This Article presents a skeptical, though not dismissive, view of appraisal arbitrage. While there are benefits … associated with appraisal litigation, the Article introduces both economic theory and empirical evidence demonstrating that … increased levels of appraisal arbitrage also create efficiency costs and distributional concerns. Given the need to balance …

, and recovery rate. This complexity requires a proper no-arbitrage approach so that the two types of debt are priced …

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 …