Before revision: We derive abstract as well as deterministic conditions for the absence and existence of free lunch with vanishing risk, arbitrage , generalized arbitrage, and unbounded profit with bounded risk in a general multidimensional diffusion framework. Moreover, we give conditions for the absence and presence of financial bubbles. In particular, we provide criteria for the (strict local) martingale property of certain stochastic exponentials .
After revision: We derive abstract as well as deterministic conditions for the absence and existence of free lunch with vanishing risk, arbitrage , generalized arbitrage, and unbounded profit with bounded risk in a general (multi- and infinite-dimensional) semimartingale-diffusion markets, and a Heath-Jarrow-Morton-Musiela framework. We also provide deterministic conditions for the martingale property of certain stochastic exponentials .