投资者与国家仲裁与外国投资：来自ICSID成员资格的证据

摘要

This paper studies how investor–State dispute settlement (ISDS) affects foreign direct investment (FDI) by examining countries’ membership in the International Centre for Settlement of Investment Disputes (ICSID) and their first ISDS cases. Using a Poisson Pseudo–Maximum Likelihood (PPML) event-study estimator and newly compiled data, ICSID membership is shown to be associated with a substantial increase in bilateral investment, while a first ISDS case has no statistically significant effect. The results are not driven by simultaneous proliferation of bilateral investment treaties or other confounding events.