Annual Report.

Transcription

1 Annual Report

2 An independent, nonprofit institution since 2004 Contents Insper Overview Letter from the President Governance Stakeholder Engagement Donors to the Scholarship Fund in 2014 Undergraduate Programs Graduate Programs Executive Education Connection with the Job Market Alumni Community Entrepreneurship International Experience Research and Knowledge Faculty Students 6,587 in 2014 Center for Finance Center for Strategy Research Center for Public Policy Scholarship Fund: R$2.078 million Academic Projects: R$ million Infrastructure: R$500,000 Undergraduate: 1,761 Certificates: 1,310 MBAs: 1,053 Insper Law: 734 Professional Masters: 144 Doctoral: launch in 2015 Executive Education: 1,585 Research and Knowledge Centers Funding in Scholarship Students 10 Student organizations 12,357 Alumni Faculty and Academic Production in professors dedicated exclusively to Insper of a total of publications (82 papers, 38 book chapters and 11 books) Center for Entrepreneurship and Innovation 1,500 participants at events Relationship with the Market 4,200 partner companies International Partners Insper Overview 26 Academic Production 55 in 20 countries Indicators Financial Statements Academic Programs Accreditations and Recognition AACSB International AMBA CFA Institute Financial Times Federal Public Utility Certificate campus 30,000 m 2 site 2.2 million hits 412 events 3,913 articles in media social networks +175,000 followers 3

3 Dear friends of Insper, For us, 2014 was filled with accomplishments, but only truly ended in February of this year, with the admissions deadline for the new class of Engineering students, inaugurating a pioneering new program at Insper. Letter from the President The year began mired in challenges. Although we hoped the program would receive approval by the end of the first semester of last year, this only happened in mid- November, marking the end of an emotional journey. This meant that the admissions process for the program s first class could only begin in early With this came two important innovations. First, we used the ENEM (the National High School Exam) as selection criteria for a specific percentage of openings (also adopted in admissions for Business Administration and Economics programs for the first semester of 2015). Second, we divided the process into two phases, the first consisting of an admissions exam or ENEM exam and the second of group dynamics conducted on-site at Insper with those approved in the first phase, based on the Olin College of Engineering model, with which we maintain a cooperation agreement. Our first experience using ENEM scores fell short of our expectations, with nearly all accepted students opting for other schools, despite the availability of scholarships. We plan to review and improve the process for the next semester in an effort to achieve our objectives of attracting students who live far from the São Paulo area and to increase the diversity of our student body. Meanwhile, the group dynamics in the admissions process for the Engineering program functioned very well. By facilitating engagement with Insper and interaction with future classmates and professors, these group activities gave candidates a much clearer vision of Insper and what to expect from the new program. They also helped the faculty identify students whose profiles are best suited to the new program, which is intensive in terms of group projects and teamwork. The effects of these group dynamics on student selection and retention were notable. Our Scholarship Fund s performance in the year was nothing short of extraordinary. We raised nearly 2.1 million reais, far surpassing our target. This will allow us to grant more scholarships, particularly full scholarships, while also offering our more disadvantaged students housing and food assistance. This fund, maintained through the generosity of our community of friends and alumni, is essential to achieving our goal of giving talented youth who want to study at Insper the opportunity to do so, regardless of their income or wealth. Every year, students in all of our programs participate in a satisfaction survey. Last year s results saw significant overall improvement in all programs offered by the School, namely Undergraduate, Graduate and Research Degree programs. In Graduate studies, we launched two new programs, the Certificate in Business and People Management (CBPM) and the Certificate in Corporate Law (LL.C.), and introduced new formats for existing programs. Despite the difficult year we faced in terms of the country s economy, we achieved both our student recruiting and revenue targets. It is with great satisfaction that I also announce the hiring of new full-time professors: Paulo Furquim, Fernando Schuler, whose chair is endowed by Instituto Palavra Aberta, and Ricardo Paes de Barros, whose chair is endowed by Instituto Ayrton Senna (IAS). Mr. Barros will work to create an education research center within the Center for Public Policy, in partnership with Instituto Ayrton Senna. These two chairs join the chair held by Professor Naercio Menezes Filho, created by Instituto Futuro Brasil, under an endowed chair model, which is quite common in the U.S. private university system, but only in its beginnings in Brazil. Last year marked our tenth anniversary as an independent, nonprofit institution. Ratifying and complementing our status, the federal government approved our application and certified us as a Federal Public Interest Entity. In addition to strengthening our status, this certification also generates tax advantages for certain donors. At the end of the year, we received the good news that our application for creating the Doctoral Program in Business Economics was approved by CAPES, the federal agency regulating research degree graduate programs. Classes for the doctoral program, held completely in English, should begin in the second semester of We see this program as essential to our internationalization and as a source of research and knowledge, in