portfolio restrictions, there is a need to differentiate individual arbitrage opportunities from those at the aggregate level …), this difference in the notion of arbitrage at the individual level and the aggregate level is characterized. Extending the … 2-date result of Hens et al., we show that generically there will be some arbitrage opportunities that remain …

caused by regulatory arbitrage on the capacity of regulators to use several regulatory instruments. …

equilibrium it is always rational for agents to draw inference on their information sets, even in a "second-best" way. By "second …