The climate change requires global protection measures, which means that developed countries should contribute to finance and capital export increase the technological funds. However, implementation of such climate-friendly investments can sometimes lead conflicts between state's investment measures. Therefore, it is necessary promote Investor-State arbitration reasonably reconcile rights inter...

Most investment treaties contain two dispute resolution clauses: one permitting investor-state arbitration for investment disputes and the other permitting state-to-state arbitration for disputes concerning the treaty’s interpretation and/or application. Despite this duality, the potential role of state-to-state arbitration, and its proper relationship with investor-state arbitration, have larg...

What do a Canadian ban on the exportation of hazardous wastes, California's remediation requirements for open-pit mines, and the Municipality of Lima's closure of a pasta factory have in common? They are all government measures that have been the subject of investor-state disputes resolved in international investment arbitration. The ability of foreign investors, as private actors in global pol...

What motivates investors to hold American Depositary Receipts (ADRs) rather than the underlying stock of U.S. listed foreign firms? We analyze the investment allocation decision of actively-managed emerging market mutual fund managers. Although legal provisions are typically assumed to affect ADR and its underlying domestic shares equally, investors holding ADRs may have a higher level of legal...

This paper analyzes the real effects of differences in structures on financial markets, especially concerning quasi-equilibrium unemployment. It argues that a vibrant venture capital market is an important prerequisite for financing structural change and thus for keeping unemployment low in the ongoing transition to the “new economy”. It furthermore points out the crucial importance of extensiv...

This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their class rights. Based on a novel hand-collected dataset of dual class stock companies in Russia and using ...