Welcome to the 2022 Baltimore Business Review, a Maryland journal published jointly by Towson University’s College of Business and Economics and the CFA Society Baltimore.

2022 Edition

Climate Change Will Radically Reshape the World You Live in

Climate change is arguably the biggest problem ever faced by humanity. The good news is that we know what the solutions are. The bad news is that the solutions will require most people on earth to change how they live.


Does it Pay to Have Women on Corporate Boards? Building a Business Case for Gender Diversity

Diversity, inclusion, and equity have received growing interest among executives and management researchers for at least two reasons. First, there is a business case for promoting diversity, inclusion, and equity in organizations including increased innovation, employee engagement, revenue, and profits (e.g., Bourke et al., 2017).


Taxing the Digital Economy Maryland is the First U.S. State to Pass a Digital Advertising Tax

Reining in the darker side of big tech companies has been the battle cry of many economists, legislators, and data privacy experts for over a decade. Why? Because big tech’s scale and global reach have evolved to the point where they undermine, if unintentionally, the foundation of free markets and democratic institutions with their market power and political advertising.


Securing Organizations from Within: Opportunities and Challenges with Insiders

Much attention has been paid to cyber, physical, and insider threats to an organization’s data and security. Farahani, et al. (2016) in the Baltimore Business Review identify major cyber breaches of companies and organizations such as JP Morgan Chase, CareFirst Blue Cross Blue Shield, eBay, and Home Depot, and propose best practices to manage cyber risk.


A Review of Agriculture and Conservation in Maryland

Despite Maryland’s population growing nearly 30% since 1990, with accompanying rapid development of residential areas, agriculture remains an important part of much of the state’s local economy and culture. Within Maryland, the economic, cultural, and environmental impact of farming is perhaps no greater than on the Eastern Shore.


Developing an Entrepreneurial Mindset: A Look into Female Entrepreneurs in the Greater Baltimore Region During COVID-19

In 2020, the COVID-19 pandemic disrupted labor markets on a global scale, with employers and employees dealing with the short-term and long-term sudden and often severe consequences. Many shuffled to adjust to at-home work environments, while millions of others were less fortunate, being furloughed or faced with job loss.


Forecasting the 2022 Midterm Elections and Market Returns Under Different Political Regimes

The 2020 election results are still fresh in the minds of many Americans, and they continue to be discussed or even contested (as in the Arizona “audit”). Election bills in Texas, Georgia, and other states are debated across the country, with a focus on voter access versus confidence in election results and their integrity. The simple civic duty of voting is now one of the most contentious topics in the country.


PPP Loans in Maryland

The COVID-19 pandemic disrupted our daily lives and interrupted business to such a large scale that many enterprises faced imminent failure. To protect the fabric of the American business landscape, the U.S. Congress swiftly passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020.


Towson University Students post-pandemic outlook on Investing

The Towson University Investment Group (TUIG) surveyed the extent to which Towson University students know about investing and decision making. We started our survey with gathering data from our target demographic audience about general investing knowledge, followed by investment decisions and risk tolerance.



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.


2022 Contributors

Meet the 2022 Baltimore Business Review contributors.

Stifel Equity Research in 2013. Based
out of the Baltimore office, Mr. Anderson
is a Director covering the Materials
sector, with a focus in Chemicals and
Agriculture. Before joining Stifel, Mr.
Anderson was a senior capital markets analyst for
NewDay USA, a mortgage originator. Mr. Anderson is
a graduate of the Rensselaer Polytechnic Institute Lally
School of Management, with concentrations in Financial
Engineering and Economics, and holds a Chartered
Financial Analyst designation.

SHANEEZA BAKSH received her
B.S. in Business Administration with
a concentration in Human Resource
Management from Towson University
in Towson, MD in May 2021. She is
currently a gaming video creator and
specializes in the competitive gaming scene for Call of
Duty. She currently lives in Woodlawn, MD.

JAN BAUM is Professor and Faculty
Director for Entrepreneurship@TU.
Baum founded and directed the Center
for Innovation + Entrepreneurship at
Towson University from 2015-2021,
the hub of entrepreneurial activity at
TU, to nurture and develop entrepreneurial talent and
create an entrepreneurial ethos across the university,
and establishing TU as a heartbeat for innovation and
entrepreneurship. Baum is a passionate expert on innovation,
change, and leadership and a serial entrepreneur.
Baum founded and directed 3D Maryland a state-wide
leadership initiative for 3D printing and additive manufacturing
after establishing the first comprehensive digital
fabrication lab in the University System of Maryland in
2011. Baum’s awards include: The Baltimore Sun’s 25
Women to Watch in 2016, The Daily Record’s Influential
Marylanders 2014, The Daily Record’s Innovator of the
Year 2013, 2014.

