{"type":"script","doc_desc":{"producers":[{"name":"Reproducibility WBG","abbr":"DECDI","affiliation":"World Bank - Development Impact Department","role":"Verification and preparation of metadata"}],"prod_date":"2026-10-21","version":"1"},"project_desc":{"authoring_entity":[{"name":"Bob Rijkers","affiliation":"World Bank","email":"brijkers@worldbankgroup.org"},{"name":"Daria Taglioni","affiliation":"World Bank","email":"dtaglioni@worldbankgroup.org"},{"name":"Guido Porto","affiliation":"Universidad Nacional de La Plata","email":"guido.porto@depeco.econo.unlp.edu.ar"},{"name":"Guillermo Falcone","affiliation":"Universidad National de la Plata and World Bank","email":"guillermofalcone@gmail.com"}],"title_statement":{"title":"Reproducibility package for Investor-State Arbitration And Foreign Investment: Evidence From ICSID Membership","idno":"RR_WLD_2026_765"},"data_statement":"The reproducibility package relies on four types of data: open, accessible, limited-access, and restricted data. For the source, access type, file location, and citation of each dataset, refer to the Datasets section and the README file.","software":[{"name":"Stata","version":"19.5 MP"}],"scripts":[{"title":"Reproducibility package for Investor-State Arbitration And Foreign Investment: Evidence From ICSID Membership","date":"2026-10","notes":"Computational reproducibility verified by Development Impact (DECDI) Analytics team, World Bank.","instructions":"See README in reproducibility package.","file_name":"RR_WLD_2026_765","zip_package":"RR_WLD_2026_765.zip","dependencies":"Stata dependencies are listed in the ado folder."}],"repository_uri":[{"name":"Reproducible Research Repository (World Bank)","uri":"https:\/\/reproducibility.worldbank.org"}],"production_date":"2026-10-21","abstract":"We study how investor\u2013State dispute settlement (ISDS) affects foreign direct investment (FDI) by examining countries\u2019 membership to the International Centre for Settlement of Investment Disputes (ICSID) and their first ISDS cases. Using a Poisson Pseudo\u2013Maximum Likelihood (PPML) event-study estimator and newly compiled data, we find that ICSID membership is associated with a substantial increase in bilateral investment, while a first ISDS case has no statistically significant effect. The results are not driven by simultaneous proliferation of bilateral investment treaties or other confounding events. ICSID membership thus appears to promote foreign direct investment.","geographic_units":[{"name":"World","code":"WLD"}],"keywords":[{"name":"Investment"},{"name":"FDI"},{"name":"ICSID"},{"name":"Property Rights"}],"topics":[{"id":"F21","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"International Investment \u2022 Long-Term Capital Movements","parent_id":"F2"},{"id":" F23","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Multinational Firms \u2022 International Business","parent_id":"F2"},{"id":" F53","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"International Agreements and Observance \u2022 International Organizations","parent_id":"F5"},{"id":" F55","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"International Institutional Arrangements","parent_id":"F5"},{"id":" K33","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"International Law","parent_id":"K3"},{"id":" K41","uri":"https:\/\/www.aeaweb.org\/econlit\/jelCodes.php?view=jel","vocabulary":"Journal of Economic Literature (JEL)","name":"Litigation Process","parent_id":"K4"}],"output":[{"type":"Working Paper","description":"Policy Research Working Paper (PRWP)","title":"Investor-State Arbitration And Foreign Investment: Evidence From ICSID Membership","authors":"Guillermo Falcone, Guido Porto, Bob Rijkers, Daria Taglioni"}],"language":[{"name":"English","code":"EN"}],"technology_requirements":"Run time: ~4 days.","disclaimer":"The materials in the reproducibility packages are distributed as they