Before revision:  The paper reveals several conceptual and technical inconsistencies with the approaches taken in these articles, and in general concludes that none of the statements above either follows from or is required by the ]  no-arbitrage pricing theory .
After revision:  The paper reveals several conceptual and technical inconsistencies with the approaches taken in these articles, and in general concludes that none of the statements above either follows from or is required by the ] introduces an approach referred to as semi-replication, which through the choice of cost components in the money account results in derivative prices that carry arbitrage opportunities in the form of holding portfolio of counterparty's bonds versus a derivative position with it. This paper derives no-arbitrage pricing theory .