MESSAGE FROM THE PRESIDENT

Transcription

1 ANNUAL REPORT 2009

2 MESSAGE FROM THE PRESIDENT 2

3 Dear Friends, The year 2009 was very challenging for us. In May, our new brand Insper Institute of Education and Research was officially presented to the community. The decision to change our name, as well as its selection and announcement, however, represented only the first phase of the process. As of May, the second phase was initiated: the consolidation of the new brand. Although this is an ongoing process, the results to date have been encouraging. Everything suggests that Insper an abstract name derived from the Portuguese words inspirar (to inspire) and pertencer (to belong), together with to transform, which completes the three pillars of our brand is being well received and internalized by our target public, both inside and outside the School. The budget execution in 2009 also posed major challenges. The economic crisis in late 2008 drove many companies budgets for corporate training to be reduced or postponed. As a result, we experienced a drop in student enrollment in certain graduate programs (since most of these programs are sponsored by employers), as well as postponements of various customized executive education programs. Consequently, by midyear, the budget execution for 2009 appeared to be severely compromised. So we began a process to cut costs and delay nonessential expenses, which resulted in a financial surplus for the year slightly above the budgeted amount, despite the 5% reduction in our gross revenue in the period. In early 2010, the market showed strong signs of recovery, which leaves us cautiously optimistic on meeting our goals and budget for the year. Another fact worth highlighting is that we finally worked out our physical expansion. Still in early 2010, we signed a build-to-suit agreement with the owners of the property we lease, through which we guaranteed occupancy of eight floors of a tower to be built adjacent to our campus. Under this agreement, we would have approximately 80% more usable area, which would allow us to expand our current programs, increase the number of openings in our undergraduate programs and implement any new programs we decide to offer. The groundbreaking is expected before midyear, and construction should be concluded in We are more enthusiastic than ever about our future. At the close of 2009, we reached the mark of 5,000 registered alumni, confirming that the pride and sense of belonging to the Insper community of those who have passed through our halls grow with each passing day. Our continuous improvement and evolution over future generations depends entirely on this involvement. I would like to express my deep gratitude to all of those who have helped Insper accomplish its mission. Cordially, Claudio Haddad

4 INSTITUTIONAL Board of Directors 01 - Claudio L. S. Haddad (President) 02 - Michael Edgar Perlman 03 - Luis Norberto Pascoal 04 - Howard Stevenson 05 - Pedro Moreira Salles 06 - Paulo Guilherme Aguiar Cunha 07 - Peter Graber ** - Jorge Paulo Lemann Vision To be a leading center in education and research in the fi elds of Business and Economics, combining academic rigor and a practical approach so as to forge leaders and professionals who will make a difference. Mission To develop people who share our educational approach, generating and disseminating knowledge in the fi elds of Business and Economics and fostering its practical application. Our educational approach centers on the development of students at all stages of their professional lives and relies on their full commitment and participation in the learning process. We value rigorous academic research based on realworld issues, which contributes to the enhancement of public policy and organizational practice. 4

5 INSTITUTIONAL Executive Committee 01 - Claudio L. S. Haddad President 02 - Luca Borroni-Biancastelli Academic Dean Executive Education 03 - Irineu Gustavo Nogueira Gianesi Academic Dean Graduate Programs 04 - Marcia Nizzo de Moura Senior Director of Institutional Development 05 - Andrea Accioly Fonseca Minardi Academic Dean Undergraduate Programs 06 - Rinaldo Artes Academic Dean Research Degree Programs 07 - Christian Greiffo da Justa Menescal Senior Director of Operations 5

6 A LOOK BACK AT 2009 LANDMARKS AND IMPORTANT INITIATIVES THAT SHAPED INSPER S DEVELOPMENT AMBA (Association of MBAs) Accreditation Renewal The year 2009 was marked by the expansion of Insper s faculty. Six full-time research professors were hired. The new faculty members added some new areas of research to the School and complemented others. Another highlight was the incentives for academic production through additional compensation, which targets professors who also exercise external professional activities and, thus, bring valuable experience to certain programs offered by the School. Faculty members also received training, through seminars and workshops, in concepts and resources directly related to the science of teaching and learning. One of such events was the seminar given by two researchers in the field of Learning Science from Rutgers University, who presented works on teaching methods to develop critical thinking and problem-solving abilities (two learning objectives shared by all the School s programs). During the year, Insper also created the CPP (Public Policies Center) together with a IFB Chair (Instituto Futuro Brasil Future Brazil Institute), for which the Center s Director was appointed. The center s creation was supported by an endowment from IFB, and it took over the research activities previously conducted by this institution. Through the CPP, Insper will expand its academic production in the area of public policy, strengthening the institution s commitment to society. 6

