Foreign investors enjoy the protection of a vast network of international investment agreements (IIAs) supplemented by the general rules of international law. Under these treaties, states must accord substantive standards of promotion and protection, in addition to an investor-state arbitration mechanism that allows investors to enforce these standards against host states. In response to disputes arising under the IIA regime, since the early 1990s a significant body of arbitral jurisprudence has come into being. This book is the first to provide a comprehensive explanation of these standards of treatment, taking into account the full weight of relevant jurisprudence as it continues to evolve. Where possible, the authors critically examine applicable principles that can be seen to emerge for international commercial arbitration practitioners.The book focuses on the substantive protections accorded to investors and investments and on the variations among jurisdictions. Among the many specific issues and topics that arise in the course of the discussion are the following:A { problems of transparency and conflict of interest;A { the recent growth in IIAs between and among developing nations;A { the effect of new model bilateral investment treaties (BITs);A { the ability of non-disputing parties to participate in investor-state arbitration;A { theories of the interaction of foreign direct investment (FDI) and BITs;A { investor-state arbitration as an evasion of public regulatory authority;A { the role of investment funds in international investment;A { A fork in the road A| provisions; andA { institutional versus ad hoc arbitration.International business and other investors will greatly appreciate the in-depth information and insightful guidance in this solidly useful book. It will also be welcomed by jurists and students as a significant milestone in the development of principles in a quickly growing field of practice that is still plagued with inconsistencies.