The Redistribution of Property Rights, Corporate Governance and Company Restructuring after Privatisation"

The project covered the main issues of privatisation, corporate governance and company restructuring after privatisation in Hungary and in the Russian Republic, together with a summary of the broader picture of company-level changes in Central and Eastern Europe, discussing the issues of micro-financial restructuring in the Czech Republic, Hungary, Poland and Slovakia. The two countries selected as the focus of research can be regarded as the two most widely differing cases of the economic transformation in Central and Eastern Europe. Hungary began its transition very early in 1989, while Russia was very late in doing so. Hungary first implemented a series of institutional and systemic reforms before stabilising its public finances, while Russia has struggled with financial stabilisation for years without great success. Company restructuring and the introduction of new forms of governance only began in Russia in the mid-1990s. Hungary opted for "traditional" western methods of privatisation and invited a large amount of foreign direct investment (FDI) while in Russia the bulk of state-owned property was privatised either by free distribution or by a strange blend of ESOP-MBO schemes. FDI in Russia remained modest because of the high risk and uncertainty surrounding economic transactions there. Hungary was a forerunner in privatising public utilities, while Russia has moved cautiously in this area. The group's studies show that the Hungarian economy is now over the "transformation recession" and its economic success is largely due to its successful privatisation and to the dominant participation of foreign investors in company take-overs and in the restructuring process. The study of Russia provides a comprehensive account of the main factors in the so-far modest results in Russian privatisation and economic transformation.

Effect of the Various Degrees of Stress on Childrens Art Expression Through Drawings

One of the aims of this project was to understand the way in which external environment or situation affects children's behaviour. Emotional experiences are developed and acquired under the influence of the environment, and a good family relationship is necessary for young people to grow, develop and socialise at all ages. Stress causes specific negative emotions, including concern, anxiety, sorrow and hostility. A pathologic environment in childhood forces the development of special abilities, both creative and destructive, It supports the development of an abnormal state of mind in which the usual relations between body and mind, reality and imagination, knowledge and memory are changed. Here the environment considered was that of the war and aggression in Bosnia & Herzegovina, where children, particularly those from Podrinje, witnessed arrests, killing, deforming and slaughtering of adults and children, in many cases members of their immediate families. Sehovic analysed the content of drawings by children exposed to various degrees of stress, to discover how these indicate various degrees of stress with the aim of using these as a projective technique in diagnostic work with children. The sample included around 600 children expelled from their homes, of both sexes aged between 6 and 12.