7 A LOOK BACK AT 2009 ANNUAL REPORT Public Policies Center (CPP) launch 7

8 A LOOK BACK AT 2009 Faculty enlargement and motivation to academic production 8

9 DESTAQUES DE PESQUISAS EM 2009 The accreditation of Insper s MBA programs by the Association of MBAs (AMBA) was renewed for another three years. Insper also moved forward in its process to obtain accreditation from the Association to Advance Collegiate Schools of Business (AACSB International). This long-term process has been ongoing for the past six years and entails improving the School s management and more accurately outlining its learning and research projects. In 2009, Insper qualified for the final stage of the evaluation process by the AACSB, attesting to its advances over the years. The accreditation process demonstrates the integrity and consistency of Insper s initiatives and reinforces the continuous efforts to obtain international recognition for our programs and other academic projects. We look forward to the final phase of the accreditation process in Also in 2009, we launched the Odisseia project, which is related to the implementation of a new systems platform (ERP) for the School. This is an institutional initiative to improve the management of educational and organizational processes. The new platform will improve the efficiency of the School s processes and its ability to provide services and to maintain relationships with all of Insper s stakeholders. The process to disseminate and consolidate the Insper brand, launched in May 2009, counted with the engagement of the School s staff and student organizations during the first six months. On the day the brand was launched, the School s main promotional materials, both printed and digital, already reflected the new identity. A highlight was the rapid assimilation of the brand change by the media, with the Insper name beginning to appear in many articles and spots in business and economics publications. The School s student organizations incorporated the Insper brand in their logos, sports uniforms and promotional materials, demonstrating students alignment with the School s new identity. We also had the support of the School s alumni, friends and partners, who disseminated our identity and values, accelerating the advance of the Insper brand. 9

10 INSPIRE To inspire is to pass on knowledge and to point out a direction to create innovative ideas for those who strive for professional development 10

11 2009 RESEARCH HIGHLIGHTS The year 2009 was very productive in terms of research at Insper. The number of full-time and exclusive professors-researchers was increased from 22 to 27, three of whom are adjunct professors. We also have three professor-researchers on joint appointment with U.S. universities. Our faculty published 42 works in academic journals, 20 of which were in international journals. In addition, 40 new working papers were published on Insper s research site, which shows that our professors continue to publish at healthy rates and suggests that many new publications await us in the years ahead. Last year, Professor Andrea Minardi won the Best Paper Award at the Global Finance Conference with the paper Does Private Equity Work as a Quality Certification for IPOs in Brazil?. Professor José Luiz Rossi won second place in the Banrisul Corporate Finance and Banking Award with the paper What is the Value of Corporate Social Responsibility? An Answer from the Brazilian Sustainability Index. The George Stigler Award for Excellence in Research, which is conferred annually by Insper to researchers connected with the School who submit their works to a committee, went to Professor Rodrigo Moita (first place), Professor Sergio Lazzarini and Professor Naercio Menezes Filho (both in second place). In 2009, Insper continued to organize a series of academic seminars, in which professors invited from other universities in Brazil and abroad present academic works, as well as a series of brown bag seminars in which professors from Insper present their research in progress. 40 new working papers published on Insper s research website INSPIRE Small and Medium Enterprise Confidence Index (IC-PMN) In partnership with Grupo Santander Brasil, Insper s Strategy Research Center developed the Small and Medium Enterprise Confidence Index (IC-PMN). Created in 2008, the index s growing use was consolidated in 2009 at two quarterly disclosure events, which had significant repercussions in the specialized media and generated a sharp increase in the number of visitors to the IC-PMN section of Insper s website. 11

12 2009 RESEARCH HIGHLIGHTS Total CAPES points 1 Research Production Insper International Papers Brazilian Papers Chapters Books Research and Clinical Professors ,0 1,211 1, Based on the academic review criteria of Brazil s research authority CAPES. CAPES 1 points per researcher , Six new Research Professors were hired Based on the academic review criteria of Brazil s research authority CAPES. 12

13 INSPIRE Public Policies Center The seminar A Evolução da Vitimização em São Paulo entre 2003 e 2008 (The Evolution in São Paulo s Victimization from 2003 to 2008) formalized the launch of Insper s Public Policies Center (CPP). The objective of the Center is to develop studies in areas such as Education, Political System, Criminality, Health and Social Assistance. In addition to the launch seminar, the Center also sponsored three major seminars during the year: A Qualidade das Escolas Públicas Brasileiras (The Quality of Brazil s Public Schools), A Sala de Aula Que Ensina (Classroms that Teach) and The Magic Carpet Ride, all of which featured the participation of guest professors as well as prominent professors. CPP also developed and published studies on Education, Victimization and Health in Brazil. To foster debate on current issues concerning Brazil s economy and increase students contact with this universe, in the second half of 2009, the Public Policies Center (CPP) sponsored a series of three debates that featured presentations by specialists and School s professors. The debates discussed the following topics, selected by students through a voting process conducted on CPP s blog: Corruption, Institutions and Growth, Pre-Salt and Foreign Exchange. Education and Learning Dynamics Research Center (DEA) Encouraging social and economic debates incites the development of ideas and the search for solutions The efforts to improve the teaching and learning processes at Insper in 2009 advanced on two main fronts: measuring learning and developing professors. The measuring of learning sought to answer the question: How do we know if our students have achieved the learning objectives established for each of the School s programs? Insper believes that creating ways to answer this question is fundamental for the execution of its mission and to assure that our commitment to society is met. The results of these measurements in the School s various programs guided actions to improve areas, such as program curricula, class plans and student evaluations. Along the same lines, the initiatives to develop professors sought to bring to the attention of our faculty certain concepts and resources that are directly related to improvement processes. For example, we brought two researchers in the field of Learning Science from Rutgers University to discuss research on teaching methods to develop critical thinking and problem-solving abilities (which are two learning objectives shared by all of the School s programs). 13

