Edited by August Reinisch, Professor Dr., Department of European, International and Comparative Law, University of Vienna, Austria

‘The evolution of international investment law has been one of the more dynamic developments in public international law in recent decades. Many of the key issues have been subjected to careful analysis in articles and book chapters which have become compulsory reading for those active in the field. Professor August Reinisch's edited collection gathers together these carefully selected contributions to the rich literature on international investment law in a convenient and accessible format, making these contributions easily retrievable. These volumes will be an excellent addition to the library of all scholars, practitioners and policy-makers active in the field of burgeoning field of investment treaty arbitration.’

• Volume IContents: AcknowledgementsIntroduction August ReinischPART ISOURCES OF INVESTMENT LAW 1. Ibrahim F.I. Shihata and Antonio R. Parra (1994), ‘Applicable Substantive Law in Disputes Between States and Private Foreign Parties: The Case of Arbitration under the ICSID Convention’2. Emmanuel Gaillard and Yas Banifatemi (2003), ‘The Meaning of “and” in Article 42(1), Second Sentence, of the Washington Convention: The Role of International Law in the ICSID Choice of Law Process’3. Kenneth J. Vandevelde (1998), ‘The Political Economy of a Bilateral Investment Treaty’4. Andrew T. Guzman (1998), ‘Why LDCs Sign Treaties That Hurt Them: Explaining the Popularity of Bilateral Investment Treaties’5. F.A. Mann (1981), ‘British Treaties for the Promotion and Protection of Investments’6. Mark Kantor (2004), ‘The New Draft Model U.S. BIT: Noteworthy Developments’7. Kaj Hobér (2010), ‘Investment Arbitration and the Energy Charter Treaty’8. Sergio Puig and Meg Kinnear (2010), ‘NAFTA Chapter Eleven at Fifteen: Contributions to a Systemic Approach in Investment Arbitration’9. Peter T. Muchlinski (2000), ‘The Rise and Fall of the Multilateral Agreement on Investment: Where Now?’10. Markus Burgstaller (2009), ‘European Law and Investment Treaties’11. Marc Bungenberg (2010), ‘Going Global? The EU Common Commercial Policy After Lisbon’PART IIINVESTMENT PROTECTION STANDARDS 12. Patrick Juillard (2000), ‘Freedom of Establishment, Freedom of Capital Movements, and Freedom of Investment’13. G.C. Christie (1962), ‘What Constitutes a Taking of Property Under International Law?’14. Rudolf Dolzer (1986), ‘Indirect Expropriation of Alien Property’15. L. Yves Fortier and Stephen L. Drymer (2004), ‘Indirect Expropriation in the Law of International Investment: I Know It When I See It, or Caveat Investor’16. Stephen Vasciannie (2000), ‘The Fair and Equitable Treatment Standard in International Investment Law and Practice’17. Kenneth Vandevelde (2010), ‘A Unified Theory of Fair and Equitable Treatment’18. Christoph Schreuer (2010), ‘Full Protection and Security’19. Jürgen Kurtz (2009), ‘The Use and Abuse of WTO Law in Investor-State Arbitration: Competition and Discontents’20. Anthony C. Sinclair (2004), ‘The Origins of the Umbrella Clause in the International Law of Investment Protection'Volume IIContents: Acknowledgements PART IINVESTMENT LAW AND STATE RESPONSIBILITY 1. James Crawford (2010), ‘Investment Arbitration and the ILC Articles on State Responsibility’2. Michael Waibel (2007), ‘Two Worlds of Necessity in ICSID Arbitration: CMS and LG&E’3. Irmgard Marboe (2006), ‘Compensation and Damages in International Law. The Limits of “Fair Market Value’’’PART IIINVESTMENT DISPUTE SETTLEMENT 4. Ibrahim F.I. Shihata (1986), ‘Towards a Greater Depoliticization of Investment Disputes: The Roles of ICSID and MIGA’5. Jan Paulsson (1995), ‘Arbitration without Privity’6. Farouk Yala (2004) ‘The Notion of “Investment” in ICSID Case Law: A Drifting Jurisdictional Requirement? Some “Unconventional” Thoughts on Salini, SGS and Mihaly’7. Brigitte Stern (2009), ‘The Contours of the Notion of Protected Investment’8. Gabriel Bottini (2008), ‘Indirect Claims under the ICSID Convention’9. Zachary Douglas (2011), ‘The MFN Clause in Investment Arbitration: Treaty Interpretation Off the Rails’10. Stephan W. Schill (2011), ‘Allocating Adjudicatory Authority: Most-Favoured-Nation Clauses as a Basis of Jurisdiction – A Reply to Zachary Douglas’11. August Reinisch (2011), ‘How Narrow are Narrow Dispute Settlement Clauses in Investment Treaties?’12. Ucheora Onwuamaegbu (2008), ‘Using Treaties to Define Rules of Procedure in Investor-State Arbitration: The CAFTA Example’13. Christina Knahr and August Reinisch (2007), ‘Transparency versus Confidentiality in International Investment Arbitration – The Biwater Gauff Compromise'14. Eric Baldwin, Mark Kantor and Michael Nolan (2006), 'Limits to Enforcement of ICSID Awards'15. Christoph Schreuer (2011), ‘From ICSID Annulment to Appeal Half Way Down the Slippery Slope’16. Andrea K. Bjorklund (2010), ‘The Promise and Peril of Arbitral Precedent: The Case of Amici Curiae’17. Luke Nottage and Kate Miles (2009), ‘"Back to the Future" for Investor-State Arbitrations: Revising Rules in Australia and Japan to Meet Public Interests’18. Wei Shen (2010), ‘Is This a Great Leap Forward? A Comparative Review of the Investor-State Arbitration Clause in the ASEAN-China Investment Treaty: From BIT Jurisprudential and Practical Perspectives’PART III“INVESTMENT AND…” ISSUES 19. James D. Fry (2007), ‘International Human Rights Law in Investment Arbitration: Evidence of International Law’s Unity’20. Ole Kristian Fauchald (2006), ‘International Investment Law and Environmental Protection’21. Ursula Kriebaum (2010), ‘Illegal Investments’

