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Title: The valuation of income-producing property in international law
Author: Barker, John Holly
Awarding Body: University of Cambridge
Current Institution: University of Cambridge
Date of Award: 1998
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The thesis addresses the unresolved controversy over the extent of protection which international law offers in respect of foreign-owned income-producing property affected by State measures in the nature of a 'taking'. The study seeks to contribute to a balancing and reconciling of the interests of investor and host State by focusing on the technical rules and principles which govern the assessment of claims. An analysis of those technical principles point to weaknesses in the doctrines which have an unsettling effect on the subject and fuelled the debate. By way of introduction, Part I canvasses traditional doctrines concerning the duty to pay compensation and its underlying rationale, as well as partial compensation and the influence of the doctrine of the permanent sovereignty over natural resources. A chapter has also been devoted to a discussion of valuation methods and the concept of value because of their central importance throughout the work. The next three Parts, consisting of five chapters, form the core of the study, examining the role which income plays in the valuation of property taken and the relationship between (a) compensation for capital when valued by reference to income, (b) compensation for lost profits, and (c) interest. In each of the Parts, leading international arbitral spanning a period from the 19th Century to the present, including the work of the Iran-US Claims Tribunal and the UN Compensation Commission, have been examined to follow the development of the doctrine concerning compensation for lost profits and the use of income in assessing capital loss. The use of the discounted cash flow method, which has come to dominate the subject of compensation in recent years, is described and analyzed in Part II. Observations made in Part II about the relationship between capital and income and the risk of double compensation are supported by findings in Part III in the analysis of cases in question of when interest would overlap with an award of compensation for lost profits and the date when interest begins to run.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available