LSN: Investment (Topic)最新文献

{"title":"The Settlement Practice of Environmental Disputes Involving Foreign Investors in Vietnam – Two Sides of the FDI Coin","authors":"Tran Viet Dung, Vy Ngo","doi":"10.2139/ssrn.3451307","DOIUrl":"https://doi.org/10.2139/ssrn.3451307","url":null,"abstract":"Attracting foreign direct investment (“FDI”) has been a key part of Vietnam’s external economic affairs. The Government of Vietnam has made tremendous efforts to develop the business and investment climate, and by recognizing that the FDI sector is an integral part of the economy – essential to restructuring the economy and raising national competitiveness. It has also signed more than 80 investment treaties. FDI projects have played a very important role, not only in providing investment capital but also in stimulating export activities, as well as introducing new labor and management skills, transferring technologies and generating job opportunities in Vietnam.<br>However, FDI also contributes to various environmental problems and challenges to Vietnam, particularly that of environmental protection.<br><br>The major environmental disputes arose in the period from 2006 to 2016 were related to big FDI project, such as Vedan committed pollution in Thi Vai River (2008) and Formosa Steel toxic waste water disposal in Vung Ang Ha Tinh province (2016). Therefore, it is of essential to have an insight into the legal framework on foreign investment, environmental protection as well as the practice of environmental dispute settlement in Vietnam in order to find solutions meeting the urgent needs of the society.<br>","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114445921","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do Enforcement Provisions Promote Investment? New Evidence from a Natural Experiment in the Investment Treaty Network","authors":"Cree Jones","doi":"10.2139/ssrn.3204964","DOIUrl":"https://doi.org/10.2139/ssrn.3204964","url":null,"abstract":"Many developing countries are considering curtailing enforcement provisions available to investors in bilateral investment treaties (BITs). This change will likely benefit developing countries by restoring a portion of their sovereign autonomy, but perhaps at the cost of a decline in foreign investment. To evaluate whether and how the strength of the enforcement provisions in a BIT affect foreign investment I introduce a new comprehensive database that contains provision level information for over 2,500 BITs. I also identify a natural experiment that endowed some investors with new and stronger enforcement provisions through an unanticipated application of the “most favored nation” principle. I present robust evidence that stronger enforcement provisions do not lead to more investment. I also present suggestive evidence that imposing these provisions on a host economy may lead to a decline in investment as it reacts to its increased exposure to arbitration and tightened constraints on its regulation of foreign capital.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130529951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Human Rights Obligations in Investor-State Contracts: Reconciling Investors Legitimate Expectations With the Public Interest","authors":"Enrique Boone Barrera","doi":"10.4337/9781788971041.00018","DOIUrl":"https://doi.org/10.4337/9781788971041.00018","url":null,"abstract":"This chapter argues that the concept of ‘legitimate expectations’, as interpreted in international investment arbitration, poses challenges for the state while enacting public policy. A state may need to drastically change its legal framework when responding to human rights considerations, potentially leading to a foreign investor’s claim before an arbitral tribunal. A costly award complicates the state’s ability to respond to a crisis, particularly when the foreign investment itself is contributing to the problem. Furthermore, an expectation of stability of the legal framework creates problems, especially for developing countries which need to attract investment while taking steps to reduce deep inequalities. This chapter suggests that investor-state contracts can reduce these tensions by clarifying to both the foreign investor and the arbitral tribunal the expectations of the state regarding human rights obligations. Furthermore, it is advised that states introduce limitations to the concept of ‘legitimate expectations’ at the treaty level.