Ibmec São Paulo in numbers Total revenue to 2007 Financial indicators (thousand reais (thousand reais

Transcription

1 Annual Report 2007

2 Ibmec São Paulo in numbers Total revenue to 2007 (thousand reais) Financial indicators (thousand reais)* ,601 69,382 Gross revenue 38,131 47,828 62,601 69,382 Direct expenses 18,360 21,259 24,625 25,952 38,131 47,828 Operational margin 16,163 21,945 31,988 36,992 Indirect expenses 5,763 7,594 10,580 11,508 General and institutional expenses 5,834 9,669 13,374 15,095 Administrative surplus 4,896 7,666 11,099 14, Cash position (end of period) Scholarship fund (end of period) 5,328 12,305 17,656 32,216 (3) 2,138 2,178 2,260 Investiments - Total 1,115 10,768 15,028 4,229 Donations - Scholarship fund - 2, Revenues in 2007 Donations - Other - 8,725 1,740 - Donations - Total - 10,814 2, (*) Administrative View, not considering accounting adjustments New group of accounts, adopted in 2006 Monitoring of goals % Executive Graduate Programs 35% Undergraduate 13% Executive Education 3% Professional Masters 2% Distance Learning Description Goal Accomplished % Variation Managerial surplus (R$ 000) 9,700 10, Managerial surplus / Total revenues (%) New students in graduate programs 1,220 1,

3 Ibmec São Paulo in numbers Scholarship award in 2007 by type of program Scholarship fund Starting balance ( ) Scholarship awarded (28) (3) 2,162 2,550 Scholarship awarded (85) (223) (501) (943) Refund Investments 95 2, Ending balance (remunerated) (3) 2,162 2,550 2,260 38% 1 st year students 26% 2 nd academic semester 20% Financial aid 16% Full-time Scholarship Program - Scholarship Awarded Scholarship students Number of students 3,505 3,031 2,187 2,109 2,418 1,493 1, Undergraduate Graduação Professional Pós Stricto Pós Executive Lato Total Graduate Masters Programs Total Team Research professors Full-time professors Teaching assistants Educational professionals Total teaching activities Staff Total teaching and administrative activities

4 Executive Graduate Programs Number of applicants, admissions and enrollments by admission process LLM Certificates EMBA Total Variation Variation Variation Variation Applicants % 1,182 1,403 19% 1,532 1,586 4% 3,180 3,488 10% Applicants Accepted Percentage Accepted % % % 1,422 1,573 11% 40% 42% 4% 56% 50% -10% 38% 42% 10% 45% 45% 0% Students Enrolled % % % 1,166 1,268 9% Yield (Enrolled/Accepted) 84% 78% 36% 81% 88% 239% 83% 73% 7% 82% 81% 82% Professional Masters Number of applicants, admissions and enrollments by admission process Professional Masters in Economics Professional Masters in Businnes Administration Variation Variation Applicants % Applicants Accepted % Percentage Accepted 60% 40% % - Students Enrolled % Yield (Enrolled/Accepted) 79% 79% % - Executive Education - Custom Programs Highlights Number of clients Programs delivered Number of students served 1,307 1,566 2,659 2,112 Class hours 3,925 4,545 7,291 5,815 Programs delivered by sector Financial 26% 27% 41% 35 Services 53% 44% 38% 42 Industry 21% 29% 21% 23

5 Summary 2 Message from the President 4 Friends of Ibmec São Paulo and donors 5 Sponsored facilities 6 Ibmec São Paulo 6 Instituto Veris Board of Trustees 6 Instituto Veris Board of Directors 6 Instituto Veris Senior Executives and areas of activity 7 Programs 30 Financial results 30 Principal indicators 31 Summarized balance sheet 32 Income statement 33 Report of the independent auditors 34 Research faculty 34 Position and activity 36 Academic and Administrative Staff Highlights 8 Vision, Mission, Values and Fundamental Principles 10 Board of Directors 11 Building for the future 13 International associations 15 Awards and recognition 16 Internal awards 17 Accreditation 19 Teaching and Learning Dynamics Research Center (DEA) 20 Academic scholarship programs 23 Ibmec Carreiras (Careers Services) 26 Ibmec São Paulo Community 38 Publications 38 Papers published in international scientific journals 39 Papers published in Brazilian scientific journals 40 Books 40 Book chapters 40 Complete works in conference proceedings 43 Abstracts in conference proceedings Annual Report

