...Mohammad Reza Tavakoli Baghdadabad; Paskalis Glabadanidis Purpose – The purpose of this paper is to propose a new and improved version of arbitrage pricing theory (APT), namely, downside APT (D-APT) using the concepts of factors’ downside beta and semi-variance. Design/methodology/approach...

..., it proposes nine modified performance evaluation measures in the M‐DRM framework for the first time. Maximum drawdown risk measure (M‐DRM) Maximum drawdown beta Downside risk Semi‐variance Mutual fund Malaysia Unit trusts Financial risk Mohammad Reza Tavakoli Baghdadabad can be contacted...