Characterization of arbitrage-free markets (Q1774213)

The author generalizes the theorem of Levental and Skorokhod to arbitrary continuous semimartingales. More exactly, she establishes the criterion for a continuous semimartingale to satisfy no-arbitrage(NA)-property (recently, Kabanov and Stricker extended this result to the case of markets with countably many assets). Then, the notion of NA\(^+\)-property is considered, that is equivalent to the absence of so-called immediate arbitrage opportunities, and the corresponding criterion for a continuous semimartingale to satisfy NA\(^+\)-property is derived in terms of so-called supermartingale density.