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1.
In an efficient market, any transaction with initial cost being $0 should have a certain value of $0 at a future time because of “no arbitrage principle.”
True or False? (do not explain)

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关键词：Transaction EFFICIENT Arbitrage principle Initial efficient because initial future market

wrong wrong

您能说下为什么错吗？答哪个帖子都无所谓，我觉得有可能是负值。。

wrong. can be negative or positive.

wrong. can be negative or positive.

有效市场的假设就包括交易费用为0

wrong.
Non arbitrage means that
all self financing portfolio with zero intial cost could not have only postive payoff.
Mathematically,

No such portfolio :  
V_0 = 0 and V_T>=0 and P(V_T>0)>0.

If V_0 =0 and V_T >0 with prob p and V_T<=0 with prob 1-p,  this is not an arbitrage coz you could not make safe money, you will lose with proba 1-p.

wish this would help.