keeping with our mission. These are just a few of our many achievements last year, all of which were only made possible thanks to the hard work and dedication of our faculty, staff and partners, the efforts of our students and, most importantly, the generous support that we have received from all of you, to whom we are deeply grateful. Cordially, Claudio Haddad President Ratifying and complementing our status, the federal government approved our application and certified us as a Federal Public Interest Entity In Executive Education, the shortfall in revenue from custom programs due to certain clients postponing programs given the weak economy was offset by growth in open-enrollment programs. With this, we were able to significantly expand our scope and activities, giving professionals interested in improving their qualifications the opportunity to enjoy the Insper educational experience, while also fulfilling our mission of offering quality education in all phases of a professional s career. 4 5

4 Since 2004, the year we became independent and nonprofit, we have dedicated very special attention to our governance. Governance Our current structure is designed to ensure the project s perpetuity, orient our strategic decisions and prioritize the use of resources. Assembly of Associates Created in 2013 as an additional governance body, the Assembly of Associates is formed primarily by members of the families responsible for the donations that made Insper an independent, nonprofit organization. The Assembly of Associates works to ensure that our values and mission are upheld and fulfilled. Its members are also responsible for nominating members to the Board of Directors and for approving the nominees to the office of president. Claudio L. S. Haddad Cecilia Sicupira Giusti Howard Stevenson Board of Directors Jorge Paulo Lemann Marcel Herrmann Telles Tania Haddad Nobre Created in 2006, the Board of Directors is responsible for selecting the president, formulating the strategic and financial orientation, and approving and overseeing the budget. The Board of Directors is also responsible for approving new academic programs. Claudio L. S. Haddad (Chairman) Fábio Barbosa João Fernando Gomes de Oliveira Luis Norberto Pascoal Maurizio Mauro Michael Edgar Perlman Paulo Guilherme Aguiar Cunha Pedro Moreira Salles From left to right: Luca Borroni-Biancastelli, Marcos Lisboa, Sérgio Lazzarini, Carolina da Costa, Claudio Haddad, Letícia Costa, Irineu Gianesi e Marcia Moura. Executive Committee The members of the Executive Committee are responsible for managing Insper s main processes and resources in accordance with the guidelines established by the Board of Directors. Its function is to execute the budget and achieve the objectives outlined in the strategic planning. Claudio L. S. Haddad President Carolina da Costa Dean of Undergraduate Programs Irineu G. N. Gianesi Dean of New Academic Projects Letícia Costa Dean of Graduate Programs Luca Borroni-Biancastelli Dean of Executive Education Marcia Nizzo de Moura Senior Director of Institutional Development Marcos Lisboa Vice-President Sérgio Lazzarini Dean of Research Degree Programs Assembly of Associates Visiting Committee Advisory body formed by people from various fields, including eight alumni. Participates annually in discussions on the strategic orientation Internal Evaluation Commission This internal body evaluates the Institution in various dimensions. Formed by faculty, employees and students, it identifies opportunities for improving the educational and research activities and for contributing to society 6 Oversees the mission and vision Nominates directors and approve the president Elects the statutory officers Board of Directors Considers and vote on strategic topics Approves the budget, capex, etc. Nominates the president Approves the Executive Committee Executive Committee Manages Insper in accordance with the strategic objectives and guidelines outlined by the Board of Directors 7

5 Alumni Stakeholder Engagement SOURCES OF THE SCHOLARSHIP FUND SINCE 2004 R$ 3.6 million 1% of Undergraduate revenue R$ 3.5 million scholarship repayments R$ 8.9 million donations DOAÇÕES POR SEGMENTO AO FUNDO DE BOLSAS (157 DOADORES) 17% 13% 2% 68% Main donors Organizations and companies Alumni and students Other donors Impact of the Scholarship Program since scholarship students 250 graduates 42% repaid their scholarships Impact of the Scholarship Program in scholarship students 28 full and 113 partial scholarship students Average subsidy: 71% Our proposition is to innovate education and research in the fields of business administration, economics, law and engineering by preparing managers and leaders who have an entrepreneurial approach and are engaged in the country s development. To achieve these objectives, we reinvest our financial surplus back into our activities and encourage society to become engaged by making donations and accompanying the impacts generated by our management of these funds. The funds raised are allocated to three fronts: Scholarship Fund In 2014, donations to Insper set a new record, of nearly R$2.1 million, which was the result of a fundraising strategy that encouraged participation by executives, organizations, companies and, in particular, alumni. Academic Projects Investments in academic projects are allocated to attracting professors with well-established reputations, enabling the creation of new programs and creating research centers that produce knowledge of relevance to public policy, organizations and society. In 2014, we received support from Instituto Palavra Aberta for the creation of the Insper and Palavra Aberta Chair. This chair will work to foster and debate topics such as freedom of thought, economic initiative and political expression. The chair is currently held by Professor Fernando Schuler. Meanwhile, the IFB Chair, which is coordinated by Professor Naercio Menezes Filho and was created in 2009 with the support of Instituto Futuro Brasil, had a very active year organizing