Aggregate Flows Research Articles

Stocks and flows of sand, gravel, and crushed stone in China (1978–2018): Evidence of the peaking and structural transformation of supply and demand

Aggregates are the most extracted material resources by weight worldwide. As an important resource for buildings and infrastructure, aggregates, however, are now facing shortages and are associated with negative environmental and social impacts. More attention is now paid to the sand and gravel issues, however, recent investigations are often found ambiguous in definition or adopting over-simplified accounting methodology. To bridge the knowledge gap, first, we conducted a detailed literature investigation to clarify the associated terms. Then we established a systematic material flow and stock accounting framework to map the social metabolism of aggregate resources for the largest aggregates consumer and producer—China. Our results show during 1978–2018, the inflows of China's aggregates increased by 13 times (1.3 to 17.3 billion tons) and the stocks increased by 15 times (18.3 to 285.5 billion tons). We observed both aggregate inflows and stocks have shown a relative decoupling from economic growth. Around 2014, inflows entered a platform area and the dominated consuming sector shifted from buildings to infrastructure. Due to supply shortages and policy interventions, the source of primary supply sees a sustainable transition: manufactured aggregates (instead of natural aggregates) gradually dominated, accounting for 78% of the total primary supply in 2018. Additionally, regarding accumulated stocks of aggregates, it is expected to see rapid growth of aggregate waste in the near future. It is essential to foster a well-functioned circular system to achieve the sustainable development of the aggregate industry.

Likelihood-Based Inference for Modelling Packet Transit From Thinned Flow Summaries

Network traffic speeds and volumes present practical challenges to analysis. Packet thinning and flow aggregation protocols provide smaller structured data summaries, but conversely impede statistical inference. Methods which model traffic propagation typically do not account for the packet thinning and aggregation in their analysis and are of limited practical use. We introduce a likelihood-based analysis which fully incorporates packet thinning and flow aggregation. Inferences can hence be made for models on the level of individual packets while only observing thinned flow summaries. We establish consistency of the resulting maximum likelihood estimator, derive bounds on the volume of traffic which should be observed to achieve a desired degree of efficiency, and identify an ideal family of models. The robust performance of the estimator is examined through simulated analyses and an application on a publicly accessible trace which captured in excess of 36m packets over a 1 minute period.

Stability and solubility test of endodontic materials

Introduction. Good physicochemical properties of endodontic materials are one of the main preconditions for successful endodontic treatment. Modern endodontic materials are expected to have good adhesiveness, stability and low solubility in order to enable high-quality and permanent obturation of the root canal. The aim of this study was to test in vitro the stability and degree of solubility of two endodontic materials: Mineral Trioxide Aggregate (MTA) and Gutta Flow. Materials and methods. The solubility of endodontic materials Mineral Trioxide Aggregate - MTA (Angelus) and Gutta Flow (Colthane) was tested by the aging method using artificial saliva according to the prescription of Ira and Shannon. Twelve samples of single-rooted teeth (6 MTA, 6 Gutta Flow) were used. The samples were analyzed after 7, 14, 21, 28 and 35 days. After obturation, the samples were longitudinally cut and filled with auto-polymerizing acrylate and stored in artificial saliva at a temperature of 37? ?} 2? C. Results. The results of the analysis of the longitudinal sections of the roots through MTA and Gutta Flow showed the absence of damage to both endodontic materials after 14 days of exposure to the artificial saliva. The appearance of the first morphological damage, as well as the weakening of the bonding with dentin wall, were observed on the 21st day with Gutta Flow, and on the 28th day with MTA from the beginning of the experiment. After a period of 35 days, both materials showed increased porosity, solubility and breaking of the bond with dentin wall of the root canal. Conclusion. Based on the obtained results, it can be concluded that MTA showed lower solubility and better adhesiveness with dentin wall of the tooth root canal than Gutta Flow.