were prepared by the staff of the International Bank for Reconstruction and Development\/The World Bank. The findings, interpretations, and conclusions expressed in this event do not necessarily reflect the views of the World Bank, the Executive Directors of the World Bank, or the governments they represent. The World Bank does not guarantee the accuracy of the materials included in the reproducibility package.","license":[{"name":"MIT License","uri":"https:\/\/opensource.org\/license\/mit"},{"name":"World Bank IGO Rider","uri":"https:\/\/github.com\/worldbank\/metadata-editor\/blob\/main\/WB-IGO-RIDER.md"}],"contacts":[{"name":"Bob Rijkers","affiliation":"World Bank","email":"brijkers@worldbankgroup.org"},{"name":"Reproducibility WBG","affiliation":"World Bank","email":"reproducibility@worldbank.org"}],"datasets":[{"name":"Member States ICSID (International Centre for Settlement of Investment Disputes)","note":"Source: Compiled by the authors based on the Database of ICSID Member States.\nAccess date: February 2026.\nFile location: \"results\\tables\\tableA2_icsid_members_compact.tex\".","access_type":"Data is publicly available and included in the reproducibility package.","uri":"https:\/\/icsid.worldbank.org\/about\/member-states\/database-of-member-states","citation":"Authors' compilation. 2026. Member States ICSID [dataset]. Based on the Database of ICSID Member States. https:\/\/icsid.worldbank.org\/about\/member-states\/database-of-member-states. Accessed February 2026."},{"name":"Bilateral Foreign Direct Investments Statistics","note":"Source: United Nations Trade and Development (UNCTAD). Historical country workbooks and 1980-2000 workbook. Both collections were provided by email by the UNCTAD Statistics Unit (Division on Investment and Enterprise, Statistics@unctad.org).\nAccess date: Unknown. Package files were last modified May 2025 and February 2026.\nFile location: \"datain\/unctad\".","access_type":"Data access was granted directly to the study authors by the data owners\/managers. It was obtained with a custom data license that does not allow for redistribution and it is not included in the reproducibility package.","license":"Custom license","citation":"United Nations Trade and Development (UNCTAD). (2025). \"Bilateral FDI Flows and Stocks, historical country workbooks and Bilateral Flows and Stock 1980-2000\" [dataset]. UNCTAD FDI\/MNE database, provided by the UNCTAD Statistics Unit upon request."},{"name":"Investor-State Dispute Settlement (ISDS) Cases","note":"Source: United Nations Trade and Development (UNCTAD) Investment Policy Hub, Investment Dispute Settlement Navigator. \nRelease of 31 December 2023. \nFile location: \"datain\/UNCTAD-ISDS-Navigator-data-set-31December2023.xlsx\u201d.","access_type":"Data is publicly available but does not allow redistribution and is not included in the reproducibility package.","license":"Custom license","license_url":"https:\/\/unctad.org\/terms","uri":"https:\/\/investmentpolicy.unctad.org\/publications\/1303\/investment-dispute-settlement-navigator-full-isds-data-release-as-of-31-12-2023-in-excel-format-","citation":"UN Trade and Development (UNCTAD). (2024). \"Investment Dispute Settlement Navigator: Full Data Release as of 31 December 2023\" [dataset]. UNCTAD Investment Policy Hub. https:\/\/investmentpolicy.unctad.org\/publications\/1303\/investment-dispute-settlement-navigator-full-isds-data-release-as-of-31-12-2023-in-excel-format-.","license_uri":"https:\/\/unctad.org\/terms"},{"name":"World Development Indicators (WDI)","note":"Source: World Bank. Author-prepared historical extract. The indicator selection is specified in 2_prepare_wbdata.do.\nAccess date: February 2026.