annual report | 2008€¦ · annual report | 2008. the main aim of this report is to communicate...

Annual Report | 2008

The main aim of this report is to communicate

clearly and transparently to our community how

we are progressing, outlining some of

our most important initiatives, projects and

achievements in 2008.

3Insper

Insper - Ibmec São Paulo

Message from the President

Dear Friends,

The school has been offering lato sensu graduate programs since

1987. However, the Ibmec São Paulo School, which was conceived

to educate, through its undergraduate programs in Business Admin-

istration and Economics, professionals who will help shape society in

Brazil, celebrated its tenth anniversary in March of this year.

In order to better achieve the dual objective of educating

competent professionals, together with the production of knowl-

edge which may contribute to this end, became even clearer when

we established our mission in March 2004, when Ibmec São Paulo

was turned into an independent non-profit institution. The revision

of this mission in 2007, with the addition of our vision, made this

dual objective even clearer.

By developing and educating people and generating and dissemi-

nating knowledge in its specific fields, Insper - Ibmec São Paulo both

enriches society and contributes to the country’s development. As a

non-profit organization, the institution’s surplus is fully invested in

achieving its mission.

The main aim of this report is to communicate clearly and trans-

parently to our community and to all our stakeholders how we are

progressing in this direction, while outlining some of our most impor-

tant initiatives, projects and achievements in 2008.

Looking back on what we accomplished last year and on where

the School stands today in terms of its lato and stricto sensu under-

graduate and graduate programs, the first thing that strikes us is the

extraordinary growth we have experienced over the last ten years.

Nevertheless, although we have advanced and achieved much, there

is still a great deal to do and many challenges to overcome before we

can accomplish what is stated in our vision and ensure our sustain-

ability over the coming decades.

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Among the projects we initiated last year, perhaps the most

important one was the change of our brandname and visual identity.

Changing one’s brandname is no easy task, especially in the case

of an educational institution with an extensive alumni community

whose degrees were issued under the previous name. In our particu-

lar case, the process of change was even more complex due to the

fact that the IBMEC brand will continue to be used by two other

independent learning and research institutions, with no links what-

soever to our own school. It was this fact, together with the related

potential conflicts, that finally persuaded us to assume the risk and

move ahead.

The first stage of this process was concluded in March with the

Board of Directors’s approval of the new name, following lengthy

consultations with our community (students, alumni, faculty, staff

and friends) regarding the two final contenders. Our new brandname

– Insper Instituto de Ensino e Pesquisa¹ – was chosen by the over-

whelming majority of the community.

The second and no less important step is to ensure that all stake-

holders are properly communicated of the change and to manage

the transition between the old and new names, which will coexist

together for some time.

We are therefore beginning a new phase in the life of our school

under a new proprietary brandname which reflects our values and is

consistent with our vision and mission. We continue to count on your

invaluable support so that in this new phase the school will continue

to flourish and add increasing value to all our stakeholders and the

country as a whole

Sincerely,

Claudio L. S. Haddad

¹ The use of the new name Insper Instituto de Ensino e Pesquisa in the school’s academic documents is pending approval by the Ministry of Education.

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Insper Instituto de Ensino e Pesquisa

The same school, a new brand, and our own identity

The brandname change is intended to consolidate the image and personality of our

school, as well as its identity. In May 2008, the decision was officially communicated to the

Insper - Ibmec São Paulo community; the first step had been taken.

We cannot stress enough that the change is limited to the brandname of the institution,

that its strategy, mission, vision, values and fundamental principles remain unaltered, and

the same goes for its management and structure.

The brand Insper Instituto de Ensino e Pesquisa will be constructed with the active engage-

ment of our students, alumni, faculty, administrative staff, other employees, friends and all

those who identify with our values and educational ethos.

Insper - Ibmec São Paulo in the World

The year 2008 was exceptionally important for the process of accreditation by the Asso-

ciation to Advance Collegiate Schools of Business (AACSB International). Around 70 of

the initiatives envisaged in the accreditation plan approved at the beginning of 2007 have

already been developed. The results allowed us to conclude that we already comply with all

the accreditation standards. At the beginning of 2009, the school received the “go ahead”

from the Initial Accreditation Committee which means we are ready to prepare for the Peer

Review Team visit. The team will evaluate us in loco and will provide feedback so that we can

ultimately receive this most important and encompassing international accreditation. The

process still requires that we elaborate a Self Evaluation Report and that we have all data

referring to such report available at the time of the team’s visit which will be schedule for the

beginning of 2010.

In 2008, we engaged in about 70 different initiatives which had been outlined in the

accreditation plan approved at the beginning of 2007.

In the group of activities classified under Strategic Management, the school implemented

its strategic planning process and finalized the planned set of initiatives. In the Participants

group of activities, we reached the targeted percentages for both our faculty’s academic and

professional qualifications and for its participation in the school’s activities. Another achieve-

ment was the creation of a unique registry, called the Professor’s Portfolio, permitting the

compilation of all the data needed to validate the academic and professional qualifications

of each faculty member, as well as keeping the school’s intellectual output fully up to date.

In the last five years, our faculty has produced a total of 1,826 contributions, around 15%

of which were peer-reviewed articles in academic journals and 85% papers presented at

congresses, case studies, book chapters, lectures, workshops, and other. In the third group,

called Assurance of Learning, the school completed the first cycle of this process in its

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undergraduate and graduate programs, obtaining invaluable data for the curricular revision

scheduled for 2009 in most programs. Thanks to this progress, Insper - Ibmec São Paulo is

preparing to conclude the execution of the accreditation plan and schedule the visit of the

AACSB representatives, who will finalize the entire process and award international accredi-

tation on the school.

Exchange Programs

Seeking to strengthen its internationalization process, the school is constantly forming

associations with universities abroad. In 2008, we expanded these agreements for Insper -

Ibmec São Paulo undergraduate students in Europe, the United States and Asia (University

of St. Gallen, Tulane University and Singapore Management University). We also began offer-

ing more elective courses in English each academic semester, thereby attracting even more

overseas students.

• Singapore Management University

This is our first agreement with an Asian university, which offers an ideal opportunity for

undergraduate students from both continents to enrich their academic, cultural and profes-

sional experience.

• Tulane University

This new and important agreement between Insper - Ibmec São Paulo and a U.S. univer-

sity involves both undergraduate and graduate exchange programs, the creation of new

courses benefiting students from both schools and promoting the possibility of international

doctorates for Insper - Ibmec São Paulo faculty members.

• University of St. Gallen

Building on the already existing partnership between the Master of Laws and Master in

Law and Economics programs, this new agreement promotes the exchange of undergraduate

students from both institutions, thereby strengthening academic ties.

Rankings

Placing high in nationally and internationally recognized rankings also increases the school’s

visibility. Insper - Ibmec São Paulo’s executive education programs were ranked, in 2008,

among the 27 best in the world by the Financial Times (Executive Education – Customized). In

the MBA ranking of the magazine Você S/A, the school was among the 4 best in Brazil.

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Insper - Ibmec São Paulo in the Media

The school received ample exposure in the country’s main communication vehicles in

2008. Professors gave interviews on a wide variety of subjects, especially on the unfolding of

the global financial downturn in the second half of the year. It also featured more prominently

on television reporting, with professors analyzing the political and economic scenario in light

of the crisis. Studies by Insper - Ibmec São Paulo researchers were also eagerly sought out,

with the results published in major newspapers and magazines.

Important events sponsored by the school were also the subject of media attention.

There were around 400 such events in 2008, including international seminars with renowned

participants and lectures by faculty members and partners. Given the rich content of these

events, students and members of the Alumni community, as well as guests, were able to

pursue continuous advancement and enrichment.

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Insper - Ibmec São PauloEducation

Innovation in the Transmission of knowledge

The school’s educational vision was further strengthened in 2008 by a series of initiatives

designed to enhance the development of faculty members and create resources to support

the principle of participant-centered learning. These included the Participant-Centered Learn-

ing workshop, the launch of Educawiki and the implementation of the first Assurance of

Learning cycle in all the school’s programs.

Participant-Centered Learning workshop

Aiming to make the principle of participant-centered learning, which underpins the

school’s educational vision, an integral part of our faculty’s working culture, Insper - Ibmec

São Paulo held in november a shortened version of the Colloquium on Participant-Centered

Learning held every year by the Harvard Business School (HBS). Led by Howard Stevenson

and James Austin (HBS emeritus professors who, between them, have more than 40 years

experience with this teaching methodology) and with the participation of Gustavo Herrero,

Ricardo Reisen and Sergio Lazzarini, the event covered such topics as:

• the philosophy behind the participant-centered learning method and its differences from

more traditional teaching methods;

• the classroom structure and the teaching skills, techniques and resources needed to

implement the method;

• the creation of new participant-centered courses;

• techniques for writing cases studies and teaching notes.

In 12 sessions held over three days, the workshop included case studies, debates, group

discussions and presentations. Of the 56 professors taking part, 32 came from Insper - Ibmec

São Paulo and 24 were invited from Coppead-RJ, ESALQ, FGV, Dom Cabral Foundation, IAE

Business School (Argentina), Ibmec and the University of San Andrés (Argentina).

The event was a source of great satisfaction for Insper - Ibmec São Paulo, since it helped

reinforce participants’ engagement with and increase their understanding of our educational

vision, while encouraging them to try new learning experiences.

Educawiki

Launched on Teachers’ Day in an event that brought together faculty members from vari-

ous programs, Educawiki aims to consolidate an on-line community to share teaching experi-

ences and resources in order to assure continuous improvements to teaching practices. The

idea is based on the importance of interaction and of organizing development resources and

efforts around a repertoire of practices and needs brought by teachers and students. Bear-

ing this in mind, Insper - Ibmec São Paulo invests in research and technology that support

interactive learning, encouraging users (students or professors) to take an active part in

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developing the resource by inserting content, participating in blog discussions and recording

their thoughts on the learning process.

Educawiki has had more than 2,500 visits since its launch and more than 50 content

items from various fields of knowledge have been shared, with an average of 25 visits per

day. Educawiki can store didactic content, videos, testimonials, blogs, etc., serving as a

vehicle for interaction and the construction of a collective database of resources and prac-

tices to help students learn and ensure the continuous development of our teaching staff,

while adding to their knowledge.

Assurance of Learning

In 2008, Insper - Ibmec São Paulo concluded the first Assurance of Learning cycle in all

its programs as part of one of the school’s institutional goals: to become a benchmark in

teaching and research. The aim of the Assurance of Learning process is to establish a series

of indicators to discover whether our programs are truly effective in providing our students

with the requisite knowledge and skills demanded by each program, always underpinned

by our vision of developing leaders and professionals who really make a difference to our

society. The main point we learned from this first Assurance of Learning cycle was an under-

standing of its role in fomenting ideas for improving our programs. As a result of this under-

standing, the 2009 goal for the various academic deans and directors is to plan a revision of

the curriculum that will fill the learning gaps identified along the process.

Faculty Recognition and appreciation

Every year, our school recognizes its best professors in the teaching and research areas:

Chafi Haddad Teaching Excellence Award – the winners are chosen by a vote taken

from among those undergraduate students graduating in the specific year and the entire

graduate student body.

George Stigler Research Excellence Award – open to professors who have published

research papers or books during the year, the winners chosen by the school president and a

panel of research professors who are not competing for awards that year.

In 2008, the following professors were recognized by awards:

Chafi Haddad Teaching Excellence Award

• Undergraduate students – Prof. Carlos Melo

• Graduate students – Prof. Nuno Almeida and Liao Yu Chieh

George Stigler Research Excellence Award

• First place – Prof. Rodrigo Moita, for the paper entitled “Entry and externality: hydroelec-

tric generators in Brazil” (International Journal of Industrial Organization)

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• Second place – Prof. Naercio Menezes, for the paper entitled “Fiscal policy and reelection

in Brazilian municipalities” (Public Choice), and Sergio Lazzarini, for the paper entitled

“Horizontal and vertical relationships in developing economies: implications for SMEs’

access to global markets” (Academy of Management Journal)

The award ceremony, traditionally held in March, is attended by the entire school commu-

nity, including students, alumni, faculty and staff.

Undergraduate Programs

1. Entrance examinations: growth in applications and changes for 2009

In 2008, Insper - Ibmec São Paulo completed ten years of undergraduate entrance exami-

nations. In the last such exam for students entering in the first semester of 2009, there were

16.8 applicants for each opening in the Business Administration program and 12 applicants

for each opening in the Economics program, our highest ever figures. The following chart

shows applicant number trends since 2004.

Evolution of Applications

0

500

1000

1500

2000

2500

1,05

273

3

1,03

678

0

1,55

31,

127

1,79

31,

239

2,13

51,

454

2,44

71,

564

2004 2005 2006 2007 2008 2009

Evolution of Applications

Average annual growth in applicants over last 6 years: 19%

Enrolling 1st Semester

Enrolling 2nd Semester

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Last year the School held a seminar on the entrance examination, which was attended by

representatives from high schools and preparatory schools and by other interested parties.

Participants included deans and directors from the entrance examination committees of

UNICAMP, UNESP, ITA, PUC-SP and Insper - Ibmec São Paulo itself. The topics discussed

included the impact of the entrance exam on high school teaching, the effectiveness of

programs that support the access of less-privileged applicants to higher education, the adop-

tion of the end-of-high-school ENEM exam score (or its replacement) as part of the entry exam

score, and the relevance of the entry exam as an indicator of good academic performance.

Based on the ideas put forward in the seminar and on an analysis of the first ten years of

entrance exams, the school decided to modify the current model. The data showed that the

tests of verbal analysis (Portuguese) and quantitative analysis and logics (mathematics) are

effective indicators of graduation within the regular period (four years). Given the confirma-

tion by similar studies abroad, as of this year, Insper - Ibmec São Paulo’s entry exams will be

based on an eliminatory written essay, as well as the two predictive exams mentioned above,

which will be used to classify the applicants.

2. Program innovations

In 2008, Insper - Ibmec São Paulo launched its dual-degree program in Business Adminis-

tration and Economics. By means of an internal selection process based on a pre-established

number of places, undergraduates will have the option of obtaining a second degree one year

after completing their first, thanks to the high level of curricular integration between the school’s

Business Administration and Economics programs (with the first three semesters identical for

both programs). In the final year, students can take several common elective courses.

We also held the first selection process for the International Business program, which will

be officially launched in 2009. This specialization program will allow Business Administration

and Economics students to complement their degree programs in their final undergraduate

year with subjects focused on global issues. Students also participate in seminars on topics

of current interest and how to conduct business in various countries, improving their under-

standing of the cultural and legislative aspects of each.

