No-arbitrage up to random horizon for quasi-left-continuous models (Q2412394)

The main focus is no unbounded profit with bounded risk (NUPBR), also known in the literature as no arbitrage of the first kind. There two main results: 1) the description of all pairs of quasi-left-continuous market models (QLCM) and random timers for which the resulting stopped model fulfils NUPBR, and 2) the characterization of the random times that preserve NUPBR under stopping for any QLCM. The approach is based on new stochastic developments in the theory of progressive enlargements of filtration.