14 2,155 new job offers in the opportunities board 93% of the students have joined the work market, taking part in academic activities or in their own enterprises 14

15 CAREER DEVELOPMENT CENTER Students in Insper s Business Administration and Economics undergraduate programs who graduated in 2009 will begin 2010 with concrete prospects for their careers. The last survey, conducted upon the conclusion of these programs, indicated that 93% already perform some sort of professional activity (at companies, running their own businesses or engaged in academic activities). At Insper, students in the undergraduate and graduate programs and alumni can follow job openings through the Opportunities Panel, an electronic resource administered by the Career Development Center that puts recruiters in touch with students and alumni, effectively facilitating communications and recruiting processes. In 2009, we made 2,155 new opportunities in a variety of companies and fields available to our students. In a difficult year such as 2009, in which companies experienced atypical situations, the Career Development Center sought to narrow even further its relationship with employers. We held six major events with employers, students and alumni. The objective was, and still is, to bring the School and companies closer, drawing their attention to the professional development and expertise provided by Insper to its students and alumni. Announced Internship and Trainne positions Sector of Activity Internship Trainee programs Financial Markets Consulting Marketing Corporate Finance Others (Strategy, Sales, Logistics, HR etc.) % 6% 29% 15% 13% 10% 2% Number of students hired for summer jobs % Undergrad Students Placed in the Job Market Placed in Field In selection processes / Travelling 93% 15

16 17 exchange students came from 7 international partner schools INTERNATIONAL RELATIONS In 2009, Insper expanded the scope of its partnerships and included Australia and Singapore on its map of relationships with international teaching institutions. The number of exchange students also increased, with the School receiving 17 students from seven partner schools. Also during 2009, we created the International Student Office, an initiative by Insper s students to support and facilitate the participation of foreign and Brazilian students in exchange programs. And in the graduate programs (MBA and LLM), 2009 was a year of intensifying the School s international relations through short-length programs, academic exchanges and visits by groups of students. International Student Office: an initiative of Insper s students to help foreign and Brazilian students INNOVATION CHALLENGE Omnium Global Executive MBA Students came to learn from entrepreneurs in Brazil how to achieve success in dynamic economic environments, which can be rather turbulent at times. Insper s Center for Entrepreneurship organized, from August to November 2009, the first Brazilian edition of the Innovation Challenge, the world s largest corporate innovation competition, which is held annually by Darden Business School. The competition, sponsored by Pepsico and Bunge, presented real dilemmas in the business world, which MBA students from all over Brazil sought to resolve in the competition s two phases. In all, nearly 300 students from 27 Business Schools participated. A panel formed by 73 executives, consultants and specialists evaluated all the proposals submitted. The success of the first edition served as encouragement to continue with the competition in 2010, with the goal of attracting five sponsors and doubling the number of students participating from Brazilian Business Schools. 16

17 INSPIRE Insper carries out the Brazilian edition of the Innovation Challenge, the largest international business innovation competition 17

18 BELONG To belong is to integrate a given environment or community and to interact proactively for mutual development 18

19 ODISSEIA PROJECT In 2009, the project to implement a new systems platform advanced rigorously in line with the established schedule, with all of the School s internal processes reviewed. The work involved a task force of 30 people from 14 areas. In November 2009, the project s official name was selected based on the results of an internal competition. With 33 nominations, the name Odisseia was the winner. The name will be used during the implementation phase of the Banner System from Sungard Higher Education, which will last for 24 months. The activities were launched on January 4, The project will lead to changes in culture and behavior, dramatic shifts in paradigms, extensive training efforts and an exchange of ideas in order to transform and develop processes and assure the achievement of new benchmarks, especially in terms of management, productivity and dynamics. The objectives, strategic relevance and role of each team member in this project for integrating systems, processes and people are of critical importance, reinforcing the fact that the Odisseia Project involves all the School s stakeholders. 30 fellow workers from 14 areas were part of the project BELONG Integrating systems, processes and people will provide new management, productivity and vitality levels at the School 19