3. Highlights of undergraduate faculty and students

• In 2008, Insper - Ibmec São Paulo received the maximum score in a Ministry of Education

(MEC) assessment, figuring among the country’s top higher education institutions in the

most varied areas of knowledge. The evaluation was based on the General Course Index

(IGC) created by MEC to measure the quality of educational institutions under a wide

variety of aspects.

• Insper - Ibmec São Paulo has been preparing students for the exam given by the Natio-

nal Association of Centers for Graduate Studies in Economics (ANPEC) since 2004,

placing students in the top Brazilian graduate schools specializing in Economics. Of the

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19 students who took our preparatory course in 2008, 10 ranked among the top 40

applicants in the national ANPEC exam, ensuring their entry into Brazil’s most renowned

graduate programs in Economics at the country’s top-ranked institutions.

• The paper entitled “The impacts of monetary policy on future interest rates as applied to

the Brazilian economy”, by the student Marcel Zimmermann Aranha and supervised by

Professor Marcelo Moura, won first prize in the Applied Social Sciences category at the 8th

National Scientific Initiation Congress (CONIC) sponsored by the São Paulo State Associa-

tion of Higher Education Institutions (SEMESP) held on November 16 and 17, 2008. The

paper analyzes certain information implicit in the Brazilian market’s forward interest rate

curve, focusing primarily on the last three occasions when a restrictive monetary policy

was introduced.

4. Supporting young talent

The visibility of our scholarship programs has grown considerably in recent years, chiefly

due to improved on-line communications and visits to target schools. The results can be

seen in the higher number of applicants for these scholarships and growing community

recognition of this opportunity offered by Insper - Ibmec São Paulo. In addition, in March

Scholarship Fund – UndergraduateScholarship Fund – Undergraduate

Scholarship Fund 2006 2007 2008

Starting Balance (-) Scholarships Awarded 2,162 2,540

Scholarships Awarded (501) (943)

Refund 45 12

Investments 507 374

Ending Balance (Remunerated) 2,540 2,251

2,251

(1,410)

84

431

1,582

Scholarships Awarded 2006 2007 2008

Scholarship Students 49 70 101

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2008, we achieved a long-awaited milestone: 10% of our undergraduates were scholarship

students. These results express our determination to build a diversified student body in terms

of economic background, while united behind the common goal of receiving high-quality

academic education and a commitment to study hard in order to achieve this goal.

“A scholarship program in such an excellent university as Insper - Ibmec São Paulo is of

vital importance both for the institution’s academic community and for society as a whole,

since it ensures a mutually enriching exchange of experience between regular students,

faculty and scholarship students. The latter can make an important contribution to the body

of knowledge accumulated here, thanks to their slightly different background and outlook

on life. Society also benefits from the program which, by giving less economically privileged

students access to first-class education, promotes a better distribution of knowledge among

the various income groups. In addition, many scholarship students may go on to implement

projects in companies or public institutions that benefit entire communities.”

Amanda Campos (student of the 6th semester – Business Administration)

Lato Sensu Graduate Programs

As an example of the strong demand for all our lato sensu graduate programs, the

total number of applicants in 2008 increased by 14% over the previous year, led by the

Certificate programs, with an increase of 20%, and the Master of Laws programs, with an

increase of 16%.

Despite the more rigorous selection process, the strong demand was accompanied by an

increase of 10% in enrollment.

The main improvements came from the changes in admissions procedures in all programs.

Tests of specific knowledge were introduced, such as in the case of the Master of Laws programs,

while logical and quantitative reasoning tests were adopted in the Certificate and Executive MBA

programs. This made the selection process more objective and assured greater homogeneity

among entrants, reinforcing the commitment to the program’s educational objectives.

Another highlight was the beginning of the student exchange program with the University of

Virginia’s Darden Business School. Insper - Ibmec São Paulo has developed a special program

for Darden students, while its own Executive MBA students will be able to attend Darden.

“The Darden experience was fantastic. The classes were excellent, we exchanged experi-

ences with other students and we benefited from Darden’s first-class infrastructure. Above

all, however, we had the opportunity to live in an academic environment that was both excep-

tionally rich and very different from anything we had experienced before, either in Brazil or

abroad. I hope to be able to participate again.”

Kleber Kikunaga (Executive MBA in Finance alumnus)

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Professional Masters in Business Administration

The aim of Insper - Ibmec São Paulo’s Professional Masters in Business Administration

program, which was launched in October 2007, is to enable professionals to dominate those

theories, concepts and methodologies that can help them in their everyday professional

activities. The main difference between this masters program and more conventional ones

is its emphasis on business strategy and its reliance on an approach that is both quantita-

Graduate Programs Lato SensuNumber of Applicants, Admissions and Enrollments by Admissions Process

� Graduate Programs Lato Sensu Number of Applicants, Admissions and Enrollments by Admissions Process

2006 2007 2008 Variation 2006 2007 2008 Variation

Applicants 466 499 580 16% 1,182 1,403 1,688 20%

Applicants accepted 188 208 190 -9% 657 704 735 4%

Students enrolled 157 163 179 10% 532 623 731 17%

Yield (Enrolled/Accepted)

84% 78% 94% 20% 81% 88% 99% 12%

LLM Certificates

Applicants

Applicants accepted

Students enrolled


MBA TOTAL

1,532 1,586 1,697 7% 3,180 3,488 3,965 14%

577 661 632 -4% 1,422 1,573 1,557 -1%

477 482 488 1% 1,166 1,268 1,398 10%

83% 73% 77% 6% 82% 81% 90% 11%


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tive and analytical. Demand rose by more than 50% in 2008, when the program also was

subjected to its first internal evaluation to assess its effectiveness, resulting in alterations to

the curriculum in the following year.

A highlight in the year was the research conducted by professors Danny P. Claro and

Silvio Laban, which was chosen as the best study in the Marketing category by the National

Association of Business Administration Graduate and Research Programs (ANPAD) at its

annual congress.

Application and enrollment trends are shown in the following table:

Professional Masters in Business AdministrationGraduate Programs – Stricto Sensu

2006 2008 variation

Applicants 193 163

Applicants accepted 64 61

Professional Masters in Economics

Students enrolled 48 50

Yield (Enrolled/Accepted) 75%

2007

162

63

50

79% 82%

1%

-3%

0%

3%

2006 2008 variation

Applicants - 34

Applicants accepted - 20


Students enrolled - 15

Yield (Enrolled/Accepted) -

2007

20

11

11

100% 75%

70%

82%

36%

-25%


Insper - Ibmec São Paulo’s Professional Masters in Economics program has two main objec-

tives: first, to meet the growing market demand for professionals with a solid grounding in

economic theory, finance and quantitative methodologies, and second, to promote and expand

the school’s academic research into macroeconomics, finance and other fields of Economics.

Between 2004 and 2006, the program was evaluated by CAPES, which measures the

effectiveness of higher education programs, and received maximum scores in the masters

degree category. With three classes already graduated, the number of approved dissertations

totaled 76, and the fourth class is expected to submit their dissertations by July 2009. The

papers, which address financial and economic subjects, are characterized by their empirical

approach, which is underscored by potential application in real-life contexts.

A project was drawn up to alter the program’s structure, which will be implemented as

of 2010. The idea is to give students more time to prepare their dissertations, as well as

to prepare the professional masters program for the potential entry of new stricto sensu

graduate programs.

Application and enrollment trends are shown in the following table:

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Of particular note in the year were two papers by Professor José Luis Rossi Junior ,

which received awards in the International Finance category at the annual congresses of

the International Academy of Business and Economics and the Global Academy of Busi-

ness and Economics.

Also in 2008, Professor Sérgio Lazzarini, who teaches in the Masters Programs in Business

Administration and Economics and is also Academic Dean of the Undergraduate Programs,

was elected a member of the executive committee of the Business Policy and Strategy divi-

sion of the Academy of Management and the International Society for the New Institutional

Economics (ISNIE).

Executive Education

In 2008, the executive education area continued its rapid growth of recent years, effec-

tively consolidating its presence in the market.

Operating in association with major Brazilian and international corporations, it structures

programs based on an understanding of the specific needs of each client and of the type of

public to which such corporate development initiatives are targeted.

Such was the recognition of the role we play in our partners’ personnel training strategies

that we were ranked among the top 27 schools in the world by the Financial Times 2008

Rankings for executive education programs.

In the same year, Insper - Ibmec São Paulo became a “full member” of UNICON - Inter-

national University Consortium for Executive Education, which has as members the most

important schools of executive education in the world. Recently, our Academic Dean for

Executive Education was elected Member of the Board of that organization.

“[...] Insper’s advantage lies in its ability to recognize the company’s needs, respect its

style and culture while at the same time challenging it to renew its thinking. This is a delicate

balance that requires great sensitivity, as well as excellent technical and teaching skills.

[...] Another advantage lies in the fact that the concepts presented translated into practical


Graduate Programs – Stricto Sensu

2006 2008 variation

Applicants 193 163

Applicants accepted 64 61


Students enrolled 48 50

Yield (Enrolled/Accepted) 75%

2007

162

63

50

79% 82%

1%

-3%

0%

3%

2006 2008 variation

Applicants - 34

Applicants accepted - 20


Students enrolled - 15

Yield (Enrolled/Accepted) -

2007

20

11

11

100% 75%

70%

82%

36%

-25%

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results, with the people involved in important company projects finding themselves equipped

with a series of tools to support and enhance their performance. [...]”

Luci Bordim BellacosaManager of People Development Department, CPFL Energia

Executive Education – Customized Programs

Clients

Programs Delivered

49

113

31

78

2006 2007 2008Highlights

28

88

Students Served 2,659 2,112 2,476

Classroom Hours 7,291 5,815 7,482

� Executive Education – Customized Programs

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Antonio Zoratto Sanvicente

Full Professor

Ph.D., Business Administration – Stanford University

Finance.

Carlos Alberto Furtado de Melo

Assistant Professor / Director of Community Relations

Doctorate, Political Science – PUC/SP

Brazilian Culture. Brazilian Politics.

Charles Kirschbaum

Assistant Professor

Doctorate, Business Administration – FGV/SP

Strategy. Organizational Theory. Sociology of Organizations. Creative Industries.

Full-Time Faculty

Title and fields of study of research professors

Composition of team as of January 2009

Adriana Bruscato Bortoluzzo

Assistant Professor

Doctorate, Statistics – IME/USP

Statistics. Econometrics. Time Series.

Alberto Masayoshi Faria Ohashi

Assistant Professor

Doctorate, Statistics (Probability) – USP

Stochastic Analysis. Financial Mathematics.

André Luís de Castro Moura Duarte

Adjunct Professor / Director of the Undergraduate Program in Business Administration

Doctorate, Business Administration – EAESP-FGV/SP

Operations Management. Supply Chain Management.

Andrea Maria Accioly Fonseca Minardi

Associate Professor

Doctorate, Business Administration – EAESP-FGV/SP

Finance.

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Danny Pimentel Claro

Assistant Professor / Director of the Strategy Research Center

Ph.D., Business Administration – Wageningen University

Marketing.

Dirk Michael Boehe

Assistant Professor

Doctorate, Business Administration – UFRGS

International Management.

Eduardo de Carvalho Andrade

Assistant Professor

Ph.D., Economics – University of Chicago

Economics of Education.

Eduardo Giannetti da Fonseca

Full Professor

Ph.D., Economics – University of Cambridge

Economic Thought. Philosophy.

Eurilton Alves Araújo Júnior

Associate Professor / Director of the Professional Masters in Economics Program

Ph.D., Economics – Northwestern University

Macroeconomics. Econometrics.

Fábio Augusto Reis Gomes

Assistant Professor / Director of the Undergraduate Program in Economics (as of January 2009)

Doctorate, Economics – EPGE-FGV/RJ

Applied Econometrics.

Fabio Ribas Chaddad

Joint Appointment

Ph.D., Agricultural Economics – University of Missouri

Strategy. Agribusiness.

Gazi Islam

Associate Professor

Ph.D., Business Administration – Toulane University

Organizational Behavior. Leadership. Organizational Culture.

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Henrique Machado Barros

Assistant Professor / Director of Professional Masters Program in Business Administration

Ph.D., Business Administration – Warwick Business School

Strategy. Innovation.

José Luiz Rossi Júnior

Associate Professor

Ph.D., Economics – Yale University

International Finance. Corporate Finance. Monetary Economics.

Luiz Ferraz de Mesquita

Joint Appointment

Ph.D., Strategic Management – Purdue University

Strategy and Organization.

Marcelo Leite de Moura e Silva

Assistant Professor

Ph.D., Economics – University of Chicago

Monetary Economics. Finance.

Marco Lyrio

Associate Professor

Ph.D., Economics – Catholic University of Leuven

Macrofinance.

Maria Cristina Nogueira Gramani

Assistant Professor

Doctorate, Engineering – UNICAMP

Operational Research. Operations Management.

Mauricio Soares Bugarin

Full Professor / Director of the Undergraduate Program in Economics (until December 2008)

Ph.D., Economics – University of Illinois

Game Theory.

Naercio Aquino Menezes Filho

Full Professor / Director of Research

Ph.D., Economics – University of London

Education. Inequality. Labor Market.

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Paulo Barelli

Joint Appointment

Ph.D., Economics – Columbia University

Game Theory.

Regina Carla Madalozzo

Assistant Professor

Ph.D., Economics – University of Illinois at Urbana-Champaign

Labor Market. Microeconometrics.

Ricardo Dias de Oliveira Brito

Assistant Professor

Doctorate, Economics - EPGE-FGV/RJ

Finance. Monetary Economics.

Rinaldo Artes

Associate Professor / Academic Dean for Stricto Sensu Graduate Programs and Research

Doctorate, Statistics – USP

Statistics.

Rodrigo Menon Simões Moita

Assistant Professor

Ph.D., Economics – University of Illinois

Industrial Organization.

Sérgio Giovanetti Lazzarini

Associate Professor / Academic Dean of Graduate Programs

Ph.D., Business Administration – Washington University, St. Louis

Strategy. Organization of Companies.

Sérgio Jurandyr Machado

Adjunct Professor

Doctorate, Business Administration (Finance) – PUC/RJ

Financial Accounting. Corporate Finance.

22Insper

Research

Research Production – Insper

Incentive to Research

Insper - Ibmec São Paulo promotes the production of original research that has a solid

theoretical and empirical grounding and contributes to improving public policy and organiza-

tional practices in Brazil. In 2008, 50 new working papers were produced in the school’s main

fields of study. Many of the papers were published in Brazilian and international academic

journals, boosting the number of publications to its highest level of the past five years (see

chart below). Some of these studies were recognized by important international awards, such

as the paper “The impact of hedging on firm value: evidence from Brazil” by Professor José

Luiz Rossi Junior, which received the Outstanding Research Paper Award from the Interna-

tional Academy of Business and Economics.

