Before revision:  We provide a complete characterisation of all no-arbitrage conditions, linking their validity to the existence and to the  properties of (weak) martingale deflators and to the characteristics of the discounted asset price process .
After revision:  We provide a complete characterisation of all no-arbitrage conditions, linking their validity to the characteristics of the discounted asset price process and to the properties of (weak) martingale deflators and to the characteristics of the discounted asset price process .