20 BELONG INSPER COMMUNITY Student Organizations Students and alumni actively take part in the process of implementing the new brand Insper Students were thoroughly involved in the consolidation of the Insper brand, participating in blog discussions about the new brand, in podcasts and in informative lectures. In parallel with the brand change, Insper s student organizations made changes to their visual identities in order to keep up with the change at the School. Logos were redesigned, as were also sports uniforms and promotional materials. All activities planned by these organizations over the course of the year represented opportunities to promote the new brand. The highlights were: Insper Jr. Consulting was responsible for several events with lectures given by Central Bank President Henrique Meireles and entrepreneur Luiza Helena Trajano, to commemorate the 8th anniversary of the Empresa Jr. (junior enterprise organization). Sociedade em Debate (Debating the Society) invited the coach from the national volley team, Bernardinho Bernardo Rocha de Rezende, to give a presentation to the Insper Community. The Social Action Group (GAS) sponsored campaigns such as the social action freshmen reception cerimonies, the blood donation drive and the Christmas gift donation drive, always taking an opportunity to showcase the school s brand in a positive light for its social assistance partners. Students carry out the Social Action Freshmen Ceremonies 2009/1 at Liga Solidária. Freshmen helped children to manufacture their Carnival costumes, to upkeep the sports field and other facilities of that institution. Alumni Community Insper is committed to providing opportunities for the continuous development of the members of its Alumni Community. One of the incentives for this development was giving discounts to alumni for their enrollment in academic programs. In 2009, 34 alumni members re-enrolled at the School to further their development. At the end year, we reached the mark of 5,000 registered alumni members, which corresponds to 60% of all the School s graduates. In view of its importance to the School, the Insper Alumni Community received a new web portal, which expanded the volume of information and opportunities for interaction. Another opportunity for alumni development is the exclusive events focused on the interests of this community. In addition, the Annual Alumni Meeting, which allows classes to reunite and learn about the latest developments at the School, has attracted a growing number of participants each year. 20

21 12 first donations from alumni to the Scholarship Fund in 2009 Institutional Relations The highlights in 2009 include the support provided by the Friends of Insper to the Scholarship Fund. The Friends of Insper were responsible for 87% of all funds raised during the year. In 2009, the 4th Annual Meeting of Friends of Insper, which presents the School s results and provides an account of operations to its main donors, enjoyed the participation of other stakeholders with a view to expanding the ranks of those supporting Insper s teaching and learning activities and projects. During the meeting, a talk show was organized with scholarship students (some already graduated), who commented on the impact of receiving a scholarship, the challenge of studying or of having studied at Insper and their expectations regarding the job market. Insper is transforming my life. Studying here means not only broadening widely my horizons, but also making me experience a reality I would probably never be a part of anywhere else. At this school, I feel motivated to learn as much as possible, since we have a learning-friendly environment. I have countless dreams, but, overall, I intend to be financially stable, able to provide for the big family I plan on having. Also, I really wish to be someone who contributes to making this country a fairer place, by being a good role model and through my actions. At last, I specially want to enable those who cannot afford it to have the same huge opportunity of studying at this school. Diego Ferrante da Silva Sophomore Student of Economics 21 20

22 In 2009, more than 40 employees made monthly contributions to the Scholarship Fund, and the amount raised was enough to support a scholarship student for six months. The Alumni Community also became involved in fund raising campaigns. And to encourage participation in the School s projects, the Insper Ambassadors Group was created, formed by 12 alumni with strong involvement in the School. During the year, we promoted debate on fund raising, on strategies to strengthen ties with the community and on ways to foster a culture of donation. With the support of the Ambassadors, we launched a fund raising campaign during events organized for the Community, and successfully attracted the first contributions to the Scholarship Fund. During the 5th Annual Alumni Meeting, the School acknowledged its appreciation to Insper Alumni Ambassadors in 2009 for their exemplary commitment and honored Marcelo de Oliveira Ferreira, the first alumni to participate in the Scholarship Fund. The improvement of an educational institution is strictly related to its students progress in the professional field it works like a reinforcement action. The more students capable to contribute to the society graduate there, the stronger is the feeling of a seal of quality, which raises the number of companies interested in their students and the number of college applications. To be an active part of the Alumni Community is acknowledging that this process is not a oneway street. The institution must provide the required tools for the students to stand out in a professional environment. However, it is up to the students to unceasingly keep the bond, in order to point out job market needs and help out other students who have potential, but count on limited financial resources. The motivation of the former student is clear: contributing to the school s benchmark status maintains the quality of our diplomas. Acting as an alumni ambassador, Insper shows its efforts to stimulate such bond keeping, creating a space for discussions between recently graduated students and opinion leaders in the society. It is more than a privilege, it is a position full of responsibilities regarding the circulation of the Institution s initiatives to all the Alumni Community. Franco R. R. Veludo Business Administration Alumnus CREDIT SUISSE HEDGING-GRIFFO 22

23 TRANSFORM To transform is to help the progress of people who search for effective learning, causing an impact on organizations and on society 23

