论文标题
在半明星市场模型中存在等效的本地Martingale缩进器
Existence of equivalent local martingale deflators in semimartingale market models
论文作者
论文摘要
本文对在正面半明天的金融市场中的乘法特殊半明星的存在进行了系统的调查，这些调查是等效的本地Martingale Feplators的存在。特别是，它表明，可以通过修改的半明星特征来表征此类缩小器的存在。几个例子说明了我们的结果。此外，我们从经济的角度提供了对缩小器的解释。
This paper offers a systematic investigation on the existence of equivalent local martingale deflators, which are multiplicative special semimartingales, in financial markets given by positive semimartingales. In particular, it shows that the existence of such deflators can be characterized by means of the modified semimartingale characteristics. Several examples illustrate our results. Furthermore, we provide interpretations of the deflators from an economic point of view.
