{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,2]],"date-time":"2026-07-02T04:03:29Z","timestamp":1782965009889,"version":"3.54.5"},"reference-count":37,"publisher":"Springer Science and Business Media LLC","issue":"4","license":[{"start":{"date-parts":[[2017,6,29]],"date-time":"2017-06-29T00:00:00Z","timestamp":1498694400000},"content-version":"unspecified","delay-in-days":0,"URL":"http:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Finance Stoch"],"published-print":{"date-parts":[[2017,10]]},"DOI":"10.1007\/s00780-017-0337-3","type":"journal-article","created":{"date-parts":[[2017,6,29]],"date-time":"2017-06-29T13:34:45Z","timestamp":1498743285000},"page":"1103-1139","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":26,"title":["No-arbitrage up to random horizon for quasi-left-continuous models"],"prefix":"10.1007","volume":"21","author":[{"given":"Anna","family":"Aksamit","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Tahir","family":"Choulli","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jun","family":"Deng","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Monique","family":"Jeanblanc","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2017,6,29]]},"reference":[{"key":"337_CR1","doi-asserted-by":"crossref","first-page":"1761","DOI":"10.1016\/j.spa.2015.12.004","volume":"126","author":"B. Acciaio","year":"2016","unstructured":"Acciaio, B., Fontana, C., Kardaras, C.: Arbitrage of the first kind and filtration enlargements in semimartingale financial models. Stoch. Process. Appl. 126, 1761\u20131784 (2016)","journal-title":"Stoch. Process. Appl."},{"key":"337_CR2","unstructured":"Aksamit, A.: Random times, enlargement of filtration and arbitrages. Ph.D. Thesis, Universit\u00e9 d\u2019Evry-Val d\u2019Essonne (2014). Available online at \n                        https:\/\/hal.archives-ouvertes.fr\/tel-01016672\/"},{"key":"337_CR3","series-title":"Peking Univ. Ser. Math.","doi-asserted-by":"crossref","first-page":"53","DOI":"10.1142\/9789814602075_0004","volume-title":"Arbitrage, Credit and Informational Risks","author":"A. Aksamit","year":"2014","unstructured":"Aksamit, A., Choulli, T., Deng, J., Jeanblanc, M.: Arbitrages in a progressive enlargement setting. In: Hillairet, C., et al. (eds.) Arbitrage, Credit and Informational Risks. Peking Univ. Ser. Math., vol.\u00a05, pp.\u00a053\u201386. World Scientific, Hackensack (2014)"},{"key":"337_CR4","series-title":"Lecture Notes in Math.","doi-asserted-by":"crossref","first-page":"187","DOI":"10.1007\/978-3-319-18585-9_9","volume-title":"In Memoriam Marc Yor\u2014S\u00e9minaire de Probabilit\u00e9s XLVII","author":"A. Aksamit","year":"2015","unstructured":"Aksamit, A., Choulli, T., Jeanblanc, M.: On an optional semimartingale decomposition and the existence of a deflator in an enlarged filtration. In: Donati-Martin, C., et al. (eds.) In Memoriam Marc Yor\u2014S\u00e9minaire de Probabilit\u00e9s XLVII. Lecture Notes in Math., vol.\u00a02137, pp.\u00a0187\u2013218. Springer, Cham (2015)"},{"key":"337_CR5","doi-asserted-by":"crossref","first-page":"263","DOI":"10.1016\/S0304-4149(98)00014-3","volume":"75","author":"J. Amendinger","year":"1998","unstructured":"Amendinger, J., Imkeller, P., Schweizer, M.: Additional logarithmic utility of an insider. Stoch. Process. Appl. 75, 263\u2013286 (1998)","journal-title":"Stoch. Process. Appl."},{"key":"337_CR6","first-page":"303","volume":"30","author":"J.-P. Ansel","year":"1994","unstructured":"Ansel, J.-P., Stricker, C.: Couverture des actifs contingents et prix maximum. Ann. Inst. Henri Poincar\u00e9 Probab. Stat. 30, 303\u2013315 (1994)","journal-title":"Ann. Inst. Henri Poincar\u00e9 Probab. Stat."},{"key":"337_CR7","unstructured":"Barbarin, J.: Valuation, hedging and the risk management of insurance contracts. Ph.D. Thesis, Catholic University of Louvain (2008). Available online at \n                        http:\/\/hdl.handle.net\/2078.1\/12686"},{"key":"337_CR8","doi-asserted-by":"crossref","first-page":"327","DOI":"10.1007\/PL00013535","volume":"5","author":"D. Becherer","year":"2001","unstructured":"Becherer, D.: The numeraire portfolio for unbounded semimartingales. Finance Stoch. 5, 327\u2013341 (2001)","journal-title":"Finance Stoch."