24 UNDERGRADUATE PROGRAMS The year 2009 was of particular importance to the Undergraduate Programs. We consolidated our learning assurance program, which aims to evaluate students performance in relation to the learning objectives established for the Business Administration and Economics programs. These objectives involve: specific knowledge, problem assessment and resolution, critical thinking, teamwork, exposure and communication, and a results-based approach. In view of the results obtained, we reviewed our curriculum for the undergraduate programs, revising the content and creating new courses focusing on problem-solving skills. Exposure to poorly structured problems allows students to put themselves in a position where they must take decisions, replicating the real-world situations they will experience in the job market. These problems, for which the responses are not automatic, provide an opportunity for students to hone their capacity to solve problems through critical thinking. This pillar of curriculum revision was benefited in large part by Insper s teaching proposal, which is based on participant-centered learning and includes the use of case studies. In the first semester of 2009, the applicant/opening ratios for the Business Administration and Economics programs were 16.8 and 15.3, respectively. Compared to the first semester of 2008, these figures represent increases of 10.4% for the Business Administration program and 25.3% for the Economics program. In the last half of 2009, the applicant/opening ratio was 11.5 for the Business Administration program and 8.4 for the Economics program. Note that this ratio is typically lower for the midyear admissions examination. Compared to the same period in 2008, the ratio increased 5.4% for the Business Administration program and 13.9% for the Economics program. Average annual growth in applicants over last 6 years: 19% TRANSFORM Using study cases helps the student-centered teaching method Entrance Examinations Evolution of Applicant/ Opening Ratio* 2,447 1,052 1, ,553 1,127 1,793 1,239 2,135 1,454 1, Business Administration Economics Enrolling 1 st Semester Enrolling 2 st Semester *Amounts correspond to the number of applicants in the entrance examinations in both first and second semester. 24

25 GRADUATE PROGRAMS Certificates Job market needs direct the changes in the curriculum of Certificates During 2009, the curricula of the Certificates programs underwent a revision process that included extensive participation of their respective faculty members. Following a comprehensive process to collect information from alumni and employers about the labor market s needs regarding graduating Certificate students, the learning objectives of these academic programs were revised. Similar to the School s other programs, the general learning objectives contemplated fundamental competencies for professionals, such as problem solving, critical analysis, communication, teamwork and a result-oriented approach. New specific knowledge objectives were established for each program, guiding the revision of curricula, which consequently incorporated the main challenges professionals face in each of these fields. The new Certificates programs will be implemented for classes beginning in The Certificate in Marketing Management (CMM) placed fifth (third in São Paulo) in the ranking of the best graduate programs in marketing published by the magazine Você S/A in This result contributed to Insper being ranked among the top four Business Schools in Brazil. Description Applicants Applicants Accepted Students Enrolled Yield (Enrolled/Accepted) Certificates , % , % , % Variation 2009/2008 (%)

26 TRANSFORMAR LLM Master of Laws The year 2009 brought many challenges for Insper Law. Despite the challenging economic scenario and brand change, the results surpassed expectations. In the selection process carried out in 2009, for example, the number of applicants increased by some 70%, for our four LLM programs. Internal and external indicators show that the quality of the programs stems from their practical focus, qualified faculty and clear, modern and multidisciplinary educational proposal. Knowledge in the fields of Economics, Finance, Accounting and Strategic Negotiations are tools increasingly demanded by legal professionals in the corporate world. Students satisfaction surveys conducted periodically indicate the positive results, while also posing new challenges for the continuous improvement of the LLM programs. Description Applicants Applicants Accepted Students Enrolled Yield (Enrolled/Accepted) LLM % % % Variation 2009/2008 (%) Significant increase in applications for the LLM programs 26

27 TRANSFORM MBA In July 2009, Insper s MBA programs were re-accredited by the Association of MBAs (AMBA). The renewal of this accreditation, valid for another three years, reflects the school s commitment to teaching excellence and to offering a unique and relevant learning proposal. In line with the institution s strategic objectives on the international front, we received 216 students from five prestigious international learning institutions: Darden School of Business (University of Virginia, United States), Cranfield School of Management (United Kingdom), University of St. Gallen (Switzerland), Gordon Institute of Business Science (University of Pretoria, South Africa) and Rotman School of Management (University of Toronto, Canada, through the Omnium MBA program). In 2009, the effects of the global economic crisis were felt also in the Executive MBA and Executive MBA in Finance, particularly in the third and fourth quarters. However, in late 2009, the signs already pointed to a recovery in Meanwhile, Insper s Executive MBA in Healthcare, a partnership with HIAE (Hospital Israelita Albert Einstein), did not suffer any impacts from the crisis. A total of 61 students, selected from 500 applicants, enrolled in the program. As usual, especially for this program, Insper and HIAE offered 80% academic scholarships to certain applicants working in the public health system, which is an investment in developing professionals in this field that has yielded excellent results. In October 2009, the third annual International Extension of the Executive MBA in Healthcare Management HIAE Insper was held in the city of Boston at Tufts University School of Medicine and at Tufts Health Care Institute (THCI). This annual event of the program has already become a tradition, which was further consolidated in 2009, with Boston becoming the third city to host the event in its third edition. A total of 23 students participated in the classes and visits to the city s hospitals. The objective was to help students improve their knowledge and skills in Healthcare Management and give them an opportunity to see the reality of the healthcare industry in another country. Another important highlight was the Executive MBA and Executive MBA in Finance programs being ranked third by the magazine Você S.A., which contributed to Insper being ranked among the top four Business Schools in Brazil. Description Applicants Applicants Accepted Students Enrolled Yield (Enrolled/Accepted) MBA , % 1, % 1, % Variation 2009/2008 (%) students from five international institutions visited us 27