Last year, the number of professors dedicated full time to research at Insper - Ibmec São

Paulo increased with the hiring of six new professors, who will begin their activities in 2009 in

the fields of Accounting, Finance, Probability, Statistics, International Strategy and Organiza-

tional Theory. This development aptly reflects Insper - Ibmec São Paulo’s concern with main-

taining a stable faculty team, with professors dedicated full time to teaching and research.


0

4

8

12

16

20

0

2006 2007 2008

International PapersBrazilian Papers

BooksChapters

14 20 22 20 19 2 616 10 6

23Insper

Research

Research Points1 – Insper

Research Points1 per researcher– Insper

0

100

200

300

400

500

600

700

800

900

1.000

1.100

1.200

1.300

2006 2007 2008


1,21

1

891

706

1Based on the academic review criteria of Brazil’s research authority CAPES.

0

100

200

300

400

500

600

700

800

900

1.000

1.100

1.200

1.300

2006 2007 2008


1,21

1

891

706


0

10

20

30

40

50

60

2006 2007 2008

Research points1 per researcher – Insper

55.0

40.5

33.6


24Insper

Research

Professores Pesquisadores

0

5

10

15

20

25

2006 2007 2008

21 22 22

Research and Clinical Professor

2008 Academic Production

Full-Time Faculty

Papers published in international scientific journals

1. ARAÚJO JÚNIOR, E. A.; PINHEIRO, T. Policy preferences for output stability before and

after inflation targeting. The Empirical Economics Letters, v. 7, p. 1043-1048, 2008.

2. ARTES, R. Hypothesis tests for covariance analysis models for circular data. Communi-

cations in statistics: theory and Methods, v. 37, n. 10, p. 1632-1640, 2008.

3. BUGARIN, M. S.; VIEIRA, L. M. Benefit sharing: an incentive mechanism for social control

of government expenditure. The Quarterly Review of Economics and Finance, v. 48,

n. 4 p. 673-690, Nov. 2008.

4. CLARO, D. P.; CLARO, P. B. O. Managing trust in channel relationships: calculative, affec-

tive, belief and performance. Brazilian Administration Review, v.5, n.4, p. 289-303,

Oct./Dec. 2008.

5. FERREIRA, A. H. B.; GOMES, F. A. R.; JESUS FILHO, J. The Feldstein-Horioka puzzle in

Latin America: a time-varying capital mobility approach. Applied Economics Letters,

v. 15, n. 10-12, p. 859-863, Aug./Oct. 2008.

6. GOMES, F. A. R. The effect of future income uncertainty in savings decision. Economics

Letters, v. 98, n. 3, p. 269-274, Mar. 2008.

7. GOMES, F.; SILVA, C. G. Hysteresis versus natural rate of unemployment in Brazil and

Chile. Applied Economics Letters, v. 15, n. 1-3, p. 53-56, Jan./Feb. 2008.

8. HWANG, S.; VALLS PEREIRA, P. L. The effects of structural breaks in ARCH and GARCH

Parameters on Persistence of GARCH Models. Communications in Statistics. Simula-

tion and Computation, v. 37, p. 571-578, 2008.

9. ISLAM, G.; ZYPHUR, M.; BOJE, D. Carnival and Spectacle in Krewe de Vieux and the

Mystic Krewe of Spermes: The Mingling of Organization and Celebration. Organization

Studies, v. 29, n. 12, p. 1565- 589, Dec. 2008.

25Insper

Research

10. LAZZARINI, S. G.; ZENGER, T. R.; MILLER, G. J. Dealing with the paradox of embedded-

ness: the role of contracts and trust in facilitating movement out of committed relation-

ships. Organization Science, v. 19, n.5, p. 709-728, Sep./Oct. 2008.

11. LAZZARINI, S. G. The transition from alliance networks to multilateral alliances in the glob-

al airline industry. Brazilian Administration Review, v.5, n.1, p. 19-36, Jan./Mar. 2008.

12. LAZZARINI, S. G.; CLARO, D. P.; MESQUITA, L. F. Buyer-supplier and supplier-supplier

alliances: do they reinforce or undermine one another? Journal of Management Stud-

ies, v. 45, n. 3, p. 561-584, May, 2008.

13. MARCOURAKIS, T.; BAHIA, V.; KAWAMOTO, E. M.; MUNHOZ, C. D.; GORJAO, R.; ARTES,

R.; KOK, F.; CARAMELLI, P.; NITRINI, R.; CURI, R.; SCAVONE, C. Apolipoprotein e geno-

type is related to nitric oxide production in platelets. Cell Biochemistry and Function,

v. 26, n.8, p. 852-858, 2008.

14. MENEZES FILHO, N. A.; MUENDLER, M.; RAMEY, G. The structure of worker compensa-

tion in Brazil with a comparison to France and the United States. Review of Economics

and Statistics, v. 90, n. 2, p. 324-346, May, 2008.

15. MESQUITA, L.; LAZZARINI, S. G. Vertical and horizontal relationships in emerging

markets: implications for SMEs access to global markets. Academy of Management

Journal, v. 51, n.2, p. 359-380, Apr. 2008.

16. MOITA, R. M. S. Entry and externality: hydroelectric generators in Brazil? International

Journal of Industrial Organization, v. 26, n. 6, p. 1437-1447, Nov. 2008.

17. MOURA, M. L.; ARTES, R.; LAZZARINI, S. G.; CAETANO, M. A. L.; GOLDBERG, M. B.

Does it pay to anticipate competitor reactions? International Journal of Business and

Economics, v. 7, n. 3 p. 192-204, Dec. 2008.

18. ROSSI JUNIOR, J. L.; LAHAM, J. The impact of hedging on firm value: evidence from Brazil.

Journal of International Finance and Economics, v.8, n. 1, p. 76-91, Jan. 2008.

19. SAKURAI, S. N.; MENEZES FILHO, N. A. Fiscal policy and reelection in Brazilian munici-

palities. Public Choice, v. 137, n. 1-2, p. 301-314, Oct. 2008.

20. ZYPHUR, M.; KAPLAN, S.; ISLAM, G.; BARSKY, A.; FRANKLIN, M. Conducting multilevel

analyses in medical education research: an example using etiquette and interpersonal

communication. Advances in Health Sciences Education: Theory and Practice, v.13,

n. 5, p. 571–582, 2008.

Papers published in brazilian scientific journals

1. ANDRADE, E. C. School accountability no Brasil: experiências e dificuldades. Revista de

Economia Política, v. 28, n. 3, p. 443-453, jul./set. 2008.

2. ARAÚJO JÚNIOR, E. A.; BASTOS, F. Relações entre retornos acionários, juros, atividade

econômica e inflação: evidências para a América Latina. Brazilian Business Review, v.

5, n. 1, p. 51-73, set./dez. 2008.

26Insper

Research

3. ARAÚJO JÚNIOR, E. A.; CUNHA, A. B. da; CARPENA, L. C. Brazilian Business Cycles and

Growth from 1850 to 2000. Estudos Econômicos. Instituto de Pesquisas Econômicas,

v. 3, n. 3, p. 557-581, jul./set. 2008.

4. BARROS, H. M. Motivations to Patent: The Case of Pharmaceuticals. Revista Eletrônica

de Administração, v. 14, n. 3, p. 1-15, set./out. 2008.

5. BRITO, R. D. de O. Uma análise do desempenho do setor bancário brasileiro subse-

qüente ao plano real. Revista de Economia e Administração, v. 7, n. 2, p. 180-205,

abr./jun. 2008.

6. BUGARIN, M. S.; UMENO, L. G. Electoral Control in the Presence of Moral Hazard and

Adverse Selection. Revista de Econometria, v. 28, p. 17-50, 2008.

7. CLARO, P. B. O.; CLARO, D. P.; AMANCIO, R.; Entendendo o conceito de sustentabili-

dade nas organizações. Revista de Administração da Universidade de São Paulo,

v.43 n.4, p.289-300. out./dez. 2008.

8. DAMASCENO, D. L.; ARTES, R.; MINARDI, A. M. A. F. Determinação de rating de crédito

de empresas brasileiras com a utilização de índices contábeis. Revista de Administra-

ção da Universidade de São Paulo, v. 43, n. 4, p. 344-355, out./dez. 2008.

9. GOMES, F. A. R.; BARROS, L. C. Desigualdade e desenvolvimento: a hipótese de Kuznets

é válida para os municípios brasileiros? Análise Econômica (UFRGS), v. 26, n. 50, p.

57-81, set. 2008.

10. GRAMANI, M. C. N. A influência da qualidade na atratividade de instituições de ensino

superior com capital aberto. Ensaio: Avaliação e Políticas Públicas em Educação,

Rio de Janeiro, v. 16, n.60, p. 437-454, jul./set. 2008.

11. LEUSIN, L. M. C.; BRITO, R. D. de O. Market Timing e Avaliação de Desempenho dos

Fundos Brasileiros. Revista de Administração de Empresas, v. 48, n. 2, p. 22-36, abr./

jun. 2008.

12. MADALOZZO, R. C. An Analysis of Income Differentials by Marital Status. Estudos

Econômicos. v. 38, n. 2, p. 267-292, abr. 2008.

13. MADALOZZO, R. C. Gênero e Desigualdade. GV Executivo, v. 7, n. 6, p. 34-38, nov./

dez. 2008.

14. MENEGUIN, F. B.; BUGARIN, M. S. A informalidade no mercado de trabalho e o impacto

das instituições: uma análise sob a ótica da teoria dos jogos. Revista de Economia

Aplicada, v. 12, n. 3, p. 341-363, jul./set. 2008.

15. MENEZES FILHO, N. A.; CHAHAD, J. P.; ZYLBERTAJN, H.; PAZELLO, E. Trade Unions

and the Economic Performance of Brazilian Establishments. Estudos Econômicos.

Instituto de Pesquisas Econômicas, v. 38, n. 1, p. 55-72, jan.-mar. 2008.

16. MINARDI, A. M. A. F. O crescimento de uma indústria. GV Executivo. Getúlio Vargas

Executivo, v. 7, p. 15-19, 2008.

17. MINARDI, A. M. A. F. Probabilidade de inadimplência de empresas brasileiras refletida

nas informações do mercado acionário. RAC - Eletrônica, v. 2, n. 2, p. 311-329, maio/

ago. 2008.

27Insper

Research

18. MOURA, M. L.; LIMA, A. R. S.; MENDONCA, R. M. Exchange rate and fundamentals: the

case of Brazil. Revista de Economia Aplicada, v. 12, n. 3, p. 395-416, jul./set. 2008.

19. ROSSI JUNIOR, J. L. A utilização de derivativos agrega valor à firma? Um estudo do caso

brasileiro. Revista de Administração de Empresas, v. 48, n. 4, p. 1, out./dez. 2008.

Books

1. GIANNETTI, E. O livro das citações: um breviário de idéias replicantes. São Paulo:

Companhia das Letras, 2008. 457 p.

2. LAZZARINI, S. G. Empresas em rede. São Paulo: Cengage Learning, 2008. 86 p.

Book chapters

1. FERREIRA, T. F.; CLARO, D. P. Presente ao cliente. In: MARINO, M. K.; NEVES, M. F.

A. Revenda competitiva no agronegócio: como melhorar sua rentabilidade. São

Paulo: Atlas, 2008, p.83-87.

2. FERREIRA, T. F.; CLARO, D. P. Mudando o foco do produto para o cliente. In: MARINO,

M. K.; NEVES, M. F. A. Revenda competitiva no agronegócio: como melhorar sua

rentabilidade. São Paulo: Atlas, 2008, p.88-94.

3. FERREIRA, T. F.; CLARO, D. P.; Marketing de relacionamento na revenda. In: MARINO,

M. K.; NEVES, M. F. A. Revenda competitiva no agronegócio: como melhorar sua

rentabilidade. São Paulo: Atlas, 2008, p.95-100.

4. ISLAM, G. Bridging two worlds: identity transition in a university consulting community

of practice. In: KIMBLE, C; HILDRETH, P; BOURDON, I. Communities of practice:

creating learning environments for educators. Charlotte, NC: IAP, 2008.

5. MINARDI, A. M. A. F.; SANVICENTE, A. Z.; MONTEIRO. R. C. Dívidas Internacionais. In:

SAITO, R.; PROCIANOY, J. L. (Org.). Captação de recursos de longo prazo. São Paulo:

Atlas, 2008, p. 124-156.

6. MOITA, R. M. S.; COUTTOLENC, B. F.; BADIA, B. D. Conceitos fundamentais da saúde

suplementar. In: CECHIN, J. (Org.). A História e os desafios da saúde suplementar:

10 anos de regulação. São Paulo: Saraiva, 2008, p. 23-48.

Works in conference proceedings

1. AMARAL, L. F. L. E.; MENEZES FILHO, N. A. A relação entre gastos e desempenho

educacional. In: ENCONTRO NACIONAL DE ECONOMIA, 36., 2008, Salvador. Anais...

Salvador: s.n. 2008.

2. ANDRADE, E. C.; BUGARIN, M. S.; ROCHA, B.; MIESSI, F. Free-rider and gaming in the

distribution of revenues across schools. In: EUROPEAN MEETING OF THE ECONOMET-

RIC SOCIETY, 63., 2008, Milan. Anais... Milan: s.n., 2008.

28Insper

Research

3. ANDRADE, E. C.; BUGARIN, M. S.; ROCHA, B.; MIESSI, F. Free-rider and gaming in the

distribution of revenues across schools. In: WORLD CONGRESS OF THE GAME THEORY

SOCIETY, 3., 2008, Chicago. Anais... Chicago: s.n., 2008.

4. ANDRADE, E. C. Tougher educational exam leading to worse selection. In: ENCONTRO

BRASILEIRO DE ECONOMETRIA, 30., 2008, Salvador, Anais... Salvador: s.n., 2008.

5. ANDRADE E. C.; BUGARIN, M. S.; ROCHA, B.; MIESSI, F. Free-Rider and Gaming in the

Distribution of Revenues Across Schools. In: ANNUAL MEETING OF THE LATIN AMERI-

CAN AND CARIBBEAN ECONOMIC ASOCIATION, 13., 2008, Rio de Janeiro. Anais... Rio

de Janeiro: LACEA, 2008.

6. ANDRADE E. C.; CASTRO, L. de. Tougher educational exam leading to worse selection.

In: ANNUAL MEETING OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASOCIA-

TION, 13., 2008, Rio de Janeiro. Anais... Rio de Janeiro: LACEA, 2008.

7. ARAUJO JUNIOR, A. F.; GOMES, F. A. R.; SALVATO, M. A. Mortalidade Infantil no Brasil

e no Sudeste: determinantes e perspectivas para o futuro. In: SIMPÓSIO NACIONAL DE

PROBABILIDADE E ESTATÍSTICA (SINAPE), 18., 2008, Estância de São Pedro, Anais...

