论文标题
利用套利需要卖空
Exploiting arbitrage requires short selling
论文作者
论文摘要
我们表明，在Semimartingales给出的金融市场中，只要存在套利机会，只能通过短暂销售来利用。这一发现为金融服务提供商的监管差异提供了理论基础，而金融服务提供商的监管差异和销售销售短。允许短暂卖出的特权可访问潜在的套利机会，这是通过设计破产风险创造的。
We show that in a financial market given by semimartingales an arbitrage opportunity, provided it exists, can only be exploited through short selling. This finding provides a theoretical basis for differences in regulation for financial services providers that are allowed to go short and those without short sales. The privilege to be allowed to short sell gives access to potential arbitrage opportunities, which creates by design a bankruptcy risk.
