摘要翻译：
本文研究了涉及四种货币和四个外汇交易者-套利者的套利链。与三种货币的情况相比，我们发现当四种货币存在时，套利操作在本质上可能是周期性的，并且不涉及平滑地收敛到一种价格定律成立的“平衡”汇率集合。本文的目的是了解套利操作序列的一些有趣的特征，这些特征很可能与金融和经济学中的其他上下文相关。
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英文标题：
《Periodic Sequences of Arbitrage: A Tale of Four Currencies》
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作者：
Rod Cross, Victor Kozyakin, Brian O'Callaghan, Alexei Pokrovskii,
  Alexey Pokrovskiy
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最新提交年份：
2011
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Mathematics        数学
二级分类：Dynamical Systems        动力系统
分类描述：Dynamics of differential equations and flows, mechanics, classical few-body problems, iterations, complex dynamics, delayed differential equations
微分方程和流动的动力学，力学，经典的少体问题，迭代，复杂动力学，延迟微分方程
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一级分类：Quantitative Finance        数量金融学
二级分类：Trading and Market Microstructure        交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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英文摘要：
  This paper investigates arbitrage chains involving four currencies and four foreign exchange trader-arbitrageurs. In contrast with the three-currency case, we find that arbitrage operations when four currencies are present may appear periodic in nature, and not involve smooth convergence to a "balanced" ensemble of exchange rates in which the law of one price holds. The goal of this article is to understand some interesting features of sequences of arbitrage operations, features which might well be relevant in other contexts in finance and economics.
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PDF链接：
https://arxiv.org/pdf/1112.5850