The purpose of this article is twofold. First, we present the capital asset pricing models and the performance measures in the downside risk framework as an alternative to traditional CAPM and to traditional performance measures, respectively. Second, we propose two new performance measures in...

In this paper we investigate the causal relationship between ultimate shareholder's cash-flow rights and firm valuation performance for some Asian countries. More precisely, we test the incentive effect hypothesis. Using data for 1,740 publicly listed non-financial firms from eight Asian...