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Ischemic heart disease including myocardial infarction is still the leading cause of death worldwide. Although the survival early after myocardial infarction has been significantly improved by the introduction of percutaneous coronary intervention, long-term morbidity and mortality remain high. The elevated long-term mortality is mainly driven by cardiac remodeling processes triggering ischemic heart failure and electric instability. Despite the new developments in pharmaco-therapy of heart failure, we still lack targeted therapies for cardiac remodeling and fibrosis. Single-cell and genomic technologies allow us to map the human heart at unprecedented resolution and allow to gain insights into cellular and molecular heterogeneity. However, these technologies rely on digested tissue and isolated cells or nuclei and thus lack spatial information. Spatial information is critical to understand tissue homeostasis and disease and can be utilized to identify disease-driving cell populations and mechanisms including cellular cross-talk. Here, we discuss recent advances in single-cell and spatial genomic technologies that give insights into cellular and molecular mechanisms of cardiac remodeling after injury and can be utilized to identify novel therapeutic targets and pave the way toward new therapies in heart failure.

Why do so few mutual fund families launch so many funds and styles around the world? We argue that launching numerous funds on an increasingly granular style grid allows incumbent families to congest the product space and deter market entry. Key to this argument is the persistently low dimensionality of the mutual fund product space, a fact we establish by analyzing the names of over 40,000 equity funds sold in 91 countries between 1931 and 2015. Over time, the strategy of filling up the style grid has led to the dominance of few families offering large, granular, and similar fund menus.

Fibrosis represents the uncontrolled replacement of parenchymal tissue with extracellular matrix (ECM) produced by myofibroblasts. While genetic fate-tracing and single-cell RNA-sequencing (scRNA-seq) technologies have helped elucidate fibroblast heterogeneity and ontogeny beyond fibroblast to myofibroblast differentiation, newly identified fibroblast populations remain ill-defined, both with respect to the molecular cues driving their differentiation, and their subsequent role in fibrosis. Using an unbiased approach, we identify the metalloprotease ADAMTS12 as a fibroblast-specific gene that is strongly upregulated during active fibrogenesis in humans and mice. Functional in vivo knockout studies in mice confirmed that Adamts12 is critical during fibrogenesis in both heart and kidney. Mechanistically, by employing a combination of spatial transcriptomics and expression of catalytically active or inactive ADAMTS12, we demonstrate that the active protease of ADAMTS12 shapes ECM composition to enable activation and migration of a distinct injury-responsive fibroblast subset defined by aberrant high JAK-STAT signaling.

Magnetic nano- and microparticles (MNMPs) belong to a highly versatile class of colloids with actuator and sensor properties that have been broadly studied for their application in theranostics such as molecular imaging and drug delivery. The use of advanced biocompatible, biodegradable polymers and polyelectrolytes as MNMP coating materials is essential to ensure the stability of MNMPs and enable efficient drug release while at the same time preventing cytotoxic effects. In the past years, huge progress has been made in terms of the design of MNMPs. Especially, the understanding of coating formation with respect to control of drug loading and release kinetics on the molecular level has significantly advanced. In this review, recent advancements in the field of MNMP surface engineering and the applicability of MNMPs in research fields of medical imaging, diagnosis, and nanotherapeutics are presented and discussed. Furthermore, in this review the main emphasis is put on the manipulation of biological specimens and cell trafficking, for which MNMPs represent a favorable tool enabling transport processes of drugs through cell membranes. Finally, challenges and future perspectives for applications of MNMPs as theranostic nanomaterials are discussed.