6 Message from the President The year 2007 was exceptionally busy and profitable for Ibmec São Paulo, a year in which we recorded a series of major achievements, reaping the benefits of past investments and also laying the groundwork for an even better performance in the future. The list of our accomplishments is a long one. We did exceptionally well in the ENADE university assessment tests, achieving excellent positions in the rankings for both the undergraduate and graduate lato sensu programs, with one of our business administration undergraduates achieving the best mark in the entire country. Seven of our students ranked among the top 50 in the exam by the National Association of Centers for Graduate Studies in Economics (ANPEC) for graduate programs in Economics, and our Professional Masters programs received the maximum possible score in the CAPES assessment by the Ministry of Education. Although we only added one more member to our roster of research professors (22 in all), our academic output increased substantially from 673 to 859 CAPES points, raising the average per researcher from 32 to 39 points. We also received international accreditation from the Association of MBAs (AMBA) for our Executive MBA programs. In addition, a survey showed the success of our students and alumni in the job market, and our enrollment targets were surpassed in both undergraduate and graduate programs. Our end-of-year undergraduate entrance examination attracted a record number of applicants, with 15 candidates for each opening in the Business Administration program and 12 candidates for each opening in the Economics program, and the same could be said for our corporate programs. All of these achievements constitute an important objective measure of our success in Less visible but not less important, were various initiatives in the academic and support areas. In fact, it is fair to say that the teaching and learning support area really showed significant advancement in 2007 through a series of important programs, with professors observing each other s classes as well as implementing laboratories to ensure effective learning. The range of undergraduate supplementary activities was expanded and more thoroughly systematized, reinforcing the humanistic aspect of our three-pillared educational model; the number of students involved in exchange programs moved up, giving our school greater international visibility; and the number of scholarships, as well as the number of applicants applying for them, grew substantially, a fact which gives us enormous satisfaction as it not only increases the diversity of our student body but moves us further towards our goal of being able to enroll any student with the requisite academic ability, independently of their financial capacity. Many other initiatives were implemented last year, far too 2 Annual Report 2007

7 numerous to mention here, although one of them is so important that it deserves special mention. That is the process of evaluating the performance of all our support staff, coordinators, directors and other executives, a process which we introduced in 2006 and consolidated in We believe this procedure is an excellent management tool that will prove crucial in guiding the career development of our associates. As for laying the groundwork for the future, certain projects and decisions deserve highlighting. The first is the transformation of our Advisory Board into a deliberative Supervisory Board, with a consequent amendment to the bylaws of Instituto Veris, the controlling shareholder of Ibmec São Paulo. We believe this is an important and necessary measure in strengthening our governance instruments and ensuring the School s perpetuity and continuous development along the lines of the world s most successful private universities. When we moved to our new campus at the beginning of 2006, we trusted we would have sufficient space for some years of activity. Fortunately, events proved us wrong. Such has been the increase in the number of prospective students that our physical capacity will shortly be exhausted, particularly during night sessions. Measures to remedy this situation were therefore imperative and we reached an agreement with investors to construct a built-to-suit tower, adjacent and connected to our campus, adding at least 6,000 square meters of usable area to the school, or 60% more than at present. Work is expected to begin in the first half of 2008, with inauguration scheduled for Another project we consider essential for the school s future is accreditation by the Association to Advance Collegiate Schools of Business (AACSB), an institution based in the United States which accredits business administration schools around the world. This project, whose action program was approved at the beginning of 2007, resulted in considerable progress during the year through numerous activities and the dedication of all those involved. Its implementation, as well as the preceding discussion, planning and preparation stages, greatly enhanced our academic and operational processes and made a significant contribution to improving the overall quality of the institution. One of its activities was the revision of our Mission and Vision, a revision which was accomplished with the involvement and active participation of the various members of our community, culminating in the two new texts presented in this report. We believe such texts more accurately reflect who we are and where we plan to go. Lastly, we must mention our strategic plan and the revision of our organizational structure, carried out by external consultants under the coordination of Maurizio Mauro, president of our External Evaluation Commission (CEA) and Luiz Vieira, another CEA member. The planning process was exceptionally enriching, involving professors, support staff, the executive committee, and members of the CEA and the Supervisory Board, culminating in a series of proposals and strategic priorities, an action schedule and a structural overhaul, which will be executed in None of this would have been possible without the hard work and dedication of our entire faculty and staff, with their total involvement and absolute commitment to our mission; our students, who honored us by choosing our courses and programs; and the crucial support of the Friends of Ibmec São Paulo, who invested their time and made a substantial contribution to the development of the School through their participation in the Supervisory Board, the CEA, through donations, or who contributed in various ways through the many activities held in My sincere thanks to all of you. Claudio L. S. Haddad Annual Report

