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We propose a computational framework named iterative local adaptive majorize-minimization (I-LAMM) to simultaneously control algorithmic complexity and statistical error when fitting high dimensional models. I-LAMM is a two-stage algorithmic implementation of the local linear approximation to a family of folded concave penalized quasi-likelihood. The first stage solves a convex program with a crude precision tolerance to obtain a coarse initial estimator, which is further refined in the second stage by iteratively solving a sequence of convex programs with smaller precision tolerances. Theoretically, we establish a phase transition: the first stage has a sublinear iteration complexity, while the second stage achieves an improved linear rate of convergence. Though this framework is completely algorithmic, it provides solutions with optimal statistical performances and controlled algorithmic complexity for a large family

Economists historically measure the degree to which the market is surprised by an earnings announcement by the consensus forecast error, defined as difference between the actual earnings and the consensus forecast. The consensus might be calculated using either the mean or median of security analysts forecasts. The premise of this measure is that the consensus forecast is a good proxy for the markets expectation of earnings. Hence the consensus forecast error captures how surprised the market is when the earnings is announced. The consensus forecast error is a building block of a host of studies across finance, accounting and economics (see for a survey of event studies in Kothari (2001)). For instance, in finance and accounting, it is used in event studies of how efficiently markets react to earnings announcements. Efficient market studies when it comes to bond or currency markets and macroeconomic

Let k be the algebraic closure of a finite field of odd characteristic p, and X a smooth projective scheme over the Witt ring W (k) which is geometrically connected in characteristic zero. We introduce the notion of Higgs-de Rham flow1 and prove that the category of periodic Higgs-de Rham flows over X/W(k) is equivalent to the category of Fontaine modules, hence further equivalent to the category of crystalline representations of the e ́tale fundamental group π_1(X_K ) of the generic fiber of X, after Fontaine-Laffaille and Faltings, where K is the fraction field of W(k). Moreover, we prove that every semistable Higgs bundle over the special fiber X_k of X of rank ≤ p initiates a semistable Higgs–de Rham flow and thus those of rank ≤ p − 1 with trivial Chern classes induce k-representations of π_1(X_K ). A fundamental construction in this paper is the inverse Cartier transform over a truncated Witt ring. In characteristic p, it was constructed by Ogus–Vologodsky in the nonabelian Hodge theory in positive characteristic; in the affine local case, our construction is related to the local Ogus–Vologodsky correspondence of Shiho.