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123740518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Combination Strategies within Asset Management","authors":"Dennis Uhrskov","doi":"10.2139/ssrn.3607711","DOIUrl":"https://doi.org/10.2139/ssrn.3607711","url":null,"abstract":"The application of quantitative and fundamental research in stock selection of fund management has mostly been used in separation. The goal of this thesis is to develop an investment strategy that uses both approaches simultaneously (a quantamental strategy) and show better results than either approach in isolation. <br><br>The thesis will test 9 approaches (models), a fund of funds, seven ways to implement a bottom up approach and a screening tool. The thesis will proxy the quantitative approach using five fundamental, technical and asset pricing factors, and proxy the fundamental approach by sell- side analysts’ recommendations. <br><br>The nine models will be backtested using 16 years of data from the 1000 largest US exchange traded companies. The thesis implements different performance measurements and tests the strategies using each approach as a benchmark, to research whether the quantamental strategy performs better than either approach on its own. The portfolio results show that the quantamental strategy outperforms either approach on its own. Both fund of funds and bottom up approaches mitigate the occurrence of high negative returns when using the quantitative approach only. The bottom up approach applied in various ways outperforms either approach in isolation, and the market portfolio. This suggests that a quantamental strategy as applied in this thesis would be a good investment strategy.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"296 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116252437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"הסכמי הגנת השקעות בינלאומיות והשפעתם על המרחב הרגולטורי בישראל International Investment Agreements and their Impact on State Regulatory Space: The Case of Israel","authors":"David Chriki, Tomer Broude, Yoram Z. Haftel","doi":"10.2139/SSRN.3349255","DOIUrl":"https://doi.org/10.2139/SSRN.3349255","url":null,"abstract":"תקציר בעברית: מערך הסכמי הגנת ההשקעות הבינלאומיות מהווה ערוץ חשוב של השפעת הגלובליזציה המשפטית על מדיניות ציבורית בישראל ובעולם. המדובר באלפי אמנות, רובן בילטרליות, המעניקות למשקיעים זרים (בדרך כלל חברות רב-לאומיות) הגנות משפטיות המגובות על ידי מערכות יישוב סכסוכים בינלאומיות מחייבות. הלגיטימציה הדמוקרטית של הסכמים אלו, ושל מנגנון יישוב הסכסוכים הקבוע בהם בפרט, מוטלת בספק. שכן מחד יש בהם כדי לצמצם את המרחב הרגולטורי של מדינות תוך האצלת סמכויות שיפוטיות לטריבונל בוררות עצמאי שלעיתים לוקה בחוסר שקיפות ובאחריותיות מוגבלת; ומאידך, תרומתם לעידוד השקעות זרות מוטלת בספק. לישראל קרוב ל-40 הסכמי הגנת השקעות, אשר יש בהם כדי להשפיע את המרחב הרוגולטורי שלה. השפעתם של הסכמים אלו על המרחב הרגולטורי בישראל באה לידי ביטוי באופן בולט בעקבות איומיה של נובל אנרג'י, חברת אנרגיה בין-לאומית, לפתוח בהליכי בוררות נגד ישראל, על רקע גיבוש מתווה הגז, כאשר השקעתה המקורית לא נשענה על הגנה בינלאומית משפטית. במסגרת מאמר זה נציג מדד שנועד לבחון את המרחב הרגולטורי שנגזר מהסכמי הגנת השקעות, ונטען שהמרחב הרגולטורי שנגזר מרוב הסכמיה של ישראל מצומצם למדי. עוד נטען כי בשנים האחרונות מסתמנת מגמה עולמית להגדלת המרחב הרגולטורי שנגזר מהסכמי הגנת השקעות – וניכר כי מגמה דומה מצטיירת אף מבחינת הסכמיה של ישראל שנכרתו בעת האחרונה. אולם, כפי שיומחש בין היתר אמצעות ניתוח של שני סכסוכים משפטיים שנוגעים לישראל, הסכמי הגנת ההשקעות של ישראל, ובעיקר אלו שנכרתו עד לפני כעשרים שנה, עדיין עשויים לפגוע במרחב הרגולטורי שלה ולגרור הליכי בוררות יקרים וארוכים שייתכן שיוגשו בעתיד נגדה. על רקע זה, נטען כי אם המדינה אכן מעוניינת להגדיל את המרחב הרגולטורי שנגזר מהסכמיה להגנת השקעות, הרי שיש לבחון את האפשרות להתאים גם את הסכמיה הישנים למגמה החדשה המאפשרת לה מרחב רגולטורי גדול יותר. \u0000 \u0000English Abstract: International investment agreements (IIAs) are a significant manifestation of the impact of legal globalization on national public policy. These are thousands of (mostly) bilateral treaties through which states commit to protect the rights of foreign investors. Moreover, these obligations can be enforced by a system of binding international investor-state dispute settlement (ISDS), which allows investors to file claims against host countries that allegedly violated their obligations under their IIAs. The legitimacy of IIAs and ISDS is highly contested, however. On the one hand, they encroach on states’ regulatory space (SRS) and delegate legal authority to ad-hoc arbitration bodies, which lack transparency and accountability. On the other hand, their alleged positive effect on foreign investment is uncertain. As a party to about forty IIAs, Israel’s SRS is certainly affected by IIAs. Such potential impact came to the