Estância de São Pedro: s.n., 2008.

8. ARAÚJO JÚNIOR, E. A. Macroeconomic shocks and the co-movemente of stock returns in

Latin America. In: ANNUAL MEETING OF THE LATIN AMERICAN AND CARIBBEAN ECONOM-

IC ASOCIATION, 13., 2008, Rio de Janeiro. Anais... Rio de Janeiro: LACEA, 2008.

9. ARAÚJO JÚNIOR, E. A. Optimal monetary policy and interest Iicome taxation. In: LATIN

AMERICAN MEETING OF THE ECONOMETRIC SOCIETY, 24., 2008, Rio de Janeiro.

Anais... Rio de Janeiro: LAMES, 2008.

10. ARAÚJO JÚNIOR, E. A. Optimal monetary policy and interest income taxation. In: ENCON-

TRO NACIONAL DE ECONOMIA, 36., 2008, Salvador. Anais... Salvador: ANPEC, 2008.

11. ARAÚJO JÚNIOR, E. A. Robust monetary policy with the consumption wealth channel.

In: EUROPEAN MEETING OF THE ECONOMETRIC SOCIETY, 63., 2008, Milão. Anais...

Milão: s.n., 2008.

12. ARAÚJO JÚNIOR, E. A. Supply-side effects of monetary policy and the central banks

objective function. In: ENCONTRO BRASILEIRO DE ECONOMETRIA, 30., 2008, Salva-

dor, Anais... Salvador: s.n., 2008.

13. ARAUJO JUNIOR, A. F.; GOMES, F. A. R.; SALVATO, M. A. Mortalidade Infantil no Brasil

e no Sudeste: determinantes e perspectivas para o futuro. In: SIMPÓSIO NACIONAL DE

PROBABILIDADE E ESTATÍSTICA (SINAPE), 18., 2008, Estância de São Pedro. Anais...

Estância de São Pedro: s.n., 2008.

14. ARTES, R.; SCHOR, S. M.; CAMPOS, A. M. G. Contagem de crianças e adolescentes

de rua do município de São Paulo. In: SIMPÓSIO NACIONAL DE PROBABILIDADE E

ESTATÍSTICA (SINAPE), 18., 2008, São Pedro. Anais... São Pedro: s.n. 2008.

15. BARROS, H. M. Reaping the returns from innovation under weak appropriability

regimes: evidence from brazilian manufacturing. In: SIMPÓSIO DE GESTÃO DA INOVA-

ÇÃO TECNOLÓGICA, 24., 2008, Brasília. Anais... Brasília, 2008. CD-ROM.

29Insper

Research

16. BARROS, H. M. The effects of the emphasis of firms’ R&D on patneting behaviour. In:

ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO,

32., 2008, Rio de Janeiro, Anais... Rio de Janeiro: s.n., 2008. CD-ROM.

17. BARROS, H. M. The interplay between patents and other mechanisms in a weak legal

regime. In: EUROPEAN CONFERENCE ON MANAGEMENT OF TECHNOLOGY, 3., 2008,

Nice,. Anais... Nice: EuroMOT, 2008. Nice,. Anais... Nice: EuroMOT, 2008.

18. BRITO, R. D. de O. Inflation targeting in emerging economies: panel evidence. In:

ANNUAL MEETING OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASOCIA-


19. BUGARIN, M. S.; CARVALHO, F. A de. Central bank heterogeneity and inflationary pres-

sure. In: WORLD CONGRESS OF THE GAME THEORY SOCIETY, 3., 2008, Chicago,

Anais... Chicago: s.n. 2008.

20. BUGARIN, M. S. Inequality and cost of electoral campaigns in unequal Societies. In: ENCON-

TRO BRASILEIRO DE ECONOMETRIA. Salvador. 30., Anais... Salvador: s.n., 2008.

21. BUGARIN, M. S. Inequality and the cost of electoral campaigns in Latin America 2008

In: ANNUAL MEETING OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASOCIA-


22. BUGARIN, M. S. Um Modelo de Leilão para o Pagamento de Dívidas Judiciais. In: ENCON-

TRO BRASILEIRO DE ECONOMETRIA. Salvador. 30., Anais... Salvador: s.n., 2008.

23. BUGARIN, M. S.; PORTUGAL, A. C.; CARVALHO, F. A. de. Public and private financing of elec-

toral campaigns: the social welfare effect of political participation. In: WORLD CONGRESS

OF THE GAME THEORY SOCIETY, 3., 2008, Chicago. Anais... Chicago: s.n., 2008.

24. CABRAL, S.; BARBOSA, A. C. Q.; LAZZARINI, S. G. Polícia para quem precisa: um estudo

sobre a eficácia dos processos administrativos envolvendo policiais civis na corregedor-

ia geral da Bahia no período 2005-2006. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO

DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO, 32., 2008, Rio de Janeiro, Anais... Rio de

Janeiro: s.n., 2008. CD-ROM.

25. CASSANDRE, P. M.; GOMES, F. A. R. Existe insider trading no mercado financeiro brasil-

eiro? Um estudo a partir de anúncios de fusões e aquisições. In: SIMPÓSIO NACIO-

NAL DE PROBABILIDADE E ESTATÍSTICA (SINAPE), 18., 2008, Estância de São Pedro,

Anais... Estância de São Pedro: s.n., 2008.

26. CASTRO, B. R.; MINARDI, A. M. A. F. Comparação do desempenho dos fundos de

ações ativos e passivos. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-GRAD-

UAÇÃO EM ADMINISTRAÇÃO, 32., 2008, Rio de Janeiro, Anais... Rio de Janeiro: s.n.,

2008. CD-ROM.

27. CHICAROLI, R.; VALLS PEREIRA, P. L. Predictability of Equity Models. In: ANNUAL

MEETING OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASOCIATION, 13.,

2008, Rio de Janeiro. Anais... Rio de Janeiro: LAMES, 2008.

28. CHICAROLI, R.; VALLS PEREIRA, P. L. Predictability of Equity Models. In: ENCONTRO

BRASILEIRO DE ECONOMETRIA, 30., 2008, Salvador. Anais... Rio de Janeiro : SBE, 2008.

30Insper

Research

29. CLARO, D. P.; CLARO, P. B. O. Managing Trust in Supply Chains. In: INTERNATIONAL

CONFERENCE ON MANAGEMENT OF CHAIN AND NETWORK CONFERENCE, 9., 2008,

Wageningen. Anais... Wageningen: s.n., 2008.

30. CLARO, P. B. O; CLARO, D. P. Outgrower Partnership Agreements and Sustainability at

the Amazon Forest: Two Schemes at the Jari Valley In: INTERNATIONAL CONFERENCE

ON MANAGEMENT OF CHAIN AND NETWORK CONFERENCE, 9., 2008, Wageningen.

Anais... Wageningen: s.n., 2008.

31. CLARO, D. P.; LABAN, S. Sales manager’s performance and social capital: the impact of

advice network. In: ENCONTRO DE MARKETING DA ANPAD, 3., 2008, Curitiba. Anais...

Curitiba: s.n., 2008.

32. CLARO, D. P.; LABAN, S. How to build up a structured network and be successful in

sales: the impact of degree centrality and tie strength of sales force. In: ENCONTRO

NACIONAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO, 32., 2008,

Rio de Janeiro, Anais... Rio de Janeiro: s.n., 2008. CD-ROM.

33. DAMASCENO, D. L.; ARTES, R.; MINARDI, A. M. A. F. Determinação de rating de crédito

de empresas brasileiras com a utilização de índices contábeis. In: ENCONTRO NACIO-

NAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO, 32., 2008, Rio de

Janeiro. Anais... Rio de Janeiro: s.n., 2008. CD-ROM.

34. DAMIÃO, J. E. F.; VALLS PEREIRA, P. L. Comparação de carteiras otimizadas segundo

o critério de média-variância formadas através de estimativas robustas de risco. In:

ENCONTRO BRASILEIRO DE FINANÇAS, 8, 2008, Rio de Janeiro. Anais... Rio de Janei-

ro: SBFin, 2008.

35. DUARTE, A. L. C. M.; FACO, J. F. B.; CSILLAG, J. M. O efeito da TQM e da inovação

no crescimento das empresas de manufatura do estado de São Paulo. In: ENCONTRO



36. DUARTE, A. L. C. M.; SERIO, L. C. Di; BRITO, L. A. L. Operational practices and perfor-

mance: an empirical analysis of Brazilian manufacturing companies. In: EUROMA, 2008,

Groningen. Anais... Groningen: EuroMA, 2008.

37. DUARTE, A. L. C. M.; FACO, J. F. B.; CSILLAG, João Mário. O efeito da TQM e da inovação

no crescimento das empresas de manufatura do estado de São Paulo. In: ENCONTRO



38. FACO, J. F. B.; DUARTE, A. L. C. M.; CSILLAG, J. M. The Influence of TQM on innova-

tion and firm growth. In: POMS – ANNUAL CONFERENCE OF THE PRODUCTION AND

OPERATIONS MANAGEMENT SOCIETY, 19., 2008, San Diego. Program Bulletin. , San

Diego: s.n., 2008.

39. FIGUEIREDO, R. P.; ARTES, R. A evolução do sistema de pagamentos brasileiro e o desa-

parecimento do cheque: realidade ou exagero? In: ENCONTRO NACIONAL DA ASSOCIA-

ÇÃO DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO, 32., 2008, Rio de Janeiro, Anais...

Rio de Janeiro: s.n., 2008. CD-ROM.

31Insper

Research

40. FRANCHINI, D. S.; GOMES, F. A. R. The stationarity of consumption income ratios:

evidence from South American Countries. In: SIMPÓSIO NACIONAL DE PROBABILI-

DADE E ESTATÍSTICA (SINAPE), 18., 2008, Estância de São Pedro. Anais... Estância de

São Pedro: s.n., 2008.

41. GOMES, F. A. R. Consumo no Brasil: comportamento otimizador, restricão de crédito ou

miopia?. In: SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA (SINAPE), 18.,

2008, Estância de São Pedro. Anais... Estância de São Pedro: s.n., 2008.

42. GOMES, F. A. R.; SILVA, C. G. Measuring Unemployment Persistence of Different Labor

Force Groups in The Sao Paulo Metropolitan Area. In: SIMPÓSIO NACIONAL DE PROBA-

BILIDADE E ESTATÍSTICA (SINAPE), 18., 2008, Estância de São Pedro. Anais... Estância

de São Pedro: s.n., 2008.

43. GOMES, F. A. R. The stationarity of consumption–income ratios: evidence from South

American Countries. In: ENCONTRO BRASILEIRO DE ECONOMETRIA. Salvador. 30.,

Anais... Salvador: s.n., 2008.

44. GRAMANI, M. C. N. Practice and theory of timetabling at IBMEC-SP: a case study. In:

INTERNATIONAL CONFERENCE ON THE PRACTICE AND THEORY OF AUTOMATED TIME-

TABLING – PATAT, 7., 2008, Montreal. Anais... Montreal: Université de Montréal, 2008.

45. GRAMANI, M. C. N.; FRANCA, P. M.; ARENALES, M. N. Otimizando o planejamento da

produção: uma abordagem de relaxação lagrangiana. In: OFICINA DE CORTE DE EMPA-

COTAMENTO & CORRELATOS, 11., 2008, São José do Rio Preto. Anais... São José do

Rio Preto: UNESP, 2008.

46. GRAMANI, M. C. N. Graph representation for some optimization problems. In: POMS

– ANNUAL CONFERENCE OF THE PRODUCTION AND OPERATIONS MANAGEMENT

SOCIETY, 19., 2008, San Diego. Program Bulletin. , San Diego: s.n., 2008.

47. GRAMANI, M. C. N. Quanto maior o investimento em qualidade maior o valor da ociosi-

dade: um estudo no setor aéreo brasileiro. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO

DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO, 32., 2008, Rio de Janeiro, Anais... Rio de


48. ISLAM, G.; ZYPHUR, M. Cohesion, identity and affect: the role of entitativity. In: ANNU-

AL CONFERENCE OF THE BRAZILIAN ACADEMY OF MANAGEMENT, 13., 2008, Rio de

Janeiro. Anais... Rio de Janeiro: s.n., 2008.

49. ISLAM, G. Collective mind: an integration of team performance, shared mental models

and within-group agreement. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-

GRADUAÇÃO EM ADMINISTRAÇÃO, 32., 2008, Rio de Janeiro, Anais... Rio de Janeiro:

s.n., 2008. CD-ROM.

50. LAZZARINI, S. G.; BRITO, L.; CHADDAD, F. R. Conduits of innovation or imitation? Assess-

ing the effect of alliances on the persistence of profits. In: ACADEMY OF MANAGEMENT

CONFERENCE, 2008, Anaheim. Anais... Anaheim: Academy of Management Best Paper

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51. LIBERALI, G.; VALLS PEREIRA, P. L. Previsão de retormos intradiários através de

regressões usando funções-núcleo. In: ENCONTRO BRASILEIRO DE FINANÇAS, 8.,

2008, Rio de Janiero. Anais... Rio de Janeiro: SBFin, 2008.

52. MADALOZZO, R. C.; MARTINS, S. R.; SHIRATORI, L. Trabalho doméstico e participação

no mercado de trabalho: mulheres e homens em igualdade de condições? In: ENCON-

TRO NACIONAL DA REDE BRASILEIRA DE ESTUDOS E PESQUISAS FEMINISTAS, 6.,

2008, Belo Horizonte. Anais... Belo Horizonte: Enfoques Feministas e os Desafios

Contemporâneos, 2008.

53. MADALOZZO, R. C.; VILLAR, R. B. A model of attendance demand at the Brazilian foot-

ball league. In: SINAPE - SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA,

18., 2008, Estância São Pedro, Anais..., São Pedro: s.n. 2008.

54. MADALOZZO, R. C. Um estudo sobre vitimização na cidade de São Paulo. In: SINAPE

- SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA, 18., 2008, Estância São

Pedro, Anais..., São Pedro: s.n. 2008.

55. MADALOZZO, R. C. Trabalho doméstico e participação no mercado de trabalho: mulheres

e homens em igualdade de condições? In: ENCONTRO NACIONAL DA ASSOCIAÇÃO DE

PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO, 32., 2008, Rio de Janeiro, Anais... Rio de


56. MADALOZZO, R. C. Trabalho doméstico e participação no mercado de trabalho: mulheres

e homens em igualdade de condições? In: SINAPE - SIMPÓSIO NACIONAL DE PROBABILI-

DADE E ESTATÍSTICA, 18., 2008, Estância São Pedro, Anais..., São Pedro: s.n. 2008.

