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We prove the following conjecture of Furstenberg (1969): if 𝐴,𝐵⊂[0,1] are closed and invariant under ×𝑝 mod1 and ×𝑞 mod1, respectively, and if log𝑝/log𝑞∉ℚ, then for all real numbers 𝑢 and 𝑣, dim_H (𝑢𝐴 + 𝑣) ∩ 𝐵 ≤ max {0, dim_H 𝐴 + dim_H 𝐵 − 1}. We obtain this result as a consequence of our study on the intersections of incommensurable self-similar sets on ℝ. Our methods also allow us to give upper bounds for dimensions of arbitrary slices of planar self-similar sets satisfying SSC and certain natural irreducible conditions.

The estimation of large covariance and precision matrices is fundamental in modern multivariate analysis. However, problems arise from the statistical analysis of large panel economic and financial data. The covariance matrix reveals marginal correlations between variables, while the precision matrix encodes conditional correlations between pairs of variables given the remaining variables. In this paper, we provide a selective review of several recent developments on the estimation of large covariance and precision matrices. We focus on two general approaches: a rankbased method and a factormodelbased method. Theories and applications of both approaches are presented. These methods are expected to be widely applicable to the analysis of economic and financial data.

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We construct a conformally invariant random family of closed curves in the plane by welding of random homeomorphisms of the unit circle. The homeomorphism is constructed using the exponential of$βX$, where X is the restriction of the 2-dimensional free field on the circle and the parameter$β$is in the “high temperature” regime $$ \beta < \sqrt {2} $$ . The welding problem is solved by studying a non-uniformly elliptic Beltrami equation with a random complex dilatation. For the existence a method of Lehto is used. This requires sharp probabilistic estimates to control conformal moduli of annuli and they are proven by decomposing the free field as a sum of independent fixed scale fields and controlling the correlations of the complex dilatation restricted to dyadic cells of various scales. For the uniqueness we invoke a result by Jones and Smirnov on conformal removability of Hölder curves. Our curves are closely related to SLE($ϰ$) for$ϰ$<4.