• V. Kleiner — Corporate Governance and Economic Efficiency of Companies
• A. Shastitko, T. Radchenko — Implements of Corporate Governance: Statute of Shareholders’ Agreements
• A. Gizatullin — Corporate Governance and Financial Performance: A Meta-Analysis

• L. Grigoriev, S. Kondratiev, M. Salikhov — Difficult Way out of Transformational Crisis (the Case of Georgia)
• Yu. Pavlenko — Modern Civil Society

• I. Buzdalov — Land Reform: As Viewed through the Prism of Intention
• V. Uzun — Agrarian Reform in Russia: Myths and Reality

In the article a simple model of stochastic credit bubble is proposed that has been growing over the recent years as a result of the global excess liquidity. That has given rise to formation of a random sequence of debt buyers clusters due to widespread practice of loan repayments with new debt issuance. Greatly increased positive feedbacks in the global market speed up the debt growth via structured financial instruments, and the debt bubble bursts at the critical value of global liquidity. The percolation process demonstrates how asset securitization and financial innovations might direct global system towards collapse. The model makes it possible to estimate the power law probability and time to a global collapse.

The article shows that transformation from static to dynamic analysis of corporate governance problems requires the enhancement of "corporate governance" definition by including not only relationships between the company and shareholders, but also interactions with numerous other market participants. The impact of corporate governance level on economic efficiency of companies is investigated, three core corporate governance principles are proposed. Compliance with them ensures the realization of well known corporate governance directives. The conclusions are illustrated by case studies of Russian companies.

The paper analyzes the reasons and conditions of concluding shareholders’ agreements, consequences of their use in specific areas, determines the factors which influence the terms of shareholders’ agreements and choice of enforcement on the basis of foreign experience. The method of survey makes possible to classify shareholders’ agreements by subject and formality, to conclude that one of the key factors influencing both the fact of concluding shareholders’ agreements and their terms is the type of legal system in a country. While comparing two institutional agreements (articles of association and shareholders’ agreement) the authors give their answer to the question of statute of shareholders’ agreements in corporate architecture.

The question of the influence of corporate governance on financial performance refers to the most vital topics of theory of the firm and corporate finance. The article is devoted to meta-analysis of empirical studies of the link between aggregate indicators of corporate governance quality and company’s financial performance. The study is based on the global sample of developed and developing countries data. Research results allow for assessment of true level and mechanisms of this interrelation with respect to legal, political, and economic environment.

The article deals with the process of transformation of the post-Soviet space in the last two decades since the collapse of the Soviet Union. Different models of economic development of former Soviet republics in the transition period are considered. Special attention is paid to the analysis of the type of economic and social development of Georgia with particular focus on the reasons and economic consequences of the conflict in South Ossetia.

The article is aimed at providing arguments in favor of the vital role of civil society in the institutional infrastructure of socio-economic development. Civil society is explored both as a social phenomenon and as a theoretical concept. Civilization-based and formation-based characteristics underlying forms and contents of civil society in different countries are highlighted. Some conclusions regarding the future prospects of civil society development in Russia and around the world are suggested.

Project-based transactions (PBTs) are a market mechanism of attracting foreign investments in order to abate greenhouse gas emissions and increase energy efficiency of the country’s enterprises. The article provides a classification and analyzes advantages and drawbacks of PBTs from the point of view of a host country. The main trends and factors determining the dynamics of the PBT market are described. Given that Russia currently lags behind the leaders of the PBT market, an incorporation of a state carbon fund is put forward with an aim of channelling PBTs through it. This paper proposes a form of PBT market regulation by incorporating an option mechanism into the contract structure of a transaction. A comparison of the new form of regulation with the tools that are currently in use in Russia and other countries demonstrates its greater economic efficiency under uncertainty.

The article considers conceptual grounds of land reform in Russia that has been conducted since the beginning of the 1990s and the results of its practical implementation. Special attention is paid to deformations during realization of the strategic course of reform and evident failures in tactics of market land transformations. Measures on correcting these transformations in the interests of land owners and rational land resources usage in rural areas are suggested.

During perestroika period (1985—1991) and when the agrarian reform was planned and actually carried out in Russia (1992—2000) a lot of myths emerged about its targets, methods, and consequences. More than 20 years have passed, but many authors instead of analyzing real processes that take place in modern agriculture in Russia still repeat the old myths created before the reform period or in its first years. This paper attempts to compare the myths and reality and find out which of the fears have come true and which have not.