debates, producing research and generating media exposure on the progress being made in public policy in Brazil. Sponsorship of campus spaces Since the launch of our current campus in 2006, families and organizations have contributed by sponsoring spaces and classrooms. The objective is to honor individuals and companies that have made or make important contributions to our country, whether in the public or private sector, as a way to share success stories with those who frequent our campus. Being a nonprofit institution gives the institution independence and frees it from shareholders, effectively paving the way for its perpetuity through highly transparent and professionalized management Claudio Haddad, President Adriano Ortega Carvalho ECO 2008 Amanda Rodrigues Luhmann de Jesuz ECO 2011 André da Silva Palocci ECO 2003 Andre Luiz de Moura Albuquerque ADM 2010 Andre Takeshi Fujii ECO 2010 Andrea Monsó Antonio ADM 2010 Ary Cera Zanetta Neto ECO 2005 Augusto Meireles Reis ECO 2004 Beatriz Egreja Camargo ECO 2012 Bruno Igel ADM 2005 Bruno Marques de Moraes ADM 2009 Bruno Oliveira Gonçalves ADM 2007 Bruno Saliba Laguna ADM 2010 Caio Gracco Rocha Carbone ECO* Clara Roorda ECO 2008 Claudia Bruschi Martins ECO 2010 Claudia C Primo MBA 2011 Daniel Kim Ting ADM 2006* Danilo Cesar Leite de Almeida ADM 2006 Dirceu Delamuta Filho ADM 2007 Eduardo Carril Cocco ADM 2002 Elder Jascolka dos Santos CBA 2012 Ernesto Martins Faria ECO 2008 Fábio D Anna Mori ADM 2008 Fábio José Santos CBA 2013 Fabio Moreira Vernille ECO 2007 Felipe Trigo Osmo ECO 2005 Fernanda Verroni Keidel ADM 2007 Fernando Castro de Campos Roriz ECO 2008 Fernando Kenji Muramoto ADM 2005 Fernando Luis Abegao Neto ADM 2006 Fernando Santos Abreu Caligaris ECO 2010* Francisco Mendonça de Toledo Arruda ADM 2006 Franco Rodrigues Resende Veludo ADM 2007 Frederico de Souza Queiroz Pascowitch ADM 2005 Gabriel Fongaro de Araujo Pereira ECO 2010 Guilherme Bockmann Ferreira ADM 2007 Guilherme da Silva Palocci ADM 2007 Guilherme Lopes Ferrari ECO 2009 Gustavo Cavichioli ECO 2013* Gustavo Goldenberg ECO 2011 Gustavo Massami Tachibana ECO 2012 Gustavo Oliveira Borim ADM 2008 Henrique Cordeiro Mariano MBA 2008 Henrique Lewi MBA 2001* Henrique Navarro Neto ADM 2003 Isadora Maggi de Góes ADM 2013 Ivan Akio Itocazo Soida Mestrado ECO 2012 João Marcelo de Aguirre Furlan ADM 2003 João Miranda de Oliveira Rebouças Brandão ECO 2012 João Pedro Pompeu Melhado ECO 2012 João Vitor Hess de Souza ADM 2013 Joaquim Alvaro Pereira Lima MBA 2006 Jonas Almeida Fererighi JR MBA 2012 Jonas Honchie Chen ECO 2009 Jose Horácio Gayoso e Almendra Filho MBA 2004 José Renato Quaggio Colaferro ADM 2008 Julia Ramos Marcelino ADM 2013 Laís Yazbek de Oliveira e Silva ADM 2008 Larissa Matilde Salles Cunha Araium ADM 2008 Leandro Paulussi ADM 2003 Luanna Peixoto Luna ADM 2011 Lucas Oliveira Faleiros ADM 2005 Lucas Roman Martinez ECO 2013 Luis Rodolfo Cruz e Creuz LL.M Luiz Eduardo de Figueiredo Menezes Educação Executiva Marcelo de Castro Ferreira Oliveira ADM 2005 Marcelo Schmidt Goffi Gomez ADM 2013* Marcelo Tambelli Francisco MBA 2010 Maria Angélica Martins Miranda ADM 2007 Marina Kairalla Garcia ADM 2005* Mateus Polking ECO 2013 Mathias Pastor Wagner ECO 2003 Mauricio Torres Pinto Bergamaschi ADM 2006 Milton Giannelli Neto ADM 2008 Oskar Von Treuenfels ADM 2008 Otávio De Medeiros Tranchesi ECO 2013 Paula Kober Nogueira Leite Mestrado ADM 2013 Pedro Noriyuki Hokama ADM 2012 Rafael Barbosa Santos Coelho ADM 2007 Raquel Erzinian De Camargo Moreira ECO 2010 Ricardo Ramos Pereira de Souza ADM 2005 Ricardo Siniscalchi de Souza MBA 1999 Roberta Beatriz Bolognesi Donato ADM 2005 Roberta Bornia Romiti ECO 2010 Roberto Tranchesi Zuccolo ADM 2006 Rodolpho Rocha Ruiz ADM 2005 Rodrigo Comim Canela ADM 2011 Rodrigo Guedes Nunes ECO 2008 Rodrigo Lemos da Silva Haenel MBA 1996 Ronaldo Ricioli MBA 2009 Samer Souhail Ghosn ADM 2008 Tatiana Milan ADM 2003 Thiago Simões Maffra ADM 2006 Valter Pujol Ortiz MBA 1996 Victor Paredes Ortega ADM 2010 Vinícius Royo Rággio ADM 2014 Werther Teixeira de Freitas Vervloet ECO 2007 *Special thanks to the alumni who also contributed to Insper s various projects, as godfathers to scholarship students and in interviews to select new scholarship students. Donors to the Scholarship Fund in

6 Relatório Anual 2014 Friends Donors to the Scholarship Fund in Alexandre e Tania Nobre Arthur Mizne Família Haddad Jason Dyett José Alexandre Scheinkman Marcel Herrmann Telles Fátima Zorzato Paulo Cunha Roberto Haberfeld Rodrigo Lisboa Bonafé The Mango Tree Foundation Adauto Ricardo Sobreira de Lima Camila Du Plessis Carlos Du Plessis Christian Menescal Clayton Cardozo Da Silva Daniel Geraldeli Fabio Orfali Gabriel Rocha Affonso Ferreira Guilherme Fowler Guilherme Martins Guilherme Rios Leite Guy Cliquet Isabel e Nelmir Rosas Jason Dyett Jean Francois Pinto Saghaard Lars Meyer Sanches Leonidas Sandoval Junior Companies and Institutions Luca Borroni Lucia Guilhoto Luciana Yeung Luiz Fernando Turatti Marcia Maria Nizzo de Moura Marcos Lisboa Maria Cristina Nogueira Gramani Michael Viriato Paola Damiani Pedrinola Priscila Borin de Oliveira Claro Renice Pombani Ronei Filgueiras Frigerio Sean White Sérgio Lazzarini Silvio Laban Neto Susan Lyons Tiago Fischer Ferreira The year was marked by an expansion of the initiatives proposed by students through Insper s Student Organizations. Over 400 undergraduate students organized sporting, social, cultural and academic activities. The engagement of these students had a positive impact on our campus, our local community and even the country. In 2014, the members of our students union, or Diretório Acadêmico, launched, in partnership with the Executive Committee, the Classroom Leaders project, which elected 36 students to represent their classmates and discuss opportunities for improvement. The student leaders received leadership training given by market and Insper professionals. Many proposals were debated and incorporated into the classroom, which further enriched students campus experience. The 200 students of Atlética