8 Friends of Ibmec São Paulo and donors ABS Investment Management LLC Alex Haegler André Lara Resende Andrew Shores Antonio Carlos de Freitas Valle Arminio Fraga Neto Banco Itaú Bolsa de Mercadorias & Futuros BOVESPA Bruno Licht Bruno Rocha Carlos Alberto Sicupira Carlos Castanho Carlos Pinheiro Junior Claudio L. S. Haddad Clóvis Macedo Diniz Ferreira Baptista Eric Hime Fernando Moreira Salles Fernando Prado Fernando Russo Fred Packard Fundação Brava Fundação Educar DPaschoal Georg Ehrensperger Gerdau Gilberto Romanato Grupo Abril Grupo Votorantim Guilherme Amaral Ferraz Jairo Saddi João Moreira Salles Jorge Paulo Lemann José Alexandre Scheinkman José Antonio Mourão José Ermírio Neto José Olympio Pereira José Ricardo de Paulo Lina Wurzmann Luis Alberto Rodrigues Luis Norberto Pascoal Marcel Herrmann Telles Marcelo Barbará Marcelo Medeiros Marcelo Stallone Mario Adler Mario Cezar de Andrade Maurizio Mauro Michael Perlman Paulo G. A. Cunha Pedro Moreira Salles Peter Graber Ramiro Lopes de Oliveira Roberto Civita Roberto Egydio Setubal Roberto Thompson Motta Roger Wright Rogerio Castro Maia Saddi Advogados Associados Suzano Holding Suzano Papel e Celulose Suzano Petroquímica Walter Salles 4 Annual Report 2007

9 Sponsored Facilities Steffi and Max Perlman Auditorium Telles Library Siegfried Adler Student Wing Classrooms: Alberto Bandeira de Queiroz BM&F BOVESPA Eugênio Gudin João Gerdau Graber José Ermírio de Moraes Filho Jorge Paulo Lemann Max Feffer Octavio Gouvea de Bulhões Olavo Setubal Otto Lara Resende Peter Drucker Roberto Cochrane Simonsen Vicente Falconi Campos Victor Civita Walther Moreira Salles Faculty Lounge: Tufic Oadi Saddi Seção Áurea Sculpture Lina Wurzmann Annual Report

10 Ibmec São Paulo Instituto Veris Board of Trustees Claudio Luiz da Silva Haddad President Carlos Alberto da Veiga Sicupira Jorge Paulo Lemann Marcel Herrmann Telles Pedro Wagner Coelho Instituto Veris Board of Directors Jorge Paulo Lemann Luis Norberto Pascoal Michael Edgar Perlman Paulo Guilherme Aguiar Cunha Pedro Moreira Salles Peter Graber Instituto Veris Senior Executives and areas of activity Claudio Luiz da Silva Haddad President Irineu Gustavo Nogueira Gianesi Academic Dean for Executive Graduate Programs Sérgio Giovanetti Lazzarini Academic Dean for Undergraduate, Master Programs and Research Luca Borroni-Biancastelli Academic Dean for Executive Education (since April 2008) Christian G. da J. Menescal Director of Shared Services Marcia Maria Nizzo de Moura Director of Institutional Development Marcia Moura, Irineu Gianesi, Claudio Haddad, Christian Menescal and Sérgio Lazzarini 6 Annual Report 2007

