Using event study methodology, we investigate whether bilateral investment protection treaties afford protection to foreign investors. Examining arbitral decisions for firms from six countries shows that firms that received awards from arbitrators gained in market value by as much as 3%. Per...

Research on transition economics increasingly focuses on problems that characterize non-transition economies and uses methodology and models generally applied to the latter countries. This is particularly the case in macroeconomics. The implication of this is that economists are acting as if, at...