DEVELOPMENT OF A SYSTEMIC MODEL OF THE QUALITY OF SERVICE IN INFOCOMMUNICATION COMMUNICATION NETWORKS TO ENSURE LOW TRAFFIC DELAY

The question of quality of service in networks of the latest generation is studied. The impact of heterogeneous traffic on the main quality of service indicators reflecting the probability of packet loss and delivery delay over time is evaluated. A model of quality of service in information communication networks has been developed to ensure low traffic delay. Taking into account the concept of quality in information communication networks, the issue of quality of service in networks of the latest generation becomes important from the standpoint of ensuring high reliability and reliability of information transmission, which significantly affects the quality of services provided to the user. This, of course, determines the need to control various parameters of equipment and communication lines, which are determined both by the features of the transmission system and by the parameters of leased channels and tracts. The basis for determining the quality of service, as mentioned above, is the provision of the international concept of quality of service (QoS). According to the requirements of the compliance control model proposed in the concept, the approach to quality indicators is structurally related to the OSI reference model. The main advantages of modern technologies of information communication networks are undoubtedly 5G technologies, which already support such resource-intensive services as massive machine-to-machine communication, ultra-reliable communication and low-latency communication. All of them require high data transfer rates, low millisecond latency, and connectivity of millions of devices. At the same time, it is necessary to ensure a high level of quality of service (QoS), which plays an important role in 5G technologies. The proposed model makes it possible to evaluate not only the quality of service of the combined traffic flow of Internet of Things, tactile Internet, and augmented reality services, but also the delivery delay and the probability of packet loss. The simulation results showed that the parameters of the quality of service of the traffic of the Internet of Things and other modern applications differ significantly during the service of the aggregate flow. When studying the service of aggregated traffic, it was established that the probability of packet loss is higher for it than for Internet of Things traffic. In addition, this difference becomes more significant when the intensity of the incoming load increases.

Emergent behaviors of discrete Lohe aggregation flows

<p style='text-indent:20px;'>The Lohe sphere model and the Lohe matrix model are prototype continuous aggregation models on the unit sphere and the unitary group, respectively. These models have been extensively investigated in recent literature. In this paper, we propose several discrete counterparts for the continuous Lohe type aggregation models and study their emergent behaviors using the Lyapunov function method. For suitable discretization of the Lohe sphere model, we employ a scheme consisting of two steps. In the first step, we solve the first-order forward Euler scheme, and in the second step, we project the intermediate state onto the unit sphere. For this discrete model, we present a sufficient framework leading to the complete state aggregation in terms of system parameters and initial data. For the discretization of the Lohe matrix model, we use the Lie group integrator method, Lie-Trotter splitting method and Strang splitting method to propose three discrete models. For these models, we also provide several analytical frameworks leading to complete state aggregation and asymptotic state-locking.</p>

Isolation of formononetin-7-O-β-D-glucopyranoside from the grass of Ononis arvensis L. and the assessment of its effect on induced platelet activation