28 GRADUATE PROGRAMS Professional Masters in Economics In 2009, the fourth class of the Professional Masters in Economics program graduated, with 38 students receiving diplomas. Demand for the program remains high, with an applicant/opening ratio of approximately 4.5 in the selection process for the 2010 class. The curriculum revision was approved by the academic committee with the objective of shortening the time required for receiving a diploma from 29 months to 24 months, and setting aside the last two quarters for exclusive dedication to preparing the master s dissertation. Two of the program s professors won awards from important institutions. Professor José Luis Rossi Jr. received the Banrisul Corporate Finance and Banking Award (second place). And the master s program student Marcelo Guterman was the winner of the Fifth ANDIB Capital Markets Award for his master s dissertation A Relação Convexa Entre Captação e Desempenho de Fundos de Investimentos no Brasil (The Convex Relationship Between Inflow and Performance of Investment Funds in Brazil), prepared under the supervision of Professor Naercio Menezes Filho. Professional Masters in Business Administration The Professional Masters in Business Administration was launched in 2007 and the first students began to graduate in 2009, with the defense of three dissertations (the others were concluded in March 2010). During its short existence, the demand for this program has doubled. In 2009, through CAPES, the federal regulatory agency for stricto sensu graduate programs, the program was planned using funds that will be allocated over four years in a joint project with the Business School of the Federal University of Bahia. Insper s Professional Masters in Business Administration also underwent its first curriculum revision. The changes in both the program s structure and content will take effect in 2010, and will make the program even more compatible with its proposal to develop professionals with solid and advanced knowledge in business strategy. Number of Applicants, Admissions and Enrollments by Admissions Process Professional Masters in Economics Variation Description /2008 (%) Applicants Applicants Accepted Students Enrolled Yield (Enrolled/Accepted) % % % Professional Masters in Business Administration Variation /2008 (%) % % %

29 EXECUTIVE EDUCATION Customized Programs In 2009, the Customized Programs area developed and delivered 64 Customized Programs to publics in a variety of managerial levels. In all, 5,348 hours of training were administered to 1,925 students from 22 companies in various sectors. The partner companies in 2009 were: Abradif (Ford Dealers), Accenture, Banco Bradesco S/A, Banco Votorantim S/A, Bayer CropScience Ltda., Confederação Israelita do Brasil (CONIB), Cargill, Gerdau, Grupo Abril, Grupo M&M, Grupo Santander Brasil (Banco Real), Itaú-Unibanco, Pepsico, Petrobras, Telefônica, Toyota, Visanet, Vivo and WPO. Executive Education Customized Programs Relevant Data Clients Programs Delivered Students Served , , ,809 Classroom Hours 5,815 7,482 4,999 The greatest resource of Insper s program is enabling the participants to propagate the valuable content for their staff. Wagner Ferrari Executive Director at Varejo Santander 29

30 EXECUTIVE EDUCATION Open-Enrollment Programs With the implementation of the strategic plan formulated by the External Evaluation Commission (CEA) in 2008 for the direction of the Executive Education programs, the area offered seven open-enrollment programs in ten classes, two of which were offered in conjunction with Brazilian partners and professors from Harvard Business School (Building Ventures in Latin America BVLA, with the participation of FGV, FDC, COPPEAD-UFRJ, PUC-RJ and Endeavor) and other international schools (Cross Borders M&A in partnership with IE Business School of Madrid). In 2009, these programs registered a 5% increase in enrollment from 2008, with 465 applicants in the selection process and yeld 19.5% higher than in The program s best features are the methodology, teaching proposal based on participation, the technical knowledge of the professors and the diversity of the students. I stress that the active participation of the coordinator makes all the difference, and shows the special concern with the program and its students. Marcelo Resende Scharra de Oliveira Paula Graduation Party Planning Agency student in the program Strategic Negotiation and Conflict Management. 30

31 FACULTY Title and fields of study of research professors 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 / Associate Dean Undergraduate Program in Business Administration until december 2009 Doctorate, Business Administration EAESP-FGV/SP Operations Management. Supply Chain Management. Andrea Maria Accioly Fonseca Minardi Associate Professor / Academic Dean Undergraduate Programs (as of january 2010) Doctorate, Business Administration EAESP-FGV/SP Finance. Antonio Zoratto Sanvicente Full Professor Ph.D., Business Administration Stanford University Finance. Carlos Alberto Furtado de Melo Adjunct Professor / Head of Community Relations until december 2009 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. Danny Pimentel Claro Associate Professor / Director of Insper Strategy Research Center until march 2010 / Associate Dean Professional Master in Business Administration (as of july 2010) Ph.D., Business Administration Wageningen University Marketing. Dirk Michael Boehe Assistant Professor / Associate Dean Graduate Program in Business Administration (as of january 2010) Doctorate, Business Administration UFRGS International Management. Eduardo de Carvalho Andrade Associate 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 / Associate Dean Professional Master in Economics until june 2010 Ph.D., Economics Northwestern University Macroeconomics. Econometrics. Fábio Augusto Reis Gomes Assistant Professor / Director of the Undergraduate Program in Economics Doctorate, Economics EPGE-FGV/RJ Applied Econometrics. Fabio Ribas Chaddad Joint Appointment Ph.D., Agricultural Economics University of Missouri Strategy. Agribusiness. 31