LISA V. BYRD is the Director of Special
Events and Business Development
for the Greater Baltimore Committee
(GBC). She received her undergraduate
degree in Political Science from
Frostburg State University and Masters
of Management from the College of Notre Dame (now
Notre Dame of Maryland University). She then earned
a certificate in Event Management from The George
Washington University School of Business. She currently
manages all events for the GBC and serves as
the staff liaison to the Baltimore Women’s Advisory
Board who commissioned the Impact of Covid-19 on
women in the workplace in the Greater Baltimore region
research project.

NICOLA DANIEL is Senior Advisor to
the Center for Financial Policy at the
University of Maryland’s RH Smith
School of Business. She joined the
Smith School in 2013 and has been
instrumental in designing and executing
student experiential learning projects with employers.
She has co-taught graduate finance students a popular
experiential learning module on short-selling with
portfolio managers from Invesco Investment Management.
Ms. Daniel is also currently a doctoral candidate
at Johns Hopkins SAIS. Her research work focuses on
the proliferation of the EU’s data privacy regulation in
China, Latin America, and the US and its relationship to
market competition in the digital age. She is the former
Executive Director of the CFA Society of Baltimore.

JOSH DEHLINGER, PH.D., is a Professor
in the Department of Computer and
Information Sciences and the Director
of the undergraduate Computer
Science program in the Fisher College
of Science and Mathematics at Towson
University. He earned his Ph.D. in Computer Science from
Iowa State University in 2007 and served as a Research
Scientist in the Charles L. Brown Department of Electrical
and Computer Engineering at the University of Virginia
in 2008. His research expertise lies, broadly, in software
safety and reliability, election security, machine learning,
and software engineering. His recent research efforts
have examined the cyber, physical and insider threats
to voting processes and developed training modules
for election judges to empower them to identify and
mitigate threats during an election. Some of this work,
in partnership with the Anne Arundel County (Maryland)
Board of Elections was recognized in 2020 with the U.S.
Elections Assistance Commission Clearinghouse Award
for Outstanding Innovation in Election Cybersecurity
and Technology.

in Department of Finance at Towson
University. MS in Chemical Engineering
in France, and MBA and Ph.D. in
Finance from the University of Oklahoma.
After teaching at Marquette
University in Milwaukee, he joined Towson University
in 2010. Michaël’s research interests are in the fields
of Investments, Corporate Governance and Banking.
His research has appeared in the Review of Financial
Studies, Journal of Business, the Journal of Banking and
Finance, the Journal of Corporate Finance, the Financial
Analysts Journal among others.

NHUNG HENDY received her Ph.D.
in Business Administration with a
concentration in Human Resource
Management from Virginia Commonwealth
University in Richmond, VA in
2002. She joined Towson university in
2005 and is currently a Professor in the Department of
Management. She is a senior certified HR professional
by the Society for Human Resource Management (SHRM)
and Human Resource Certification Institute (HRCI). Her
research and teaching interests span areas of Human
Resource Management, Business Ethics, and Research
methodology. She has published more than 30 journal
articles in scholarly and professional journals. She has
also consulted with numerous organizations such as
Capital One, Maryland State Department of Education,
and Maryland Aviation Administration. As a mental
health advocate, she has been leading Thao Nguyen
Foundation, Inc. whose mission is to raise mental health
awareness and suicide prevention.

JORDAN LE an undergraduate sophomore
and is a dual major student in
Accounting and Finance at Towson
University. He is currently the Director
of Communications for the Towson
University Investing Group (TUIG). An
incoming Assurance and Advisory intern for Clearview

2021 Master of Science graduate of the
accelerated program in Supply Chain
Management at Towson University. In
May 2020, he earned a B.S. in Business
Administration with a concentration in
Project Management and Business Analysis, also from
Towson University. During his studies, he served as
a Research Assistant, specializing in data mining and
focusing on educating poll workers about the potential
for cyber, physical, and insider threats at election polling
places. He presented his research to an international
audience at the 2020 INFORMS Annual Meeting, and
his additional career experience includes internships
with Danfoss and Aerotek.