Introduction. Analysis of the clinical and laboratory picture of the SARS-CoV-2 infection suggests the presence of microcirculation and oxygen transport disorders, hemolysis of erythrocytes, intra-alveolar fibrin formation and microthrombus formation in the patient’s pathogenesis. Accordingly, the search for potential anticoagulants, erythrocyte antiplatelet agents, membrane stabilizing drugs and mild thrombolytic drugs can prevent the development of life-threatening complications and reduce the mortality of COVID-19 patients.Aim. Isolation of formononetin-7-O-β-D-glucopyranoside from the grass of Ononis arvensis L. and identification of the molecular mechanisms of its effect on platelet activation in vitro, induced by TRAP-6 (Thrombin receptor activated peptide) and ADP (adenosine diphosphate).Materials and methods. Terrestrial parts of Ononis arvensis L. were collected in the SPCPU nursery of medicinal plants (Leningrad region, Vsevolozhsky district, Priozerskoe highway, 38 km). Isolation of formononetin-7-O-β-D-glucopyranoside was carried out by preparative high performance liquid chromatography on a Smartline device (Knauer, Germany) equipped with a spectrophotometric detector. The structure of formononetin-7-O-β-D-glucopyranoside was confirmed by one-dimensional and two-dimensional NMR spectroscopy (Bruker Avance III, 400 MHz, Germany), as well as high-resolution mass spectrometry (HR-ESI-MS) (Bruker Micromass Q-TOF, Germany). The study of the effect of formononetin- 7-O-β-D-glucopyranoside on induced platelet activation was carried out on human platelets isolated from the blood of healthy volunteers. To research the effect of formononetin-7-О-β-D-glucopyranoside on platelet aggregation flow cytofluorometry with Cyto-FLEX (Beckman-Coulter, USA) was used.Results and discussion. According to the method of fractionation and purification of the total extract of O. arvensis developed in previous studies, formononetin-7-O-β-D-glucopyranoside was isolated in an individual form for subsequent biological studies with a total yield of 30 % in comparison with its content in the original extract. In samples with formononetin-7-O-β-D-glucopyranoside and ADP, there is a pronounced inhibition of platelet activation – the percentage of active platelets ranges from 6.3–6.6 % at doses of formononetin-7-O-β-D-glucopyranoside 1 μM, 3 μM and 30 μM. The inhibitory effect of formononetin-7-O-β-D-glucopyranoside is not dose-dependent (p ≤ 0.05). In samples with formononetin-7-O-β-D-glucopyranoside and TRAP, there is also a pronounced inhibition of platelet activation. The percentage of active platelets is 8 % at 1 μM formononetin-7-O-β-D-glucopyranoside doses, 15 % at 3 μM doses, and 16 % at 30 μM doses.Conclusion. Administration of formononetin-7-O-β-D-glucopyranoside at doses of 1 μM, 3 μM, 30 μM strongly inhibits platelet activation induced by ADP and TRAP-6. For ADP, there is no dose-dependent effect, while for TRAP there is a weak dose-dependent effect, the greatest inhibition efficiency is achieved with the minimum investigated dose of 1 μM. In all cases, the results obtained are statistically significant.

How Does Armed Conflict Shape Investment? Evidence from the Mining Sector

How does conflict affect firms’ investment decisions? Past results are mixed: a third of the studies we reviewed report null or mixed correlations; some suggest that conflict increases investment. We rationalize these results, arguing that armed conflict has divergent effects depending on firms’ exposure to violence. Conflict can deter investment by disrupting production or raising uncertainty. Yet, conflict can encourage investment by hampering government oversight. We argue that each mechanism operates over different geographic extents. We use data from the mining sector to test these claims and report three main results. Firms operating at conflict sites dramatically reduce investments. By contrast, firms operating in territory surrounding conflict, but separated from fighting, actually increase investment. Firms far from violence see a small negative effect. These divergent responses cannot be inferred from aggregate flows: we show that conflict depresses aggregate investment, but this reflects responses among firms far from fighting.

Marked intrafamilial aggregation and heritability of aortic flow in a community with prevalent volume-dependent hypertension in Africa.

