A Brattle-authored chapter has been included in the second edition of The Guide to Telecoms Arbitrations, which was recently published by Global Arbitration Review (GAR).
Principals Dr. Lucrezio Figurelli and Richard Caldwell coauthored “Valuation Approaches: Investment Treaty Arbitrations,” a chapter reviewing the investment treaty arbitrations initiated by telecoms operators since the 1990s. The authors analyze instances in which damages were awarded and discuss the relevance and use of the discounted cash flow (DCF) method in these cases. They also consider specific issues that emerge when valuing telecommunications assets in the context of treaty arbitrations, including how to account for regulatory, country, and business risk and how to value spectrum under an alternative market approach.
The full chapter is available below.