CAPM has come a long way, has passed the time-test, and is fast coming out as a winner despite the onslaught of both …, APT and multi-factor CAPM. The bottom line is that CAPM is needed, dead or alive. If so, it does not mean that CAPM stays … as, “CAPM." Downside risk in recent times has caught the eyes of researchers. Downside-beta CAPM (DCAPM) based on …