论文标题
股票的投资纠纷和异常波动
Investment Disputes and Abnormal Volatility of Stocks
论文作者
论文摘要
外国投资者和东道国之间投资纠纷的急剧增长引起了人们对这些纠纷对投资者的影响的严重问题。本文第一个解释了投资者对仲裁结果的不确定性的增加，这可能会或可能不会导致投资者要求的损害赔偿的赔偿。我们发现有力的证据表明，投资纠纷导致涉及与东道国争议的公司的异常份额波动。重要的是，虽然投资者的积极结果将不确定性降低到原始水平，但我们记录了投资者负面结果的公司波动的强劲增长。我们发现，包括奖励规模，政治不稳定，仲裁地点，投资者起源或公共政策考虑的几个变量解释了投资者的不确定性。
Dramatic growth of investment disputes between foreign investors and host states rises serious questions about the impact of those disputes on investors. This paper is the first to explain increased uncertainty of investors about the outcome of arbitration, which may or may not lead to compensation for damages claimed by the investor. We find robust evidence that investment disputes lead to abnormal share fluctuations of companies involved in disputes with host countries. Importantly, while a positive outcome for an investor decreases uncertainty back to original levels, we document strong increase in the volatility of companies with negative outcome for the investor. We find that several variables including size of the award, political instability, location of arbitration, country of origin of investor or public policy considerations in host country explain large portion of the investor's uncertainty.