Insper defended our colors in 12 sporting events. The highlights were the determination demonstrated by the teams, the excellent turnout at games by fans and the winning of medals in various events, including men s swimming at the Economíadas event, women s volleyball at NDU.Anual, women s volleyball at NDU Série Ouro and women s table tennis at EPIC. Launched in 2014, dozens of students from the organization Bem Gasto taught financial education to Adult Education classes at a number of locations in Greater São Paulo. Students also worked in partnership with local high schools and the Arrastão Project to offer classes to 290 people. Through another social project related to education, members of the Social Action Group (GAS) created the Insper Prep-Course, in which 18 students prepared eight underprivileged high school students to take the school s admissions exam. Two of them were accepted and are now studying in Insper s Undergraduate programs alongside their former tutors Meanwhile, the social entrepreneurs at Enactus Insper, produced, through the VerBem project, 600 quality eyeglasses at low cost and distributed them throughout Brazil. The project won the Santander Universities Entrepreneurship Award. Finally, our consultants at Insper Jr. Consulting, who were trained over the course of five semesters of their undergraduate programs, conducted 29 projects, of which 18 were paid and 11 were pro bono. They overcame challenges such as developing business plans and conducting valuations. Academic Achievements Three students participating in preparatory courses for the exam of the National Association of Graduate Centers in Economics (ANPEC) placed sixth, tenth and 19th. These classifications ensured them admission into the country s top master s programs in economics. For the fourth time, our students won the national stage of the CFA Institute Research Challenge, sponsored by the CFA Institute, an international body accrediting investment professionals. The fourth championship was won in a competition that brought together teams from 11 traditional Brazilian universities. In April 2015, our team travelled to the United States to participate in the Americas phase of the competition. At Atlética and Insper Jr. Consulting, I made my best friends and put into practice what I learned in the classroom Lais Menezes, Undergraduate student Undergraduate Programs 11

7 Graduate Programs I firmly believe that today we are much better prepared to face the challenges of a country with so many uncertainties Maximiliano Piotto Cavinati, CBP 2014 Graduate Programs In the Certificate programs, more than 560 graduates celebrated the completion of their programs and became members of the Alumni Community. These graduates included the first class of the Certificates in Business Project (CBP) launched in 2012, and the launch of the Certificate in Business and People Management (CBPM). In the MBA programs, over 400 students graduated in In a special meeting, alumnus Rodrigo Kede (MBA 1999), VP of Global Sales and Transformation at IBM Global, participated in Alumni Week, an annual get-together event, where he presented his career path and leadership vision to alumni from the MBA and master s programs. We commemorated the 15th anniversary of Insper Law with activities and special events. The publication of the book Direito Empresarial Brasileiro: Avanços e Retrocessos honored the date commemorated by the Law programs and included papers by Insper directors and faculty. At the book launch, Dr. José Renato Nalini, chief judge of the São Paulo Appellate Court, gave a lecture to students, alumni and professors on the modernization and dematerialization of law. In terms of publishing by Insper Law, 11 books authored by alumni and faculty were published in the Insper Almedina collection, which has published 26 books since its creation in Insper also launched the LL.C. in Corporate Law program, which is designed for recent law graduates. Students in the Professional Masters programs prepared 46 dissertations. Some of these papers were highlighted in the media, such as the studies Follow the Leaders: Competition in the Auto Financing Sector, An Investigation of the Partial Adjustment Effect of Brazilian IPOs and An Analysis of Active Management Performance, effectively contributing to the debate on economic and corporate topics. Workshop for human resources leaders organized by Executive Education. Executive Education Executive Education students and faculty at Insper can now take advantage of a new space on our campus. The ninth floor now features classrooms and meeting rooms that encourage working in groups. The space was inaugurated in October, in an event especially designed for leaders of the human resources department that included a class with a professor specializing in business strategy. The professor covered the growing role of HR teams in strategic forums at companies. OPEN-ENROLLMENT PROGRAMS 68% increase in students in 2014 Executive Education Graduation ceremony for the MBA programs. We expanded our portfolio of Research Degree Programs with the launch of the Doctoral Program in Business Economics. Unprecedented in Brazil, the full-time program explores the intersection between the two fields and, with classes exclusively in English, seeks to attract students from around the world. Another important achievement was the partnership signed between Insper and the Center for Creative Leadership (CCL), a U.S.-based organization that is the leader in education and research in the field of leadership. Insper and the CCL work together to offer programs and conduct studies related to the field. The first program through this partnership, Leadership Fundamentals, was held in September. CUSTOM PROGRAMS New clients: Banco do Brasil, Évora and Grupo Iguatemi New intensive summer and winter programs were also structured in Executive Education. The year also marked the launch of new programs, such as Customer Experience Management, High Impact Investments, Real Estate Market Investments and Marketing Trends. Involving more than 1,700 students, 55 custom programs were administered for 24 organizations from a variety of industries. The main challenges of these programs are leadership, people management, strategy and execution. Other highlights of the year were the new clients for our custom programs: Banco do Brasil, Évora and Grupo Iguatemi

