Calculation of compensation and damages in international investment law:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford
Oxford University Press
2017
|
| Ausgabe: | second edition |
| Schriftenreihe: | Oxford international arbitration series
3 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | xli, 556 Seiten |
| ISBN: | 9780198749936 |
Internformat
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| 245 | 1 | 0 | |a Calculation of compensation and damages in international investment law |c Irmgard Marboe |
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| 650 | 4 | |a Compensation (Law) | |
| 650 | 4 | |a Damages | |
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Datensatz im Suchindex
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CONTENTS—SUMMARY
Table of Cases xix
Table of Legislation and Instruments xxxv
List of Abbreviations xxxix
1- Introduction 1
2. The Function of Compensation and Damages 9
3. Valuation Standards and Criteria 43
4. International Standards, Bases of Value, and Valuation Approaches 163
5. Methods of Valuation in International Practice 213
6. Interest 327
7. Conclusions 407
Appendix 1 Table of ICSID Cases since 2008 417
Appendix 2 Table of NAFTA Cases since 2008 485
Appendix 3 Table of ECT Cases since 2008 491
Appendix 4 Table of Ad hoc Investment Arbitration Cases since 2008 501
Bibliography 517
Index 539
CONTENTS
Table of Cases xix
Table of Legislation and Instruments xxxv
List of Abbreviations xxxix
1. Introduction
2. The Function of Compensation and Damages
A. Distinct Functions of Compensation and Damages 2.03
(1) Compensation 2.23
(2) Damages 2.32
B. The Functions in Detail 2.37
(1) The Function of Compensation upon Expropriation under
International Law 2.38
(a) Full Reparation? 2.39
(b) Restitution of Value 2.55
(2) The Function of Damages 2.73
(a) Reparation 2.73
(i) Violations of International Law 2.76
(ii) Breaches of Contract 2.82
(b) Punishment? 2,93
C. Consequences for the Calculation 2.97
(1) Objective-abstract Valuation 2.98
(2) Subjective-concrete Valuation 2.102
(3) Selection of a Valuation Method 2.118
3. Valuation Standards and Criteria
A. Compensation upon Expropriation 3.02
(1) The Standard of Compensation 3.06
(a) Customary International Law 3.07
(b) International Treaty Law 3.15
(c) International Jurisprudence 3.24
(2) The Role of Compensation for the Lawfulness of the Expropriation 3.32
(3) Can Indirect Expropriations ever be Lawful? 3.56
(4) Violation of Stabilization Clauses 3-63
(5) The Difference between Lawful and Unlawful Expropriations 3.81
(a) Lucrum Cessans? 3-84
(b) Punitive Damages? 3.97
(c) Compensation versus Reparation 3.102
B. Reparation and Damages 3.119
(1) Violations of International Law 3.120
(a) Subjective—concrete Valuation 3.131
(b) Objective—abstract Valuation 3.158
(i) Argumentum e maiore ad minus and Analogy 3.159
(ii) Submissions of the Parties 3.172
(2) Breaches of Contract 3.174
(a) Damnum Emergens and Lucrum Cessans 3.180
(b) Reliance interest and Compliance Interest 3.202
(c) Rejection of Lost Profits 3.209
(i) Profits too Speculative 3.211
(ii) Implicit Termination of Contract 3.217
(iii) Force Majeure 3.222
(d) Damages for Lost Opportunities? 3.225
(3) Simultaneous Violation of International and Contractual
Obligations 3.232
(4) Reasons for Reducing the Amount of Damages 3.241
(a) Contributory Negligence 3.242
(b) Mitigation of Damage 3.255
C. The Valuation Date 3.266
(1) The Valuation Date in Expropriation Cases 3-269
(a) Lawful Expropriations 3-270
(b) Unlawful Expropriations 3.285
(c) Indirect Expropriations 3.306
(2) The Valuation Date in Other Cases 3.322