},{"key":"337_CR9","unstructured":"Choulli, T., Aksamit, A., Deng, J., Jeanblanc, M.: Non-arbitrage up to random horizon and after honest times for semimartingale models. Working paper (2013). Available online at: \n                        https:\/\/arxiv.org\/abs\/1310.1142v1"},{"key":"337_CR10","doi-asserted-by":"crossref","first-page":"719","DOI":"10.1007\/s00780-015-0269-8","volume":"19","author":"T. Choulli","year":"2015","unstructured":"Choulli, T., Deng, J., Ma, J.: How non-arbitrage, viability and num\u00e9raire portfolio are related. Finance Stoch. 19, 719\u2013741 (2015)","journal-title":"Finance Stoch."},{"key":"337_CR11","doi-asserted-by":"crossref","first-page":"399","DOI":"10.1007\/s00780-007-0039-3","volume":"11","author":"T. Choulli","year":"2007","unstructured":"Choulli, T., Stricker, C., Li, J.: Minimal Hellinger martingale measures of order \n                        \n                            \n                                            \n                                q\n                            \n                        \n                        $q$\n                    . Finance Stoch. 11, 399\u2013427 (2007)","journal-title":"Finance Stoch."},{"key":"337_CR12","doi-asserted-by":"crossref","first-page":"255","DOI":"10.1080\/07362990600870488","volume":"25","author":"M.M. Christensen","year":"2007","unstructured":"Christensen, M.M., Larsen, K.: No arbitrage and the growth optimal portfolio. Stoch. Anal. Appl. 25, 255\u2013280 (2007)","journal-title":"Stoch. Anal. Appl."},{"key":"337_CR13","doi-asserted-by":"crossref","first-page":"463","DOI":"10.1007\/BF01450498","volume":"300","author":"F. Delbaen","year":"1994","unstructured":"Delbaen, F., Schachermayer, W.: A general version of the fundamental theorem of asset pricing. Math. Ann. 300, 463\u2013520 (1994)","journal-title":"Math. Ann."},{"key":"337_CR14","volume-title":"Probabilit\u00e9s et Potentiel: Tome V, Processus de Markov (fin), Compl\u00e9ments de Calcul Stochastique","author":"C. Dellacherie","year":"1992","unstructured":"Dellacherie, C., Maisonneuve, B., Meyer, P.-A.: Probabilit\u00e9s et Potentiel: Tome V, Processus de Markov (fin), Compl\u00e9ments de Calcul Stochastique, chapitres XVII \u00e0 XXIV. Hermann, Paris (1992)"},{"key":"337_CR15","series-title":"Publications de l\u2019Institut de Math\u00e9matique de l\u2019Universit\u00e9 de Strasbourg, no. XV, Actualit\u00e9s Scientifiques et Industrielles","volume-title":"Probabilit\u00e9s et Potentiel. Chapitres I \u00e0 IV, \u00c9dition enti\u00e8rement refondue","author":"C. Dellacherie","year":"1975","unstructured":"Dellacherie, C., Meyer, P.-A.: Probabilit\u00e9s et Potentiel. Chapitres I \u00e0 IV, \u00c9dition enti\u00e8rement refondue. Publications de l\u2019Institut de Math\u00e9matique de l\u2019Universit\u00e9 de Strasbourg, no. XV, Actualit\u00e9s Scientifiques et Industrielles, vol.\u00a01372. Hermann, Paris (1975)"},{"key":"337_CR16","series-title":"Actualit\u00e9s Scientifiques et Industrielles [Current Scientific and Industrial Topics]","volume-title":"Probabilit\u00e9s et Potentiel. Chapitres V \u00e0 VIII, Th\u00e9orie des Martingales","author":"C. Dellacherie","year":"1980","unstructured":"Dellacherie, C., Meyer, P.-A.: Probabilit\u00e9s et Potentiel. Chapitres V \u00e0 VIII, Th\u00e9orie des Martingales. Actualit\u00e9s Scientifiques et Industrielles [Current Scientific and Industrial Topics], vol.\u00a01385. Hermann, Paris (1980). Revised edition"},{"key":"337_CR17","unstructured":"Deng, J.: Essays on Arbitrage Theory for a Class of Informational Markets. Ph.D. Thesis, University of Alberta (2014). Available online at: \n                        http:\/\/hdl.handle.net\/10402\/era.38797"},{"key":"337_CR18","doi-asserted-by":"crossref","first-page":"515","DOI":"10.1007\/s00780-014-0231-1","volume":"18","author":"C. Fontana","year":"2014","unstructured":"Fontana, C., Jeanblanc, M., Song, S.: On arbitrages arising with honest times. Finance Stoch. 18, 515\u2013543 (2014)","journal-title":"Finance Stoch."