8 Connection with the Job Market As a large company, Unilever seeks out the best talent in the market and Insper is clearly one of those places Joana Rudiger, talent manager at Unilever Over 2,500 participants at events 18% 13% 69% Career Opportunities Board 1,200 organizations announce some 12,000 positions annually Directory of Graduates Students Companies Alumni 1,200 alumni registered their résumés in the Directory of Graduate More than 2,500 students and alumni participated in lectures, roundtables and panels organized by our Career Center. Discussions were held on a diverse range of industries and fields, with presentations focusing on the challenges of today s professionals. The roundtables on Sports Marketing, Entrepreneurship, Financial Market and Social Impact Investment had a major impact on our students and alumni. Our Recruitment Fairs attracted over 50 companies and some 1,000 undergraduate students to the two events held during the year. In addition to learning about internships and trainee programs, students also had an opportunity to meet with former classmates who are already working in the market. We a view to connecting students and companies, we organized the Semester Exposition. At this event, undergraduate students presented business plans to our partner organizations and then debated the strategies, risks and successes of the proposals. All of these activities are the fruit of our partnerships with over 4,000 organizations of varying sizes and from a diverse range of industries, which participated in our events and seek to recruit students and alumni in various phases of their careers. Alumni Networking Launched in 2014, Alumni Networking is an online professional relationship network that allows our students to talk with over 200 volunteer alumni about the dynamics of different industries, areas and positions. I believe Alumni Networking is an interesting tool for experienced professionals and very important for those who are just starting their careers, helping them strengthen their professional contacts Luciana Vichino (MBA 2001), Alumni Networking volunteer and executive superintendent of Human Resources at Banco Barclays Once Insper, always Insper. After graduation, students become a part of the Alumni Community and maintain a relationship with the School by participating in networking meetings, debates on current topics and volunteer projects. A new opportunity for participating is the Alumni Council, which was launched in 2014 and is formed by 13 alumni who want to help improve strategic areas in the undergraduate program by working with the School s Executive Committee. The Alumni Godfather Campaign, in which alumni act as mentors and contribute towards meal and transport costs for scholarship students in Undergraduate programs, registered an increase in the number of godfathers from 14 to 34 between 2013 and The initiative was created to help ensure the retention of full-scholarship students whose non-repayable tuition scholarships are insufficient to cover their undergraduate studies. The Perfin Educar Fund, which was created by an alumnus, supports our Scholarship Fund by donating 100% of the management and performance fee. Since its creation in 2012, Perfin Educar has already donated over R$400,000. To encourage the exchange of knowledge and networking, we held four editions of the Alumni Panel, which are events covering current issues in Brazil in which undergraduate students can participate. These debates included Elections 2014 Economic Outlook for the Next Administration, which was attended by Marcos Lisboa, vice-president of Insper, and Ilan Goldfajn, chief economist at Itaú-Unibanco, and was mediated by alumnus Terence Pagano (ECO Masters 2009), senior economist at Itaú Asset Management. The panel Challenges of Owning Your Own Business was held in partnership with the Center for Entrepreneurship and Innovation, with the participation of alumni Rafael Coelho (ADM 2007), Mariana Penazzo (ADM 2008) and Ana Carolina Urquiza (ADM 2011), who shared their experiences and debated with colleagues on the challenges of being an entrepreneur. To close the year, we held Alumni Week, which included get-together events for former students. Former undergraduate students enjoyed the presence of some of our student organizations, in particular a show by Baterial Imperial, a band that includes alumnus Lucas Prediger (ADM 2012), and commemorated the ten-year reunion of the 2004 class. On the following day, alumni from the Certificate programs attended a lecture by the CEO of Lopes Consultoria Imbobiliária on the trends for the real estate market in 2015, followed by a cocktail. To close the week, graduates from MBA and master s programs reminisced with former classmates and participated in an event with alumnus Rodrigo Kede (MBA 1999), vice-president of Global Sales and Transformation at IBM Global, who spoke about his career path and experience in the program. We believe firmly in the transformation that education can bring to Brazil, particularly for those who do not have the opportunity to pay José Roberto de Moraes Filho (ADM 2007), one of the founders of Fundo Perfin Educar Alumni Community 14 15

