Introduction

What is the status of awards rendered by ephemeral arbitral tribunals deciding claims of investors under treaties? Although they are not binding on subsequent tribunals, they are assuredly read by them. That they may have an influence is evidently believed by advocates whose pleadings treat them with great attention, as precedents to be invoked, distinguished, or rejected. That scholars of international law deem awards worthy of sustained attention is equally evident, and testifies to a perception that they matter. But what ­ if any ­ is the dignity, or shall we say legitimacy, ...