},{"issue":"03","key":"337_CR19","doi-asserted-by":"crossref","first-page":"331","DOI":"10.1142\/S0219024998000199","volume":"1","author":"A. Grorud","year":"1998","unstructured":"Grorud, A., Pontier, M.: Insider trading in a continuous time market model. Int. J. Theor. Appl. Finance 1(03), 331\u2013347 (1998)","journal-title":"Int. J. Theor. Appl. Finance"},{"key":"337_CR20","volume-title":"Semimartingale Theory and Stochastic Calculus","author":"S.W. He","year":"1992","unstructured":"He, S.W., Wang, J.G., Yan, J.A.: Semimartingale Theory and Stochastic Calculus. Kexue Chubanshe (Science Press)\/CRC Press, Beijing\/Boca Raton (1992)"},{"key":"337_CR21","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1007\/978-3-642-03479-4_3","volume-title":"Contemporary Quantitative Finance: Essays in Honour of Eckhard Platen","author":"H. Hulley","year":"2010","unstructured":"Hulley, H., Schweizer, M.: \n                        \n                            \n                                            \n                                \n                                    M\n                                    6\n                                \n                            \n                        \n                        $\\text{M}^{6}$\n                    \u2014on minimal market models and minimal martingale measures. In: Chiarella, C., Novikov, A. (eds.) Contemporary Quantitative Finance: Essays in Honour of Eckhard Platen, pp.\u00a035\u201351. Springer, Berlin (2010)"},{"key":"337_CR22","doi-asserted-by":"crossref","first-page":"465","DOI":"10.1080\/10451120290024892","volume":"74","author":"P. Imkeller","year":"2002","unstructured":"Imkeller, P.: Random times at which insiders can have free lunches. Stoch. Stoch. Rep. 74, 465\u2013487 (2002)","journal-title":"Stoch. Stoch. Rep."},{"key":"337_CR23","series-title":"Lecture Notes in Mathematics","doi-asserted-by":"crossref","DOI":"10.1007\/BFb0064907","volume-title":"Calcul Stochastique et Probl\u00e8mes de Martingales","author":"J. Jacod","year":"1979","unstructured":"Jacod, J.: Calcul Stochastique et Probl\u00e8mes de Martingales. Lecture Notes in Mathematics, vol.\u00a0714. Springer, Berlin (1979)"},{"key":"337_CR24","series-title":"Grundlehren der Mathematischen Wissenschaften","doi-asserted-by":"crossref","DOI":"10.1007\/978-3-662-05265-5","volume-title":"Limit Theorems for Stochastic Processes","author":"J. Jacod","year":"2003","unstructured":"Jacod, J., Shiryaev, A.N.: Limit Theorems for Stochastic Processes, 2nd edn. Grundlehren der Mathematischen Wissenschaften, vol.\u00a0288. Springer, Berlin (2003)","edition":"2"},{"key":"337_CR25","series-title":"Lecture Notes in Mathematics","doi-asserted-by":"crossref","DOI":"10.1007\/BFb0093539","volume-title":"Semi-martingales et Grossissement d\u2019une Filtration","author":"T. Jeulin","year":"1980","unstructured":"Jeulin, T.: Semi-martingales et Grossissement d\u2019une Filtration. Lecture Notes in Mathematics, vol.\u00a0833. Springer, Berlin (1980)"},{"key":"337_CR26","doi-asserted-by":"crossref","first-page":"191","DOI":"10.1142\/3621","volume-title":"Statistics and Control of Stochastic Processes","author":"Y.M. Kabanov","year":"1997","unstructured":"Kabanov, Y.M.: On the FTAP of Kreps\u2013Delbaen\u2013Schachermayer. In: Kabanov, Y., et al. (eds.) Statistics and Control of Stochastic Processes, Moscow, 1995\/1996, pp.\u00a0191\u2013203. World Scientific, River Edge (1997)"},{"key":"337_CR27","doi-asserted-by":"crossref","first-page":"447","DOI":"10.1007\/s00780-007-0047-3","volume":"11","author":"I. Karatzas","year":"2007","unstructured":"Karatzas, I., Kardaras, C.: The num\u00e9raire portfolio in semimartingale financial models. Finance Stoch. 11, 447\u2013493 (2007)","journal-title":"Finance Stoch."},{"key":"337_CR28","doi-asserted-by":"crossref","first-page":"349","DOI":"10.1007\/978-3-319-02069-3_16","volume-title":"Inspired by Finance. The Musiela Festschrift","author":"C. Kardaras","year":"2014","unstructured":"Kardaras, C.: A time before which insiders would not undertake risk. In: Kabanov, Y., et al. (eds.) Inspired by Finance. The Musiela Festschrift, pp.\u00a0349\u2013362. Springer, Cham (2014)"},{"key":"337_CR29","doi-asserted-by":"crossref","first-page":"153","DOI":"10.1111\/j.1467-9965.2006.00266.x","volume":"16","author":"A. Kohatsu-Higa","year":"2006","unstructured":"Kohatsu-Higa, A., Sulem, A.: Utility maximization in an insider influenced market. Math. Finance 16, 153\u2013179 (2006)","journal-title":"Math. Finance"},{"key":"337_CR30","doi-asserted-by":"crossref","first-page":"135","DOI":"10.1007\/s001990050330","volume":"16","author":"M. Loewenstein","year":"2000","unstructured":"Loewenstein, M., Willard, G.A.: Local martingales, arbitrage, and viability. Free snacks and cheap thrills. Econom. Theory 16, 135\u2013161 (2000)","journal-title":"Econom. Theory"},{"key":"337_CR31","doi-asserted-by":"crossref","first-page":"1095","DOI":"10.1017\/S0001867800027579","volume":"28","author":"I. Pikovsky","year":"1996","unstructured":"Pikovsky, I., Karatzas, I.: Anticipative portfolio optimization. Adv. Appl. Probab. 