9 Entrepreneurship Being an entrepreneur means rolling up your sleeves and dreaming big. It means waking up early and going to sleep late for a purpose. It means taking risks, believing in your potential and that of your company, and bringing good people onboard to work together towards your goal. We work very hard in the Insper Entrepreneurs League João Gabriel Alkimin, Undergraduate student, head of the student organization Entrepreneurs League, founded in 2014 In 2014, our Center for Entrepreneurship and Innovation developed a new operational proposition. Under the new model, entrepreneurial development seeks to attract and connect students and alumni through forums, workshops and project meetings. The center also supports programs and classroom initiatives and organizes meetings of young entrepreneurs and business professionals who can act as mentors. The new physical space inaugurated by the center operates under a coworking model for entrepreneurs from the Insper Community, which facilitates the integration of students and alumni to discuss the creation or consolidation of new businesses. During the year, 83 students and alumni from the Undergraduate and Graduate programs received guidance and mentoring. The center organized 26 events, which included lectures, workshops and competitions, which were attended by over 1,500 participants. The topic of entrepreneurship is also one of Insper s main agendas in the media, particularly through Movimento Empreenda, in which Insper is the educational partner of Editora Globo. Students and the team from the Center for Entrepreneurship and Innovation in the new space. Welcome Get-Together for Insper s international students. Undergraduate and graduate students participated in technical and cultural visits and followed an academic itinerary in two of China s largest metropolises - Beijing and Shanghai while also visiting Singapore. This program is the product of a partnership with Campus Brasil, a company specializing in study tours for college students. Eighteen students and alumni participated in the program called Doing Business in China & Singapore. In 2014, we signed a new partnership with Brandeis University International Business School, which is based in Massachusetts, USA. The agreement paved the way for dual degrees with the renowned U.S. university. Students accepted into this program study for three and a half years at Insper and half a year at Brandeis University, and receive an undergraduate degree from Insper and the title of Master of Arts in International Economics and Finance. We also expanded programs and activities through partnerships with international institutions, such as New York University (United States), ESCP Europe (France) and, more recently, the Center for Creative Leadership (CCL), the leading institution in education and research in the field of leadership. The year also marked the launch of the EQUIS accreditation process by the European Foundation for Management Development (EFMD), which involved an extensive self-assessment, a visit by an international team and an analysis of all reports by a jury. This process will continue into 2015, together with renewal of the accreditation by the Association to Advance Collegiate Business Schools (AACSB International). Semester Exchange Program 130 Insper students participated in programs in 16 countries 72 exchange students from 14 countries participated in programs at Insper Summer Programs & International Extension 58 Insper students participated in academic programs in six countries 223 students from four countries participated in programs at Insper EVOLUTION OF INTERNATIONAL PARTNERSHIPs International Experience 55 partnerships in 20 countries partnerships in 16 countries partnerships in 18 countries

10 Research and Knowledge Professor Naercio Menezes Filho, the director of the Center for Public Policy, was elected to the Brazilian Academy of Sciences as a member in the Social Sciences. In the academy, Professor Naercio will work to suggest new lines of research in the Social Sciences and participate in academic seminars and the publication of books and paper collections, among other activities to foster scientific research in the field. To access the publications cited on this page, please go to our website at Brazil s presidential elections and economic crisis were the topic of projects and debates at Insper s research centers in In a year marked by discussions on politics and the economy, we organized, in partnership with the newspaper O Estado de São Paulo, the Forums Estadão Brazil The event featured seven seminars covering topics of critical importance to the country: education, safety, health, infrastructure, the environment, agriculture and the economy. The seminars were attended by journalists, specialists, faculty, students and alumni. Over 1,000 participants attended the seminars, which were also broadcast online and over the radio station Estadão. The event s reach was further extended by the production of special reports published in the newspaper s print version and on its website, which helped to advance discussion of the topic after each event. In May, we brought together dozens of students to debate the liabilities and legacies of the World Cup, focusing in particular on the risks of the governance model with little transparency adopted for the construction of stadiums and infrastructure projects. A number of other events and articles in the press were produced and promoted by researchers at the Center for Public Policy. In September, with the outcome of the presidential elections still uncertain, the center invited economists and specialists from various fields to debate a development agenda for Brazil. This fourth edition of the Public Policy Forums discussed a macroeconomic agenda and social policies, especially in the area of education, for Brazil in the coming years. The proposals were published in the document Sob a Luz do Sol: uma Agenda para o Brasil. The third edition of the HAYS Insper Salary Guide was launched at an event attended by over 200 human resources professionals and recruiters and presented an outlook for the labor market in 2014/2015. The survey used to create the guide was based on interviews of 486 companies and 8,024 professionals and was produced by Professor Regina Madalozzo and co-authored by Adriana Bruscato Bortoluzzo, from the Center for Strategy. The Center for Strategy also organized the First Boardroom Talk, an event for senior executives to foster debate on corporate