ApoE abnormality represents a well-known risk factor for cardiovascular diseases. Beyond its role in lipid metabolism, novel studies demonstrate a complex involvement of apoE in membrane homeostasis and signaling as well as in nuclear transcription. Due to the large spread of apoE isoforms in the human population, there is a need to understand the apoE’s role in pathological processes. Our study aims to dissect the involvement of apoE in heart failure. We showed that apoE-deficient rats present multiple organ damages (kidney, liver, lung and spleen) besides the known predisposition for obesity and affected lipid metabolism (two-fold increase in tissular damages in liver and one-fold increase in kidney, lung and spleen). Heart tissue also showed significant morphological changes in apoE−/− rats, mostly after a high-fat diet. Interestingly, the right ventricle of apoE−/− rats fed a high-fat diet showed more damage and affected collagen content (~60% less total collagen content and double increase in collagen1/collagen3 ratio) compared with the left ventricle (no significant differences in total collagen content or collagen1/collagen3 ratio). In patients, we were able to find a correlation between the presence of ε4 allele and cardiomyopathy (χ2 = 10.244, p = 0.001), but also with right ventricle dysfunction with decreased TAPSE (15.3 ± 2.63 mm in ε4-allele-presenting patients vs. 19.8 ± 3.58 mm if the ε4 allele is absent, p &lt, 0.0001*) and increased in systolic pulmonary artery pressure (50.44 ± 16.47 mmHg in ε4-allele-presenting patients vs. 40.68 ± 15.94 mmHg if the ε4 allele is absent, p = 0.0019). Our results confirm that the presence of the ε4 allele is a lipid-metabolism-independent risk factor for heart failure. Moreover, we show for the first time that the presence of the ε4 allele is associated with right ventricle dysfunction, implying different regulatory mechanisms of fibroblasts and the extracellular matrix in both ventricles. This is essential to be considered and thoroughly investigated before the design of therapeutical strategies for patients with heart failure.

Objective: We aimed to elucidate the local role of FGF23 after myocardial infarction in a mouse model induced by left anterior descending artery (LAD) ligation.Approach and results: (C57BL/6N) mice underwent MI via LAD ligation and were sacrificed at different time-points post MI. The expression and influence of FGF23 on fibroblast and macrophages was also analyzed using isolated murine cells.We identified enhanced cardiac FGF23 mRNA expression in a time-dependent manner with an early increase, already on the first day after MI. FGF23 protein expression was abundantly detected in the infarcted area during the inflammatory phase. While described to be primarily produced in bone or macrophages, we identified cardiac fibroblasts as the only source of local FGF23 production after MI. Inflammatory mediators, such as IL-1 beta, IL-6 and TNF-alpha, were able to induce FGF23 expression in these cardiac fibroblasts. Interestingly, we were not able to detect FGF23 at later time points after MI in mature scar tissue or remote myocardium, most likely due to TGF-beta 1, which we have shown to inhibit the expression of FGF23. We identified FGFR1c to be the most abundant receptor for FGF23 in infarcted myocardium and cardiac macrophages and fibroblasts. FGF23 increased migration of cardiac fibroblast, as well as expression of Collagen 1, Periostin, Fibronectin and MMP8. FGF23 also increased expression of TGF-beta 1 in M2 polarized macrophages.Conclusion: In conclusion, cardiac fibroblasts in the infarcted myocardium produce and express FGF23 as well as its respective receptors in a time-dependent manner, thus potentially influencing resident cell migration. The transitory local expression of FGF23 after MI points towards a complex role of FGF23 in myocardial ischemia and warrants further exploration, considering its role in ventricular remodeling. (C) 2019 Elsevier Inc. All rights reserved.

Intuition would assume that the number of people without energy access would decrease over time. However, it has been estimated that the number of people without access to electricity will continue to increase over the coming years, as shown in Table 1. In Africa, for example, there are almost 600 million people currently living without access, with most living in rural areas.

On December 31, 2019, the Wuhan Municipal Health Commission reported an increase in the incidence of pneumonia from an unknown cause. Shortly after, SARS-CoV-19 was identified as the responsible coronavirus for the heavy progress of the disease, which can manifest itself distinctively in different individuals. Coronavirus Disease 2019 (COVID-19) triggered a pandemic because of its high contagiousness before COVID-19 associated symptoms actually appear. In response to the rapid and continuous spread of the virus around the globe governments have mobilized their forces to restrict contact and thus avoid further infection and invested significant resources in treatment and prevention strategies to tackle COVID-19. As a result, US FDA and EMA have granted emergency use authorization for two mRNA-based vaccines, namely the vaccines developed by BioNTech/Pfizer and Moderna, for use in the USA and Europe. Due to the existing critical situation, the stages of vaccine development and testing have probably never been gone through so fast as at present. Here, we are briefly commenting on these two vaccines with their benefits, advantages and limitations.

