Systematic risk in emerging markets: the D-CAPM

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Corporate Environmental Responsibility and Firm Risk (2015, methodology): “To mitigate such potential problems, we use two downside risk measures, the downside beta (E_Beta) of Estrada (2002), and the second-order lower partial moment (SLPM) of Price et al.”
Mean-semivariance behavior: Downside risk and capital asset pricing (2007, background): “For a more detailed analysis of these and related results, see Estrada (2002).”
Mean-Semivariance Optimization: A Heuristic Approach (2007, unknown): “Section A of the Appendix,1 borrowing heavily from Estrada (2006), provides a very brief introduction to the semideviation and discusses some of the advantages it has over the standard deviation as a measure of risk; Nawrocki (1999) provides a brief history of downside risk and an overview of downsi”
Oil prices and transport sector returns: an international analysis (2009, result): “This is consistent with Estrada’s (2002) findings on the importance of downside risk in emerging markets.”