governance, strategy, innovation and leadership. In its first edition, Luiz Norberto Pascoal, CEO of Dpaschoal and a member of Insper s Board of Directors, interviewed Alexandre Gonçalves Silva, chairman of the board of Embraer. Professors active during Adalto Barbaceia Gonçalves Master of Business Administration UCLA Adhemar Villani Junior Ph.D. in Economics University of Pennsylvania Adrian Kemmer Cernev Doctor of Business Administration FGV-SP Adriana Bruscato Bortoluzzo Doctor of Statistics USP Adriano José da Silva Neves Master of Engineering IPT Afonso Carlos Braga Master of Business Administration PUC-SP Alex Manduca Executive MBA in Marketing Insper Alexandre Demetrius Doctor of Commercial Law USP Alexandre Jorge Chaia Master of Business Administration USP Alexandre Schwartsman Doctor of Economics University of California Alexandre Valério de Wilde Master of Business Administration Columbia University Aloisio Bueno Buoro Master of Business Administration USP Alvaro Cardoso Armond Master of Business Administration Universidade Presbiteriana Mackenzie Ana Helena de Campos Doctor of Physics USP André Antunes Soares de Camargo Doctor of Commercial Law USP André Luis de Castro Moura Duarte Doctor of Business Administration FGV-SP Angelo Corsetti Bachelor of Economic Sciences USP Antonio Carlos Rosso Junior Master of Systems Engineering USP Antonio Zoratto Sanvicente Ph.D. in Business Administration Stanford University Artur Rothstein Barreto Parente Ph.D. in Economics University of California, Berkeley Auro Key Honda Master of Social Psychology PUC-SP Bruno Costa Simões Doctor of Philosophy USP Bruno Silva Martins Doctor of Economics FGV-RJ Camila de Freitas Souza Campos Ph.D. in Economics Yale University Camila Pereira Boscov Doctor of Controllership and Accounting USP Carla Ramos Ph.D. in Business Administration University of Bath Carlos Afonso Caldeira Filho Master of Business Administration FGV-SP Carlos Alberto Furtado de Melo Doctor of Social Sciences PUC-SP Carlos Roberto Francisco Bara Master of Business Administration FGV-SP Carolina da Costa Ph.D. in Cognition and Learning Rutgers, The State University of New Jersey Charles Kirschbaum Doctor of Business Administration FGV-SP Daniel Ferreira Lima Ph.D. in Economics University of California, San Diego Faculty Andrea Maria Accioly Fonseca Minardi Doctor of Business Administration FGV-SP Angela de Souza Menezes Master of Production Engineering PUC-RJ Danny Pimentel Claro Ph.D. in Business Administration Wageningen University David Kallas Master of Business Administration USP 18 19

11 Denise Aparecida Manfredi Master of Health Psychology UMESP Flavio Kezam Malaga Doctor of Finance USP Humberto Dantas Doctor of Political Science USP Leonidas Sandoval Junior Ph.D. in Mathematics University of London Faculty 20 Ecléa Zugman Hauber Specialist in Biology USP Edélcio Koitiro Nisiyama Master of Business Administration University of Chicago Eduardo Augusto Rissi Doctor of Sciences USP Eduardo Correia de Souza Doctor of Economics UFRJ Eduardo de Carvalho Andrade Ph.D. in Economics University of Chicago Eduardo Franco Luzio Ph.D. in Economics University of Illinois at Urbana-Champaign Eduardo Pozzi Luchezzi Doctor of Business Administration USP Eduardo Rossit Padilha Specialist in Finance USP Eric Barreto de Oliveira Master of Controllership and Accounting USP Fabio de Biazzi Doctor of Production Engineering USP Fábio Matuoka Mizumoto Doctor of Business Administration USP Fabio Orfali Master of Mathematics USP Fabio Pelicano Borges Vieira Bachelor of Aeronautical Engineering ITA Fabio Ribas Chaddad Ph.D. in Agricultural Economics University of Missouri Fabio Soares de Melo Specialist in Tax Law PUC-SP Fernando Castro de Campos Roriz Doctor of Economics PUC-RJ Fernando Ribeiro Leite Neto Doctor of Social Sciences PUC-SP Flávia Ferreira Piazza Master of Business Administration IBMEC-RJ Flavio Romero Macau Doctor of Business Administration FGV-SP Frederico Augusto Alem Barbieri Doctor of Mechanical Engineering USP Gazi Islam Ph.D. in Organizational Behavior Tulane University George Ohanian Doctor of Business Administration USP George Paulus Pereira Dias Master of Production Engineering USP Giancarlo Greco Master of Business Administration Duke University Gino Abraham Olivares Leandro Doctor of Economics PUC-RJ Guilherme Athia Specialist in Marketing ESPM Guilherme de Moraes Attuy Doctor of Economics USP Guilherme Fowler A. Monteiro Doctor of Business Administration USP Guilherme Silveira Martins Doctor of Business Administration FGV-SP Gustavo Rodrigues Ortega Master of Strategic Controllership and Accounting Gustavo Soares Barbosa Ph.D. in Economics Yale University Guy Cliquet do Amaral Filho Master of Engineering USP Hedibert Lopes Ph.D. in Statistics Duke University Heleno Piazentini Vieira Master of Economics FGV-SP Heloísa Maria Domingues Neves Doctor of Design and Architecture USP Henrique Machado Barros Ph.D. in Business Administration University of Warwick Irineu Gustavo Nogueira Gianesi Master of Production Engineering USP Ivanildo Dias de Lima Master of Sciences USP Ivo Waisberg Doctor of Laws PUC-SP João Luis Mascolo Doctor of Economics PUC-RJ João Manoel Pinho de Mello Ph.D. in Economics Stanford University Joao Mauricio Lemos Rosal Doctor of Economics University of London José Carlos A. Luxo Doctor of Business Administration USP José Carlos Tiomatsu Oyadomari Doctor of Controllership and Accounting USP José Heleno Faro Doctor of Economic Mathematics IMPA José Luiz Rossi Junior Ph.D. in Economics Yale University José Valério Macucci Master of Business Administration FGV-SP Juan Pedro Jensen Perdomo Doctor of Economics USP Juliana Inhasz Doctor of Economics USP Lars Meyer Sanches Doctor of Civil Engineering UNICAMP Leni Hidalgo Nunes Doctor of Business Administration Université de Pau et dês Pays de L Adour Leonardo Fabris Lugoboni Master of Business Administration USCS Leonardo Pagano Doctor of Corporate Economics FGV-SP Leonel Molero Pereira Doctor of Business Administration USP Leticia Costa Master of