(a) Violations of International Law 3.323
(b) Breaches of Contract 3.333
D. The Exercise of Discretion and Equity Considerations 3.343
(1) Estimation and Equity 3.348
(2) Relevance of the Respondent’s Economic Situation 3.360
4. International Standards, Bases of Value, and Valuation Approaches
A. International Standards 4.02
(1) International Valuation Standards 4.04
(2) World Bank Guidelines 4.13
(3) MIGA 4.18
(4) UN Compensation Commission 4.21
B. Bases of Value 4.29
(1) Market Value Basis of Valuation 4.38
(2) Bases Other Than Market Value 4.52
(a) Investment Value or Worth 4.54
(b) Special Value, Synergistic Value, Price 4.62
(c) Contractual Value 4.70
C. Valuation Approaches 4.73
(1) Market Approach 4.75
(a) Stock Prices 4.82
(b) Prior Transactions 4.86
(c) Multiples 4.87
(2) Income Approach 4.89
(a) Basis of Income: Profits, Earnings, Cash Flow? 4.91
(b) Going Concern 4.95
(c) Forecasting 4.98
(d) Discounting 4.104
(i) Basic Principles 4.105
(ii) The Capital Asset Pricing Model (CAPM) 4.119
(iii) Inflation 4.125
(iv) Country Risk 4.128
(3) Asset-Based or Cost Approach 4.134
(a) Book Value 4.139
(b) Replacement Value 4.150
(c) Liquidation Value 4.153
D. Transparency 4.158
E. Experts in Arbitration Proceedings 4.161
5. Methods of Valuation in International Practice
A. Market or Sales Comparison Approach 5.01
(1) Stock Prices 5.04
(2) Prior Transactions 5.21
(3) Offerings 5.30
(4) Partial Sales 5.37
(5) Comparable Sales 5.44
(6) Comparable Companies and Multiples 5.56
B. The Income Approach 5.66
(1) Basis of Income: Profits, Earnings, Dividends, Cash Flow? 5.82
(2) Going Concern 5.89
(3) Forecasting 5.96
(a) Analysis of Past Performance 5.96
(b) Value Drivers 5.102
(c) Business Plans 5.111
(d) Economic Circumstances 5.117
(e) Role of Contracts 5.124
(i) Adaptation of Contractual Provisions 5.126
(ii) Extension of Contracts 5.135
(f) Comparison of Two Future Scenarios—‘But for’ Approach
(g) Valuation Phases
(4) Discounting and Country Risk
(5) Inflation
(6) Reasons for Rejecting the Income Approach in International Practice
(a) Insufficient Past Performance
(b) No Future Prospects
(c) Divergence of Amount of Investment and Expected Profits
(d) Divergence of Submissions by the Parties
(e) The Financial Situation of the Company
(f) Valuation Procedure too Expensive
C. The Asset-Based or Cost Approach
(1) Book Value
(a) Acceptance of Book Value for Particular Items
(b) Adjustment of Book Value
(c) ‘Sunk Investment5 and Wasted Costs
(2) Replacement Value
(3) Liquidation Value
D. Other Approaches
(1) Mixed Methods
(2) Contract-based Valuation
(3) Court and Arbitral Decisions
(4) Insurance Value
(5) Tax Value
E. Consequential Damages
(1) Liability to Subcontractors
(2) Costs for Damage Limitation, Repair, and Maintenance
(3) Costs and Expenses of Pursuing the Claim
F. Moral Damages
6. Interest
A. The Function of Interest
(1) ‘Prompt’ Compensation
(2) ‘Full’ Reparation
(a) State Responsibility
(b) Breach of Contract
(3) Prevention of Enrichment
(4) Improvement of Payment Practices
B. Pre-award Interest
(1) Interest Rate
(a) Legal Interest
(b) Agreed Interest
(c) Borrowing Rate
5.140
5.152
5.157
5.182
5.187
5.188
5.198
5.200
5.205
5.209
5.212
5.216
5.217
5.224
5.226
5.232
5.253
5.262
5.274
5.275
5.288
5.297
5.302
5.307
5.313
5.317
5.323
5.327
5.342
6.09
6.13
6.18
6.18
6.24
6.28
6.35
6.40
6.42
6.52
6.69
6.78
(i) Prime Rate 6.83
(ii) Borrowing Rate of the Investor 6.91
(iii) Cost of Capital of the Investor 6.97
(iv) Borrowing Rate of the State 6.109
(v) Average Borrowing Rate 6.112
(d) Investment Alternatives 6.115
(e) Government Bonds 6.128
(f) Interbank Interest 6.137