International journal of molecular sciences 22(9), 4401 (2021). doi:10.3390/ijms22094401 special issue: "Special issue "Cardiovascular pharmacology and interventions: future directions for cardioprotection" / special issue editors: Bijan Ghaleh, guest editor; Speranza Rubattu, co-guest editor; Alessandro Di Minno, co-guest editor", Published by Molecular Diversity Preservation International, Basel

We document the dramatic rise of side-by-side management (“SbS”) in the global ETF industry. As of 2018, around 60% of individual ETF fund managers manage mutual funds in a SbS arrangement, most of which are “active” mutual funds. We argue that mutual fund firms employ SbS arrangements to exploit institutional client relationships of their mutual fund managers to help channel mutual fund TNA at risk of withdrawal to the firms’ new ETF business. Mutual fund managers are most likely to become SbS ETF managers if they generate revenue from institutional TNA and face strong ETF competition. SbS initiations lead to discretionary institutional (but not retail) outflows from mutual funds and contemporaneous inflows in the ETFs overseen by those same SbS managers. Client level holdings tests link these flows to those institutional clients with likely stronger relationship to the SbS managers, suggesting that SbS arrangements are an important tool for traditional mutual fund firms to meet and manage the rise of ETFs.

Myocardial infarction is a leading cause of death worldwide1. Although advances have been made in acute treatment, an incomplete understanding of remodelling processes has limited the effectiveness of therapies to reduce late-stage mortality2. Here we generate an integrative high-resolution map of human cardiac remodelling after myocardial infarction using single-cell gene expression, chromatin accessibility and spatial transcriptomic profiling of multiple physiological zones at distinct time points in myocardium from patients with myocardial infarction and controls. Multi-modal data integration enabled us to evaluate cardiac cell-type compositions at increased resolution, yielding insights into changes of the cardiac transcriptome and epigenome through the identification of distinct tissue structures of injury, repair and remodelling. We identified and validated disease-specific cardiac cell states of major cell types and analysed them in their spatial context, evaluating their dependency on other cell types. Our data elucidate the molecular principles of human myocardial tissue organization, recapitulating a gradual cardiomyocyte and myeloid continuum following ischaemic injury. In sum, our study provides an integrative molecular map of human myocardial infarction, represents an essential reference for the field and paves the way for advanced mechanistic and therapeutic studies of cardiac disease.

Using global mutual fund and ADR data, we test if funds strategically trade cross-listed firms’ equity in the most liquid location – the United States or the domestic market. Funds that show such liquidity picking behaviour outperform those that do not. This result is robust to various performance tests, driven by superior stock-picking ability of both cross-listed and non-cross-listed stocks, and stronger for high active share funds. Liquidity picking mitigates funds’ capacity constraints and creates $41.7 million in value-added for funds in the top tertile. Our tests provide direct evidence in favour of theories of informed trading in a multi-market setting.

Ischemia-reperfusion injury after the reopening of an occluded coronary artery is a major cause of cardiac damage and inflammation after acute myocardial infarction. The chemokine axis CCL20-CCR6 is a key player in various inflammatory processes, including atherosclerosis, however, its role in ischemia-reperfusion injury has remained elusive. Therefore, to gain more insight into the role of the CCR6 in acute myocardial infarction, we have studied cardiac injury after transient ligation of the left anterior descending coronary artery followed by reperfusion in Ccr6−/− mice and their respective C57Bl/6 wild-type controls. Surprisingly, Ccr6−/− mice demonstrated significantly reduced cardiac function and increased infarct sizes after ischemia/reperfusion. This coincided with a significant increase in cardiac inflammation, characterized by an accumulation of neutrophils and inflammatory macrophage accumulation. Chimeras with a bone marrow deficiency of CCR6 mirrored this adverse Ccr6−/− phenotype, while cardiac injury was unchanged in chimeras with stromal CCR6 deficiency. This study demonstrates that CCR6-dependent (bone marrow) cells exert a protective role in myocardial infarction and subsequent ischemia-reperfusion injury, supporting the notion that augmenting CCR6-dependent immune mechanisms represents an interesting therapeutic target.

