, portfolio constraints can lead to situations where not all arbitrage opportunities are necessarily eliminated in equilibrium …. For a world with portfolio constraints the concept of no arbitrage has to be replaced by a weaker concept which we call no … unlimited arbitrage. Second, though we can characterize prices which allow no unlimited arbitrage by the existence of certain …

, portfolio constraints can lead to situations where not all arbitrage opportunities are necessarily eliminated in equilibrium …. For a world with portfolio constraints the concept of no arbitrage has to be replaced by a weaker concept which we call no … unlimited arbitrage. Second, though we can characterize prices which allow no unlimited arbitrage by the existence of certain …

making investments today and waiting for arbitrage opportunities in future is the combination of occasional fire sales and … fire sales in other types that are fundamentally unrelated, provided arbitrage activity in these investments is sourced …

-neutrality is challenging, to say the least. An alternative approach is to use a real world ESG with deflators. The purpose of this … paper is to contribute to the financial economics literature on state-price deflators. In this paper, we compare the … with the deflators (The P-measure). We also look at the Market Value of Liabilities, and the Expected Present Value of …

The aim of this work is to elaborate series of deflators, for whole twentieth century, of three representative products … century is realized. At last, the main figures which have been employed to the building of the deflators are shown in a …