Welcome to the 2020 Baltimore Business Review, a Maryland journal published jointly by Towson University’s College of Business and Economics and the CFA Society Baltimore.

2020 Edition

abstract image of 100 dollar bills imposed over columns

Regulation Best Interest: Higher Standards for Broker-Dealers, Strengthened Protections for Investors

On June 5, 2019, the Securities and Exchange Commission (the “SEC”) approved a higher standard of care for broker-dealers (“Brokerage Firms”) and their financial professionals (“Brokers”) when making a recommendation to an investor regarding a securities transaction. This new higher standard, referred to as Regulation Best Interest or Reg BI, is intended to narrow the gap between the different standards of care that a Broker and an investment advisor (“Investment Advisor”) must abide by when making recommendations to an investor.


people standing in line to vote

Empowering Election Judges to Secure our Elections

Our ongoing, funded, and student-centered research takes a unique systems approach to elections security and specifically considers potential cyber, physical, and insider threats to an election.


close up of a person's eyes watching stocks

When Does A Good Investment Become a Bad Investment?

A good investment becomes a bad investment when it becomes evident to the buyer that they overpaid. This concept applies not only to individual investors, but also in the case of share buybacks, when a company overpays for shares.


warehouse worker looking at digital projections

From Digitization to Digital Transformation of Supply Chains

Ideally, an efficient global supply chain should operate seamlessly across national borders, company boundaries and internal organizational functions. The reality, however, is that supply chains operate in silos and each player focuses on optimizing their own operation, making true optimization of the entire supply chain nearly impossible.


new graduates throwing their caps into the air

Former FDIC Chair Optimistic About the Potential of Technology to Improve Financial System, While Expressing Concern About Non-Financial Debt

The U.S. consumer remains healthy, which is supportive of economic growth, but the student loan picture is worrisome. Over the long run, Ms. Bair is optimistic about several developments in the technology sector that have the potential to improve the financial system.


old bank

The Management of Interest Rate Risk: Are Maryland Banks Different?

Banks, as financial intermediaries, transform risk. They take riskless deposits to finance risky loans. The resulting mismatch between the maturity of deposits and loans exposes banks to interest rate risk: unexpected changes in interest rates impact banks’ performance.


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The Effects of Civil Unrest on Education in Baltimore

If civil unrest prevents or reduced the possibility of the growth of human capital through education, then it can have an impact on the future outcomes of the students affected by these events.


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Student Survey Portfolio Analysis

The Towson University Investment Group (TUIG) conducted a research survey that asked participating students what five companies they would invest in if they had $100,000 and how confident they were in their investment knowledge on a numerical scale (1-100).



Covers of Past Baltimore Business Reviews

Since 2010, this annual journal has leveraged the strengths of both organizations to create an outstanding free resource for both businesses and scholars in the region.

The 2020 Baltimore Business Review Editors

Lijing Du, Assistant Professor, Department of Finance
Jian Huang Ph.D., Assistant Professor, Department of Finance
Farhan S. Mustafa, CFA Vice President, CFA Society of Baltimore

Towson University College of Business and Economics

About Towson University

Towson University is Maryland’s university of opportunities. With more than 150 years of experience pushing possibilities, TU is recognized as one of the top 100 public universities in the nation and a leader in academic excellence, research and discovery. As the largest university in Greater Baltimore and Maryland’s fastest-growing university, Towson University’s momentum is always accelerating with 23,000 current students and more than 100 bachelor’s, master’s and doctoral degree programs in the liberal arts and sciences and applied professional fields. Located amid one of the East Coast’s cultural and economic epicenters, TU is a beacon and powerful catalyst in the Mid-Atlantic region partnering with hundreds of businesses and organizations, impacting communities and fueling change. Towson University is also nationally ranked for student diversity and social mobility by U.S. News & World Report. TU is one of only a handful of institutions where graduation and retention rates are the same for all students, a result of a deeply inclusive culture with a focus on equity among all students, faculty and staff.

CFA Society Baltimore

About CFA Society Baltimore

CFA Society Baltimore is a local member society of CFA Institute, which has over more than 168,000 CFA charterholders worldwide in 164 markets and regions. CFA Society Baltimore is over 750 members strong, draws from a diverse cross section of local investment firms, financial and educational institutions, and government agencies.

CFA Society Baltimore leads the investment profession locally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of our community. CFA Society Baltimore also seeks to encourage and aid the education of persons engaged in the investment profession, and to provide members of the society with opportunities to exchange ideas and information amongst their peers.


All opinions expressed by the contributors quoted here are solely their opinions and do not reflect the opinions of CFA Society Baltimore, Towson University, Towson University College of Business and Economics or affiliates, and may have been previously disseminated by them on television, radio, Internet or another medium. You should not treat any opinion expressed in this journal as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of an opinion. Such opinions are based upon information the contributors consider reliable, but neither CFA Society Baltimore, Towson University, Towson University College of Business and Economics nor their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. The contributors, CFA Society Baltimore, Towson University, Towson University College of Business and Economics, its affiliates and/or subsidiaries are not under any obligation to update or correct any information available in this journal. Also, the opinions expressed by the contributors may be short-term in nature and are subject to change without notice. The contributors, and CFA Society Baltimore, Towson University, Towson University College of Business and Economics or affiliates do not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed on this Web site. Strategies or investments discussed may fluctuate in price or value. You must make an independent decision regarding investments or strategies mentioned in this journal. Before acting on information in this journal, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.