PublicationNo-Arbitrage Conditions and Expected ReturnsNo-ArbitrageConditionsandExpectedReturnsBy Peter Xu — Jan 16, 201415 mins readShareMailLinkedInTwitterCopy URLSharePresents a model of expected returns for assets that have different betas in up and down markets, and shows that these two betas are priced separately. Read MoreBy Peter XuCo-Head of Quantitative Equity, QMA