57. MARÇAL, E. F.; VALLS PEREIRA, P. L.; ABBARA, O. Testing the long-run implications of

the expectation hypothesis using cointegration techniques with structural change. In:



58. MARÇAL, E. F. VALLS PEREIRA, P. L.; Abbara, O. M. F. Testing the long-run implications

of the expectation hypothesis using cointegration techniques with structural brakes. In:

SINAPE - SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA, 18., 2008, Estân-

cia São Pedro, Anais..., São Pedro: s.n. 2008.

59. MENEZES, N. A. Filho. A relação entre altura, escolaridade, ocupação e salários no Brasil. In:

ENCONTRO NACIONAL DE ECONOMIA. 36., 2008, Salvador. Anais... Salvador: s.n., 2008.

60. MENEZES, N. A. Filho. Mobilidade entre ocupações e efeitos salariais. In: ENCONTRO

NACIONAL DE ECONOMIA. 36., 2008, Salvador. Anais... Salvador: s.n., 2008.

61. MENEZES, N. A. Filho. O papel do capital humano na trajetória da desigualdade de

salários no Brasil no período de 1981 a 2006. In: ENCONTRO BRASILEIRO DE ECONO-

METRIA. Salvador. 30., Anais... Salvador: s.n., 2008.

62. MENEZES, N. A. Filho. The earning losses after migration in Brazil. In: ENCONTRO

NACIONAL DE ECONOMIA, 36., 2008, Salvador. Anais..., Salvador: s.n. 2008.

63. MENEZES, N. A. Filho. Uma análise de rankings de escolas brasileiras com dados do

SAEB. In: ENCONTRO NACIONAL DE ECONOMIA. 36., 2008, Salvador. Anais... Salva-

dor: s.n., 2008.

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64. MIZUMOTO, F. M.; ARTES, R.; LAZZARINI, S. G.; HASHIMOTO, M.; BEDÊ, M. A. O impac-

to de capital humano, capital social e práticas gerenciais na sobrevivência de empresas

nascentes: um estudo com dados de pequenas empresas no Estado de São Paulo. In:

ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO,

32., 2008, Rio de Janeiro, Anais... Rio de Janeiro: s.n., 2008. CD-ROM.

65. MOITA, R. M. S. Entry and Externality: Hydroelectric Generators In Brazil. In: EURO-

PEAN ASSOCIATION FOR RESEARCH IN INDUSTRIAL ECONOMICS MEETING, 2008,

Toulouse, Anais... Toulouse, France: EARIE, 2008.

66. MOITA, R. M. S.; PAIVA, C. Political Price cycles in regulated industries: theory and

practice. In: EUROPEAN ASSOCIATION FOR RESEARCH IN INDUSTRIAL ECONOMICS

MEETING, 2008, Toulouse, Anais... Toulouse, France: EARIE, 2008.

67. MOITA, R. M. S.; PAIVA, C. Political price cycles in regulated industries: theory and prac-

tice. In: WORLD CONGRESS OF THE GAME THEORY SOCIETY, 2008, Evanston, Illinois,

Anais... Evanston, Illinois: s.n. 2008.

68. MOITA, R. M. S.; REZENDE, L. Quantity-before-price auction: evaluating the perfor-

mance of the Brazilian existing energy market. In: ENCONTRO SOCIEDADE BRASILEIRA

DE ECONOMETRIA. Anais... 2008, Salvador: s.n. 2008.

69. MOITA, R. M. S.; REZENDE, L. Quantity-before-price auction: evaluating the performance

of the existing energy market in Brazil. In: ANNUAL MEETING OF THE LATIN AMERICAN

AND CARIBBEAN ECONOMIC ASOCIATION, 13., 2008, Rio de Janeiro. Anais... Rio de

Janeiro: LACEA, 2008.

70. MOITA, R. M. S.; PAIVA, C. Political price cycle in regulated industries: theory and prac-

tice. In: SINAPE - SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA, 18., 2008,

Estância São Pedro, Anais..., São Pedro: s.n. 2008.

71. MOITA, R. M. S.; PAIVA, C. Political Price Cycles in Regulated Industries: Theory and

Practice. In: ANNUAL MEETING OF THE LATIN AMERICAN AND CARIBBEAN ECONOM-

IC ASOCIATION, 13., 2008, Rio de Janeiro. Anais... Rio de Janeiro: LACEA, 2008.

72. MOURA e Silva, M. L. de. What does the Taylor rule tell about monetary policy? In:



73. MOURA e Silva, M. L. de. What does the Taylor rule tell about monetary policy? In: ENCON-

TRO SOCIEDADE BRASILEIRA DE ECONOMETRIA. Anais... 2008, Salvador: s.n. 2008.

74. MOURA, M. L. Testing the Taylor model predictability for exchange rates in Latin Amer-

ica. In: ENCONTRO BRASILEIRO DE FINANÇAS, 8., 2008, Rio de Janeiro. Anais... Rio

de Janeiro: s.n., 2008.

75. MOURA, M. L.; LIMA, A. R. S.; MENDONÇA, R. M. Exchange rate and fundamentals: the

case of Brazil. In: WORLD CONGRESS OF THE INTERNATIONAL ECONOMIC ASSOCIA-

TION, 15., 2008, Instanbul. Anais... Instanbul: s.n., 2008.

76. MOURA, M. L.; ROSSI JUNIOR, J. L. Price setting policy determinants: micro evidence

from Brazil. In: SINAPE - SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA,

18., 2008, Estância São Pedro, Anais..., São Pedro: s.n. 2008.

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77. MOURA, M. L.; ROSSI JUNIOR, J. L. Price-setting policy determinants: micro-evidence from

Brazil. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO EM ADMINIST-

RAÇÃO, 32., 2008, Rio de Janeiro, Anais... Rio de Janeiro: s.n., 2008. CD-ROM.

78. MOURA, M. L. Testing the taylor model predictability for exchange rates in Latin Ameri-

ca. In: SINAPE - SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA, 18., 2008,

Estância São Pedro, Anais..., São Pedro: s.n. 2008.

79. MOURA, M. L. Testing the Taylor Model Predictability for Exchange Rates in Latin América.

In: FORECASTING IN RIO, 2008, Rio de Janeiro. Anais... Rio de Janeiro: s.n., 2008.

80. RÉGIS, D. E.; ARTES, R. Modelo multi-estado de markov em cartões de crédito. In:

SINAPE - SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA, 18., 2008, Estân-

cia São Pedro, Anais..., São Pedro: s.n. 2008.

81. REZENDE, F. C.; MINARDI, A. M. A. F. Construção de modelos de escoragem de crédito

para empresas brasileiras com base em indicadores contábeis. In: ENCONTRO BRASIL-

EIRO DE FINANÇAS, 8., 2008, Rio de Janeiro. Anais... Rio de Janeiro: s.n., 2008.

82. ROSSI JUNIOR, J. L. A utilização de derivativos agrega valor à firma? Um estudo do

caso Brasileiro. In: ENCONTRO BRASILEIRO DE FINANÇAS, 8., 2008, Rio de Janeiro.

Anais..., Rio de Janeiro: s.n. 2008.

83. ROSSI JUNIOR, J. L.; CÉSPEDES, I. Testes empíricos da teoria de market timing no

Brasil. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO EM ADMIN-

ISTRAÇÃO, 32., 2008, Rio de Janeiro, Anais... Rio de Janeiro: s.n., 2008. CD-ROM.

84. ROSSI JUNIOR, J. L.; LAHAM, J. The impact of hedging on firm value: evidence from

Brazil. In: EMERGING MARKETS GROUP CONFERENCE ON EMERGING MARKETS

FINANCE, 2., 2008, Londres. Anais... Londres: s.n., 2008.

85. ROSSI JUNIOR, J. L.; LAHAM, J. The impact of hedging on firm value: evidence from

Brazil. In: INTERNATIONAL ACADEMY OF BUSINESS AND ECONOMICS SUMMER

CONFERENCE, 2008, Estocolmo. Anais... Estocolmo: s.n., 2008.

86. ROSSI JUNIOR, J. L.; MOURA, M. The role of firm, industry and macroeconomics factors

in companies’ hedging policies. In: GLOBAL ACADEMY OF BUSINESS AND ECONOMICS

RESEARCH INTERNATIONAL CONFERENCE, 2008, Orlando. Anais..., Orlando: s.n., 2008.

87. ROSSI JUNIOR, J. L. Corporate Financial Policies and the exchange rate regime: evidence

from Brazil. In: ENCONTRO NACIONAL DE ECONOMIA, 36., 2008, Salvador. Anais...

Salvador: s.n. 2008.

88. ROSSI JUNIOR, J. L. Corporate financial policies and the exchange rate regime: evidence

from Brazil. In: GLOBAL ACADEMY OF BUSINESS AND ECONOMICS RESEARCH INTER-

NATIONAL CONFERENCE, 2008, Orlando. Anais..., Orlando: s.n., 2008.

89. ROSSI JUNIOR, J. L. Corporate financial policies and the exchange rate regime: evidence

from Brazil. In: INTERNATIONAL ECONOMIC ASSOCIATION CONFERENCE, 2008, Istam-

bul. Anais... Istambul: s.n., 2008.

90. ROSSI JUNIOR, J. L. Corporate Financial Policies and the exchange rate regime: evidence

from Brazil. In: SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSTICA - SINAPE,

18., 2008, Águas de São Pedro. Anais... Águas de São Pedro: s.n., 2008.

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91. ROSSI JUNIOR, J. L. Equity market timing: testando através dos IPOs no mercado brasileiro.

In: ENCONTRO BRASILEIRO DE ECONOMETRIA. Salvador. 30., Anais... Salvador: s.n., 2008.

92. ROSSI JUNIOR, J. L. Exchange rate exposure, foreign currency debt and the use of deriva-

tives: Evidence from Brazil. In: GLOBAL ACADEMY OF BUSINESS AND ECONOMICS

RESEARCH INTERNATIONAL CONFERENCE, 2008, Orlando. Anais... Orlando: s.n., 2008.

93. ROSSI JUNIOR, J. L. What is the value of social corporate sustainability: evidence from

Brazilian ISE index. In: ENCONTRO BRASILEIRO DE ECONOMETRIA. Salvador. 30.,


94. VENEZUELA, M. K. ; SANDOVAL, M. C.; BOTTER, D. A.; ARTES, R.. Influência local para

equações de estimação. In: SIMPÓSIO NACIONAL DE PROBABILIDADE E ESTATÍSCA,

18., 2008, São Pedro. Anais..., São Pedro: s.n. 2008.

Papers from 2007 published in 2008

1. ARAÚJO JÚNIOR, E. A. Formação de preços via regras de bolso e a persistência da infla-

ção no Brasil. Revista de Economia e Administração, v. 6, n.3, p. 384-395, 2007.

2. PORTUGAL, A. C.; BUGARIN, M. S. Electoral campaign financing: the role of public

contributions and party ideology. Economía. Journal of the Latin American and

Caribbean Economic Association, v. 8, n.1, p. 143-177, 2007.

Part-Time Faculty

Papers published in international scientific journals

1. CAETANO, M. A. L.; GHERARDI, D. F. M.; YONEYAMA, T. Optimal Resource Management

Control for CO2 Emission and Reduction of the Greenhouse Effect. Ecological Model-

ling, v. 213, p. 119-126, 2008.

2. CARVALHO, A.; GONÇALVES, C. E. S. Who chooses to inflation target?. Economics

Letters, v. 99, p. 410-413, 2008.

3. LAURINI, M. P.; FURLANI, L.; PORTUGAL, M . Empirical market microstructure: An analysis

of the BRL/US$ exchange rate market. Emerging Markets Review, v. 9, p. 247-265, 2008.

Papers published in brazilian scientific journals

1. AMATUCCI, M.; AVRICHIR, I. Teoria de negócios internacionais e a entrada de multi-

nacionais no Brasil de 1850 a 2007. Revista Brasileira de Gestão de Negócios (São

Paulo),v. 10, p. 234-248, 2008.

36Insper

Research

2. FREUNDT, V.; CROCCO, L., SZULCSEWSKI, C. J.; BARBOSA, C. A. P.; Relacionamento

em mercado BToB como fonte de vantagem competitiva. eGesta. Revista Eletrônica

de Gestão de Negócios, Santos, v. 4, n. 2, p. 103-126, abr./jun. 2008.

3. GUIMARÃES, P. J. S.; HENRIQUES, I.V.M. Merchandising - prática e eventual ilegalidade

perante a legislação brasileira. Observatório da imprensa, São Paulo, v.13, n. 475, p.

1-3, mar. 2008.

4. MURAMATSU, R.; FONSECA, P. Economia a Psicologia na Explicação da Escolha Inter-

temporal. Revista de Economia Mackenzie, v. 6, p. 87-112, 2008.

5. OYADOMARI, J. C. T.; MENDONÇA NETO, O. R.; CARDOSO, R. L.; FREZATTI, F. Análise

dos fatores que favorecem a institucionalização da value based management (VBM) à

luz dos argumentos de teóricos da vertente new institutional sociology (NIS). Revista

Universo Contábil (Online), v. 4, p. 6-21, 2008.

6. OYADOMARI, J. C. T.; MENDONÇA NETO, O. R.; CARDOSO, R. L.; LIMA, M. P. Fatores

que influenciam a adoção de artefatos de controle gerencial nas empresas brasileiras.

Um estudo exploratório sob a ótica da teoria institucional. Revista de Contabilidade e

Organizações, v. 2, p. 55-70, 2008.

7. SARFATI, G. O Limite do Poder das Empresas Multinacionais O Caso do Protocolo de

Cartagena. Ambiente e Sociedade (Campinas), v. 11, p. 117-130, 2008.

8. SHENG, H. H. Liquidez das debêntures no mercado brasileiro. Revista de Administração

da USP, v. 43, p. 11-13, 2008.

9. SHENG, H. H.; EMBOABA, M. Modelo de Financiamento Baseados em Relações Pessoais:

Experiência de Empreendedores Chineses no Brasil. RAC. Revista de Administração

Contemporânea, v. 12, p. 741-761, 2008.

10. SOUZA, E. C. Economic Integration in the Quality Ladder Model. Estudos Econômicos.

Instituto de Pesquisas Econômicas, v.38, n.4, out./dez. 2008.

11. STAL, E.; ALMEIDA, V. M. C.; AVRICHIR, I. Sabó Indústria e Comércio de Autopeças:

caso de ensino. RAI. Revista de Administração e Inovação, v. 5, p. 126-140, 2008.

12. VIEIRA, L. F. M. Gestão de Portfólio de Projetos. Criando e Destruindo Valor Estratégico.

Revista Project Management, v. 4, n. 20, abr./maio, 2008.

Books

1. FRIEDRICH, P. (Org.). Teaching Academic Writing. Continuum International Publish-

ing, 2008. 246p.

2. OLIVEIRA, C. N. C.; ORFALI, F.; TORKOMIAN, M. M. G. Para viver juntos - 8º Ano –

Matemática - Editora SM, 2008.

