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Czech Mate: Expropriation and Investor Protection in a Converging World

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  • Mihir A. Desai
  • Alberto Moel

Abstract

This paper examines the expropriation of a foreign investor by a local partner and the subsequent resolution of the case through international arbitration in favor of the investor. Despite the investor's 99% interest in the joint venture, the local partner managed to divert the entire value of the underlying entity for his personal benefit. This clinical examination of an expropriation and its aftermath illustrates the interaction of property and contract rights in a global setting, how corporate control is shaped by geography, and how multinational firms may be advantaged by availing themselves of stronger investor protections than local firms. Copyright 2008, Oxford University Press.

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  • Mihir A. Desai & Alberto Moel, 2008. "Czech Mate: Expropriation and Investor Protection in a Converging World," Review of Finance, European Finance Association, vol. 12(1), pages 221-251.
    • Handle: RePEc:oup:revfin:v:12:y:2008:i:1:p:221-251
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    File URL: http://hdl.handle.net/10.1093/rof/rfl005
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    Cited by:

    1. Bekaert, Geert & Harvey, Campbell R. & Lundblad, Christian, 2011. "Financial Openness and Productivity," World Development, Elsevier, vol. 39(1), pages 1-19, January.
    2. Zhiyuan Wang & Hyunjin Youn, 2018. "Locating the External Source of Enforceability: Alliances, Bilateral Investment Treaties, and Foreign Direct Investment," Social Science Quarterly, Southwestern Social Science Association, vol. 99(1), pages 80-96, March.
    3. Vito Polito, 2012. "Up or Down? Capital Income Taxation in the United States and the United Kingdom," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 68(1), pages 48-82, March.
    4. Robert Krämer & Vilen Lipatov, 2013. "The Effect of Corporate Taxation and Ownership on Raising Shareholder Capital," CESifo Working Paper Series 4436, CESifo.
    5. Timm Betz & Amy Pond & Weiwen Yin, 2021. "Investment agreements and the fragmentation of firms across countries," The Review of International Organizations, Springer, vol. 16(4), pages 755-791, October.
    6. Joao Albino‐Pimentel & Pierre Dussauge & J. Myles Shaver, 2018. "Firm non‐market capabilities and the effect of supranational institutional safeguards on the location choice of international investments," Strategic Management Journal, Wiley Blackwell, vol. 39(10), pages 2770-2793, October.
    7. Vishaal Baulkaran & Nathaniel C. Lupton, 2020. "U.S. FDI and Shareholder Rights Protection in Developed and Developing Economies," Multinational Finance Journal, Multinational Finance Journal, vol. 24(3-4), pages 155-182, September.
    8. Ari Van Assche & Galina A. Schwartz, 2008. "Institutions and Multinational Ownership Strategy," CIRANO Working Papers 2008s-07, CIRANO.
    9. Windsor, Duane, 2009. "Tightening corporate governance," Journal of International Management, Elsevier, vol. 15(3), pages 306-316, September.

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