fore when an American company, Noble Energy, indicated that it might turn to ISDS against the Israeli government in relations to a disputed gas exploration project. \u0000 \u0000This article examines the implications of IIAs and ISDS to SRS both globally and with respect to Israel. After elaborating on and illustrating these relationships in the global arena, we present a measure of SRS that facilitates a syste","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125349358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Compensable vs. Non-compensable States´ Measures. Blurred Picture and Changing Borderlines Under Investment Law","authors":"Maciej Żenkiewicz","doi":"10.2139/ssrn.3287271","DOIUrl":"https://doi.org/10.2139/ssrn.3287271","url":null,"abstract":"The paper describes the compensable and non-compensable state´s measures, with no regards under which name the property is affected, to generalize and to search for conclusions – why some measures are compensable or not. The paper consists of three parts: the first, which is the introductory one, the second, when various forms of taking which are relevant for compensable vs. non-compensable distinction are presented, and the third one, which presents possible justifications for non-compensatory measures. Among various form of taking expropriation, regulatory measures, indigenization and forced negotiations are invoked. And in the search for justification the paper mention various ones, inter alia damage inflicted or appropriation to the state. As a tentative conclusion as the most promising one justification for such differentiation, the importance of public purpose is analysed.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126134523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Control de convencionalidad y derecho económico internacional. Fines y medios (Conventionality Control and Economic International Law. Means to an End)","authors":"J. B. Justo, Juan Pablo Bohoslavsky","doi":"10.2139/SSRN.3274840","DOIUrl":"https://doi.org/10.2139/SSRN.3274840","url":null,"abstract":"<b>Spanish Abstract:</b> El derecho internacional condiciona de modo creciente el funcionamiento de los países, al tiempo que presenta problemas de fragmentación que exponen a las autoridades nacionales a señales contradictorias, sobre todo cuando sus diversos subsistemas persiguen objetivos susceptibles de entrar en colisión. En ese contexto, el trabajo explora la interacción de los sistemas internacionales de protección de los derechos humanos –en especial el interamericano– con dos áreas claves del Derecho Económico Internacional (DEI), como son las referidas al comercio y a las inversiones y postula que los derechos humanos encarnan los fines del derecho internacional de posguerra, mientras que las instituciones del DEI deberían ser entendidas como medios establecidos para el logro de esos fines. Como resultado de esa calificación, se afirma que las autoridades nacionales deben ejercer el control de convencionalidad de las decisiones emanadas de los órganos del DEI –paneles arbitrales y cuerpos de solución de controversias de la OMC– y, en caso de incompatibilidad con los derechos humanos, abstenerse de ponerlas en práctica o bien aplicar los mecanismos formales para la cesación de sus efectos. Los medios no pueden prevalecer sobre los fines, sino que deben adecuarse a ellos. Cuando el medio comporta la frustración del fin, debe ser dejado de lado. Esa es la tarea del control de convencionalidad. <b>English Abstract:</b> International law conditions states’ behavior to an increasing extent, while presenting fragmentation issues that expose domestic authorities to contradictory messages, especially when the various subsystems pursue goals that may collide. In this context, the paper explores the interaction of human rights systems – especially the Inter-American one – with two key areas of International Economic Law (IEL), i.e. trade and investment law. The paper posits that human rights embody the aims of post-war international law, while IEL institutions should be understood as means established to achieve those ends. On this basis, it is argued that domestic authorities must exercise a conventionality control of the decisions issued by IEL organs – such as arbitration panels and WTO dispute settlement bodies – and, in the event of a conflict with human rights, refrain from enforcing these decisions or apply the formal mechanisms for the cessation of their effects. Means cannot prevail over ends, but must conform to them. When the mean involves the frustration of the end, it must be set aside. That is the task of conventionality control.