tailieunhanh - NOVGOROD REGIONAL INVESTMENT INITIATIVE LAND AND REAL ESTATE REFORM SECTOR FINAL REPORT

The contribution of our paper to the existing literature is threefold. First, our work contributes to the large literature exploring the generation of abnormal returns by portfolio managers. In exploring beyond the abilities of mutual fund managers to generate trading profits in public markets, our work contributes to an emerging literature that attempts to generate a systematic view of how potential trading profits are made in alternative asset markets (see . Cochrane (2005), Kaplan and Schoar (2005), Ljungqvist and Richardson (2003), Gompers, Kovner, Lerner and Scharfstein (2008) in private equity and venture capital markets and Bond and Mitchell (2010) in real estate) | NOVGOROD REGIONAL INVESTMENT INITIATIVE LAND AND REAL ESTATE REFORM SECTOR FINAL REPORT Prepared for USAID Illi Housing Sector Reform Project II Project 110-0008 . Agency for International Development USAID Moscow Contract No. EPE-0008-Q-00-5120-00 Task Order No. 4 THE URBAN INSTITUTE 2100 M Street NW Washington DC 20037 202 833-7200 Prepared by Martin Richard Miller Chief-of-Party Peter Hart Steven Butler NERA PADCO September 1998 UI Project 06612-004 FINAL REPORT Novgorod Regional Investment Initiative Land Reform Sector Table of Contents Page Executive Summary A I. Introduction 1 A. Land and Real Estate Reform within the Regional Investment Initiative 2 B. Project Organization 4 C. Recommendations on Program Continuation 4 II. Component A. Novgorod Oblast 7 Task 1 Improve the Tax Structure for Investment 7 Task 2 Establishment of the Legal and Regulatory 12 Framework Task 3. Land Reform and Market Stimulation 16 III. Component B. Velikii Novgorod City 27 Task 1 Establish the Legal and Regulatory Framework 27 Task 2 Land Use Regulation 29 IV. Component C. Coordination and Priority Sub-tasks 31 A. Coordination and Priority Sub-tasks in Oblast 31 B. Priority Sub-tasks in Velikii Novgorod municipality 36 C. University Partnership 41 V. Satisfaction of Performance Indicator Objectives 42 VI. Index of Papers and Materials 44 VII. Appendix Materials separate volume contents on following page VII. Appendix Materials separate volume I. Property Tax Program A. Working Agreements with oblast raions B. Information on Property Rights in Property Taxation System C. Requirements for the Automated Management System for Managing Real Estate Taxation AMSRE II. Legal Framework in Oblast and City A. Proposal for Action Plan for Conversion of Residential Land Rights SYSTEMATIC REGISTRATION B. Municipal Land Ownership Correspondence with Novgorod Oblast Land Committee C. Land Use Regulation Memorandum Structure of Land Use Regulations in Novgorodskii Raion D. .