Edited by August Reinisch, Professor Dr., Department of European, International and Comparative Law, University of Vienna, Austria

‘The evolution of international investment law has been one of the more dynamic developments in public international law in recent decades. Many of the key issues have been subjected to careful analysis in articles and book chapters which have become compulsory reading for those active in the field. Professor August Reinisch's edited collection gathers together these carefully selected contributions to the rich literature on international investment law in a convenient and accessible format, making these contributions easily retrievable. These volumes will be an excellent addition to the library of all scholars, practitioners and policy-makers active in the field of burgeoning field of investment treaty arbitration.’

• Volume IContents: AcknowledgementsIntroduction August ReinischPART ISOURCES OF INVESTMENT LAW 1. Ibrahim F.I. Shihata and Antonio R. Parra (1994), ‘Applicable Substantive Law in Disputes Between States and Private Foreign Parties: The Case of Arbitration under the ICSID Convention’2. Emmanuel Gaillard and Yas Banifatemi (2003), ‘The Meaning of “and” in Article 42(1), Second Sentence, of the Washington Convention: The Role of International Law in the ICSID Choice of Law Process’3. Kenneth J. Vandevelde (1998), ‘The Political Economy of a Bilateral Investment Treaty’4. Andrew T. Guzman (1998), ‘Why LDCs Sign Treaties That Hurt Them: Explaining the Popularity of Bilateral Investment Treaties’5. F.A. Mann (1981), ‘British Treaties for the Promotion and Protection of Investments’6. Mark Kantor (2004), ‘The New Draft Model U.S. BIT: Noteworthy Developments’7. Kaj Hobér (2010), ‘Investment Arbitration and the Energy Charter Treaty’8. Sergio Puig and Meg Kinnear (2010), ‘NAFTA Chapter Eleven at Fifteen: Contributions to a Systemic Approach in Investment Arbitration’9. Peter T. Muchlinski (2000), ‘The Rise and Fall of the Multilateral Agreement on Investment: Where Now?’10. Markus Burgstaller (2009), ‘European Law and Investment Treaties’11. Marc Bungenberg (2010), ‘Going Global? The EU Common Commercial Policy After Lisbon’PART IIINVESTMENT PROTECTION STANDARDS 12. Patrick Juillard (2000), ‘Freedom of Establishment, Freedom of Capital Movements, and Freedom of Investment’13. G.C. Christie (1962), ‘What Constitutes a Taking of Property Under International Law?’14. Rudolf Dolzer (1986), ‘Indirect Expropriation of Alien Property’15. L. Yves Fortier and Stephen L. Drymer (2004), ‘Indirect Expropriation in the Law of International Investment: I Know It When I See It, or Caveat Investor’16. Stephen Vasciannie (2000), ‘The Fair and Equitable Treatment Standard in International Investment Law and Practice’17. Kenneth Vandevelde (2010), ‘A Unified Theory of Fair and Equitable Treatment’18. Christoph Schreuer (2010), ‘Full Protection and Security’19. Jürgen Kurtz (2009), ‘The Use and Abuse of WTO Law in Investor-State Arbitration: Competition and Discontents’20. Anthony C. Sinclair (2004), ‘The Origins of the Umbrella Clause in the International Law of Investment Protection'Volume IIContents: Acknowledgements PART IINVESTMENT LAW AND STATE RESPONSIBILITY 1. James Crawford (2010), ‘Investment Arbitration and the ILC Articles on State Responsibility’2. Michael Waibel (2007), ‘Two Worlds of Necessity in ICSID Arbitration: CMS and LG&E’3. Irmgard Marboe (2006), ‘Compensation and Damages in International Law. The Limits of “Fair Market Value’’’PART IIINVESTMENT DISPUTE SETTLEMENT 4. Ibrahim F.I. Shihata (1986), ‘Towards a Greater Depoliticization of Investment Disputes: The Roles of ICSID and MIGA’5. Jan Paulsson (1995), ‘Arbitration without Privity’6. Farouk Yala (2004) ‘The Notion of “Investment” in ICSID Case Law: A Drifting Jurisdictional Requirement? Some “Unconventional” Thoughts on Salini, SGS and Mihaly’7. Brigitte Stern (2009), ‘The Contours of the Notion of Protected Investment’8. Gabriel Bottini (2008), ‘Indirect Claims under the ICSID Convention’9. Zachary Douglas (2011), ‘The MFN Clause in Investment Arbitration: Treaty Interpretation Off the Rails’10. Stephan W. Schill (2011), ‘Allocating Adjudicatory Authority: Most-Favoured-Nation Clauses as a Basis of Jurisdiction – A Reply to Zachary Douglas’11. August Reinisch (2011), ‘How Narrow are Narrow Dispute Settlement Clauses in Investment Treaties?’12. Ucheora Onwuamaegbu (2008), ‘Using Treaties to Define Rules of Procedure in Investor-State Arbitration: The CAFTA Example’13. Christina Knahr and August Reinisch (2007), ‘Transparency versus Confidentiality in International Investment Arbitration – The Biwater Gauff Compromise'14. Eric Baldwin, Mark Kantor and Michael Nolan (2006), 'Limits to Enforcement of ICSID Awards'15. Christoph Schreuer (2011), ‘From ICSID Annulment to Appeal Half Way Down the Slippery Slope’16. Andrea K. Bjorklund (2010), ‘The Promise and Peril of Arbitral Precedent: The Case of Amici Curiae’17. Luke Nottage and Kate Miles (2009), ‘"Back to the Future" for Investor-State Arbitrations: Revising Rules in Australia and Japan to Meet Public Interests’18. Wei Shen (2010), ‘Is This a Great Leap Forward? A Comparative Review of the Investor-State Arbitration Clause in the ASEAN-China Investment Treaty: From BIT Jurisprudential and Practical Perspectives’PART III“INVESTMENT AND…” ISSUES 19. James D. Fry (2007), ‘International Human Rights Law in Investment Arbitration: Evidence of International Law’s Unity’20. Ole Kristian Fauchald (2006), ‘International Investment Law and Environmental Protection’21. Ursula Kriebaum (2010), ‘Illegal Investments’

Edited by August Reinisch, Professor Dr., Department of European, International and Comparative Law, University of Vienna, Austria

‘The evolution of international investment law has been one of the more dynamic developments in public international law in recent decades. Many of the key issues have been subjected to careful analysis in articles and book chapters which have become compulsory reading for those active in the field. Professor August Reinisch's edited collection gathers together these carefully selected contributions to the rich literature on international investment law in a convenient and accessible format, making these contributions easily retrievable. These volumes will be an excellent addition to the library of all scholars, practitioners and policy-makers active in the field of burgeoning field of investment treaty arbitration.’