Although peak aortic flow (Q) is now recognized as a major determinant of hypertension in Africa, current therapy has no proven ability to target this change. The mechanisms of this effect, therefore, require elucidation. We compared the intrafamilial aggregation and heritability of Q to that of the vascular determinants of pulse pressure (PP) and SBP in Africa. The intrafamilial aggregation and heritability of Q and aortic characteristic impedance (Zc) or total arterial compliance (TAC) was determined in 669 participants of 194 families (69 father-mother, 385 parent-child, 157 sibling-sibling pairs) in a community in Africa with prevalent flow-dependent primary hypertension. Haemodynamics were determined from velocity and diameter measurements in the outflow tract (echocardiography) and central arterial pressures. No mother-father correlations were noted for either Q or Zc. However, with adjustments for confounders, parent-child (P < 0.0001) and sibling-sibling (P < 0.0001) correlations were noted for Q. Parent-child and/or sibling-sibling correlations were also noted for Zc or TAC but were weaker for Zc and mother-father correlations were noted for TAC. Moreover, Q showed markedly stronger multivariate adjusted heritability estimates (h2 = 0.82 ± 0.07, P < 0.0001) than Zc (h2 = 0.44 ± 0.10, P < 0.0001)(P < 0.005 for comparisons) and TAC (h2 = 0.47 ± 0.08, P < 0.0001)(P < 0.005 for comparisons). Importantly, the heritability of Q was also greater than that for PP (h2 = 0.12 ± 0.09, P = 0.11) (P < 0.0001 for comparisons), or SBP (h2 = 0.13 ± 0.10, P = 0.08) (P < 0.0001 for comparisons). Of the haemodynamic determinants of SBP, peak aortic flow is the most strongly inherited in Africa. Peak aortic flow, therefore, represents an important target for identifying novel therapeutic approaches to controlling SBP in Africa.

Price sensitivity of the consumer-investor: Evidence from energy prices and mutual fund fees

This study documents a significant relation between changes in commodity prices and investors' price sensitivity in the market for mutual funds. Specifically, price sensitivity⸺defined as the negative relation between fund-level flows and a fund's cost of ownership⸺is more pronounced in periods when energy commodity prices increase sharply. Aggregate flows into actively managed funds relative to the cheaper passively managed funds decrease (increase) when energy prices rise (fall). The results furnish novel evidence supporting an integrated view of the representative “consumer-investor,” whose price sensitivity in choosing financial products is related to price shocks in household consumption goods.

Automated process control system of Jaw crusher production

Rocks go through a series of crushing stages to produce the final aggregate size which suit customer’s needs. Aggregate crushers suffer from many problems in reality that affect its production processes badly and may lead to its stoppage. These problems could be unchangeable feed rate, hidden steel part between rocks and wastage from storing final aggregate stockpile on the ground. The purpose of this research is to develop an automated control system for Jaw crusher production process as a solution for the real specified problems to get more productive aggregate production. First a 3D model which mimic exactly the real crushing plant was built to test the proposed system. Then a C++ code was programmed to control the proposed system components such as motor, sensors and LCD screens. Thereafter, the aggregate flow simulation program (AggFlow) is utilized to simulate the proposed system results. Cost analysis calculations were performed to explore the impact of proposed system on the production process cost and time. Finally, the results confirmed that the proposed system enhance and increase the crusher production process. As it shows increase in the crusher automatic control, the net profit and the feed rate while decrease in the final product waste.

Mobility in Blue-Green Spaces Does Not Predict COVID-19 Transmission: A Global Analysis.

Mobility restrictions during the COVID-19 pandemic ostensibly prevented the public from transmitting the disease in public places, but they also hampered outdoor recreation, despite the importance of blue-green spaces (e.g., parks and natural areas) for physical and mental health. We assess whether restrictions on human movement, particularly in blue-green spaces, affected the transmission of COVID-19. Our assessment uses a spatially resolved dataset of COVID-19 case numbers for 848 administrative units across 153 countries during the first year of the pandemic (February 2020 to February 2021). We measure mobility in blue-green spaces with planetary-scale aggregate and anonymized mobility flows derived from mobile phone tracking data. We then use machine learning forecast models and linear mixed-effects models to explore predictors of COVID-19 growth rates. After controlling for a number of environmental factors, we find no evidence that increased visits to blue-green space increase COVID-19 transmission. By contrast, increases in the total mobility and relaxation of other non-pharmaceutical interventions such as containment and closure policies predict greater transmission. Ultraviolet radiation stands out as the strongest environmental mitigant of COVID-19 spread, while temperature, humidity, wind speed, and ambient air pollution have little to no effect. Taken together, our analyses produce little evidence to support public health policies that restrict citizens from outdoor mobility in blue-green spaces, which corroborates experimental studies showing low risk of outdoor COVID-19 transmission. However, we acknowledge and discuss some of the challenges of big data approaches to ecological regression analyses such as this, and outline promising directions and opportunities for future research.