Why do so few mutual fund families launch so many funds and styles around the World? We posit that launching numerous funds on an increasingly granular style grid allows incumbent families to congest the product space and deter market entry. Key to this argument is the persistently low dimensionality of the mutual fund product space, which we establish by analyzing the names of over 40,000 equity funds sold in 91 countries between 1931 and 2015. Over time, the strategy of filling up the style grid has led to the dominance of few families offering large, granular, and similar fund menus.

International journal of molecular sciences 22(11), 5480 (2021). doi:10.3390/ijms22115480 special issue: "Special Issue "Molecular Research in Cardiovascular Disease" / Special Issue Editors: Prof. Dr. Maria I. Dorobantu, Prof. Dr. Maya Simionescu", Published by Molecular Diversity Preservation International, Basel

Aim: Recruitment of neutrophils to the heart following acute myocardial infarction (MI) initiates inflammation and contributes to adverse post-infarct left ventricular (LV) remodeling. However, therapeutic inhibition of neutrophil recruitment into the infarct zone has not been beneficial in MI patients, suggesting a possible dual role for neutrophils in inflammation and repair following MI. Here, we investigate the effect of neutrophils on cardiac fibroblast function following MI. Methods and Results: We found that co-incubating neutrophils with isolated cardiac fibroblasts enhanced the production of provisional extracellular matrix proteins and reduced collagen synthesis when compared to control or co-incubation with mononuclear cells. Furthermore, we showed that neutrophils are required to induce the transient up-regulation of transforming growth factor (TGF)-&szlig, 1 expression in fibroblasts, a key requirement for terminating the pro-inflammatory phase and allowing the reparatory phase to form a mature scar after MI. Conclusion: Neutrophils are essential for both initiation and termination of inflammatory events that control and modulate the healing process after MI. Therefore, one should exercise caution when testing therapeutic strategies to inhibit neutrophil recruitment into the infarct zone in MI patients.

Myocardial infarction (MI) is a major cause of death in Western countries and finding new strategies for its prevention and treatment is thus of high priority. In a previous study, we have demonstrated a pathophysiologic relevance for the heterophilic interaction of CCL5 and CXCL4 in the progression of atherosclerosis. A specifically designed compound (MKEY) to block this CCL5-CXCR4 interaction is investigated as a potential therapeutic in a model of myocardial ischemia/reperfusion (I/R) damage. 8 week-old male C57BL/6 mice were intravenously treated with MKEY or scrambled control (sMKEY) from 1 day before, until up to 7 days after I/R. By using echocardiography and intraventricular pressure measurements, MKEY treatment resulted in a significant decrease in infarction size and preserved heart function as compared to sMKEY-treated animals. Moreover, MKEY treatment significantly reduced the inflammatory reaction following I/R, as revealed by specific staining for neutrophils and monocyte/macrophages. Interestingly, MKEY treatment led to a significant reduction of citrullinated histone 3 in the infarcted tissue, showing that MKEY can prevent neutrophil extracellular trap formation in vivo. Disrupting chemokine heterodimers during myocardial I/R might have clinical benefits, preserving the therapeutic benefit of blocking specific chemokines, and in addition, reducing the inflammatory side effects maintaining normal immune defence.

