ISDS 争议、裁决和跨国并购

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-05-28 DOI:10.1016/j.jcorpfin.2024.102594

Julan Du , Yifei Zhang

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引用次数: 0

摘要

ISDS 索赔与索赔母国向应诉国提出 M&As 的可能性、频率和金额的减少有关。作为 ISDS 索赔基础的东道国征用事件则没有明显影响。在纳入传统的国家风险指标后，ISDS 索赔的影响依然存在。因此，ISDS 索赔在引导国际投资方面发挥着独特的作用。它们促使外国收购方采取规避风险的策略，从而影响各种交易特征。我们在投资者胜诉的案例中发现了强烈的证实效应，在国家胜诉的案例中发现了一些无罪释放效应。与直接征用和强体制应诉国相关的 ISDS 索赔通常会产生更显著的效果。

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ISDS disputes, adjudication and cross-border M&As

ISDS claims are associated with reductions in the likelihood, frequency, and dollar volume of M&As from claimant home countries to respondent states. The host-state expropriation events underlying ISDS claims show no significant effects. The impact of ISDS claims remains after including traditional country risk metrics. Thus, ISDS claims play a unique role in guiding international investment. They prompt foreign acquirers to adopt risk-avoiding strategies, which affect various deal characteristics. We detect strong substantiation effects of investor-win cases and some acquittal effects of state-win cases. The ISDS claims related to direct expropriations and strong-institution respondent states typically produce more striking effects.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.