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126232490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Foreign Investment, Sovereign Debt, and Human Rights","authors":"Matthias Goldmann","doi":"10.1093/oso/9780198810445.003.0008","DOIUrl":"https://doi.org/10.1093/oso/9780198810445.003.0008","url":null,"abstract":"Foreign investment is perceived as one of the most significant factors for development and it is no accident that a key criterion for determining that an activity qualifies as an investment under the ICSID Convention is whether it contributes to the economic or other development of the host state. Investment tribunals have in recent years examined the ambit of regulatory powers of the host state in taking measures in response to an existing debt crisis, but investment tribunals have not conclusively, or unanimously, linked socio-economic rights with investment protection. This chapter will examine the sovereign debt-related awards of investment tribunals and how foreign investment may contribute to the accumulation of sovereign debt as well as how it may be used as a tool to decrease such debt.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131344702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Lien-ing on PDVSA: The Positive Side of Negative Pledge","authors":"Matthew Cramer, Andrea E. Kropp, Kelsey Moore, Charlie Saad","doi":"10.2139/ssrn.3158780","DOIUrl":"https://doi.org/10.2139/ssrn.3158780","url":null,"abstract":"This Proposal remedies a crucial issue: the holdout creditor’s ability to thwart a PDVSA and Republic of Venezuela restructuring. It addresses this concern by unburdening the corporation of its attachable assets in order to frustrate asset-seeking potential holdouts before negotiations to exchange old PDVSA instruments for new Republic bonds. \u0000There is express contractual authorization – a permitted lien exception to the negative pledge clause – in PDVSA’s bonds and promissory notes that gives the corporation the right to pledge all of its assets to the Republic and give the Republic a senior lien, prioritized above all other creditors. Upon completion, the transaction leaves PDVSA as an unattractive target for holdouts. As this language is not found in any issuances by other state-owned oil companies (including multiple Latin American oil companies similarly situated to PDVSA) that otherwise contain very similar contractual language, it is the strongest contractual weapon in PDVSA’s arsenal. \u0000After this permitted lien is utilized to successfully compel the holdout creditors to participate, we advocate for the use of Original Issue Discount on the bonds to reduce PDVSA’s overall debt stock during the exchange of old debt for newer consolidated debt.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128567368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Structure Permitting EU Airlines to Attract Non-EU Capital with the Investor's Interest Exceeding 50%","authors":"Ivars Mekons","doi":"10.2139/ssrn.3132981","DOIUrl":"https://doi.org/10.2139/ssrn.3132981","url":null,"abstract":"Current legal regime binding to EU airlines requires that the companies are continuously majority owned and controlled by EU nationals (natural or legal persons) or EU Member States; see EU Regulation No 1008/2008 of September 24, 2008; Art.4(f). In practice, noting the scarcity of any EU originating financing (that would be willing to accept the level of speculation and uncertainty inherent in the current EU aviation environment), the EU airlines obviously seek financing sources outside of EU. At the same time, the investors see prudence in demanding more efficient safeguard than the formally permissible \"50%-1\" share, on grounds of concern that their financing can be gulped up by the majority owners without consideration of investor's interests at their best. Accommodation of the investor's financial safety quest with mandatory EU legal provisions implies invocation of novel modes of cooperation. The following paper puts forward one such novel structure. The idea is to create a \"virtual equity majority\" for the Investor in the existing Airline's newly created spin-off units, the latter units being mutually bonded through 100% cross-shareholdings. EU aviation industry players are invited to consider the model for their operations with regard to terms and conditions of prospective non-EU investor engagements.","PeriodicalId":365224,"journal":{"name":"LSN: Investment (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129769038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}