The manufacturing process of carbon fiber reinforced polymer (CFRP) components is gaining a more and more significant role when looking at the increasing amount of CFRPs used in industries today. The monitoring of the manufacturing process and hence the reliability of the manufactured products, is one of the major challenges we need to face in the near future. Common defects which arise during manufacturing process are e.g. porosity and voids which may lead to delaminations during operation and under load. To find irregularities and classify them as possible defects in an early stage of the manufacturing process is of high importance for the safety and reliability of the finished products, as well as of significant impact from an economical point of view. In this study we compare various NDT methods which were applied to similar CFRP laminate samples in order to detect and characterize regions of defective volume. Besides ultrasound, thermography and eddy current, different X-ray methods like radiography, laminography and computed tomography are used to investigate the samples. These methods are compared with the intention to evaluate their capability to reliably detect and characterize defective volume. Beyond the detection and evaluation of defects, we also investigate possibilities to combine various NDT methods within a smart manufacturing process in which the decision which method shall be applied is inherent within the process. Is it possible to design an in-line or at-line testing process which can recognize defects reliably and reduce testing time and costs? This study aims to show up opportunities of designing a smart NDT process synchronized to the production based on the concepts of smart production (Industry 4.0). A set of defective CFRP laminate samples and different NDT methods were used to demonstrate how effective defects are recognized and how communication between interconnected NDT sensors and the manufacturing process could be organized.

A composite material is a combination of two or more materials with very different mechanical, thermal and electrical properties. The various forms of composite materials, due to their high material properties, are widely used as structural materials in the aviation, space, marine, automobile, and sports industries. However, some defects like voids, delamination, or inhomogeneous fiber distribution that form during the fabricating processes of composites can seriously affect the mechanical properties of the composite material. In this study, several imaging NDE techniques such as: thermography, high frequency eddy current, ultrasonic, x-ray radiography, x-ray laminography, and high resolution x-ray CT were conducted to characterize the microstructure of carbon fiber composites. Then, a 3D analysis was implemented by the destructive technique of serial sectioning for the same sample tested by the NDE methods. To better analyze the results of this work and extract a clear volume image for all features and defects contained in the composite material, an intensive comparison was conducted among hundreds of 3D-NDE and multi serial sections’ scan images showing the microstructure variation.

type="main"> ABSTRACT We study outsourcing relationships among international asset management firms. We find that, in companies that manage both outsourced and in-house funds, in-house funds outperform outsourced funds by 0.85% annually (57% of the expense ratio). We attribute this result to preferential treatment of in-house funds via the preferential allocation of IPOs, trading opportunities, and cross-trades, especially at times when in-house funds face steep outflows and require liquidity. We explain preferential treatment with agency problems: it increases with the subcontractor's market power and the difficulty of monitoring the subcontractor, and decreases with the subcontractor's amount of parallel in-house activity.

Carbon fiber reinforced polymer ropes are gaining in significance in the fields of civil engineering and hoisting applications. Thus, methods of non-destructive testing (NDT) need to be developed and evaluated with respect to new challenges and types of defects. Particularly important is the development of in-service testing solutions which allow the integration in global online monitoring systems. Conventional methods like electrical resistivity or strain measurements using optical fibers are already in use. This study investigates the possibility of using various X-ray techniques to increase the reliability and significance of NDT and their applicability to in-service testing. Conventional film radiography is the most common technique; however, even after image enhancement of the digitized film, this technique lacks contrast sensitivity and dynamic range compared to digital detector array (DDA) radiography. The DDA radiography is a highly sensitive method; yet, the limitation is that it delivers 2D images of 3D objects. By the use of co-planar translational laminography the detectability of planar defects is superior to 2D methods due to multiple projection angles. Apart from this, it can be used on-site due to a rather simple setup and robust equipment. In this work two photon counting detectors (PCD) with different sensor materials (Si and CdTe) were used. The results show that the resolution and defect recognition is lower in case of DDA radiography and laminography using PCDs compared to high-resolution computed tomography. However, the DDA radiography and laminography are sensitive enough to both fiber breakage and delaminations and can be significantly advantageous in terms of measurement time and adaptability for on-site monitoring.

