...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...

... risk Semi‐variance Mutual fund Malaysia Unit trusts Financial risk The drawdown of returns is a more acceptable measure of risk for several reasons: first, investors logically prefer a risk measure as down‐side volatility (i.e. Nantell and Price, 1979 ; Stevenson, 2001 ; Galagedera...