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This paper is a contribution to the general problem of giving an explicit description of the basic locus in the reduction modulo $p$ of Shimura varieties. Motivated by \cite{Vollaard-Wedhorn} and \cite{Rapoport-Terstiege-Wilson}, we classify the cases where the basic locus is (in a natural way) the union of classical Deligne-Lusztig sets associated to Coxeter elements. We show that if this is satisfied, then the Newton strata and Ekedahl-Oort strata have many nice properties.

This article introduces the large portfolio selection using gross-exposure constraints. It shows that with gross-exposure constraints, the empirically selected optimal portfolios based on estimated covariance matrices have similar performance to the theoretical optimal ones and there is no error accumulation effect from estimation of vast covariance matrices. This gives theoretical justification to the empirical results by Jagannathan and Ma. It also shows that the no-short-sale portfolio can be improved by allowing some short positions. The applications to portfolio selection, tracking, and improvements are also addressed. The utility of our new approach is illustrated by simulation and empirical studies on the 100 FamaFrench industrial portfolios and the 600 stocks randomly selected from Russell 3000.

The endoscopic classification via the stable trace formula comparison provides certain character relations between irreducible cuspidal automorphic representations of classical groups and their global Arthur parameters, which are certain automorphic representations of general linear groups. It is a question of J. Arthur and W. Schmid that asks how to construct concrete modules for irreducible cuspidal automorphic representations of classical groups in term of their global Arthur parameters? In this paper, we formulate a general construction of concrete modules, using Bessel periods, for cuspidal automorphic representations of classical groups with generic global Arthur parameters. Then we establish the theory for orthogonal and unitary groups, based on certain well expected conjectures. Among the consequences of the theory in this paper is that the global Gan-Gross-Prasad conjecture for those classical groups is proved in full generality in one direction and with a global assumption in the other direction.