\nFile location: \"datain\/wdi\/wb_data_2026-02-03.dta\u201d.","access_type":"Data is publicly available and included in the reproducibility package.","license":"Creative Commons Attribution 4.0 (CC-BY 4.0)","license_url":"https:\/\/datacatalog.worldbank.org\/public-licenses?fragment=cc","uri":"https:\/\/databank.worldbank.org\/source\/world-development-indicators","citation":"World Bank. (2026). World Development Indicators [Dataset]. World Bank. https:\/\/databank.worldbank.org\/source\/world-development-indicators. Accessed February 2026.","license_uri":"https:\/\/datacatalog.worldbank.org\/public-licenses?fragment=cc"},{"name":"International Country Risk Guide (ICRG)","note":"Source: The PRS Group.\nAccess date: Unknown. Package files were last modified June 2025. \nFile location: \"datain\/prs\/institutional_variables.csv\u201d.","access_type":"Data access requires purchase or human approval and is not included in the reproducibility package.","license":"Custom license","license_url":"https:\/\/www.prsgroup.com\/wp-content\/uploads\/2022\/03\/Disclaim.pdf","uri":"https:\/\/www.prsgroup.com\/explore-our-products\/icrg\/","citation":"The PRS Group. (2025). International Country Risk Guide (ICRG) [dataset]. The PRS Group. https:\/\/www.prsgroup.com\/explore-our-products\/icrg\/.","license_uri":"https:\/\/www.prsgroup.com\/wp-content\/uploads\/2022\/03\/Disclaim.pdf"},{"name":"J.P. Morgan Emerging Markets Bond Index (EMBI)","note":"Source: J.P. Morgan. Quarterly workbook and annual extract.\nAccess date: June 2026. \nFile location: \"datain\/EMBI\". \nFile names: EMBI All Countries_qtrly_2026.xlsx; EMBI_Spreads_MorganMarkets_long.csv.","access_type":"Data access requires purchase or human approval and is not included in the reproducibility package.","license":"Custom license","license_url":"https:\/\/www.jpmorgan.com\/disclosures\/jpmorgan-markets","uri":"https:\/\/www.jpmorgan.com\/markets\/dataquery","citation":"J.P. Morgan. (2026). Emerging Markets Bond Index (EMBI) [dataset]. J.P. Morgan Markets. https:\/\/www.jpmorgan.com\/markets\/dataquery. Accessed June 2026.","license_uri":"https:\/\/www.jpmorgan.com\/disclosures\/jpmorgan-markets"},{"name":"Electronic Database of Investment Treaties (EDIT) Panel","note":"Source: Pellegrino, Spolaore and Wacziarg (2025), Geo-Political Distance Data Repository; derived from the EDIT database by Alschner, Elsig and Polanco. \nAccess date: Unknown. Package files were last modified December 2025.  \nFile location: \"datain\/QJE - Barriers to Global Capital Allocation\/EDIT_panel.dta\u201d.","access_type":"Data is publicly available and included in the reproducibility package.","uri":"https:\/\/www.geopoliticaldistance.org\/links","citation":"Pellegrino, B., Spolaore, E., and Wacziarg, R. (2025). \"Investment Treaties (EDIT) panel\" [dataset]. Geo-Political Distance Data Repository. Based on the Electronic Database of Investment Treaties (EDIT) by Alschner, Elsig and Polanco. https:\/\/www.geopoliticaldistance.org\/links. Data from: Pellegrino, B., Spolaore, E., and Wacziarg, R. (2025). Barriers to Global Capital Allocation. The Quarterly Journal of Economics, 140(4), 3067\u20133131."},{"name":"International Capital Taxation Dataset","note":"Source: Pellegrino, Spolaore and Wacziarg (2025), Geo-Political Distance Data Repository. \nAccess date: Unknown. Package files were last modified December 2025.  \nFile location: \"datain\/QJE - Barriers to Global Capital Allocation\/bilateral_tax_rates.dta\u201d.","access_type":"Data is publicly available and included in the reproducibility package.","uri":"https:\/\/www.geopoliticaldistance.org\/international-capital-taxation","citation":"Pellegrino, B., Spolaore, E., and Wacziarg, R. (2025). \"International Capital Taxation\" [dataset]. Geo-Political Distance Data Repository. https:\/\/www.geopoliticaldistance.org\/international-capital-taxation. Data from: Pellegrino, B., Spolaore, E., and Wacziarg, R. (2025). Barriers to Global Capital Allocation. The Quarterly Journal of Economics, 140(4), 3067\u20133131."