Proper assessments of lotic ecosystems depend on our ability to isolate natural differences from anthropogenic disturbances. We examined Nebraska river and stream classification strength, based on fish species, using multiple response permutation procedures for common classification strategies: ecoregions, watersheds, hydrologic-landscape regions, and assemblage structure from cluster analyses. Next, we tested the ecological interpretability of classification schemes using nonmetric multidimensional scaling ordinations and ANOVAs. Finally, we used nonparametric ANOVA to identify environmental predictors of overall fish assemblage structure. Hydrologic-landscape regions had the highest classification strength, but cluster groups had the most ecological interpretability based on the discreteness of the groups in ordination space and on the large number of common species that had different abundances across cluster groups. In addition, presence/absence data provided groups with more classification strength and interpretability than abundance data. Temperature, stream size, total phosphorus concentrations, and the percentage of fine substrates were significantly correlated to nonmetric multidimensional scaling ordinations and to overall fish structure in the multivariate ANOVA models. Cluster analyses using presence/absence were therefore the best classification scheme, and we identified the environmental variables that are likely to be useful for determining whether streams should have similar biotic assemblages. This information will be a valuable guide for separating natural variability in biotic assemblages from anthropogenic influences.

Fibroblast Growth Factor 23 (FGF23) is a hormone involved in phosphate metabolism. It is known that FGF23 is increased in different pathologies including chronic kidney disease, heart failure or X-linked hypophosphatemia and directly correlates with negative outcome and mortality in severe diseases. However, the role of FGF23 in cardiovascular pathologies is still under debate. This review summarizes the current knowledge about the role of FGF23 in ischemic heart diseases, such as myocardial infarction.

Laminography is a widely used NDT technique for large flat object which cannot be investigated by traditional computed tomography. However, due to the limited scanning angle of laminography, the reconstructed image has more artifact interference, which seriously affects the reconstructed image quality. Reducing artifacts of the laminography image and enhancing the images have become important research effort. In this paper, we present dual-energy materials characterization methods based on photon counting detectors to reduce artifacts and enhance image for laminography. The photon counting detector used in this study allows the setting of two independent energy thresholds in order to acquire dual-energy images for laminography from a single scan. The dual energy imaging methods of basis material decomposition (BMD) and weighted logarithmic subtraction (WLS) were studied in the paper with respect to laminography image enhancement. A fast decomposition algorithm on laminographic projection domain with approximating the inverse dual-energy equations to calculate the thickness of basic materials was used in the BMD dual-energy imaging methods. The experimental results show that the BMD method can characterize materials and enhance features of the basic material within the laminographic dataset. In the WLS method, a linear operation was applied on dual-energy images reconstruction directly, which can eliminate the attenuation of one specific material in the resultant image by setting an appropriate weighting factor. In our experiments. WLS method was used successfully to eliminate the strong artifacts generated by the special material and enhance the images. Dual-energy materials characterization methods based on photon counting detectors show potential applications in laminography.

Objective The surgical treatment of obesity is becoming increasingly popular; yet, little is known about the self-harm characteristics and adjunctive self-regulation difficulties of those seeking such surgery. In the literature, one study has explored presurgery suicide attempts and several studies have explored the prevalence of postsurgical completed suicides. However, beyond suicide attempts and completions, little is known about the broader self-harm/self-regulation profiles of these patients. In this study, we examined the prevalence of 22 such behaviors among a sample of gastric surgery candidates. Method Using a cross-sectional approach, we examined 121 surgical candidates for 22 self-reported self-harm and self-regulatory behaviors. Results The studied behaviors with the highest prevalence rates in this cohort were sexual promiscuity (22.3%), torturing oneself with self-defeating thoughts (20.7%), alcohol abuse (19.0%), and engaging in emotionally abusive relationships (16.5%). With regard to suicide attempts, 9.1% of participants acknowledged a history and 9.1% reported past overdoses. Conclusions These data suggest that (a) adjunctive self-regulatory difficulties may affect a substantial minority of individuals who are seeking gastric surgery for obesity (e.g., promiscuity and alcohol abuse), and (b) the anticipated prevalence rate for past suicide attempts in this population appears to be approximately 10%.

