Welcome to the 2019 Baltimore Business Review, a Maryland journal published jointly by Towson University’s College of Business and Economics and the CFA Society Baltimore.

2019 Edition

the scales of justice and money

A Beginner’s Guide to Navigating Through Lost Profits in Corporate Litigation

We live in a highly litigious business environment. For those of you who have been involved in a business litigation matter know that the litigation process can be time consuming and very expensive. Litigation cases can take years to resolve and in the process, attorneys and other professionals may incur thousands of hours to litigate the case.


top of IRS form 1040 overlaid with quarters

Understanding the Tax Cuts and Jobs Act for Maryland Lower-Income Families

On December 22, 2017, Congress passed, and the President signed the Tax Cuts and Jobs Act (TCJA). The TCJA is one of the largest tax cuts in the U.S. history. A recent study by the Tax Foundation estimates that, on a conventional basis, TCJA will reduce federal revenues by about 638 billion over the next decade.


an avalanche of snow on a mountain seen from above

When to Sell? How Should You Protect Yourself from the Risk of Falling Values?

The U.S. equity markets have posted positive returns in each of the past nine calendar years. This is only the second time over the past century that equities have posted gains for nine consecutive years.


a technician works on a server

The Startup Ecosystem in Maryland

Maryland is a hub for innovation and entrepreneurship possessing a large ecosystem of STEM professionals, a high density of technology companies, and significant research and development spending per capita. In this article, we first describe the thriving startup sectors in Maryland, and expand the discussion to higher education institutions. Then, we summarize the implication of venture financing in the last section.


silhouette of woman overlooking a city skyline

The Status of Women in Management

Women have made enormous strides in the work place over the past three decades. Moreover, empirical data shows that the entrance of women into management has had a significant positive on the bottom line of firms. This BBR article outlines their impact.


three young people sit on a wall looking at their mobile phones with shopping bags at their feet

Determinants of College Student Consumption in Maryland

Have you ever wondered why you bought that ugly Christmas sweater or why your sister grocery shops online? These were the types of questions that motivated our research on the determinants of college student consumption.


The US Capitol dome set again 100 dollar bills

The New Tax Law and the Effect on Values for Privately Owned Businesses

The Tax Cuts and Jobs Act of 2017 (TCJA) has had several direct effects on valuations of privately owned businesses. This article will explore the TCJA’s effects on valuations of privately owned C Corporations and the ways business appraisers are modifying components of two of the common valuation methods — the income approach and the market approach — to account for these changes.


the backs of voters at voting booths

Protecting Maryland’s Voting Processes

The integrity of U.S. voting systems as last reformed by the Help America Vote Act of 2002 was not challenged until the 2016 Presidential election, when the Department of Homeland Security admitted that the voting systems from 21 states, including Maryland, were targets of attacks. What can local jurisdictions do to audit and bolster their systems?


Dollar bills stuck in the ground, as if they are growing from the ground, next to a trowel

How Towson University Students Would Invest $100,000

The Towson University Investment Group (TUIG) conducted a research survey that asked participating students what five stocks they would invest in if they had $100,000. We then created two hypothetical portfolios based on the top 50 stock votes.



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 2019 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

Towson University is Maryland’s university of opportunities. With more than 150 years of experience pushing possibilities, TU is recognized as one of America’s top regional public universities 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 more than 22,700 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 currently ranked as a leading regional university by both Princeton Review and U.S. News & World Report. TU is also 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.

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.