},{"name":"Regional Trade Agreements Database","note":"Source: Mario Larch's Regional Trade Agreements Database, University of Bayreuth. \nRelease 20241028.\nAccess date: Unknown. Package files were last modified December 2025.   \nFile location: \"datain\/QJE - Barriers to Global Capital Allocation\/rta_20241028_dta\/rta_20241028.dta\u201d.","access_type":"Data is publicly available and included in the reproducibility package.","uri":"https:\/\/www.ewf.uni-bayreuth.de\/en\/research\/daten\/01rta-data\/index.html","citation":"Larch, Mario. (2024). Regional Trade Agreements Database from Egger and Larch (2008), release 20241028 [dataset]. University of Bayreuth. https:\/\/www.ewf.uni-bayreuth.de\/en\/research\/daten\/01rta-data\/index.html. Access date not confirmed. Egger, Peter H., and Mario Larch (2008). Interdependent Preferential Trade Agreement Memberships: An Empirical Analysis. Journal of International Economics 76(2), 384\u2013399."},{"name":"Polity5: Political Regime Characteristics and Transitions","note":"Source: Center for Systemic Peace.\nPolity5 Annual Time-Series, 1946-2018, version 2018.\nAccess date: Unknown. Package files were last modified April 2026.   \nFile location: \"datain\/polity_v\/p5v2018.xls\u201d.","access_type":"Data is publicly available but does not allow redistribution and is not included in the reproducibility package.","license":"Custom license","license_url":"https:\/\/systemicpeace.org\/inscrdata.html","uri":"http:\/\/www.systemicpeace.org\/inscr\/p5v2018.xls","citation":"Marshall, Monty G., and Ted Robert Gurr. (2020). Polity5: Political Regime Characteristics and Transitions, Polity5 Annual Time-Series, 1946-2018 [dataset]. Center for Systemic Peace. https:\/\/systemicpeace.org\/inscrdata.html.","license_uri":"https:\/\/systemicpeace.org\/inscrdata.html"},{"name":"Armed Conflict Dataset \u2013 Version 25.1","note":"Source: Uppsala Conflict Data Program (UCDP) and Peace Research Institute Oslo (PRIO). \nVersion 25.1.\nFile location: \"datain\/ucdp\/ucdp-prio-acd-251-xlsx\/UcdpPrioConflict_v25_1.xlsx\".","access_type":"Data is publicly available and included in the reproducibility package.","license":"Creative Commons Attribution 4.0 (CC-BY 4.0)","license_url":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/","uri":"https:\/\/ucdp.uu.se\/downloads\/olddw.html","citation":"UCDP and PRIO. (2025). UCDP\/PRIO Armed Conflict Dataset, version 25.1 [dataset]. Uppsala University. https:\/\/ucdp.uu.se\/downloads\/. Gleditsch, Nils Petter, et al. (2002). Armed Conflict 1946\u20132001: A New Dataset. Journal of Peace Research 39(5), 615\u2013637; Davies, Shawn, Ther\u00e9se Pettersson, Margareta Sollenberg, and Magnus \u00d6berg (2025). Organized violence 1989\u20132024, and the challenges of identifying civilian victims. Journal of Peace Research 62(4).","license_uri":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"},{"name":"Country-Year Dataset on Organized Violence within Country Borders \u2013 Version 25.1","note":"Source: Uppsala Conflict Data Program (UCDP). \nVersion 25.1.\nFile location: \"datain\/ucdp\/organizedviolencecy-251-xlsx\/organizedviolencecy_v25_1.xlsx\u201d.","access_type":"Data is publicly available and included in the reproducibility package.","license":"Creative Commons Attribution 4.0 (CC-BY 4.0)","license_url":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/","uri":"https:\/\/ucdp.uu.se\/downloads\/olddw.html","citation":"UCDP. (2025). UCDP Country-Year Dataset on Organized Violence within Country Borders, version 25.1 [dataset]. Uppsala University. https:\/\/ucdp.uu.se\/downloads\/. Sundberg, Ralph, and Erik Melander (2013). Introducing the UCDP Georeferenced Event Dataset. Journal of Peace Research 50(4), 523\u2013532.","license_uri":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"},{"name":"Freedom in the World: Country and Territory Ratings and Statuses, 1973\u20132026","note":"Source: Freedom House.