Traditional approaches to Arbitrage Pricing Theory (APT) propose a factor model, whereas empirical applications of APT … enables me to apply the theory of Hilbert spaces in a natural way. The expected return on any asset can always be approximated …

sufficient conditions that let the approximation degenerates to the traditional Ross' arbitrage pricing theory are provided …This paper studies the implications of arbitrage in a large asset market under conditions of (Knightian) uncertainty ….First, I adapt the notion of arbitrage to a market in which the assets' returns are affected by uncertainty across probability …

derive this model, I generalize Ross arbitrage pricing theory to flows. I also obtain several useful theoretical results …I generalize the textbook arbitrage-pricing framework to characterize how uninformative flows generate price impacts …, including flow-based stochastic discount factor, flow-based Hansen-Jagannathan bound, portfolio flow theory, and formalization …

securities return caused by the skewness and kurtosis of the stock returns distributions, and poses a re-modified the arbitrage … reasonable explanation level for securities pricing. -- arbitrage pricing models ; skewness ; Kurtosis ; empirical analysis …

Focusing on capital asset returns governed by a factor structure, the Arbitrage Pricing Theory (APT) is a one …-period model, in which preclusion of arbitrage over static portfolios of these assets leads to a linear relation between the … expected return and its covariance with the factors. The APT, however, does not preclude arbitrage over dynamic portfolios …

A comparative study of the Arbitrage Pricing Theory (APT) and the Capital Asset Pricing Model (CAPM) was done in the …

equivalence of absence of arbitrage, the existence of a positive linear pricing rule, and the existence of an optimum for some … traditional measures of portfolio performance. Further conceptual results include aggregation and mutual fund separation theory …

without factors, but with a continuum of securities that have returns driven by a string. In this model, the arbitrage …