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英文文献：Arbitrage without borrowing or short selling?-套利而不借贷或卖空?
英文文献作者：Mikko S. Pakkanen,Jani Lukkarinen
英文文献摘要：
We show that a trader, who starts with no initial wealth and is not allowed to borrow money or short sell assets, is theoretically able to attain positive wealth by continuous trading, provided that she has perfect foresight of future asset prices, given by a continuous semimartingale. Such an arbitrage strategy can be constructed as a process of finite variation that satisfies a seemingly innocuous self-financing condition, formulated using a pathwise Riemann-Stieltjes integral. Our result exemplifies the potential intricacies of formulating economically meaningful self-financing conditions in continuous time, when one leaves the conventional arbitrage-free framework.
我们证明了一个没有初始财富且不允许借钱或卖空资产的交易者，在理论上可以通过连续交易获得正财富，前提是她对未来资产价格有完美的预见(由一个连续半矩阵给出)。这种套利策略可以被构造成一个有限变化的过程，它满足一个看似无害的自我融资条件，用一个路径上的黎曼-斯蒂尔捷积分来表示。我们的结果举例说明了在连续时间下，当一个人离开传统的无套利框架时，在经济上有意义的自融资条件的潜在复杂性。
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