(g) ‘Fair’ Interest in Practice 6.160
(i) Expropriation Cases 6.161
(ii) Damages 6.165
(2) Dies a quo 6.173
(a) Expropriations 6.174
(b) State Responsibility 6.180
(i) Date of the Unlawful Act 6.184
(ii) Date of Occurrence of Damage 6.187
(iii) Date of Initiation of Legal Proceedings 6.195
(c) Breaches of Contract 6.199
(i) Date of Breach 6.202
(ii) Invoice Dates and Terms of Payment 6.204
(iii) Date of Reminder 6.212
(iv) Termination of Contract 6.218
(v) Date of Initiation of Legal Proceedings 6.220
(3) Compound Interest 6.221
(a) Repudiation in Early Cases 6.224
(b) Increasing Acceptance in Recent Jurisprudence 6.237
(c) Exceptions 6.249
C. Post-award Interest 6.259
(1) Dies a quo 6.263
(a) Continuation of Pre-award Interest 6.264
(b) Date of the Award 6.268
(c) Grace Period 6.274
(2) Interest Rate 6.282
(3) Compound Interest 6.294
D. Conclusions on Interest 6.300
7, Conclusions
A. Interrelation between the Claims Legal Basis and the Valuation
Basis 7.05
B. The Choice of a Valuation Method 7.14
C. Interest 7.21
Appendix 1 Table of ICSID Cases since 2008 417
Appendix 2 Table of NAFTA Cases since 2008 485
Appendix 3 Table of ECT Cases since 2008 491
Appendix 4 Table of Ad hoc Investment Arbitration Cases since 2008 501
Bibliography 517
Index 539 |
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| spelling | Marboe, Irmgard Verfasser (DE-588)124945538 aut Calculation of compensation and damages in international investment law Irmgard Marboe second edition Oxford Oxford University Press 2017 xli, 556 Seiten txt rdacontent n rdamedia nc rdacarrier Oxford international arbitration series 3 Recht Compensation (Law) Damages Investments, Foreign Law and legislation Internationale Gerichtsbarkeit (DE-588)4162041-0 gnd rswk-swf Schadensersatz (DE-588)4051927-2 gnd rswk-swf 1\p (DE-588)4113937-9 Hochschulschrift gnd-content Schadensersatz (DE-588)4051927-2 s Internationale Gerichtsbarkeit (DE-588)4162041-0 s DE-604 Oxford international arbitration series 3 (DE-604)BV037424327 3 Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029429738&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Marboe, Irmgard Calculation of compensation and damages in international investment law Oxford international arbitration series Recht Compensation (Law) Damages Investments, Foreign Law and legislation Internationale Gerichtsbarkeit (DE-588)4162041-0 gnd Schadensersatz (DE-588)4051927-2 gnd |
| subject_GND | (DE-588)4162041-0 (DE-588)4051927-2 (DE-588)4113937-9 |
| title | Calculation of compensation and damages in international investment law |
| title_auth | Calculation of compensation and damages in international investment law |
| title_exact_search | Calculation of compensation and damages in international investment law |
| title_full | Calculation of compensation and damages in international investment law Irmgard Marboe |
| title_fullStr | Calculation of compensation and damages in international investment law Irmgard Marboe |
| title_full_unstemmed | Calculation of compensation and damages in international investment law Irmgard Marboe |
| title_short | Calculation of compensation and damages in international investment law |
| title_sort | calculation of compensation and damages in international investment law |
| topic | Recht Compensation (Law) Damages Investments, Foreign Law and legislation Internationale Gerichtsbarkeit (DE-588)4162041-0 gnd Schadensersatz (DE-588)4051927-2 gnd |
| topic_facet | Recht Compensation (Law) Damages Investments, Foreign Law and legislation Internationale Gerichtsbarkeit Schadensersatz Hochschulschrift |
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