  In the context of jump-diffusion market models we construct examples that
satisfy the weaker no-arbitrage condition of NA1 (NUPBR), but not NFLVR. We
show that in these examples the only candidate for the density process of an
equivalent local martingale measure is a supermartingale that is not a
martingale, not even a local martingale. This candidate is given by the
supermartingale deflator resulting from the inverse of the discounted growth
optimal portfolio. In particular, we con- sider an example with constraints on
the portfolio that go beyond the standard ones for admissibility.