32 FACULTY Gazi Islam Associate Professor Ph.D., Business Administration Toulane University Organizational Behavior. Leadership. Organizational Culture. Henrique Machado Barros Assistant Professor / Associate Dean Professional Master in Business Administration until june 2010 Ph.D., Business Administration Warwick Business School Strategy. Innovation. José Luiz Rossi Júnior Associate Professor / Director of Professional Masters Program in Economics (as of July 2010) 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 Associate 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 Ph.D., Economics University of Illinois Game Theory. Naercio Aquino Menezes Filho Full Professor / IFB Professor of Economics Director of Insper Center for Public Policies Research Director Ph.D., Economics University of London Education. Inequality. Labor Market. 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 Associate Professor Doctorate, Economics - EPGE-FGV/RJ Finance. Monetary Economics. Rinaldo Artes Associate Professor / Academic Dean Research Degree Programs 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 Undergraduate Programs until december 2009 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. 32

33 RESEARCH 2009 Academic Production Research Faculty Papers Published in International Scientific Journals ARAÚJO JÚNIOR, E. A. Macroeconomic shocks and the co-movement of stock returns in Latin America? Emerging Markets Review, [S.l.], v. 10, p , Dec ARAÚJO JÚNIOR, E. A. Real wage rigidity and the taylor principle. Economics Letters, Princeton, v. 104, n.1, p , Jul ARAÚJO JÚNIOR, E. A. Supply-side effects of monetary policy and the central bank s objective function. Economics Bulletin, Nashville, v. 29, p , BOEHE, D. M. Brazilian software SMEs export propensity: bridging born global and stage approaches. Latin American Business Review, Binghamton, v. 10, n. 2/3, p , Apr BORTOLUZZO, A. B. et al. Validity of the SF-6D index in brazilian patients with rheumatoid arthritis. Clinical and Experimental Rheumatology, Pisa, v. 27, n. 2, p , FREIRE, E.; BORTOLUZZO, A. B.; CICONELLI, R. M. Quality of life in systemic lupus erythematosus patients in northeastern Brazil: is health-related quality of life a predictor of survival for these patients?. Acta Reumatológica Portuguesa, [S.l.], v. 34, p , Apr GOMES, F. A. R.; SILVA, C. G. Hysteresis vs NAIRU and convergence vs divergence: the behavior of regional unemployment rates in Brazil. The Quarterly Review of Economics and Finance, Oxford, v. 49, n. 2, p , May GRAMANI, M.C.N.; FRANCA, P. M.; ARENALES, M. N. A lagrangean relaxation approach to a coupled lot-sizing and cutting stock problem. International Journal of Production Economics, Linköping, v. 119, n. 2, p , Jun HADDAD, C.; LAZZARINI, S. G. Las sociedades de servicios profesionales como incubadoras de talento. Harvard Business Review, [S.l.], v. 87, n. 9, p , Sept ISLAM, G. Animating leadership: crisis and renewal of governance in 4 mythic narratives. Leadership Quarterly, Oxford, v. 20, n.5, Oct ISLAM, G.; WILLS, E.; HAMILTON, M. Objective and subjective indicators of happiness in Brazil: the mediating role of social class. Journal of Social Psychology, Abingdon, v. 149, n. 2, p , Apr

34 RESEARCH ISLAM, G.; ZYPHUR, M. Rituals in organizations: a review and expansion of current theory. Group & Organization Management, [S.l.], v. 34, n. 1, p , Feb MADALOZZO, R. C.; VILLAR, R. B. Brazilian footbal: what brings fans to the game? Journal of Sports Economics, [S.l.], v. 10, n. 6, p , Dec MOURA, M. L. What drives the exchange rate in inflation targeting emerging economies? Journal of International Finance and Economics, Turlock, v. 9, n. 3, p , MOURA, M. L.; ARANHA, M. Z. Evaluating the impact of monetary policy on the yield curve: the case of Brazil. Journal of International Finance and Economics, Turlock v. 9, n. 5, p , OHASHI, A. Fractional term structure models: no-arbitrage and consistency. The Annals of Applied Probability, [S.l.], v. 19, n. 4, p , Aug ROSSI JUNIOR, J. L. Corporate financial policies and the exchange rate regime: evidence from Brazil. Emerging Markets Review, Kowloon, v. 10, n. 4, p , Dec ROSSI JUNIOR, J. L. What is the value of corporate social responsibility? An answer from Brazilian sustainability index. Journal of International Business and Economics, v. 9, n. 3, p , ROSSI JUNIOR, J. L.; MOURA, M. L. The role of firms, industry and macroeconomic factors in firms hedging policies. International Journal of Strategic Management, [S.l.], v. 9, p , WILLS-HERRERA, E.; ISLAM, G.; HAMILTON, M. Subjective well-being in cities: a multidimensional concept of individual, social and cultural variables. Applied Research in Quality of Life, [S.l.], v. 4, n. 2, p , Jun