We use the merger of BlackRock with Barclays Global Investors (BGI) as an event to study how changes in ownership concentration affect the investment behavior of financial institutions and the cross-section of stocks worldwide. We find that other institutional investors re-balance away from stocks that experience a large increase in ownership concentration due to the pre-merger portfolio overlap between BlackRock and BGI. Over the same period, institutional ownership migrates towards comparable stocks not held by BGI funds prior to the merger. The re-allocation of institutional ownership has price impact. Stocks that experience large increases in ownership concentration due to the merger experience negative returns that do not fully revert. These stocks also become permanently less liquid and less volatile. We argue that the merger is exogenous with respect to the characteristics of the stocks held by BGI funds prior to the merger. This allows for a causal interpretation of the results and points to strong strategic complementarities associated with large, global asset management firms that may lead to financial fragility. We speculate that financial fragility is driven by fear of future, possibly idiosyncratic firm events and not necessarily by actual firm events per se.

We study the link between information barriers in global markets and the organizational form of asset management. Fund families outsource funds in which they are at an informational disadvantage to generate performance. Using a structural model of self-selection, we endogenize the outsourcing decision and estimate positive gains from outsourcing of 4–14 basis points per month, thereby reconciling underperformance of outsourced funds with performance maximization by fund families. The gains from outsourcing provide a novel proxy for the information barriers that segment global financial markets: The more segmented the underlying markets where the funds invest, the larger the gains from outsourcing.

We study consolidation via mergers and acquisitions in the global asset management industry, using a world-wide sample of asset managers over the period 2000-2013. The merging fund management companies benefit from the merger via two channels: access to new markets and to new investment expertise. While the performance of acquiror-affiliated funds deteriorates during the merger process (mainly driven by declining returns in the main areas of expertise of the acquiror), the target company’s funds’ performance improves. Following the deal, acquiror and target companies shift the relative intensity of new fund launches towards new distribution markets (countries in which they did not have a strong presence prior to the merger), generating higher flows in new funds launched there. In addition, both acquiror- and target-affiliated funds converge in their portfolio compositions after gaining a common affiliation, consistent with the merging companies exchanging information that is valuable for investment decisions. This interpretation is supported by the way portfolio convergence takes place. In particular, acquiror funds begin investing in areas where the target used to invest prior to the merger; the reverse holds for the target funds. Furthermore, both acquiror and target funds generate their best performance in sub-portfolios associated with those newly-entered investments. Taken together, our results indicate that mergers allow acquirors to address their deteriorating performance because they allow acquirors to capture new investment flows both directly (via target distribution channels) and indirectly (via learning about new investment areas). In addition, they point to the management company’s organizational structure, and changes therein, as an important driver of learning and information acquisition for fund managers.

Like most other transit agencies in the United States, the Metropolitan Transit Development Board (MTDB) in San Diego, California, had never developed a strategic plan. Nevertheless, such plans are necessary for public agencies to better understand their present and potential roles in shaping the future of their respective metropolitan areas. MTDB conducted a review of other transit systems’ strategic plans, particularly the strategic plans of transit systems overseas, to determine the characteristics of the most successful planning processes. It then embarked on an extensive market survey to learn why residents in its service area made the travel choices that they did. These proved to defy common stereotypes and led to the segmentation of the market into six discrete groups of travelers. By understanding the needs of each market segment and their respective travel patterns, the agency was then able to craft four service strategies aimed at appealing to the largest cross section of the region’s residents. The MTDB board of directors was then presented with four alternative scenarios describing transit’s potential role in the region over the next 20 years. Each scenario was associated with a different level of transit financing and influence over land use patterns and transit priority. By using the market research information, alternative transit concept plans were developed for each scenario and overall funding needs were identified. The process was completed in October 2000 with MTDB’s selection of the most ambitious of the four scenarios, Transit First. Given the positive support from business, community, and environmental groups, this action signals a paradigm shift in the region that public transportation can and should play an increased role in meeting the region’s mobility needs over the next 20 years.

In their foreign portfolio allocations, international mutual funds overweight industries that are comparatively large in their domestic stock market. Aggregate excess foreign industry allocations are sizeable, on average amounting to over 100% for the largest domestic industries. While this foreign industry bias partly reflects familiarity-based motives, a large body of evidence on investment and performance patterns is, on the whole, remarkably consistent with a specialized learning motive contributing to the bias. This suggests that differences in industry structures across domestic stock markets proxy for international information asymmetries. Received January 14, 2015; editorial decision October 5, 2017 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.