Real-time streamflow forecasting: AI vs. Hydrologic insights

In this paper, we propose a set of simple benchmarks for the evaluation of data-based models for real-time streamflow forecasting, such as those developed with sophisticated Artificial Intelligence (AI) algorithms. The benchmarks are also data-based and provide context to judge incremental improvements in the performance metrics from the more complicated approaches. The benchmarks include temporal and spatial persistence, persistence corrected for baseflow and streamflow, as well as river distance weighted runoff obtained from space-time distributed rainfall. In the development of the benchmarks, we use basic hydrologic insights such as flow aggregation by the river network, scale-dependence in basin response, streamflow partitioning into quick flow and baseflow, water travel time, and rainfall averaging by the basin width function. The study uses 140 streamflow gauges in Iowa that cover a range of basin scales between 7 and 37,000 km2. The data cover 17 years. This work demonstrates that the proposed benchmarks can provide good performance according to several commonly used metrics. For example, streamflow forecasting at half of the test locations across years achieves a Kling-Gupta Efficiency (KGE) score of 0.6 or higher at one-day ahead lead time, and 20% of cases reach the KGE of 0.8 or higher. The proposed benchmarks are easy to implement and should prove useful for developers of data-based as well as physics-based hydrologic models and real-time data assimilation techniques.

Traffic flow modeling and feedback control for future Low-Altitude Air city Transport: An MFD-based approach

The imminent penetration of low-altitude passenger and delivery aircraft into the urban airspace will give rise to new urban air transport systems, which we call low-altitude air city transport (LAAT) systems. As the urban mobility revolution approaches, we must investigate (i) the collective behavior of LAAT aircraft in cities, and (ii) ways of controlling LAAT systems. Future LAAT systems exemplify a new class of modern large scale engineering systems — networked control systems. They are spatially distributed, consist of many interconnected elements with control loops through digital communication networks such that the system signals can be exchanged among all components through a common network. Therefore, a decentralized controller design in framework of the unilateral event-driven paradigm is considered. Inspired by controlled urban road networks, in this paper we first establish the concept of Macroscopic Fundamental Diagram (MFD) for LAAT systems and develop a collective and aggregate aircraft traffic flow model. Then, based on that, we design an adaptive boundary feedback flow control which is robust to various anomalies in technical devices and network communication links for LAAT systems.