11 Programs Undergraduate (Bachelor's degree) Bachelor in Business Administration Bachelor in Economics Graduate (Lato Sensu) EMBAs Executive MBA Executive MBA in Finance Executive Education Medium and Short-Term Programs Customized Programs for Business Organizations Graduate (Stricto Sensu) Executive MBA in Healthcare Management Masters Professional Masters in Business Administration Professional Masters in Economics 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 - Financial and Capital Market Law LLM - Tax Law Find out more about Ibmec São Paulo s academic programs on the website: Annual Report

12 2007 Highlights Vision, Mission, Values and Fundamental Principles Telles Library Institutions evolve over time, so it is only natural that their vision and mission are periodically revised. It is now five years since the publication of Ibmec São Paulo s first mission statement and we believe this is the right time for a reappraisal, particularly in light of the school s rapid progress since then. It also became apparent from the discussions when we were preparing our plan for accreditation by the Association to Advance Collegiate Schools of Business (AACSB) that our original statement, in addition to being somewhat vague on certain aspects, led to some blurred lines between the concepts of vision and mission. This led us to develop two texts, with a clear distinction between the first, which is related to who we are and what we wish to be, and the second, which defines what we actually do. In order to coordinate the revision process, we set up a Mission Review Committee, which established a detailed structure and process, defining those involved and the frequency with which they would meet, and determining information flows and communications procedures. The Committee comprised the president of Ibmec São Paulo, the president of the External Evaluation Commission (CEA), the director of organizational development, one full professor and the school s then marketing manager. One of the underlying premises of the process was to gather impressions and opinions on our mission from a variety of different sources, including our team (faculty and staff), Alumni, the Board of Directors, the Supervisory Board, and the CEA. From the point of view of the Committee, the process was an exceptionally fruitful one, giving us an opportunity to hear the views of all these people, whose kind of involvement with Ibmec São Paulo may differ greatly but who share the same objective of ensuring the highest quality standards and an exemplary reputation, helping our school become a benchmark in the fields of Business Administration and Economics. The new texts are designed to give a clear idea of our objectives and the premises underpinning our activities, both in the teaching and learning 8 Annual Report 2007

13 areas and in the research field, all of which geared to the advancement of knowledge. The clarity and consistency of the proposals encapsulated in our Vision and Mission are a fundamental part of our institutional identity and the perception of that identity by our internal and external public. Such transparency is absolutely essential if we are to attract people and institutions that can identify with who we are and what we do and that wish to become associated with our school and our brand, either as students, faculty, associates or partners. Vision To be a leading center in education and research in the fields 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 fields 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 real-world issues, which contributes to the enhancement of public policy and organizational practice. Annual Report

14 2007 Highlights Fundamental Principles and Values To fulfill its mission, it is essential for Ibmec São Paulo to foster an environment in which Honesty and Integrity are essential values to all of its members, resulting in ethical behavior both in and outside the School. The fundamental principles that should guide the day-to-day activities of the Ibmec São Paulo community include: Commitment to meeting the goals set. Mutual Trust predicated on honesty and integrity in relationships. Responsibility in preserving and developing the institution s human, material and cultural capital. Valuing of Diversity through encouraging respect for and acceptance of differences. These are the fundamental values and principles for the exercise of the mission of Ibmec São Paulo, and it is incumbent upon all of the community s members to observe and uphold them. Board of Directors The objective behind the transfer in 2004 of all Ibmec São Paulo s educational assets and activities to Instituto Veris, a non-profit organization, was to preserve and perpetuate the institution in the mold of the best private universities in the world. In order for this to happen, it is essential to build an effective and transparent system of governance that is understood by everyone and which shares, defends and continuously refines the ideas and values that guide Instituto Veris, ensuring its perpetuity from generation to generation. An important step in this direction was the transformation of Ibmec São Paulo s Advisory Board into a deliberative Supervisory Board, with clearly defined statutory duties. The process also involves formalizing procedures and attributes, revising and updating the School Code and determining the composition and functioning of the various internal management committees and forums. The constitution of an effective and enduring system of governance is a lengthy process in which the establishment of a Supervisory Board is only the first step. We still have a long way to go, but the way ahead is clear and we will do everything needed to achieve our goal. 10 Annual Report 2007