3. VEIGA, R. P. Como Ganhar Dinheiro no Mercado Financeiro. 1. ed. Rio de Janeiro:

Campus, 2008. v. 1. 245 p.

37Insper

Research

Book chapters

1. FRIEDRICH, P. ’I want to be Part of the Club’; Raising Awareness of Bilingualism and

second Language writing among Monolingual Users of English. In FRIEDRICH, P. (Org.).

Teaching Academic Writing. Continuum International Publishing, 2008. p. 177-191.

2. FRIEDRICH, P. A cultural profile of Argentina and its impact on leadership. In KESSLER,

E.; WONG-MINGJI, D. J. (Org.) Cultural Mythology and Leadership. Edward Elgar

Publishers Inc, 2008.

3. KALLÁS, D. Mensuração de Desempenho e Balanced Scorecard. In PIRES, A. C. (Org).

MBA Executivo. São Paulo: Saraiva, 2008.

4. LARA, M. R. Jovens urbanos e o consumo das grifes.. In: Silvia Helena Simões Borelli;

João Freire Filho. (Org.). Culturas juvenis no século XXI. 1 ed. São Paulo: Educ, 2008,

v. 01, p. 133-150.

5. MELO, F. S. de. Compensação tributária. Utilização de precatórios (em fase judicial) como

forma de extinção do credito tributário no âmbito do estado de São Paulo. In: DIAS, K. J.

e PEIXOTO, M. M. Compensação tributária. São Paulo: MP Editora, 2008. p. 281-294.

6. MELO, F. S. de. Impossibilidade de exigência do imposto sobre produtos industrializados (IPI)

sobre as importações de produtos industrializados. Apontamentos principais. In: PEIXOTO, M.

M. e MELO, F. S. de. IPI: questões fundamentais. São Paulo: MP Editora, 2008. p. 9-20.

7. PETRINI, M.; POZZEBON, M. The Implementation of ERP Packages as a Mediation Process:

The Case of Five Brazilian Projects. In: FERRAN, C. (Org.). Enterprise Resource Planning

for Global Economies: Managerial Issues and Challenge. Hershey: Idea Group, 2008.

8. PETRINI, M.; POZZEBON, M. What role business intelligence playing in developing coun-

tries? A picture of Brazilian companies. In: RAHMAN, H. (Org.). Data Mining Applica-

tions for Empowering Knowledge Societies. Hershey: Idea Group, 2008.

9. SANTOS, E. S. Análise de Decisão. In: FIPECAFI. (Org.). 2a ed. Pesquisa Operacional

para Contabilidade e Administração: Contabilometria. São Paulo: Atlas, 2008.

Works in conference proceedings

1. ALBERNAZ, M.; BONATO, D.; AKAMINE, P.; HASHIMOTO, M. Ecoplast Business Plan. In:

STUART CLARK VENTURE CHALLENGE, 2008, Winnipeg. Anais… Ecoplast, 2008.

2. ALBERNAZ, M.; BONATO, D.; AKAMINE, P.; HASHIMOTO, M. Ecoplast Business Plan. In:

LATIN MOOT CORP, 2008, São Paulo. Anais… Ecoplast Business Plan, 2008.

3. AVRICHIR, I.; ALMEIDA, V. M. C. Molson versus Kaiser: A Case of Unsuccessful Acquisi-

tion. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO EM ADMINIST-

RAÇÃO, 32., 2008, Rio de Janeiro. Anais... Rio de Janeiro: s.n., 2008. v. 1. p. 1-15.

4. BACHA, M. L.; STREHLAU, V. I. O significado da Terceira idade pela terceira idade:

Autoconceito das classes AB e CD em São Paulo. In: ENCONTRO DE MARKETING DA

ANPAD, 3., 2008, Curitiba. Anais... Curitiba: s.n., 2008.

38Insper

Research

5. BACHA, M. L.; STREHLAU, V. I.; HANANIA, N. W.; SANTOS, J. F. O uso do celular na

inclusão social e digital: uma análise de agrupamentos. In: SEGET - SIMPÓSIO DE

EXCELÊNCIA EM GESTÃO E TECNOLOGIA, 2008, Resende. Anais... Resende : Instituto

Educacional Don Bosco, 2008. v. 1. p. 1-15.

6. BORTOLUZZO, A. B. ; BARBOSA, A. J.; BAGGIO-ZAPPIA G. L.; GRANATO, C. F. H. H112

Metanalysis: GBV-C may increase life expectancy in HIV infected patients. In: INTER-

NATIONAL CONGRESS OF CLINICAL CHEMISTRY AND LABORATORY MEDICINE, 20.,

2008, Fortaleza. Anais… Fortaleza: s.n. 2008.

7. CAETANO, M. A. L.; SOUZA, J. A. M. F.; YONEYAMA, T. Optimal medication in HIV sero-

positive patient treatment using fuzzy cost function. In: 2008 AMERICAN CONTROL

CONFERENCE (ACC), 2008, Seattle. Anais… Seattle, 2008. p. 2227-2232.

8. CARDOSO, R. L.; MENDONÇA NETO, O. R.; OYADOMARI, J. C. T. Competências do

profissional de controladoria: uma análise feita pelos profissionais In: CONGRESSO DE

CUSTOS, 15., 2008, Curitiba. Anais... Curitiba: s.n., 2008.

9. CARDOSO, R. L.; OYADOMARI, J.C.T.; MENDONÇA NETO, O. R. Competences of the

Brazilian management accountant: a study on the existence of an interdependence

structure. In: ANNUAL CONGRESS - EUROPEAN ACCOUNTING ASSOCIATION, 31.,

2008, Rotterdam. Anais... Rotterdam: s.n. 2008.

10. CIA, J. N. S.; SANTOS, E. S.; CIA, J. C. US GAAP x Contabilidade em Países da América

Latina: Mensuração do Impacto das Diferenças de Normas no Lucro Reportado pelas

Empresas com ADRs na NYSE. In: CONGRESSO USP DE CONTROLADORIA E CONT-

ABILIDADE, 8., 2008, São Paulo. Anais... São Paulo: s.n. 2008.

11. COSTA, M. C. S.; PONTE, T. A. P. A.; MOURA, M. M. N. Case Study on Major Teacher

Misconceptions on Applying Student-Based Learning in Business Education. In: AERA

- AMERICAN EDUCATIONAL RESEARCH ASSOCIATION ANNUAL MEETING, New York.

Anais… New York: s.n: 2008.

12. FRALETTI, P. B.; EID Jr, W.; A Relevância do rating e de outros fatores na determinação

do rendimento das debêntures emitidas no mercado brasileiro. In: ENCONTRO BRASIL-

EIRO DE FINANÇAS, 8., 2008, Rio de Janeiro. Anais... Rio de Janeiro: EBFin, 2008.

13. FREIRE, E.; BORTOLUZZO, A. B.; CICONELLI, R. M.; FREIRE, E.; CICONELLI, R. M.

Evaluation of the responsiveness in health related quality of life. Perspective study in

patients with systemic lupus erythematosus. In: EUROPEAN LUPUS MEETING, 7., 2008,

Amsterdam. Anais… Amsterdam: s.n. 2008.

14. FREIRE, E.; BORTOLUZZO, A. B.; CICONELLI, R. M.; NEVES, E. M. Translation into

Brazilian Portuguese, cultural adaptation and validation of a systemic lupus erythemato-

sus quality of life questionnaire (SLEQOL). In: EUROPEAN LUPUS MEETING, 7., 2008,

Amsterdam. Anais… Amsterdam: s.n. 2008.

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Monetary Policy In Brazil: Econometric and Simulation Evidence. In: ANNUAL MEETING

OF THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASOCIATION, 13., 2008, Rio

de Janeiro. Anais... Rio de Janeiro: LACEA, 2008.

17. HASHIMOTO, M.; AVO, M. R.; SILVA, L. I. A Relevância do Intra-empreendedorismo nas

PMEs: a influência dos conflitos de agência e práticas institucionalizadas. In: EGEPE

ENCONTRO DE ESTUDOS EM EMPREENDEDORISMO E GESTÃO DE PEQUENAS EMPRE-

SAS, 5., 2008, São Paulo. Anais... São Paulo: s.n., 2008.

18. HASHIMOTO, M.; AVO, M. R.; SILVA, L. I. Relevance of intrapreneurship in SMB: the

influence of agency conflicts and institutionalized practices. In: USASBE 2008 CONFER-

ENCE, 2008, San Antonio. Anais... USASBE 2008 Conference Proceedings, 2008.

19. LABAN NETO, S. A. Relacionamentos nos Canais: Uma Investigação Exploratória no Canal

Alimentar no Brasil. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO

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Anais... São Paulo: Educ, 2008. v. 01. p. 19-49.

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POLÍTICAS PÚBLICAS DE JUVENTUDE DE SÃO PAULO, 1., 2008, São Paulo. Anais...

São Paulo, 2008. v. 1. p. 1-12.

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In: FORECASTING IN RIO, 2008, Rio de Janeiro. Anais... Rio de Janeiro: s.n., 2008.

23. LAURINI, M. P.; HOTTA, L. K. Inferência Indireta em Modelos Fracionários de Taxas de

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Janeiro. Anais... Rio de Janeiro: SBFin, 2008.

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25. MELO, F. S. de. Conselho Municipal de Tributos de São Paulo. Reflexões sobre o controle

de legalidade, liquidez e certeza na constituição do credito tributário. In: SEMINÁRIO

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MUNICIPAL, 1., 2008, São Paulo. Disponível em: http://www.senam.org.br/isenam/

material.html. Acesso em: 25/03/2009.

26. OYADOMARI, J. C. T.; AGUIAR, A. B.; FREZATTI, F.; CARDOSO, R. L. Análise dos trabalhos que

usaram o modelo Levers of Control de Simons na literatura internacional no período de 1995

a 2007. In: CONGRESSO DE CUSTOS, 15., 2008, Curitiba. Anais... Curitiba: s.n., 2008.

27. OYADOMARI, J. C. T.; CARDOSO, R. L.; MENDONÇA NETO, O. R.; LIMA, M. P. Fatores

que influenciam a adoção de artefatos de controle gerencial nas empresas brasileiras.

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ção variável e congruência de metas. In: CONGRESSO ANPCONT, 2., 2008, Salvador.

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sas que abriram capital no período de 2004 a 2007: um estudo sob a ótica da Teoria

Neo-Institucional. In: CONGRESSO DE CUSTOS, 15., 2008, Curitiba. Anais... Curitiba:

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cos. In: ENCONTRO NACIONAL DA ASSOCIAÇÃO DE PÓS-GRADUAÇÃO EM ADMINIST-

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41Insper

Community

Dynamics of Involvement

The Student Organizations, which are formed by undergraduate students, sponsor actions

in a variety of areas that generate important results for the Community.

One of the most significant activities sponsored by the Social Action Group (GAS) was its

participation in the Oasis Games, which are organized in partnership with the Getúlio Vargas

Foundation (FGV), Instituto Elos and the community in the Bixiga district of São Paulo. The

project’s aim was to transform, in a period of two days, an abandoned square into a pleasant

area with grass, flowers and a park for children.

The group Society in Debate organized lectures on various fronts, such as “Public Safety”,

“Global Financial Crisis” and “Labor Market and the Global Crisis”. Another event with posi-

tive repercussions was the political debate between candidates running for São Paulo city

councilperson during the 2008 elections.

Ibmec Júnior Consulting also sponsored a series of lectures for students. The event that

featured Paulo Skaf, president of the São Paulo State Manufacturers’ Association (Fiesp),

attracted more than 250 people. Another event was the 1st Meeting of Former Members of

Ibmec Júnior Consulting, which was attended by more than 100 people, including students,

alumni, clients and collaborators that had or have contact with the junior company.

Career Placement

Undergraduate students

The Career Development Center provides support to undergraduate students by helping them

identify their professional interests and orientating them on the academic experience and prepar-

ing for the job market, helping them make mature choices concerning their career path.

The center sponsors group activities (workshops and courses) and individual activities for

students that foster critical thinking, communication, teamwork and other behavioral skills.

The Center establishes relationships with companies, bringing them into closer contact

with students while supporting their selection processes by advertising job openings. Events

held each year include the Job Fair and the Meeting Points, in which executives from compa-

nies in a variety of industries and organizational fields are invited to participate. At the events,

students are introduced to the job market, how companies work and the potential career

paths open to Economics and Business majors.

In 2008, participation in the program was up 13% on the previous year: 850 new trainee

and intern opportunities at 415 different companies and market segments were advertised

to the undergraduate students of Insper - Ibmec São Paulo.

The Career Development Center seeks to increase the diversity of the job openings offered

to students, effectively expanding job opportunities in different companies and markets while

assisting students in their initial career decisions. In 2008, the distribution of job opportuni-

ties was as follows:

42Insper

Community

Announced Internship and Trainee positionsAnnounced Internship and Trainee positions

Sector of Activity

0100200

9001000

800700600500400300

560

755

850

2006 2007 2008

29%

26%

11%

11%

9%

7%

6%

1%

Internship / trainee programs

Financial markets

Consulting

Marketing

Corporate finance

Industry

Auditing

Information technology

Sector of Activity

Announced Internship and Trainee positions

Sector of Activity

0100200

9001000

800700600500400300

560

755

850

2006 2007 2008

29%

26%

11%

11%

9%

7%

6%

1%

Internship / trainee programs

Financial markets

Consulting

Marketing

Corporate finance

Industry

Auditing

Information technology

We have assured for our students high employment and job satisfaction rates at the

conclusion of their eighth academic semester (fourth year), with the results in recent years

as follows:

43Insper

Community

Internships and summer internships

• 2008: 95% of students effectively placed in the job market upon conclusion of the

program


program


program

In addition, 97% of students rated their career prospects upon conclusion of the program as

“very good”

Internships and Summer internships

Our model characterized by full-time learning through the third year of the program means

that students can only participate in regular internships in their last year (fourth year).

To provide students coursing other years with opportunities to gain practical experience,

the school encourages participation in Summer internships, during student’s vacations,

which target the temporary needs of companies, with students focusing on specific projects

for a set period.

This effort to create, both at companies and in students, a “culture of Summer intern-

ships” has yielded its initial results, as demonstrated by the increase in the number of open-

ings and of students interested, as the table below shows:

Internships and summer internships

Period Companies which announced positions at Insper

Number of students hired for summer jobs

2006

2007 21

2

19

6

2008 23 44

Students in executive programs

For these students the Career Development Center offers activities and services in both

groups (workshops to discuss/reflect on their career) and/or individually (career counsel-

ing/coaching). These activities are conducted by specialists in the area, who help students

broaden their view of the market, assess trends and demands in the job market and learn

how to think about their career, their goals and their competencies. The ultimate objective is

to lead these executives to prepare an Individual Career Development Plan.