PULMONARY EMBOLISM, A RARE BUT DEADLY COMPLICATION OF CO POISONING

TOPIC: Critical Care TYPE: Medical Student/Resident Case Reports INTRODUCTION: Carbon Monoxide (CO) is a colorless, odorless gas found in fumes produced from carbon fuels in engines, stoves, and fireplaces. CO binds to hemoglobin forming a molecule called carboxyhemoglobin (CO-Hb), which has higher affinity to O2 than hemoglobin itself which leads to symptoms of hypoxia and ischemia. Given an adequate history, clinicians can quickly initiate treatment but differentials for shortness of breath (SOB) must be sought and ruled out. Our case report will discuss the importance of CO poisoning and its involvement in thrombus formation and development of a pulmonary embolism (PE). CASE PRESENTATION: 62 year old female with history of COPD was brought to ED due to acute SOB and lethargy. Upon EMS arrival, CO level was 800. While in transport in EMS, the patient's CO-Hb level was 34 (trended to 11.4). The patient was found to have sp02 of 86% on room air (RA), and was placed on 10L nonrebreather mask. Patient was hemodynamically stable and afebrile. Labs revealed WBC 17.96, platelet 409k (clumped), troponin 0.08 ng/mL, LDH 405 units/L, and CRP 22.3 mg/L. Patient was deemed not a candidate for hyperbaric oxygen therapy. CT Head without contrast ruled out intracranial pathology and UA ruled out UTI. Chest X-ray revealed bilateral hazy opacities. CTPE revealed RUL/RML segmental and subsegmental PE as well as bilateral GGO reflecting interstitial edema in the setting of CO poisoning. Echo revealed EF of 65% with no wall motion abnormalities. COVID PCR test resulted negative making PE more likely as cause for SOB and patient was started on therapeutic Lovenox and empiric Azithromycin and Ceftriaxone. Within 24 hours, patient clinically improved and was discharged on Xarelto. DISCUSSION: PE in patients with CO poisoning should be suspected if the patient does not clinically improve with initial treatment. CO toxicity has been known to cause inflammatory and obstructive changes to arterioles and venules. Furthermore, it may induce vasospasms and increase platelet aggregation, leading to venous thrombus formation. CO poisoning may also increase oxidative stress with nitric oxide and oxygen free radicals causing further damage to endothelial lining1 and leading to further platelet dysfunction. 2 This combination of vessel wall injury and stasis in blood flow are important for development of thrombus. Treatment of given thrombus will lead to moderate resolution of symptoms. CONCLUSIONS: Treatment may be delayed in patients with coexisting PE and CO poisoning as it may be misdiagnosed. It is especially difficult to identify PE in patients with stable O2 saturation. However, the combination of endothelial damage and eventual increased platelet aggregation plays a critical role in thrombus formation in patients with CO toxicity. As a result, it is an important differential for patients with CO poisoning especially when symptoms do not respond to initial treatment. REFERENCE #1: Ruth-Sahd LA, Zulkosky K, Fetter ME. Carbon monoxide poisoning: case studies and review. Dimens Crit Care Nurs. 2011 Nov-Dec;30(6):303-14. doi: 10.1097/DCC.0b013e31822fb017. PMID: 21983502. REFERENCE #2: Ikeda H, Koga Y, Oda T, Kuwano K, Nakayama H, Ueno T, Toshima H, Michael LH, Entman ML. Free oxygen radicals contribute to platelet aggregation and cyclic flow variations in stenosed and endothelium-injured canine coronary arteries. J Am Coll Cardiol. 1994 Dec;24(7):1749-56. doi: 10.1016/0735-1097(94)90183-x. PMID: 7963124. REFERENCE #3: Sevinc A, Savli H, Atmaca H. An interesting cause of pulmonary emboli: acute carbon monoxide poisoning. Clin Appl Thromb Hemost. 2005 Jul;11(3):353-7. doi: 10.1177/107602960501100317. PMID: 16015424. DISCLOSURES: no disclosure on file for Jagadish Akella; No relevant relationships by Javed Iqbal, source=Web Response No relevant relationships by Vaishali Mehta, source=Web Response No relevant relationships by Najia Sayedy, source=Web Response

Icio: Economic analysis with intercountry input–output tables

Several new statistical tools and analytical frameworks have been recently developed to measure countries’ and sectors’ involvement in global value chains. Such a wealth of methodologies reflects the fact that different empirical questions call for distinct accounting methods and different levels of aggregation of trade flows. In this article, we describe icio, a new command for the computation of the most appropriate measures of trade in value added as well as participation in global value chains. icio follows the conceptual framework proposed by Borin and Mancini (2019, Policy Research Working Paper WPS 8804; WDR 2020 Background Paper, World Bank Group), which in turn extends, refines, and reconciles the other main contributions in this strand of the literature. icio is flexible enough to work with any intercountry input–output table and with any level of aggregation of trade flows.

