Welcome to the 2018 Baltimore Business Review, a Maryland journal published jointly by Towson University’s College of Business and Economics and the CFA Society Baltimore.

2018 Edition

tow men viewing investments on a white board

Financing Baltimore’s Growth – Measuring Small Companies’ Access to Capital

Baltimore has the potential to be a city that is truly hospitable to small business growth, with all the economic benefits of jobs and tax revenue such growth would bring. But for new and established small businesses to thrive, the city needs a financing system with capacity to meet their needs.


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Regulatory Compliance Cost for Small Maryland Banks

In Maryland, banks’ behavior have noticeably changed since the implementation of the Dodd-Frank Act. And community banks are suffering the most.


Technology concept: Dollar sign with circuits

Why are Technology Companies  So Difficult to Invest In?

Technology companies are one of the most challenging industry sectors of the economy in which to invest. The risk of failure is above average. How do we identify public companies that will offer innovations that not only will gain acceptance but will become essential to daily life?


abstract eye focusing on maryland flag

Maryland IPOs: High Tech in the Hub

Maryland, with its location advantage, has been making good use of IPOs in funding its rapid economic growth, especially its growth in the high tech area.


futuristic business image with ipad and connected dots

The Fintech Transformation

The latest disruptive innovation is taking  aim at huge institutions that deliver financial services to individuals and businesses today. According to consulting firm KPMG, close to $13 billion was invested in U.S.-based fintech companies in 2016.


a house destroyed by a hurricane

Disasters Strike — Ready or Not?

With the frequency and cost of storms rising, business owners should be developing plans, building on the existing efforts to protect and preserve life and property in Maryland.


person looking through binoculars

Importance of Knowing the Value of Your Trade Secret

Businesses in the United States have a trade secret problem. Senior executives say their business’ trade secrets are an important and/or essential part of their business, but the majority do not know if their secrests have been stolen nor have action plans in place to respond to theft.


a student gives a pitch to a judge

Entrepreneurship Education: A Summary of Meta-Analytic Findings and Their Applications at Towson University

In pursuit of transforming students into entrepreneurs, one faculty member is examining the relationships between entrepreneurial intentions, culture, academic programs and more.


new york stock exchange

Can Towson Students Beat the Market? Evidence from a TU Survey Portfolio

Each year, the Towson University Investment Group surveys students on campus and compiles a $100,000 portfolio. Can the average TU student beat the market?



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 2018 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
Niall H. O’Malley, Program Committee and Board Member, CFA Society of Baltimore

About Towson University

Founded in 1866, Towson University is recognized among the nation’s best regional public universities, offering more than 100 bachelor’s, master’s and doctoral degree programs in the liberal arts, sciences and applied professional fields on its 329-acre campus. Serving more than 22,000 students, Towson University is one of the largest public universities in Maryland. The university provides innovative graduate courses and programs that respond to specific state, regional and national work force demands. As a metropolitan university, Towson plays a key role in the educational, economic and cultural life of its surrounding communities, the Baltimore metropolitan area and the state of Maryland.

About CFA Society Baltimore

The CFA Society Baltimore is a local member society of CFA Institute, which has over 142,000 members in 159 countries/territories. The CFA Society Baltimore has over 700 members strong, draws from a diverse cross section of local investment firms, financial and educational institutions, and government agencies.

The CFA Society Baltimore’s mission is to provide the financial community with information and knowledge, while advocating ethical conduct with regard to investments and financial management. The 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.