28, 1095\u20131122 (1996)","journal-title":"Adv. Appl. Probab."},{"key":"337_CR32","doi-asserted-by":"crossref","first-page":"131","DOI":"10.1111\/j.1467-9965.2006.00265.x","volume":"16","author":"E. Platen","year":"2006","unstructured":"Platen, E.: A benchmark approach to finance. Math. Finance 16, 131\u2013151 (2006)","journal-title":"Math. Finance"},{"key":"337_CR33","doi-asserted-by":"crossref","first-page":"297","DOI":"10.1111\/j.1467-9965.2011.00502.x","volume":"23","author":"J. Ruf","year":"2013","unstructured":"Ruf, J.: Hedging under arbitrage. Math. Finance 23, 297\u2013317 (2013)","journal-title":"Math. Finance"},{"key":"337_CR34","unstructured":"Song, S.: Local martingale deflators for asset processes stopped at a default time \n                        \n                            \n                                            \n                                \n                                    S\n                                    \u03c4\n                                \n                            \n                        \n                        $S^{\\tau }$\n                     or right before \n                        \n                            \n                                            \n                                \n                                    S\n                                    \n                                        \u03c4\n                                        \u2212\n                                    \n                                \n                            \n                        \n                        $S^{\\tau -}$\n                    . Working paper (2016). Available online at: \n                        https:\/\/arxiv.org\/abs\/1405.4474v4"},{"key":"337_CR35","doi-asserted-by":"crossref","first-page":"393","DOI":"10.1007\/s00780-014-0229-8","volume":"18","author":"K. Takaoka","year":"2014","unstructured":"Takaoka, K., Schweizer, M.: A note on the condition of no unbounded profit with bounded risk. Finance Stoch. 18, 393\u2013405 (2014)","journal-title":"Finance Stoch."},{"key":"337_CR36","series-title":"Lecture Notes in Math.","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1007\/BFb0064595","volume-title":"S\u00e9minaire de Probabilit\u00e9s, XII","author":"M. Yor","year":"1978","unstructured":"Yor, M.: Grossissement d\u2019une filtration et semi-martingales: th\u00e9or\u00e8mes g\u00e9n\u00e9raux. In: Dellacherie, C., et al. (eds.) S\u00e9minaire de Probabilit\u00e9s, XII. Lecture Notes in Math., vol.\u00a0649, pp.\u00a061\u201369. Springer, Berlin (1978)"},{"key":"337_CR37","doi-asserted-by":"crossref","first-page":"183","DOI":"10.4064\/ba55-2-9","volume":"55","author":"J. Zwierz","year":"2007","unstructured":"Zwierz, J.: On existence of local martingale measures for insiders who can stop at honest times. Bull. Pol. Acad. Sci., Math. 55, 183\u2013192 (2007)","journal-title":"Bull. Pol. Acad. Sci., Math."}],"container-title":["Finance and Stochastics"],"original-title":[],"language":"en","link":[{"URL":"http:\/\/link.springer.com\/article\/10.1007\/s00780-017-0337-3\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s00780-017-0337-3.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"http:\/\/link.springer.com\/content\/pdf\/10.1007\/s00780-017-0337-3.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2017,9,26]],"date-time":"2017-09-26T16:08:29Z","timestamp":1506442109000},"score":1,"resource":{"primary":{"URL":"http:\/\/link.springer.com\/10.1007\/s00780-017-0337-3"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2017,6,29]]},"references-count":37,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2017,10]]}},"alternative-id":["337"],"URL":"https:\/\/doi.org\/10.1007\/s00780-017-0337-3","relation":{},"ISSN":["0949-2984","1432-1122"],"issn-type":[{"value":"0949-2984","type":"print"},{"value":"1432-1122","type":"electronic"}],"subject":[],"published":{"date-parts":[[2017,6,29]]}}}