1. Preheat oven to 350°F. In a bowl, combine flour and pepper. Add beef; toss to coat. Reserve excess flour mixture.
2. In a flameproof casserole, heat oil over medium heat. Add beef; brown on all sides. Add onion; cook, stirring, for 4 minutes. Add garlic and reserved flour mixture; mix well. Stir in broth, wine, bay leaf and thyme; bring to a boil. Cover; transfer to oven. Bake for 1 hour. Remove casserole from oven; add carrots. Bake for 35 minutes.
3. Meanwhile, in a skillet, melt butter over medium heat. Add mushrooms; cook, stirring, for 5 minutes. Cook pearl onions according to package directions. Add mushrooms and onions to stew; bake for 10 minutes. Remove bay leaf and serve.