for foreign exchanges) data, it is found that risk-free arbitrage opportunities--free lunch--do occur in the foreign … pair and (b) triangular arbitrage relationship involving three currency pairs. The latter occur much more often than the … former. Such arbitrage opportunities tend to occur when the markets are active and volatile. Over the 12-year, tick …

A major question in the literature on the classical gold standard concerns the efficiency of international arbitrage … tests of various asset market criteria, including speculative efficiency and interest arbitrage. These studies have suffered …

With the high-frequency data of firm quotes in the transaction platform of foreign exchanges, arbitrage profit … pairs—can be detected to emerge and disappear in the matter of seconds. The frequency and duration of such arbitrage … arbitrage opportunity and places orders for multiple transactions—two in negative spreads and three in triangular arbitrage …

Motivated by the literature on limits-to-arbitrage, we build an equilibrium model of commodity markets in which … associated with producer hedging demand rises when speculative activity reduces. We conclude that limits to financial arbitrage …

This paper identifies a limit to arbitrage that arises from the fact that a firm's fundamental value is endogenous to … the act of exploiting the arbitrage. Trading on private information reveals this information to managers and helps them …

Short selling, as compared to purchasing, faces greater risks and other potential impediments. This arbitrage asymmetry …

exploit government guarantees, arbitrage regulatory risk weights, and access central-bank funding, we find that this carry …

taxpayers from potentially destabilizing regulatory arbitrage, central bankers need to develop statistical procedures for …