44Insper

Community

In 2008, 235 students in the executive programs (MBAs and Certificates) participated in

workshops conducted by the Career Development Center, and 122 students participated in

individual career counseling and coaching sessions. Of these participants, 95% attributed

scores above 4 (scale from 1 to 5) to the content and quality of the activities.

Believing in Talent

Providing an important opportunity for professional growth, the school, through the Center

for Entrepreneurship, sponsors an internal competition of Business Plans called “Empreen-

da”. The 2008 edition of the event featured the participation of 56 students organized in 20

teams, which were divided into two categories: Undergraduate and Executive (graduate and

alumni). The students, who received assistance from a team of professors from the school,

created an idea for a business and over the course of eight months outlined a real business

plan. The awards, which combined total R$20,000, were distributed to the finalists as a way

to encourage participation.

This type of competition, which is very popular in the United States, is a rich way to solidify

the content learned in the programs in an interdisciplinary and essentially practical manner.

Another significant benefit is the opportunity to present and defend a business idea before a

panel formed by venture capital investors, which simulates business rounds and can potentially

lead to important contacts in the event investors are genuinely interested in an idea.

Continuous Relationship

The members of the Alumni Community, who are integral and critical components of the

Insper - Ibmec São Paulo community, enjoy the opportunity to participate in a wide array of

activities at the school. The events include lectures and seminars, as well as opportunities to

contribute to the Strategy Research Center and to take part in meetings and competitions in the

Center for Entrepreneurship, in the Mentoring Project and even in the school’s management.

For the third straight year, the undergraduate alumni participated in our External Evalua-

tion Commission (CEA), helping determine the future paths of Insper - Ibmec São Paulo. We

believe that in the same way that we continue to stimulate the development of our students,

even after conclusion of the programs, we can count on these students to contribute to the

school’s development.

In 2008, we closed the year with approximately 4,300 members of the Alumni Commu-

nity (60% of all Insper - Ibmec São Paulo graduates), and we have observed a growing interest

on the part of students to participate in the projects and activities proposed. The IV Annual

Meeting of the Alumni, which was held in December 2008 at the museum Museu da Casa

Brasileira, registered the record presence of 500 community members, 300% more than in

2007. In addition to the opportunity to meet with former students and network, the event

45Insper

Community

also sought to inform alumni on developments at the school. In this latest edition, the new

policy for discounts and the results of the Mentor Project were presented. Those present also

received updates on the process to change the school’s brandname, which began in May

2008 and will be concluded in 2009.

Several actions were developed to advance initiatives that strengthen the school’s rela-

tionship with the Alumni Community and to instill in students who have already graduated

a sense of belonging and a commitment to the school’s sustainability. These included the

Mentor Program, which seeks to train graduates of the MBA programs to act as mentors

for undergraduate students.

For undergraduate students, this represents an opportunity to learn and exchange ideas

with an experienced professional prepared for the task, who helps them better understand the

job market while encouraging their development and expanding their repertoire of answers

to their career choices.

The Career Development Center also offers to the Alumni Community workshops and

individual assistance that help them choose the best career path.

Investment in People

Management of benefits – Insper - Ibmec São Paulo implemented a Private Pension

Plan that was developed especially for the school by Unibanco AIG. The objective was to

contribute to the future financial security of our staff and to call attention to the importance

of planning for retirement.

Preservation and development of human capital – in 2008, a significant number of staff

members took on the challenge of managing departments or centers. We were able to draw

on our in-house talent to fill 82% of these managerial positions, which included several

new positions created under the School’s new organizational model (designed to meet the

long-term strategic plan formulated in the second semester of 2007). These staff members

corroborate that the investments made in training and development are more than warranted

and produce effective results.

Investments in training – the table below shows the investments allocated to develop-

ing our human resources in recent years, particularly for the development of behavioral and

leadership competenci

Amount invested and enrollments – scholarships and trainingAmount invested and enrollments – scholarships and training

2006 2007 2008

Total invested (thousands of Reais) 523354

Total of enrollments 308207

443

262

46Insper

Community

Efforts for Sustainability

In 2008, Insper - Ibmec São Paulo created the Institutional Relations area with the objec-

tive of forging partnerships with both legal entities and individuals to raise funds that will help

strengthen the school’s financial independence and consequently its sustainability.

The area’s initial tasks were to:

1) Disseminate the concept, importance and significance of being a non-profit institution.

2) Establish the basic principles of the area’s activities, seeking to create, among other aspects,

a culture of donations and involvement in society in the school’s sustainability process.

3) Determine the funding campaigns:

• Scholarship Fund

• Academic projects

• Infrastructure projects

Donations to the Scholarship Fund have been fundamental to its continuity, given the

growing demand for these funds each year.

In 2008, we raised R$120,000 from individual donors, including members of the school’s

Alumni Community.

We are immensely grateful to all those who made donations. These individuals include:

• Marcelo and Heloisa Saad, who generously contributed the full amount of the monthly

tuition payment.

• Marcelo de Castro Oliveira Ferreira, who was the first member of the Alumni Community

to contribute to the Scholarship Fund, effectively demonstrating his connection with the

school and his recognition of the high-quality education he received.

Donors to the Scholarship Fund in 2008


Claudio Haddad

Guilherme Amaral Ferraz

Marcelo de Castro Ferreira Oliveira

Marcelo de Leite Moura e Silva

Marcelo e Heloisa Saad

Mauro Bergstein

Regina Madalozzo

Roberto Teixeira da Costa

Susanna Sancovsky

Por conta da crescente demanda por bolsas de estudo, a área de Relacionamento Insti-

tucional definiu o Fundo de Bolsas como objeto de sua principal campanha de captação de

recursos em 2009.

47Insper

Governance

Board of Directors

• Claudio L. S. Haddad (President)

• Howard Stevenson

• Jorge Paulo Lemann

• Luis Norberto Pascoal

• Michael Edgar Perlman

• Paulo Guilherme Aguiar Cunha

• Pedro Moreira Salles

• Peter Graber

Senior Executives

• Claudio L. S. Haddad

President

• Irineu Gustavo Nogueira Gianesi

Academic Dean for Graduate Programs

• Luca Borroni-Biancastelli

Academic Dean for Executive Education Programs

• Rinaldo Artes

Academic Dean for Research Degree Programs

• Sérgio Giovanetti Lazzarini

Academic Dean for Undergraduate Programs

• Christian Greiffo da Justa Menescal

Director of Shared Services

• Marcia Maria Nizzo de Moura

Director of Institutional Development

Administrative Team of Insper - Ibmec São Paulo

Planning and Control

Milena Soares de Oliveira

Planning and Control Manager

48Insper

Governance

Lato Sensu Graduate Programs

Silvio Abrahão Laban Neto

Associate Dean of the Executive MBA Programs

Otto Nogami

Deputy Associate Dean for Executive MBA Programs

Carlos Alberto Suslik

Program Director of the Executive MBA in Healthcare

Management Program

Guy Cliquet do Amaral Filho

Associate Dean for the Certificates Program

Jairo Saddi

Associate Dean for Insper Law

49Insper

Governance

André Antunes Soares de Camargo

Program Director – LLM Programs

Cátia Luriko Kushiyama

Academic Support Coordinator –

Graduate Programs

Marcos Hashimoto

Entrepreneurship Center Director

Executive Education Programs

Silvia Meirelles Ethel

New Business Development Director

Ana Paula Saldanha Cardoso

Custom Executive Education Programs Director

50Insper

Governance

Galo Lopez Noriega


Priscila Borin Claro


Bruno Sestokas Filho

Open-Enrollment Executive Education Director

Research Degree Programs


Editor of the Economics and Business Administration Magazine

Eurilton Alves Araújo Júnior

Program Director - Professional Master in Economics

51Insper

Governance

Henrique Machado Barros

Program Director - Professional Master of Business Administration

Naercio Aquino Menezes Filho

Associate Dean for Academic Research and the

Center for Public Research

Danny Pimentel Claro

Strategy Research Center Director


André Luís de Castro Moura Duarte

Program Director - Undergraduate Program

in Business Administration

Fábio Gomes

Program Director - Undergraduate Program in Economics

52Insper

Governance

Ana Helena Campos

Academic Support Coordinator

Andréa Tissenbaum

Extracurricular Activities and Exchange

Programs Coordinator

Carlos Alberto Furtado de Melo

Community Relations Coordinator

Charles Kirschbaum

Coordinator, Insper Cultura

Dirk Boehe

Coordinator, Specialization in International Business

53Insper

Governance

Meiry Tregier

Academic Registrar

Luciana de Paula Arjona

Manager of the Telles Library

Shared Services

Alessandro Neves Batista dos Santos

Infrastructure Manager

Daniel Penna Kagaya

Systems Manager

Joênio Neves Sousa

Service Desk Manager

54Insper

Governance

Karin Lucia Obertopp

Marketing Manager for Educational Programs

Silvia Regina Bassaglia

Customer Service Manager

Institutional Development

Camila de Souza Queiroz Du Plessis

Institutional Relations Manager

Carolina da Costa

Manager of the Teaching and Learning Dynamics

Research Center (DEA)

Jean François Saghaard

Manager of Institutional Marketing

55Insper

Governance

Márcia Maria Deotto

Manager of Interactive Learning Technologies (ILT)

Maria Ester Pires da Cruz

Manager of the Career Development Center

Rita de Cássia Marques Lima de Castro

Manager of International Accreditation and Scholarship Programs

Vilma Santos

Manager of Human Resources

Improvements and Preparations for Growth

Innovation is achieved quickly and with low risk when you are supported by excellent

internal organization. Bearing this in mind, we concentrated our efforts in 2008 on revising

and enhancing our internal organization and on the initial steps involved in building a consis-

tent operational platform.

The most important of these actions include:

• Formulating descriptions for the administrative positions, including those involving coor-

dinating the academic aspects of programs, in order to gain a better understanding of

56Insper

Governance

the roles and responsibilities of each person in the organization, and in some cases,

redistributing functions. Creating these descriptions serves as a catalyst for important

improvements in the system that orients career development in the support areas and

facilitates the assessment of positions for compensation purposes.

• The implementation of the HR system, which features many essential tools to efficiently

manage people, such as the generation of managerial reports to support analysis and

decision-making processes.

• The project to install a new systems platform, which involved choosing the supplier for

an integrated academic management system. The project is planned to begin in the first

quarter of 2009.

• The creation of a system of targets shared among people from various different areas,

promoting complementary advances toward common goals and the synchronization of

efforts, while also fostering a holistic and integrated vision.

• The institution of a matrix relationship between the Customer Service and Educational

Program Marketing areas with the Academic Dean areas, and the fostering of intense

collaboration (horizontal relationship) among all areas with a view to greater teamwork.

• Determining the essential competencies and an understanding of their importance for

achieving the school’s strategic goals.

• The creation of two new areas:

1) Processes - fully dedicated to the school’s processes, with the objective of analyzing,

questioning, understanding, demonstrating and registering best practices in all areas and

associated facilities, as well as working together to assure that these processes are instituted,

maintained and perfected over time.

2) Planning and Control – the product of the merger of the Marketing Intelligence divi-

sion with the Planning and Control department, this area is now the focal point of all informa-

tion concerning the school’s management, planning and control, with a view to supporting

the other academic and operational areas.

It is with great satisfaction that we received the results of the Employee Perception Survey

conducted in 2008, which indicated significant strides forward (with the variations in percent-

age points) in relation to the 2007 survey.

In addition, the control of target achievement performed by the Business Intelligence

area indicated that 69% of the targets established for 2008 were fully met.

We attribute these results to the strategic guidelines put into practice.

Recognition by Society

In 2008, the school was recognized in various other areas besides education and

research.

The school’s president, Claudio Haddad, was named the winner of the 2008 Milton Santos

Higher Education Award in the category “management of higher education institutions”. The

57Insper

Governance

award was created by the Brazilian Association of Higher Education Controlling Institutions

(ABMES) in 1994, and recognizes the merits of individuals who have contributed to advanc-

ing higher education in Brazil. Mr. Haddad was selected for the professional ethics he has

maintained as the school’s president.

Another achievement of Insper - Ibmec São Paulo was reaching first place in the 2008

B2B Quality Standard Award sponsored by B2B Magazine in the Education category. The

selected case was developed by the school in partnership with Nortel, and the result was

a project that combines modern infrastructure with environmental preservation by using

equipment that consumes less electricity. Insper - Ibmec São Paulo actively participated in

the execution of the project and in the selection of the partner.

Critical Eye

External Evaluation Commissions – CEA and CPA

The institutional self-evaluation process, conducted in accordance with the National High-

er Education Evaluation System (SINAES) created by the Ministry of Education, was instituted

by Insper - Ibmec São Paulo through the creation of the Internal Evaluation Commission

(CPA). The CPA involves participants from various areas of the institution, seeking joint reflec-

tion on the execution of operations, on the practices adopted, on the technologies used and

on the level of performance achieved.

Given its understanding that it is essential to receive criticism and advice from representa-

tives of society who identify with the school’s mission, in July 2006, Insper - Ibmec São Paulo

created the External Evaluation Commission (CEA). Formed by professionals and academics

of recognized capacity, the commission aims to conduct a far-reaching evaluation of the

institution’s teaching and research activities, considering aspects such as relevance, quality

and alignment with the mission. In 2008, the CEA was incorporated by the CPA, effectively

forming an integrated self-evaluation system.

In 2008, the members of the CPA, divided into sub-commissions, produced reports based

on in-depth discussions of each of the ten dimensions comprising the self-evaluation recom-

mended by SINAES. These reports were discussed at the annual meeting of the CPA and led to

important suggestions for improvement, which were used to draft the target plan for 2009-10.

Similarly, the CEA, in its third annual meeting, debated issues of particular relevance to

the school’s strategy, such as formulating a long-term strategic plan, the project to change

the brandname and the future path of the Executive Education Programs. The transparent

self-evaluation process, the CPA and the CEA clearly demonstrate the school’s firm commit-

ment to be even better tomorrow than it is today.

58Insper

Results 2008

Scholarship Fund – Undergraduate

Applicant/Opening Ratio1


Scholarship Fund – Undergraduate

Scholarship Fund 2006 2007 2008

Starting Balance (-) Scholarships Awarded 2,162 2,540

Scholarships Awarded (501) (943)

Refund 45 12

Investments 507 374

Ending Balance (Remunerated) 2,540 2,251

2,251

(1,410)

84

431

1,582

Scholarships Awarded 2006 2007 2008

Scholarship Students 49 70 101

Applicant/Opening Ratio1

0

5

10

15

20

25

2006 2007 2008

10.1

6.6

11.4

7.6

13.0

59.