15 Building for the future One of last year s most important events was the creation of our first strategic plan, guided and coordinated by a group of consultants led by two of our own faculty members Maurizio Mauro, president of the CEA, and Luiz Vieira, also a CEA member. The process included all those involved in coordinating programs or managing areas within Ibmec São Paulo, as well as members of the Supervisory Board and the CEA. In line with the school s Vision and Mission, certain basic guiding principles of our strategy and activities in the coming years were defined. Our main objective, as stated in our Vision, is to become a benchmark in the fields of business administration and economics, in other words being the best school in Brazil in all the programs and activities we offer. In order to achieve this goal, we defined certain fundamental strategic pillars, which, in order to be feasible, must be built on a solid base, comprising a robust operational platform and an effective management and organizational model. These strategic pillars are: 1. Healthy growth: Although Ibmec São Paulo is a non-profit organization, it has to record operating surpluses so that, together with the funds from donations, sponsorships and other sources, it can generate the necessary cash for expansion and the constitution of a strategic reserve. 2. Emphasis on teaching and research: Our Mission includes the education of skilled professionals and future business leaders as well as the generation and dissemination of knowledge in our areas of expertise. In both cases, we aim to ensure the highest possible quality standards, thus becoming a byword for excellence. Number of applicants - undergraduate entrance exam* 3,032 1,452 1, ,785 1, , , ,274 Economia Economics Administração Business Administration 1,097 1,059 1,228 1, (*) Data adjusted in accordance with the redefinition of criteria Annual Report

16 2007 Highlights 3. Focus on Business Administration and Economics: At least for the next five years, we will be concentrating almost exclusively on business administration and economics, the only exception being our graduate law program. We believe that by maintaining our focus on these areas at this stage of our development, we will create more synergies between our faculty and student body, concentrating efforts and adding more value to our community and our country. 4. Expanding the number of programs: While maintaining this focus, we intend to increase the number of programs we offer, in both the stricto and lato sensu areas, within our core fields of study, as well as continuing to expand into corporate and executive education. 5. Internationalization: We plan to extend Ibmec São Paulo beyond Brazil s borders via associations, joint programs, exchange agreements, research activities and other relationships with top-quality schools in other countries. Similarly, we also intend to gradually increase the number of foreign students attending our school in São Paulo. In order to do so, we believe it is essential to obtain accreditation from such renowned international organizations as the Association of MBAs (AMBA), achieved last year, and the Association to Advance Collegiate Schools of Business (AACSB), currently in progress. Our institutional goals for 2008 and the coming years will be established in a consistent manner with the aim of strengthening our operational platform and management model, as well as reinforcing the five pillars defined above. Applicant/Opening ratio Economics Economia Business Administration Administração Annual Report 2007

17 Retention of students admitted from entrance exam s first acceptance list* 43% 44% 48% 48% 49% 45% 48% 31% 35% Administração Business Administration Economia Economics Total Total (*) Situation one month after start of classes International associations Ibmec São Paulo maintains agreements with prestigious universities abroad, allowing its students to deepen their studies and broaden their experience by exposing them to the academic and cultural life of other countries. In 2007, the school s various programs formed important ties with several international institutions of higher learning in order to further opportunities for academic research and collaboration, the participation of undergraduate and graduate students, as well as professors, in exchange programs, and the creation of new programs: University of Virginia Darden Graduate School of Business Administration Ibmec São Paulo s association with the Darden Graduate School of Business Administration is based on several collaborative fronts, including the sharing of information with a view to academic production and student exchange. DARDEN SCHOOL OF BUSINESS The two schools will develop initiatives in the following areas: (1) joint faculty research and case writing; (2) exchange programs for graduate students; (3) collaborative executive education programs; (4) invitations for scholars to participate in conferences and give lectures; and (5) the licensing of published materials. In September 2007, 15 Executive MBA and Executive MBA in Finance students took part in Darden s international short-term program Global Business Experience given specially for Ibmec São Paulo. Annual Report

