Key feature

Relative value

Expected positive excess return

Acceptably small potential loss

Take profit

Stop loss

Panel A: Conceptual definitions

Connor and Lasarte (2003)

No

-

Yes

Yes

Yes

Stefanini

(2006)

Yes

Yes

No

Yes

No

Saks and Maringer (2008)

No

Yes

Yes

Yes

Yes

Focardi et al.

(2016)

-

Yes

-

Yes

No

Panel A: Conceptual definitions

δ?Arbitrage

(Ledoit, 1995)

No

Yes

No

Yes

No

Good Deal

(Cochrane and

Saa-Requejo, 1998)

No

Yes

No

Yes

No

Approximate Arbitrage

(Bernardo and Ledoit, 2000)

No

Yes

Yes

Yes

-

Acceptable Opportunity (Carr et al., 2001)

No

-

Yes

Yes

Yes

ε-Arbitrage

(Bertsimas et al., 2001)

Yes

-

No

Yes

No

SA

(Bondarenko, 2003)

No

-

No

Yes

No

SA

(Hogan et al., 2004)

No

-

Yes

Yes

Yes