add the carrots and cook for another 30 minutes more.
In a small bowl, mix together cornstarch and water. Add to stew and bring to a bubble. Add balsamic vinegar.
Bake biscuits according to package directions. Split biscuits in half, ladle stew over and garnish with chopped parsley.