For the physical vacuum free boundary problem with the sound speed being C^1/2-Holder continuous near vacuum boundaries of the one-dimensional compressible Euler equations with damping, the global existence of the smooth solution is proved, which is shown to converge to the Barenblatt self-similar solution for the porous media equation with the same total mass when the initial datum is a small perturbation of the Barenblatt solution. The pointwise convergence with a rate of density, the convergence rate of velocity in the supremum norm, and the precise expanding rate of the physical vacuum boundaries are also given. The proof is based on a construction of higher-order weighted functionals with both space and time weights capturing the behavior of solutions both near vacuum states and in large time, an introduction of a new ansatz, higher-order nonlinear energy estimates, and elliptic estimates.

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.

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.

Define a “Liouville domain” to be a compact exact symplectic manifold with contact-type boundary. We use embedded contact homology to assign to each four-dimensional Liouville domain (or subset thereof) a sequence of real numbers, which we call “ECH capacities”. The ECH capacities of a Liouville domain are defined in terms of the “ECH spectrum” of its boundary, which measures the amount of symplectic action needed to represent certain classes in embedded contact homology. Using cobordism maps on embedded contact homology (defined in joint work with Taubes), we show that the ECH capacities are monotone with respect to symplectic embeddings. We compute the ECH capacities of ellipsoids, polydisks, certain subsets of the cotangent bundle of T 2, and disjoint unions of examples for which the ECH capacities are known. The resulting symplectic embedding obstructions are sharp in some interesting cases, for example for the problem of embedding an ellipsoid into a ball (as shown by McDuff-Schlenk) or embedding a disjoint union of balls into a ball. We also state and present evidence for a conjecture under which the asymptotics of the ECH capacities of a Liouville domain recover its symplectic volume.

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