No-Arbitrage Pricing for Dividend-Paying Securities in Discrete-Time Markets with Transaction Costs     arbitrage  fundamental theorem of asset pricing  transaction costs  consistent pricing system  liquidity  dividends  credit default swaps       font style='font-size:12px;'> 2012/6/5

We prove a version of First Fundamental Theorem of Asset Pricing under transaction costs for discrete-time markets with dividend-paying securities. Specifically, we show that the no-arbitrage conditio...

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