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We examine the global ownership structure of firms in the context of the investment regime. Investment agreements extend valuable privileges to firms invested abroad. But, these privileges only apply to firms whose assets are owned in a country that has signed an agreement with their host market; firms lack protections under investment agreements for many of their target markets. We argue that, by strategically locating subsidiaries in ‘transit’ countries, firms systematically expand their access to investment agreements. This firm-specific access to investment agreements through transit countries also has implications for investment flows: Transit countries receive more inflows and outflows of investment. Moreover, the impact of agreements declines over time and treaty partners, as seemingly newly protected firms have previously gained coverage through subsidiaries. Drawing on subsidiary location choices of the world’s largest firms, as well as data on firm ownership structures and aggregate investment flows, we present systematic evidence consistent with this argument. The paper highlights the importance of the global ownership structure of firms in an environment of heterogeneous international rules and discusses new distributional consequences of the investment regime.

Background Trade and health scholars have raised concern that international trade and particularly investment disputes may be used by transnational health harmful commodity corporations (THCCs) to effectively generate public health regulatory chill. The purpose of this study was to contribute to the limited evidence base of trade or investment dispute-related regulatory chill using a case study of nutrition and alcohol policy in South Africa. Methods We conducted 35 semi-structured interviews with 36 key stakeholders involved in nutrition, alcohol and/or trade/investment policymaking in South Africa. Interview transcripts were analyzed using thematic analysis. We used Schram et al’s theory on three forms of regulatory chill (anticipatory, response and precedential) to guide the analysis. We report evidence on each form of regulatory chill as well as specific contextual factors that may influence the risk of regulatory chill. Results Trade obligations were found to generate a significantly greater anticipatory-type chilling effect on nutrition and alcohol regulation than South Africa’s investment treaty obligations. Response chill was reported to have occurred in relation to South Africa’s proposed tobacco plain packaging regulation while awaiting the outcome of both Australia’s investor-state and WTO state-state disputes. No cases were reported of THCCs threatening an investor-state dispute over nutrition or food regulations, but there were reported cases of THCCs using arguments related to South Africa’s trade obligations to oppose policy action in these areas. No evidence of nutrition or alcohol policy precedential chill were identified. Factors affecting the risk of policy chill include legitimacy and perceived bias of the dispute system, costs involved in pursuing a regulation/defending a dispute and capacity to pay, social acceptability of the industry, a product’s perceived risk to health and confidence in a successful dispute outcome e.g. through cross-border policy learning. Conclusions Our findings indicate that currently, South Africa’s trade obligations have a more prominent role in inhibiting nutrition and alcohol action than investment treaty-related concerns. However, given the potential for wider use of the ISDS mechanism by THCCs in the future, strategies to protect public health policy space in the context of both international trade and investment treaty and dispute settlement contexts remain important.

Background Public health concerns relating to international investment liberalization have centred on the potential for investor-state dispute settlement (ISDS)-related regulatory chill. However, the broader political and economic dimensions that shape the relationship between the international investment regime and non-communicable disease (NCD) policy development have been less well explored. This review aimed to synthesise the available evidence using a political economy approach, to understand why, how and under what conditions transnational corporations may use the international investment regime to promote NCD prevention policy non-decisions. Main body Methods: Mechanisms explaining why/how the international investment regime may be used by transnational health-harmful commodity corporations (THCCs) to encourage NCD prevention policy non-decisions, including regulatory chill, were iteratively developed. Six databases and relevant grey literature was searched, and evidence was extracted, synthesized and mapped against the various proposed explanatory mechanisms. Findings: Eighty-nine sources were included. THCCs may be incentivised to use the ISDS mechanism since the costs may be outweighed by the benefits of even just delaying regulatory adoption, particularly since the chilling effect tends to ripple out across jurisdictions. Drivers of regulatory chill may include ambiguity in treaty terms, inconsistency in arbitral rulings, potential arbitrator bias and the high cost of arbitration. Evidence indicates ISDS can delay policy adoption both within the country directly involved but also in other jurisdictions. Additionally, governments are adopting standard assessments of public health regulatory proposals for trade and ISDS risk. Various economic, political and industry-related factors likely interact to increase (or decrease) the ultimate risk of regulatory chill. Some evidence indicates that THCCs take advantage of governments’ prioritization of foreign investment over NCD prevention objectives to influence the NCD prevention regulatory environment. Conclusions While ISDS-related regulatory chill is a real risk under certain conditions, international investment-related NCD prevention policy non-decisions driven by broader political economy dynamics may well be more widespread and impactful on NCD regulatory environments. There is therefore a clear need to expand the research agenda on investment liberalization and NCD policy beyond regulatory chill and engage with theories and approaches from international relations and political science, including political economy and power analyses.

Increasing foreign direct investment (FDI) flows accompanied with globalization have raised the concern of a “race to the bottom” phenomenon in environmental protection. This is because footloose investors of “dirty” industries tend to relocate to “pollution havens” of the developing world. However when pollutant is transboundary (as in the case of greenhouse gases), the source country’s incentive to relocate and the recipient country’s willingness to host such industries are not straightforward. This article studies the relationship between FDI and environmental regulation using a North–South market share game model in a two-country setting, when pollution is transboundary. Contrary to the pollution haven hypothesis, our model shows that if market sizes of the two countries are small, FDI will raise the emission standard of the host country, resulting in a “race-to-the-top” phenomenon; but if market sizes are large enough, FDI will not change the emission standard of the South (from its laxest form), a finding that is consistent with the “regulatory chill” argument. Equilibrium FDI is contingent on the fixed cost of FDI, as the traditional proximity–concentration tradeoff theory predicts.