\nAccess date: May 2026. \nFile location: \"datain\/freedom_house\/Country_and_Territory_Ratings_and_Statuses_FIW_1973-2026.xlsx\u201d.","access_type":"Data access requires purchase or human approval and is not included in the reproducibility package.","license":"Custom license","license_url":"https:\/\/freedomhouse.org\/about-us\/content-permissions#a1","uri":"https:\/\/freedomhouse.org\/data-request","citation":"Freedom House. (2026). Freedom in the World: Country and Territory Ratings and Statuses, 1973\u20132026 [dataset]. Freedom House. https:\/\/freedomhouse.org\/report\/freedom-world. Accessed May 2026.","license_uri":"https:\/\/freedomhouse.org\/about-us\/content-permissions#a1"},{"name":"Worldwide Governance Indicators (WGI) \u2013 2025 update","note":"Source: World Bank.\nAccess date: Unknown. Package files were last modified February 2026.   \nFile location: \"datain\/wgi\/wgidataset_with_sourcedata-2025.dta\u201d.","access_type":"Data is publicly available but does not allow redistribution and is not included in the reproducibility package.","license":"Custom license","license_url":"https:\/\/www.worldbank.org\/en\/publication\/worldwide-governance-indicators\/usage-advisory","uri":"https:\/\/www.worldbank.org\/en\/publication\/worldwide-governance-indicators","citation":"World Bank. (2025). Worldwide Governance Indicators, 2025 Update [Dataset]. World Bank. https:\/\/www.worldbank.org\/en\/publication\/worldwide-governance-indicators. ","license_uri":"https:\/\/www.worldbank.org\/en\/publication\/worldwide-governance-indicators\/usage-advisory"}],"technology_environment":"Paper exhibits were reproduced on a computer with the following specifications:\n\u2022 OS: Windows 11 Enterprise\n\u2022 Processor: Intel(R) Xeon(R) Gold 6226R CPU @ 2.90GHz\n\u2022 Memory available: 32.0 GB","reproduction_instructions":"To reproduce the findings in this paper, a replicator must:\n1. **Secure Access to Data:** Access the datasets not included in the package. See the Datasets section for more details.\n2. **Run the Package:**\n  - Update the working directory in line 8 of the do-file `dofiles\/0_run_all.do`, and run it.\n\nSince not all the data is included, the package includes the results produced by replicators. These files can be used to review the results presented in the paper."},"datacite":{"creators":[{"givenName":"Bob","familyName":"Rijkers","nameType":"Personal","affiliation":[{"name":"World Bank","affiliationIdentifier":"https:\/\/ror.org\/00ae7jd04","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"}]},{"givenName":"Daria","familyName":"Taglioni","nameType":"Personal","affiliation":[{"name":"World Bank","affiliationIdentifier":"https:\/\/ror.org\/00ae7jd04","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"}]},{"givenName":"Guido","familyName":"Porto","nameType":"Personal","affiliation":[{"name":"Universidad Nacional de La Plata","affiliationIdentifier":"https:\/\/ror.org\/01tjs6929","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"}]},{"givenName":"Guillermo","familyName":"Falcone","nameType":"Personal","affiliation":[{"name":"Universidad National de la Plata","affiliationIdentifier":"https:\/\/ror.org\/01tjs6929","affiliationIdentifierScheme":"ROR","schemeUri":"https:\/\/ror.org"},{"affiliationIdentifierScheme":"ROR","name":"World Bank","schemeUri":"https:\/\/ror.org","affiliationIdentifier":"https:\/\/ror.org\/00ae7jd04"}]}],"titles":[{"lang":"en","title":"Reproducibility package for Investor-State Arbitration And Foreign Investment: Evidence From Icsid Membership"},{"title":"RR_WLD_2026_765","titleType":"Other"}],"publisher":"World Bank","publicationYear":"2026","types":{"resourceType":"Reproducibility package","resourceTypeGeneral":"Other"},"url":"https:\/\/reproducibility.worldbank.org\/index.php\/catalog\/study\/RR_WLD_2026_765","language":"en"},"tags":[{"tag":"DOI"},{"tag":"Open Code"},{"tag":"Restricted Data"}],"schematype":"script"}