Deterministic Criteria for the Absence and Existence of Arbitrage in   Multi-Dimensional Diffusion Markets
  We derive deterministic criteria for the existence and non-existence of equivalent (local) martingale measures for financial markets driven by multi-dimensional time-inhomogeneous diffusions. Our conditions can be used to construct financial markets in which the \emph{no unbounded profit with bounded risk} condition holds, while the classical \emph{no free lunch with vanishing risk} condition fails. 
David Criens
q-fin.MF math.PR