In frictionless markets, the absence of arbitrage opportunities is equivalent to the existence of a martingale process … costs, absence of arbitrage opportunities is related to the existence of a consistent price system; It plays the same role … asset is nonnegative. The Robust No Free Lunch condition RNFL means that the absence of asymptotic arbitrage opportunities …

This paper systematically examines the impact of nine popular arbitrage costs measures on cross-sectional mispricing … based on ten well-known and robust anomalies. We show that binding arbitrage barriers slowly change over time. In early … years with few publications documenting return anomalies, arbitrage costs have tiny impact even though mispricing is present …

The present paper considers a class of financial market with transaction costs and constructs a geometric no-arbitrage … analysis frame. Then, this paper arrives at the fact that this financial market is of no-arbitrage if and only if the curvature … 2-form of a specific connection is zero. Furthermore, this paper derives the fact that the no-arbitrage condition for …

We give characterizations of asymptotic arbitrage of the first and second kind and of strong asymptotic arbitrage for a … asymptotic arbitrage without transaction costs; but with transaction costs there does not exist any form of asymptotic arbitrage …

In this paper we are concerned with the existence of a dynamic arbitrage gap that evolves out of an adjustment process … transactions costs. Although this gap exhibits non linear and chaotic behavior, it doesn't preclude effective arbitrage … perfect arbitrage. Besides, this dynamic arbitrage gap depends upon a truly financial gap that accounts for unexpected events …

In a one price economy, the Fundamental Theorem of Asset Pricing (FTAP) establishes that no-arbitrage is equivalent to … the hyperplane that separates the attainable gain subspace and the convex cone representing arbitrage opportunities … anymore. We use convex optimization, and the conic property of this region to characterize the "no-arbitrage" principle in …

traced back to certain developments in economic theory since the so-called "marginalist revolution", which enabled the …