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In this article, we classify all standard invariants that can arise from a composed inclusion of an A 3 with an A 4 subfactor. More precisely, if N P is an A 3 subfactor and P M is an A 4 subfactor, then only four standard invariants can arise from the composed inclusion N M. We answer a question posed by Bisch and Haagerup in 1994. The techniques of this paper also show that there are exactly four standard invariants for the composed inclusion of two A 4 subfactors.

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In this paper, we prove a conjecture of Kottwitz and Rapoport on a union of (generalized) affine Deligne-Lusztig varieties $X(\mu, b)_J$ for a $p$-adic group $G$ and its parahoric subgroup $P_J$. We show that $X(\mu, b)_J \neq \emptyset$ if and only if the group-theoretic version of Mazur's inequality is satisfied. In the process, we obtain a generalization of Grothendieck's conjecture on the closure relation of $\s$-conjugacy classes of a twisted loop group.

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.