Read in: French

Valuation in Investment Arbitration: Spotlight on discounted cash flow analysis

March 26, 2021 3:00 pm - 4:30 pm CET

(Open to public)

The critical issue of compensation (or "damages") in international investment law is gaining increased attention due to concerns about the high (and growing) scale of awards. One of the driving forces behind this increase has been arbitral tribunals' increasing willingness to use a valuation technique known as discounted cash flow (DCF) analysis when calculating compensation. This technique has been behind some of the biggest awards in recent years, including the now notorious Tethyan Copper v. Pakistan award of USD 4 billion plus interest.

Why is this technique increasingly used in investment arbitration? What are some of the controversies surrounding its use and what challenges can it pose for states? This webinar brought together four distinguished speakers with a wealth of experience on the challenges and impacts of DCF to discuss these key questions.


  • Christina L. Beharry, International Arbitration Counsel, Foley Hoag LLP
  • Dr. Toni Marzal, Lecturer, University of Glasgow School of Law
  • Muhammad Usman Piracha, Senior Legal Consultant (International Disputes), Attorney General, Pakistan
  • Prof. Louis. T. Wells, Herbert F. Johnson Professor of International Management, Harvard Business School

Watch the webinar's full recording:


IISD’s work on compensation under international investment law

This webinar was the third in IISD’s webinar series on compensation under international investment law. It follows the introductory webinar Damages in International Investment Law and the reform-focused webinar Compensation Under Investment Treaties: Exploring ideas for reform.

IISD aims to continue exploring this topic with further webinars throughout 2021. IISD has also published two papers on this issue, Compensation Under Investment Treaties (a longer paper discussing existing principles of compensation and possible reforms in greater depth) and a concise brief for policy-makers, Compensation Under Investment Treaties: What Are the Problems and What Can Be Done?