  We provide equivalence of numerous no-free-lunch type conditions for
financial markets where the asset prices are modeled as exponential Levy
processes, under possible convex constraints in the use of investment
strategies. The general message is the following: if any kind of free lunch
exists in these models it has to be of the most egregious type, generating an
increasing ealth. Furthermore, we connect the previous to the existence of the
numeraire portfolio, both for its particular expositional clarity in
exponential Levy models and as a first step in obtaining analogues of the
no-free-lunch equivalences in general semimartingale models.
