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Publications

ArbitralWomen members regularly publish articles in highly-regarded legal and ADR journals.

ArbitralWomen is also an Affiliate of Kluwer Arbitration Blog (KAB); all articles posted by ArbitralWomen Members on KAB under Affiliate are available under Publications.

  • Author: Philippe Sales   |  Publish Date: 12 June 2017
    Disagreements among valuation experts in ICSID arbitrations primarily stem from differing methodologies in calculating the Weighted Average Cost of Capital (WACC) when applying Discounted Cash Flow models. Authors Juliette Fortin and Philippe Sales analyze published ICSID awards to illustrate how experts diverge on components like equity risk premiums, country risk adjustments, and capital structure assumptions. This review highlights key technical drivers behind contrasting quantum assessments in investment treaty disputes.

    Quantum experts often rely on the Discounted Cash Flow (DCF) approach to assess losses. The DCF approach is one of the most widely-used and accepted valuation methods, thanks in large part to its flexibility and the fact that it can be tailored to accommodate a wide array of assumptions.

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