18 2007 Highlights I N T E R N AT I O N A L M E D I C I N E I N T E R N AT I O N A L M E D I C I N E University of St.Gallen International Short-Term Program for Executive MBA in Healthcare Management Ibmec São Paulo and the Israelita Albert Einstein Hospital promoted an international short-term program offered by Philadelphia International Medicine. It was administered by professors from three affiliated hospitals and was divided into 14 academic sessions and visits to the hospital complex. The five-day program covered a wide range of subjects including patient safety, disease management, negotiating skills in healthcare management, and health system financing. Twenty-six students took part. University of Saint Gallen and LLM Master of Laws Through Ibmec Law, Ibmec São Paulo established an association with the University of Saint Gallen, in Switzerland, two of whose professors, Christian Kirchner and Anne van Aaken, came to São Paulo to take part in the program entitled The European Union: the legal and economic aspects of integration. Geared towards professionals in the legal, foreign trade and finance areas, the program covered not only the legal framework that made integration among the various member states feasible, but also the efforts on the economic front, which were crucial in ensuring that this process took place in an ordered manner without destabilizing the markets of each member state. Economics School at New University of Lisbon (FEUNL) and Ibmec São Paulo s Professional Masters Programs Ibmec São Paulo s Professional Masters Programs in Economics and Business Administration formed an association with the Economics School at New University of Lisbon (FEUNL), considered one of Portugal s leading postsecondary educational institutions. The agreement involves a double degree program, enabling students to enrich their academic experience by taking classes in both institutions, with their differing social and cultural environments. The program will also give its participants an added advantage in the global job market, since its degrees will be valid in both Brazil and the European Union. Arizona State University and Ibmec São Paulo This was Ibmec São Paulo s first undergraduate program agreement with a university in the United States. The association will strengthen ties between the two schools, encourage the creation of new programs at all academic levels and promote the exchange of information. It also involves undergraduate and graduate student exchange and envisages the possibility of joint research initiatives. The partnership also calls for the development of programs that will benefit students in Brazil and the United States, leading to an enriching exchange of experiences, adding to and enhancing the professional, cultural and personal experience of all those involved. 14 Annual Report 2007

19 Awards and recognition The School and members of the Ibmec São Paulo community received several important awards in 2007: Ibmec São Paulo was ranked among the 42 best schools in the world in the Financial Times rankings for executive education and corporate programs, while the América Economia rankings placed our corporate programs second in Brazil (16 th in Latin America). Our Executive MBA program was ranked third and the Executive MBA in Finance program was ranked second among Brazil s business schools by the magazine Você S/A. The school received accreditation from the Association of MBAs (AMBA), an international organization that evaluates the quality of graduate programs worldwide. It was also accepted as a member of the European Foundation for Management Development (EFMD), responsible for the international EQUIS accreditation. EFMD Our Business Administration and Economics undergraduate programs were placed fifth based on the average of students concluding the ENADE a national examination held by the Ministry of Education to evaluate undergraduate programs in different areas of knowledge. César Eduardo da Silva, who graduated in 2006, received the best mark in the entire country in the business administration category. Our Business Administration and Economics undergraduate programs also received the top mark (five stars) in the Guia do Estudante rankings. AMBA Accreditation Annual Report

20 2007 Highlights Total CAPES points 859 The Professional Masters in Economics (concentration in Applied Finance and Macroeconomics) received a CAPES rating of 5 the highest possible rating for professional masters programs Pontos CAPES points per researcher Professor Fabio Chaddad received the Best Business Administration Classroom Case Study award at the EnANPAD the country s leading business administration academic conference, coordinated by the National Association of Business Administration Graduate and Research Programs (ANPAD). Cooxupé and the World Coffee Industry: Strategies to Increase Producer Income is part of Ibmec São Paulo s series of case studies. Luiz Storino Filho, an Ibmec São Paulo CBA alumnus and executive vice-president of EdgeIT, a company which develops management and technology solutions, competed with the support of the school in the Global TIC Talentrepreneur Award and Forum, an international business plan competition, held in Taipei, Taiwan in July. He was awarded a prize for a new product, EdgeContents, designed to take advantage of the functionalities of digital TV to broadcast small-business advertising targeting market niches. Internal awards Pontos Throughout 2007, Ibmec São Paulo continued to recognize the teaching and research capabilities of its professors through two awards. The first of these, the George Stigler Research Excellence Award, is given to the best research papers published by Ibmec São Paulo professors. The papers are selected by a commission that assesses their contribution to the advancement of knowledge in business administration, economics and related fields, and to the understanding of issues that are of importance to Brazil, as well as for their positive impact on the academic world and society as a whole. In 2007, the following professors received awards: George Stigler and Chafi Haddad Awards 16 Annual Report 2007