• Volume IContents: AcknowledgementsIntroduction August ReinischPART ISOURCES OF INVESTMENT LAW 1. Ibrahim F.I. Shihata and Antonio R. Parra (1994), ‘Applicable Substantive Law in Disputes Between States and Private Foreign Parties: The Case of Arbitration under the ICSID Convention’2. Emmanuel Gaillard and Yas Banifatemi (2003), ‘The Meaning of “and” in Article 42(1), Second Sentence, of the Washington Convention: The Role of International Law in the ICSID Choice of Law Process’3. Kenneth J. Vandevelde (1998), ‘The Political Economy of a Bilateral Investment Treaty’4. Andrew T. Guzman (1998), ‘Why LDCs Sign Treaties That Hurt Them: Explaining the Popularity of Bilateral Investment Treaties’5. F.A. Mann (1981), ‘British Treaties for the Promotion and Protection of Investments’6. Mark Kantor (2004), ‘The New Draft Model U.S. BIT: Noteworthy Developments’7. Kaj Hobér (2010), ‘Investment Arbitration and the Energy Charter Treaty’8. Sergio Puig and Meg Kinnear (2010), ‘NAFTA Chapter Eleven at Fifteen: Contributions to a Systemic Approach in Investment Arbitration’9. Peter T. Muchlinski (2000), ‘The Rise and Fall of the Multilateral Agreement on Investment: Where Now?’10. Markus Burgstaller (2009), ‘European Law and Investment Treaties’11. Marc Bungenberg (2010), ‘Going Global? The EU Common Commercial Policy After Lisbon’PART IIINVESTMENT PROTECTION STANDARDS 12. Patrick Juillard (2000), ‘Freedom of Establishment, Freedom of Capital Movements, and Freedom of Investment’13. G.C. Christie (1962), ‘What Constitutes a Taking of Property Under International Law?’14. Rudolf Dolzer (1986), ‘Indirect Expropriation of Alien Property’15. L. Yves Fortier and Stephen L. Drymer (2004), ‘Indirect Expropriation in the Law of International Investment: I Know It When I See It, or Caveat Investor’16. Stephen Vasciannie (2000), ‘The Fair and Equitable Treatment Standard in International Investment Law and Practice’17. Kenneth Vandevelde (2010), ‘A Unified Theory of Fair and Equitable Treatment’18. Christoph Schreuer (2010), ‘Full Protection and Security’19. Jürgen Kurtz (2009), ‘The Use and Abuse of WTO Law in Investor-State Arbitration: Competition and Discontents’20. Anthony C. Sinclair (2004), ‘The Origins of the Umbrella Clause in the International Law of Investment Protection'Volume IIContents: Acknowledgements PART IINVESTMENT LAW AND STATE RESPONSIBILITY 1. James Crawford (2010), ‘Investment Arbitration and the ILC Articles on State Responsibility’2. Michael Waibel (2007), ‘Two Worlds of Necessity in ICSID Arbitration: CMS and LG&E’3. Irmgard Marboe (2006), ‘Compensation and Damages in International Law. The Limits of “Fair Market Value’’’PART IIINVESTMENT DISPUTE SETTLEMENT 4. Ibrahim F.I. Shihata (1986), ‘Towards a Greater Depoliticization of Investment Disputes: The Roles of ICSID and MIGA’5. Jan Paulsson (1995), ‘Arbitration without Privity’6. Farouk Yala (2004) ‘The Notion of “Investment” in ICSID Case Law: A Drifting Jurisdictional Requirement? Some “Unconventional” Thoughts on Salini, SGS and Mihaly’7. Brigitte Stern (2009), ‘The Contours of the Notion of Protected Investment’8. Gabriel Bottini (2008), ‘Indirect Claims under the ICSID Convention’9. Zachary Douglas (2011), ‘The MFN Clause in Investment Arbitration: Treaty Interpretation Off the Rails’10. Stephan W. Schill (2011), ‘Allocating Adjudicatory Authority: Most-Favoured-Nation Clauses as a Basis of Jurisdiction – A Reply to Zachary Douglas’11. August Reinisch (2011), ‘How Narrow are Narrow Dispute Settlement Clauses in Investment Treaties?’12. Ucheora Onwuamaegbu (2008), ‘Using Treaties to Define Rules of Procedure in Investor-State Arbitration: The CAFTA Example’13. Christina Knahr and August Reinisch (2007), ‘Transparency versus Confidentiality in International Investment Arbitration – The Biwater Gauff Compromise'14. Eric Baldwin, Mark Kantor and Michael Nolan (2006), 'Limits to Enforcement of ICSID Awards'15. Christoph Schreuer (2011), ‘From ICSID Annulment to Appeal Half Way Down the Slippery Slope’16. Andrea K. Bjorklund (2010), ‘The Promise and Peril of Arbitral Precedent: The Case of Amici Curiae’17. Luke Nottage and Kate Miles (2009), ‘"Back to the Future" for Investor-State Arbitrations: Revising Rules in Australia and Japan to Meet Public Interests’18. Wei Shen (2010), ‘Is This a Great Leap Forward? A Comparative Review of the Investor-State Arbitration Clause in the ASEAN-China Investment Treaty: From BIT Jurisprudential and Practical Perspectives’PART III“INVESTMENT AND…” ISSUES 19. James D. Fry (2007), ‘International Human Rights Law in Investment Arbitration: Evidence of International Law’s Unity’20. Ole Kristian Fauchald (2006), ‘International Investment Law and Environmental Protection’21. Ursula Kriebaum (2010), ‘Illegal Investments’