This paper gives a new and direct construction of the multi-prime big de Rham–Witt complex, which is defined for every commutative and unital ring; the original construction by Madsen and myself relied on the adjoint functor theorem and accordingly was very indirect. The construction given here also corrects the 2-torsion which was not quite correct in the original version. The new construction is based on the theory of modules and derivations over a$λ$-ring which is developed first. The main result in this first part of the paper is that the universal derivation of a$λ$-ring is given by the universal derivation of the underlying ring together with an additional structure depending directly on the$λ$-ring structure in question. In the case of the ring of big Witt vectors, this additional structure gives rise to divided Frobenius operators on the module of Kähler differentials. It is the existence of these divided Frobenius operators that makes the new construction of the big de Rham–Witt complex possible. It is further shown that the big de Rham–Witt complex behaves well with respect to étale maps, and finally, the big de Rham–Witt complex of the ring of integers is explicitly evaluated.

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In this paper, we propose a new stabilized linear finite element method for solving reaction-convection-diffusion equations with arbitrary magnitudes of reaction and diffusion. The key feature of the new method is that the test function in the stabilization term is taken in the adjoint-operator-like form $-\varepsilon \Delta v- ({\mbf a}\cdot\nabla v)/\gamma+\sigma v$, where the parameter $\gamma$ is appropriately designed to adjust the convection strength to achieve high accuracy and stability. We derive the stability estimates for the finite element solutions and establish the explicit dependence of $L^2$ and $H^1$ error bounds on the diffusivity, modulus of the convection field, reaction coefficient and the mesh size. The analysis shows that the proposed method is suitable for a wide range of mesh P\'{e}clet numbers and mesh Damk\"{o}hler numbers. More specifically, if the diffusivity $\varepsilon$ is sufficiently small with $\varepsilon < \Vert{\mbf a}\Vert h$ and the reaction coefficient $\sigma$ is large enough such that $\Vert{\mbf a}\Vert < \sigma h$, then the method exhibits optimal convergence rates in both $L^2$ and $H^1$ norms. However, for a small reaction coefficient satisfying $\Vert{\mbf a}\Vert \ge \sigma h$, the method behaves like the well-known streamline upwind/Petrov-Galerkin formulation of Brooks and Hughes. Several numerical examples exhibiting boundary or interior layers are given to demonstrate the high performance of the proposed method. Moreover, we apply the developed method to time-dependent reaction-convection-diffusion problems and simulation results show the efficiency of the approach.

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.

We study the isoperimetric structure of asymptotically flat Riemannian 3-manifolds (M, g) that are C0-asymptotic to Schwarzschild of mass m > 0. Refining an argument due to H. Bray, we obtain an effective volume comparison theorem in Schwarzschild. We use it to show that isoperimetric regions exist in (M, g) for all sufficiently large volumes, and that they are close to centered coordinate spheres. This implies that the volume-preserving stable constant mean curvature spheres constructed by G. Huisken and S.-T. Yau as well as R. Ye as perturbations of large centered coordinate spheres minimize area among all competing surfaces that enclose the same volume. This confirms a conjecture of H. Bray. Our results are consistent with the uniqueness results for volumepreserving stable constant mean curvature surfaces in initial data sets obtained by G. Huisken and S.-T. Yau and strengthened by J. Qing and G. Tian. The additional hypotheses that the surfaces be spherical and far out in the asymptotic region in their results are not necessary in our work.