NICHOLAS NORMAN an undergraduate
junior majoring in Business
Administration with a concentration
in Finance at Towson University. His
career goal is to provide financial services
to the underbanked and to help
spread financial knowledge among people who were not
taught financial literacy. He is currently looking for an
internship to display his great teamwork, communication,
and analytical skills.

Portfolio Manager at TUIG,
Senior pursuing a Major in Finance.
Currently an equity research intern at
Blue Point Investment Management.
Also interned for Prudential Financial.

senior director of capital markets policy
at CFA Institute, where he focuses
on corporate governance, ESG, and
climate change analysis. He writes
and speaks frequently on these topics
on behalf of CFA Institute. His paper, Climate Change
Analysis in the Investment Process was named “Best
ESG Paper” by Savvy Investor in 2021.

MILAN PANDEY an undergraduate
senior majoring in Business Administration
with a Concentration in Finance
at Towson University. Contributes to
fundamental and technical analysis
research for Towson University Investment
Group (TUIG). Currently serving as the President
for TUIG.

Associate Professor and Director of
the graduate programs in Supply Chain
Management in the College of Business
and Economics at Towson University.
She earned Ph.D. and M.S. degrees in
Industrial Engineering from the University of Pittsburgh.
Her primary research is in decision analysis, with specialization
in military and security issues, including risk in
voting systems, attack trees and strength of threat in mail
voting, integrity of votes throughout the supply chain,
poll worker education, and cybersecurity metrics and
best practices. Her work in elections security earned a
University System of Maryland Board of Regents Award
for Excellence in Public Service, the system’s highest
faculty honor. In conjunction with Anne Arundel County,
Maryland, her work in cybersecurity and threat training
for poll workers received a U.S. Elections Assistance
Commission Clearinghouse Award for Outstanding
Innovation in Election Cybersecurity and Technology.
Dr. Scala frequently consults to government clients and
has extensive professional experience, to include positions
with Innovative Decisions, Inc., the United States
Department of Defense, and the RAND Corporation.

in the Department of Finance at
Towson University. Prior to receiving
her Ph.D. from the University of Arkansas
and joining Towson faculty in 2010,
she completed a Master of Science in
Finance from the University of Tulsa in 2006, and earned
her MBA from the University of Arkansas in 2003. Her
research interests include banking, risk management,
corporate finance and emerging markets. Her research
has appeared in the leading journals in finance such
as Journal of Banking & Finance, Journal of Financial
Services Research, Family Business Review, and Journal
of Business Research, among others.

NICK SHEPPARD, CFA is a vice president
of T. Rowe Price Group, Inc. and a
National Account Manager in the U.S.
Intermediary segment of T. Rowe Price,
where he focuses on broker-dealer and
global bank relationships. Nick earned
a B.S. in finance from the University of Baltimore, Merrick
School of Business. Nick is a Series 3, 7, and 63 registered
representative and has also earned the Chartered
Financial Analyst designation.

JENNIFER STANO is the Sr. Human
Resources Partner at Towson University.
She received her Doctor of
Management from University of Maryland
Global Campus with a focus on
strategies to support the recruitment
and retention of a diverse workforce. In her role at
TU, Jennifer focuses on community partnerships to
develop pipelines for employment, leveraging academic
research to support HR decisions, and supporting the
TU faculty and staff.

Assistant Professor of Management at
Towson University. She received her
Ph.D. from the University of Mississippi.
Her research interests include
competitive behavior and work-life
balance, with a focus on these influences in teams,
entrepreneurs, and family firms. She currently teaches
Management, Leadership, and Entrepreneurship courses.
Gabby’s industry experience includes sales and project
management in the technology sector.

LAURA WOOD joined ShoreRivers
in 2018 as part of the merger with the
Chester River Association, Midshore
Riverkeeper Conservancy, and the
Sassafras River Association, where
Ms. Wood previously worked since
2016. Ms. Wood is an Agriculture & Outreach Coordinator,
focusing on agricultural restoration and research
projects that reduce sediment and nutrient runoff to
local waterways on the Eastern Shore of Maryland. Ms.
Wood is a graduate of Rhodes College with a degree in
Environmental Studies. Ms. Wood also participates in
the management of Indiantown Farm and Poplar Grove
Farm in Centreville, MD.