8

Business Administration Economics

1Amounts correspond the number of applicants in the admissions exams in both first and second semesters.

59Insper

Results 2008

Faculty´s Degree / Undergraduate Program 2008

Graduate Programs Stricto SensuNumber of Applicants, Admissions and Enrollments by Admissions Process

Graduate Programs

Faculty's Degree / Undergraduate Program 2008

34%

2%

Ph.D/DoctorateMasters

Specialization

64%

� Graduate Programs Stricto Sensu Number of Applicants, Admissions and Enrollments by Admissions Process

193 162 163 1% -

-

-

20 34 70%

64 63 61 -3% 2011

11

82%

48 50 50 0% 15 36%

-25%75% 79% 82% 3% - 100% 75%




Applicants

Applicants Accepted

Students Enrolled


60Insper

Results 2008

Graduate Programs Lato Sensu

Executive Education – Customized Programs

Number of Applicants, Admissions and Enrollments by Admissions Process



Applicants 466 499 580 16% 1,182 1,403 1,688 20%




84% 78% 94% 20% 81% 88% 99% 12%

LLM Certificates

Applicants

Applicants accepted

Students enrolled


MBA TOTAL

1,532 1,586 1,697 7% 3,180 3,488 3,965 14%

577 661 632 -4% 1,422 1,573 1,557 -1%

477 482 488 1% 1,166 1,268 1,398 10%

83% 73% 77% 6% 82% 81% 90% 11%




Applicants 466 499 580 16% 1,182 1,403 1,688 20%




84% 78% 94% 20% 81% 88% 99% 12%

LLM Certificates

Applicants

Applicants accepted

Students enrolled


MBA TOTAL

1,532 1,586 1,697 7% 3,180 3,488 3,965 14%

577 661 632 -4% 1,422 1,573 1,557 -1%

477 482 488 1% 1,166 1,268 1,398 10%

83% 73% 77% 6% 82% 81% 90% 11%


Clients

Programs Delivered

49

113

31

78

2006 2007 2008Highlights

28

88

Students Served 2,659 2,112 2,476

Classroom Hours 7,291 5,815 7,482

� Executive Education – Customized Programs

61Insper

Results 2008


Research

0

100

200

300

400

500

600

700

800

900

1.000

1.100

1.200

1.300

2006 2007 2008


1,21

1

891

706


62Insper

Results 2008


Research Points1 per researcher– Insper

0

10

20

30

40

50

60

2006 2007 2008

Research points1 per researcher – Insper

55.0

40.5

33.6



0

4

8

12

16

20

0

2006 2007 2008

International PapersBrazilian Papers

BooksChapters

14 20 22 20 19 2 616 10 6

63Insper

Results 2008

Professores Pesquisadores

0

5

10

15

20

25

2006 2007 2008

21 22 22

Research and Clinical Professors

Indicators

Receitas 2006 a 2008 (em milhares de reais)

Visão Gerencial, desconsiderando ajustes contábeis.

Indicadores Financeiros (em milhares de reais) 2008

Margem operacional

Fundo de bolsas (saldo ao final do período)

Investimentos – Total

Doações – Fundo de bolsas

Doações – Outras

Doações – Total

2006

31.988

2.540

15.028

289

1.740

2.029

2007

Receitas brutas 62.601 69.382 81.214

Despesas diretas 24.625 25.952

36.992

Despesas indiretas 10.580 11.508

Despesas gerais e institucionais 13.374 15.095

Superávit final 11.099 14.452

29.914

43.665

13.135

19.689

17.649

Posição de caixa (ao final do período) 17.656 32.216

2.251

4.229

140

-

140

46.849

1.582

2.974

121

421

542

2006 2007 2008

62.

601

69.

382

81.

214

Revenue 2006 to 2008 (thousands of Reais)

64Insper

Results 2008

Revenue 2006 to 2008 (thousands of Reais)

Managerial figures, not considering accounting adjustments

Financial Indicators (thousands of reais) 2008

Operational margin

Scholarship fund (end of period)

Investments – Total

Donations – Scholarship fund

Donations – Other

Donations – Total

2006

31,988

2,540

15,028

289

1,740

2,029

2007

Gross revenue 62,601 69,382 81,214

Direct expenses 24,625 25,952

36,992

Indirect expenses 10,580 11,508

General and institutional expenses 13,374 15,095

Administrative surplus 11,099 14,452

29,914

43,665

13,135

19,689

17,649

Cash position (end of period) 17,656 32,216

2,251

4,229

140

-

140

46,849

1,582

2,974

121

421

542

2006 2007 2008

62,

601

69,

382

81,

214

Revenue by program type 2007

Revenue by program type 2008

(thousands of Reais)


Revenue by program type 2007(thousands of Reais)

47%

35%

13%

3%

2%

R$ 32,661 | Executive GraduateR$ 24,486 | Undergraduate

R$ 8,969 | Executive EducationR$ 2,016 | Professional Masters

R$ 1,250 | Distance Learning


47%

35%

13%

3%

2%



R$ 1,250 | Distance LearningRevenue by program type 2008(thousands of Reais)

43%

38%

14%

3%

1.4%





43%

38%

14%

3%

1.4%




65Insper

Results 2008

Amount invested and enrollments – schoarships and training

Investments1


Amount invested and enrollments – scholarships and training

2006 2007 2008

Total invested (thousands of Reais) 523354

Total of enrollments 308207

443

262

415

354

60

13,525

301

502

523

62

2,368

1,226

515

443

85

1,748

1,074

Investments1


Investments 2006 2007 2008

Library

Scholarships and Training

Business Cases

Infrastructure

Technology 1Economic investments, not considering accounting classifications

66Insper

Results 2008

Statement of financial position as at 31 december(Thousands of Reais)

2008 2007ASSETS (adjusted)

Current assets 57,549 38,768

Cash and cash equivalents 48,539 31,710

Accounts receivable 8,577 6,844

Allowance for doubtful accounts (773) (653)

Other receivables 1,206 867

Non-current assets 23,638 25,854

Long-term receivables 3,385 2,664

Judicial deposits and collaterals 10 692

Accounts receivable 3,375 1,972

Property and equipment 14,565 16,749

Deferred charges 5,587 6,441

Intangible assets 101 0

TOTAL ASSETS 81,187 64,622

Financial Results

INSPER INSTITUTO DE ENSINO E PESQUISA (formerly, Instituto Veris)

FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007

67Insper

Results 2008

Statement of financial position as at 31 december(Thousands of Reais)

The accompanying notes are an integral part of the financial statements.

2008 2007LIABILITIES AND NET ASSETS (adjusted)

Current liabilities 15,644 12,708

Trade accounts payable 2,154 1,657

Loans and financing 38 0

Salaries and social security charges 1,464 617

Accrual for vacation pay and charges 2,092 1,781

Taxes payable 354 244

Services to be provided 9,536 7,978

Other accounts payable 6 431

Non-current liabilities 1,067 2,105

Long-term liabilities 1,067 2,105

Services to be provided 374 1,443

Accrual for contingent liabilities 693 662

Net assets 64,476 49,809

Capital contributions 27 27

Statutory reserves 13,658 13,658

Accumulated surplus 50,791 36,124

TOTAL LIABILITIES AND NET ASSETS 81,187 64,622

68Insper

Results 2008

Statement of operations for the years ended 31 december(Thousands of Reais)

2008 2007REVENUES (adjusted)

Gross revenues 76,437 68,942

Courses 75,895 68,942

Donations 542 0

Deductions from gross revenues (3,884) (2,870)

Cancelled services and rebates (1,383) (709)

Taxes on sales (2,501) (2,161)

Net revenues 72,553 66,072

EXPENSES (60,081) (55,697)

Personnel and social security charges (31,528) (31,235)

Third party services (11,346) (6,421)

Advertising (2,868) (1,908)

Depreciation and amortization (3,341) (3,025)

Occupancy (8,396) (7,765)

Teaching material (1,749) (1,983)

Other revenues (expenses) (730) (3,023)

Taxes and charges (123) (337)

Operating results 12,472 10,375

69Insper

Results 2008

Statement of cash flows for the years ended 31 december(Thousands of Reais)

The accompanying notes are an integral part of the financial statements.

Net financial results 4,918 2,175

Non-operating results – in 2008, subs-tantially comprised of unserviceable and non-located fixed assets written off. (2,722) (17)

Excess of recurrent revenues over expenses for the year 14,668 12,533

Extraordinary item – adjustment from change in the accounting policy, notes 3.1 and 3.3 to financial statements 0 1,806

Excess of revenues over expenses for the year 14,668 14,339

2008 2007(adjusted)

Cash flows from operating activities

Excess of revenues over expenses for the year

14,668

14,339

Amounts not affecting cash:

Allowance for doubtful accounts 120 (799)

Accrual for contingent liabilities 31 0

Depreciation and amortization 3,341 3,025

Net book value of fixed assets and deferred charges written off 2,785 190

20,945 16,755

Decrease (increase) in operating assets

70Insper

Results 2008

Accounts receivable (3,136) 23,488

Judicial deposits and collaterals 681 45

Other receivables (338) 311

(2,793) 23,844

Increase (decrease) in operating liabilities

Trade accounts payable 497 (1,107)

Salaries and social security charges 847 (46)

Accrual for vacation pay and charges 311 229

Taxes payable 110 (82)

Services to be provided 488 (21,719)

Other accounts payable (425) 431

1,828 (22,294)

Cash from operating activities 19,980 18,305

Increase in cash for donations received (as per applicable accounting framework for 2007, it was originally credited to net assets’ accounts)

0

135

Cash flows from investing activities

Acquisition of fixed assets 3,189 4,143

Additions to deferred charges 0 598

3,189 4,741

Cash flows from financing activities

Net borrowings 38 0

38 0

71Insper

Results 2008

Independent Accountants’ Report

To the Board of Trustees and Management

INSPER INSTITUTO DE ENSINO E PESQUISA (formerly, Instituto Veris)

1. We have audited the balance sheet of Insper Instituto de Ensino e Pesquisa (former-

ly, Instituto Veris) at 31 December 2008 and the related statements of operations, of

changes in net assets’ accounts and of cash flows for the year then ended. These financial

statements are the responsibility of the Instituto’s management. Our responsibility is to

express an opinion on these financial statements.

2. We conducted our audit in accordance with approved Brazilian auditing standards, which

require that we perform the audit to obtain reasonable assurance about whether the

financial statements are fairly presented in all material respects. An audit includes exam-

ining, on a test basis, evidence supporting the amounts and disclosures in the financial

statements. An audit also includes assessing the accounting principles used and signifi-

cant estimates made by management as well as evaluating the overall statement presen-

tation. We believe our audit provides a reasonable basis for our opinion.

3. In our opinion, the financial statements referred to in paragraph 1 present fairly, in

all material respects, the financial position of Insper Instituto de Ensino e Pesquisa

(formerly, Instituto Veris) at 31 December 2008, its excess of revenues over expenses,

the changes in net assets’ accounts and its cash flows for the year then ended, in accor-

dance with accounting practices adopted in Brazil.

4. We have previously audited the financial statements of Insper Instituto de Ensino e

Pesquisa (formerly, Instituto Veris) for the year ended 31 December 2007, comprising

the balance sheet, the statement of operations, and the statements of changes in net

assets’ accounts and in financial position, on which we issued an opinion dated 5 May

2008, including a qualification as to the effects, if any, from the impossibility of applying

audit procedures on certain documents selected for examination, which were not submit-

ted by Management. As described in Note 1 to financial statements, this situation arose

As notas explicativas são parte integrante das demonstrações contábeis.

Increase in cash and cash equivalents 16,829 13,699

Increase in cash and cash equivalents

At beginning of the year 31,710 18,011

At end of the year 48,539 31,710

16,829 13,699

72Insper

Results 2008

from the outsourced bookkeeper replacement. As mentioned in Note 2 to financial state-

ments, the accounting practices adopted in Brazil were changed as from 1 January 2008.

The financial statements for the year ended December 31, 2007, presented in conjunc-

tion with the financial statements for 2008 fiscal year, were prepared in accordance with

the accounting practices adopted in Brazil in force up to 31 December 2007 and, as

allowed by Accounting Pronouncement Committee (CPC) Technical Pronouncement No.

13 – First-time Adoption of Law Nº 11638/07 and Provisional Executive Order Nº 449/07,

were not restated to include adjustments that could arise from adoption of new rules.

5. As mentioned in Note 3.3 to financial statements, in 2008 the Instituto voluntarily changed

the accounting practice for recognizing revenues related to courses longer than one year.

Pursuant to the Brazilian Accounting Standard on changes in accounting practices –

NBC-T 19.11 – whenever a new accounting practice is voluntarily adopted, the entity

shall adjust the opening balance sheet for each account or group of accounts for the earli-

est prior year presented and the the other comparative amounts disclosed for each prior

year presented, as if the new accounting policy had always been applied, disclosing in the

retained surplus (accumulated deficit) account, in the statement of changes in net assets’

accounts, the effects of the adoption of the new accounting practice. The Instituto rolled

back to 2007 the calculations and adjustments, thus keeping the comparability of equity

balances in regard to the voluntary change in the accounting practice. Nevertheless,

inasmuch as roll-back to prior years is impracticable, the statement of operations for

2007, in the other operating revenues and expenditures caption, may include prior years’

effects, if any.

6. The statement of cash flows for the year ended 31 December 2007, prepared for compar-

ison purposes with financial statements for 2008, was submitted to the same audit proce-

dures as those described in paragraph 2 and, in our opinion, these financial statements

are presented fairly, in all material respects, in relation to the overall financial statements

mentioned in paragraph 4.

São Paulo, 25 May 2009

Eduardo Affonso de Vasconcelos

NEXIA VILLAS RODIL

AUDITORES INDEPENDENTES

CRC 2 SP 019.098/O-1

Independent firm, member of Nexia International

73Insper

Programs

List of Programs


(Bachelor)

Business Administration

Economics

Graduate

(Stricto Sensu)

• Professional Masters



Graduate Programs

(Lato Sensu)

• MBAs

Executive MBA

Executive MBA in Finance

Executive MBA in Healthcare Management

• Certificates

CBA - Certificate in Business Administration

CFM - Certificate in Financial Management

CMM - Certificate in Marketing Management

• LLM - Master of Laws

LLM - Contract Law

LLM - Corporate Law

LLM - Economic Penal Law

LLM - Financial and Capital Market Law

LLM - Tax Law

Executive Education

Short and Medium Duration Programs

Customized Programs and Courses for Companies

Rua Quatá, 300

04546-042 Vila Olímpia São Paulo SP Brasil

T 00 55 11 4504 2300 F 00 55 11 4504 [email protected]

www.insper.org.br/en

annual report | 2008€¦ · annual report | 2008. the main aim of this report is to communicate...

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