35 RESEARCH Papers Published in Brazilian Scientific Journals ANDRADE, E. C. Alternativa de política educacional para o Brasil: school accountability. Revista de Economia Política. São Paulo, v. 29, n. 4, p , out./dez ANDRADE, E. C. Targeted vouchers and its effects. Ensaio: Avaliação e Políticas Públicas em Educação, v. 17, n. 65, p , BARROS, H. M.; CLARO, D. P.; CHADDAD, F. R. Políticas para a inovação no Brasil: efeitos sobre os setores de energia elétrica e de bens de informática. Revista de Administração Pública, Rio de Janeiro, v. 43, n. 6, p , nov./dez BENDASSOLLI, P. F.; WOOD JR. T.; KIRSCHBAUM, C.; CUNHA, M. P. Indústrias criativas: definição, limites e possibilidades. RAE. Revista de Administração de Empresas, São Paulo, v. 49, n. 1, p , jan./mar BOEHE, D. M.; TONI, D. D.; MILAN, G. S. Desempenho do processo de desenvolvimento de novos produtos: o peso relativo de fatores organizacionais, mercadológicos e operacionais. R. Adm., São Paulo, v. 44, n. 3, p , jul./set BRITO, R. D.; LIMA, M. R.; SILVA, J. C. G. O crescimento da remuneração direta aos acionistas no Brasil: economia de impostos ou mudança de características das firmas? Brazilian Business Review, Vitoria, v. 6, n. 1, p , BRITO, R. D.; MONTEIRO, R.; PIMENTEL, G. G. O custo do capital e o retorno do investimento corporativo no Brasil entre Pesquisa e Planejamento Econômico, Rio de Janeiro, v. 39, n. 2, p , ago CASTRO, B. R.; MINARDI, A. M. A. F. Comparação do desempenho dos fundos de ações ativos e passivos. Revista Brasileira de Finanças, Rio de Janeiro, v. 7, n. 2, p , ago CLARO, D. P.; LABAN, S. Sales managers performance and social capital: The impact of advice network. Brazilian Administration Review, Rio de Janeiro, v. 6, n. 4, p , Oct CURI, A.; MENEZES FILHO, N. A. A Relação entre educação pré-primária, salários, escolaridade e proficiência escolar no Brasil. Estudos Econômicos, São Paulo, v. 39, n. 4, p , out./dez FACO, J. F. B.; DUARTE, A. L. C. M.; SILLAG, J. M. O efeito da TQM e da inovação no crescimento das empresas de manufatura do estado de São Paulo. RAI: Revista de Administração e Inovação, v. 6, n. 2, p , FENOLIO L. M. S.; MINARDI, A. M. A. F. Applying real options theory to the valuation of small hydropower plants. Revista de Economia e Administração, São Paulo, v. 8, n. 3, p ,

36 RESEARCH GOMES, F. A. R.; SILVA, C. G. Measuring unemployment persistence of different labor force groups in the São Paulo metropolitan area. Estudos Econômicos. São Paulo, v. 39, n. 4, p , JORDÃO, G. A.; MOURA, M. L. Poucos e bons. Valor Econômico, 21 ago KIRSCHBAUM, C.; MASCARENHAS, A. O. Nos limites da autonomia: reflexões sobre práticas de blind review e editoria de revistas científicas em administração no Brasil. RAE Eletrônica, São Paulo, v. 8, n. 1, p. 1-20, jan./jun MACHADO, S. J.; PINTO, A. C. F. Dimensão e horizonte de investimento em carteiras imunizadas: uma análise sob a perspectiva das entidades de previdência complementar. REAd. Revista Eletrônica de Administração, Porto Alegre, v. 15, n. 1, p. 2-22, jan MELO, C. A. F. A crise cambial brasileira de 1999, a literatura de seus protagonistas e a compreensão do fato. Aurora, São Paulo, v. 6, p , MELO, C. A. F. O Governo Lula e o sistema político: inércia econômica, ativismo social e inação política avaliando e buscando hipóteses. Liberdade e Cidadania, Brasília, v. 2, n. 6, dez MELO, C. A. F. Para Investigar La Comunicación. Aurora, São Paulo, v. 4, p , MENEZES FILHO, N. A.; RODRIGUES, E. A. S. Salário mínimo e desigualdade no Brasil, : uma abordagem semiparamétrica. Revista Brasileira de Economia, Rio de Janeiro, v. 63, n. 3, p , jul./set MINARDI, A. M. A. F.; BORRONI, Luca; GOLDSTEIN, C. N. O sucesso das fusões. GV Executivo, Rio de Janeiro, v. 8, n. 2, p , ago./set MURAKOSHI, V. Y.; BRITO, R. D. Fatores comuns de risco de mercado, tamanho, valor e diferenciais de juros nos retornos esperados das ações brasileiras. Revista de Economia e Administração, v. 8, n. 2, p , abr./jun Books OLIVEIRA JR., M. M.; BOEHE, D. M.; BORINI, F. M. Estratégia e inovação em corporações multinacionais. São Paulo: Saraiva, v p. WOOD JR., T.; BENDASSOLLI, P. F.; KIRSCHBAUM, C.; CUNHA, M. P. (Orgs.). Indústrias criativas no Brasil. São Paulo: Atlas,