The famous Salini test, commonly used to
determine whether an investment exists, has been put under heavy scrutiny by
recent arbitral awards. The present article discusses these awards and their
consequences, starting with an explanation of the history of the Salini test
and the reason why this test was proposed in the first place.

Laurence Burger, “The Trouble with Salini:
Criticism of and Alternatives to the Famous Test”, ASA Bulletin, Volume
31, Issue 3, pp. 145 – 160, September 2013.