This paper analyzes the Czechoslovak reform program which was launched on January 1, 1991. Under this program, Czechoslovakia has taken decisive steps to establish a market economy, while achieving price stability and a viable external position through restrictive financial policies. But there...

We study diversification within the real estate industry because of its relative transparency: portfolio management of assets with well-defined market prices. Diversification is over property types and geographical regions. The major cause of the diversification discount is not diversification...