National governments have signed and ratified over three thousand International Investment Agreements (IIAs), which for the first time give multinational firms standing to sue host governments in international arbitration tribunals. IIAs have led to a host of high-profile and controversial legal disputes that have led to claims that investor state arbitration may be impeding governments in their ability to regulate and to protect their citizens’ well-being, a phenomenon known as “regulatory chill.” To understand the normative implications of regulatory chill, I analyze investor state arbitration over tobacco in Australia and Latin America. I examine legislative discussions over possible regulatory changes in Australia and Uruguay, the two cases that have faced disputes over tobacco laws, as well as in Latin American countries that provide access to the legislative debates and had legislative initiatives that sought to strengthen tobacco legislation. These cases demonstrate that tobacco packaging laws in a number of countries have been delayed or reduced as a result of fears of potential arbitration among the government and legislators. This regulatory chill is normatively problematic as it suggests that states may be giving up more of their regulatory authority than they initially believed they would have to under IIAs.

The article deals with the doctrine of legitimate expectations, which requires public authorities to respect reasonable expectations they have created with individuals, in particular, if such expectations have become the basis for investment. The jurisprudence of investment treaty tribunals and the European Court of Justice on the issue is examined. The approach of the latter is found to be preferable because of the clear limits imposed on the application of the doctrine. The options of the doctrine's reception by Ukrainian law are considered.

Prospective studies of the potential health consequences of trade and investment treaties, such as the Trans-Pacific Partnership, are critical. These studies can make visible to trade policy-makers the potential negative impacts associated to such treaties and can influence the outcomes of such negotiations. However, few researchers have examined retrospectively the consequences of trade agreements. With more than 400 trade agreements and more than 2000 investment treaties currently in force, researchers have a large corpus of agreements to analyse in order to assess not only their potential impacts on health system and population health, but also their actual impacts. This comment suggests some research questions that would benefit from retrospective inquiry.

Using a large plant level data set, this paper carries out an econometric analysis of the environmental performance of multinational firms in the gold mining industry worldwide. The aim of the analysis is to determine if, by looking at the actual environmental performance of firms (as opposed to inferring such behavior from location decisions), we can shed any light on important questions in the literature on firm location decisions: Do pollution havens exist in the gold mining industry? Do foreign controlled gold mines perform environmentally worse or better than their domestic counterparts? We develop different ways of measuring environmental performance within the context of a Bayesian stochastic production frontier approach. In particular, we derive different ways of measuring technical and environmental efficiency. When we implement these methods in our empirical work, we find that results are robust across different models and ways of measuring efficiency. We find that gold mines exhibit a wide range of environmental efficiencies; some are clearly more efficient than others. However, and most importantly for our questions, we find that this variation in efficiencies cannot be systematically related to mine characteristics such as whether they are foreign or domestically controlled or whether they are located in developed versus developing countries.

The EMA collaborated with several non-EU regulators and WHO throughout the assessment, under existing confidentiality arrangements, and has engaged with the International Coalition of Medicines Regulatory Authorities to ensure global alignment.3 Vaccine efficacy of BNT162b2 in the pivotal trial, which is still ongoing (NCT04368728), was high at 95% (95% CI 90·3–97·6) and the safety profile was adequate.4 The most commonly reported adverse reactions include injection site pain, fatigue, headache, myalgia, chills, arthralgia, and pyrexia, and safety aspects are included in the EU's risk management plan.5 Currently, the only important identified risk is anaphylaxis. [...]the achievement of high vaccination coverage globally is expected to take considerable time and the ability of COVID-19 vaccines to prevent infection and transmission remains unknown.1 In the meantime, other public health measures, such as use of face masks, physical distancing, and good respiratory and hand hygiene remain essential. The efficacy of BNT162b2 was apparent after about 10–14 days from administration of the first dose and before the administration of the second dose 21 days afterwards (the range in the clinical study was 19–42 days).2 Similar considerations would apply to the Moderna COVID-19 vaccine, notwithstanding the slightly different schedule with a second dose given with an interval of 28 days (dosing window allowed in the clinical study 21–42 days).7 These findings have led some public health authorities to consider delayed administration of a second dose to maximise the numbers of people receiving the first immunisation.

Low temperature limits rice geographical distribution. However, japonica rice, characterised by its chilling tolerance, can be planted in high‐altitude and temperate regions, and the molecular mechanisms underlying this adaptation remain partially understood. Here, we identified a novel major chilling‐tolerant QTL, qCSS12, through map‐based cloning using a chromosome segment substitution line (CSSL) previously developed from a cross between the chilling‐tolerant japonica rice Koshihikari and the indica rice Nona Bokra. Its causal gene RGA4L (Disease Resistance Gene Analog 4‐Like) encodes a specific NLR protein. RNAi lines of the Koshihikari allele RGA4Ljap exhibit increased sensitivity to cold, whereas overexpression lines enhance chilling tolerance of both the vegetative and reproductive stages in rice. Further, we found that RGA4L physically interacts with both OsHSP90 and OsLEA5. These interactions may facilitate the proper assembly of an RGA4L protein complex and then sense and transduce chilling signals to downstream pathways involving OsLEA5, thereby conferring chilling tolerance. Moreover, we demonstrate that RGA4L has been a major target of artificial selection for low‐temperature acclimation during japonica rice domestication. This work shows that RGA4L confers chilling tolerance throughout all growth stages and holds potential for breeding cold‐resistant elite rice varieties.