benchmark discourages arbitrage activity in both high-alpha, low-beta stocks and low-alpha, high-beta stocks …

We survey theoretical developments in the literature on the limits of arbitrage. This literature investigates how costs …

offered arbitrage positions, and that they experienced, on average, negative margins from these postings. Our findings …

In this work, we identify the most general measure of arbitrage for any market model governed by Ito processes. We show … that our arbitrage measure is invariant under changes of numeraire and equivalent probability. Moreover, such measure has a … geometrical interpretation as a gauge connection. The connection has zero curvature if and only if there is no arbitrage. We prove …

that the credit-centric approach drives Alpha, focuses managers on the most difficult part of the arbitrage process, can …