Communication Metrics for Human-Autonomy Teaming: Lessons Learned from us Army Gunnery Field Experiments

The development of more effective human-autonomy teaming (HAT) will depend on the availability of validated measures of their performance. Communication provides a critical window into a team’s interactions, states, and performance, but much remains to be learned about how to successfully carry over communication measures from the human teaming context to the HAT context. Therefore, the purpose of this paper is to discuss the implementation of three communication assessment methodologies used for two Wingman Joint Capabilities Technology Demonstration field experiments. These field experiments involved Soldiers and Marines maneuvering vehicles and engaging in live-fire target gunnery, all with the assistance of intelligent autonomous systems. Crew communication data were analyzed using aggregate communication flow, relational event models, and linguistic similarity. We discuss how the assessments were implemented, what they revealed about the teaming between humans and autonomy, and lessons learned for future implementation of communication measurement approaches in the HAT context.

The Impact of Intellectual Property Protection through FTA on International Trade

The importance of intellectual property rights (IPRs) for innovation has grown and the protection of intellectual property in international trade has also been strengthened. AI-related patent applications have been increasing rapidly and many AI patents are being filed in various industries. Intellectual property also represents one of the main controversies of U.S.-China trade relations in the past three decades and remains one of the core issues behind the two countries’ recent trade conflicts. As a result, global protection for IPRs has been expanded in recent decades. This article investigates changes in the trend regarding the IP protection level in FTA and how the IP protection through FTAs has affected the composition of aggregate trade flows of member countries in order to provide basic findings necessary to formulate the FTA policies regarding the protection of IPRs in Korea.

Export pricing and exchange rate expectations under uncertainty

This paper contributes to the literature on firms’ export pricing by assessing whether and to what extent firms take into account the expected future evolution of the exchange rates while setting their prices. Using French micro-level trade data, our empirical analysis reveals that by adjusting their export prices, firms partly absorb information about future exchange rate variations. The extent to which individual exporters absorb future exchange rate fluctuations is found to depend on their market power, in accordance with theoretical dynamic demand-side models encompassing mechanisms creating an inter-temporal relationship between current market shares and future profits. The analysis also shows that the strength of such expectation-related mechanism is considerably reduced with greater future exchange rate uncertainty, in line with an interpretation of pricing-to-market as an investment decision under uncertainty. In a comparative perspective our results are shown to drive asymmetric responses across destinations of aggregate bilateral export flows to expected exchange rate movements.

One country, many industries: Heterogeneity of Chinese OFDI motivations at meso level

Research on the stimulants for Chinese Foreign Direct Investment (FDI) is extensive. However most analysis incorporates theoretical models based on the Institution-Based View or, to a lesser extent, the Resource-Based View (RBV). These highlight the importance of the macro (country) and micro (firm) level, while largely ignoring the meso (industry) level. In addition, although investments are known to have several different motivations, stimulated by quite different factors, analysis tends to focus on aggregate FDI flows. We contribute to the literature by proposing an ‘industry-based view’ of FDI which takes account of heterogeneity across industries and FDI motivation. We apply this framework to Chinese OFDI in Europe, differentiating both in terms of investment motivations and sectoral characteristics at (meso) industry level and at (micro) firm level, in home and host countries. Using logistic and multinomial logistic models, our analysis confirms that different types of Chinese FDI (in terms of motivation) are stimulated by different industry-level characteristics in both home and host countries.

What Do Mutual Fund Investors Really Care About?

Abstract We show that mutual fund investors rely on simple signals and likely do not engage in sophisticated learning about managers’ alpha as widely believed. Simplistic performance chasing best explains aggregate flows to the mutual fund space and flows across funds. These results hold for both actively managed and passive index funds. Empirical patterns commonly interpreted as reflecting learning about managerial skill also appear in falsification tests and are mechanical. Our results are consistent with the view that, on average, households are homo sapiens with limited financial sophistication rather than hyperrational alpha-maximizing agents, as often assumed in the literature.