利用套利需要做空
Exploiting arbitrage requires short selling
AI总结：
本文证明在金融市场中，套利机会只能通过做空来实现，且允许做空会带来破产风险。
摘要：
我们证明在由半鞅给出的金融市场中，如果存在套利机会，那么只有通过做空才能利用该机会。这一发现为允许做空的金融服务提供者与不允许做空的提供者之间的监管差异提供了理论依据。允许做空的特权使从业者能够接触到潜在的套利机会，这由设计引发了破产风险。
英文摘要：
We show that in a financial market given by semimartingales an arbitrage opportunity, provided it exists, can only be exploited through short selling. This finding provides a theoretical basis for differences in regulation for financial services providers that are allowed to go short and those without short sales. The privilege to be allowed to short sell gives access to potential arbitrage opportunities, which creates by design a bankruptcy risk.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