Business Administration Cornell University Liao Yu Chieh Executive MBA in Finance Insper Luca Borroni Doctor of Economics Università Commerciale Luigi Bocconi Milano Lucia Guilhoto Ph.D. in Business Administration (Marketing) Università Commerciale Luigi Bocconi Luciana Carvalho de Mesquita Ferreira Ph.D. in Management Research Erasmus University Rotterdam Luciana Yeung Luk Tai Doctor of Economics FGV-SP Luciano Marques de Araújo Doctor of Business Administration Universidad Politécnica de Catalunya Luciano Pereira Soares Doctor of Electrical Engineering USP Luis Claudio Montoro Mendes Master of Laws Insper Luis Fernando Longuini Cossi Bachelor of Production Engineering USP Luiz Fernando Andreotti Turatti Ph.D. in Business Administration University of St. Gallen Luiz Francisco Modenese Vieira Ph.D. in Transport Systems Massachusetts Institute of Technology Mara Behlau Doctor of Speech and Language Pathology Federal University of São Paulo Marcelo Hiroshi Nakagawa Doctor of Production Engineering USP Marcelo José Carbonari Doctor of Nuclear Sciences USP Marcelo Leite de Moura e Silva Ph.D. in Economics University of Chicago 21

12 Faculty 22 Marcelo Rodrigues dos Santos Doctor of Economics FGV-RJ Marco Antonio Leonel Caetano Doctor of Aeronautical and Mechanical Engineering ITA Marco Aurélio Lima de Queiroz Doctor of Business Administration FGV-SP Marco Bonomo Ph.D. in Economics Princeton University Marco Túlio Pereira Lyrio Ph.D. in Economics Katholieke Universiteit Leuven Marcos Lisboa Ph.D. in Economics University of Pennsylvania Marcos Rodrigues de Lara Doctor of Social Sciences PUC-SP Marcos Veçoso Master of Health Economics and Pharmaeconomics Universitat Pompeu Fabra Marcus Sousa Soares Bachelor of Psychology Marcus Vinicius Lopes Ramos Gonçalves Master of Laws PUC-SP Maria Aparecida Rhein Schirato Doctor of Education USP Maria Cristina Nogueira Gramani Doctor of Engineering UNICAMP Maria Kelly Venezuela Doctor of Statistics USP Marielza Cavallari Master of Business Administration FGV-SP Marilda Peres Camacho Andrade Executive MBA in Marketing Insper Mario Sergio Kojima Master of Business Administration University of Southern California Marisa Villas Bôas Dias Master of Business Administration USP Marta de Campos Maia Doctor of Business Administration FGV-SP Maurício Ferreira Doctor of Mechanical Engineering USP Mauricio Rocha Alves de Carvalho Master of Business Administration University of Pennsylvania Maurizio Mauro Bachelor of Business Administration FGV-SP Michael Viriato Araújo Doctor of Systems Engineering USP Naercio Aquino Menezes Filho Ph.D. in Economics University of London Nelson Mendes Cantarino Doctor of Social History USP Nilton Deodoro Moreira Cardoso Junior Doctor of Economics Universidade de Paris I Otto Nogami Master of Economics Universidade Presbiteriana Mackenzie Patricia da Cunha Tavares Doctor of Business Administration FGV-SP Patricia Portella Prado Galhano Doctor of Business Administration USP Paulina Alejandra Achurra Burgos Ph.D. in Chemical Engineering Stanford University Paulo Beltrão Fraletti Doctor of Business Administration USP Paulo José de Azevedo Master of Economics Insper Paulo Vieira de Campos Master of Educational Psychology PUC-SP Priscila Borin de Oliveira Claro Doctor of Business Administration UFL Priscila Fernandes Ribeiro Master of Business Economics FGV-SP Rafael Paschoarelli Veiga Doctor of Business Administration USP Raquel Aparecida Lopes Master of Development Disorders Universidade Presbiteriana Mackenzie Raul Amaral Rego Doctor of Business Administration USP Raul Ikeda Gomes da Silva Master of Electronic and Computer Engineering ITA Regina Carla Madalozzo Ph.D. in Economics University of Illinois Regis Fernando de Ribeiro Braga Master of Accounting and Actuarial Sciences USP Ricardo Dias de Oliveira Brito Doctor of Economics FGV-RJ Ricardo Goulart Serra Doctor of Business Administration USP Ricardo José de Almeida Doctor of Business Administration USP Ricardo Machado Doctor of Social Sciences PUC-SP Ricardo Mollo Master of Business Administration University of Dallas Ricardo Rocha Doctor of Business Administration USP Rinaldo Artes Doctor of Statistics USP Roberta Muramatsu Ph.D. in Economics Erasmus University Rotterdam Roberto Anis Calfat Doctor of Production Engineering USP Roberto Dumas Damas Master of Chinese Economics Fudan University (China) and Master of Economics University of Birmingham Rodrigo Menon Simões Moita Ph.D. in Economics University of Illinois Rodrigo Takashi Okimura Doctor of Electrical Engineering USP Rogério da Costa Monteiro Master of Economics Insper Romeo Deon Busarello Master of Business Administration - PUC-SP Ronnie Maschk Specialist in Project Management Fundação Vanzolini USP Roseli Morena Porto Doctor of Business Administration FGV-SP Sandra Gioffi Specialist in Psychology Universidade Gama Filho Sandro Magalhães Manteiga Master of Mathematical Modeling in Finance USP Sérgio Giovanetti Lazzarini Ph.D. in Business Administration Washington University, St. Louis Sergio Ricardo Martins Master of Statistics USP Silvia Antonio Sfeir Master of Business Administration FECAP Silvio Abrahao Laban Neto Doctor of Business Administration FGV-SP Silvio Possa Master of Business Administration FIA Tadeu Aparecido Pereira da Ponte Master of Mathematics USP Tatiana Iwai Doctor of Business Administration FGV-SP Tatiana Terabayashi Melhado Doctor of Statistics USP Tiago Fischer Ferreira Doctor of Business Administration USP Timothy Altaffer Master of Business Administration New York University Vinícius de Bragança Müller e Oliveira Doctor of Economic History USP Vinicius Licks Doctor of Electrical Engineering University of New Mexico Vitoria Cristina Cardoso Saddi Ph.D. in Economics University of Southern California Vivian Iara Strehlau Doctor of Business Administration FGV-SP 23

13 Faculty Guest faculty / lecturers Alberto Macedo Doctor of Economic, Financial and Tax Law USP Alvaro Taiar Bachelor of Laws USP Ana Luiza Salles Lourenço Specialist in Tax Law FGV-SP and IBET André Franco de Moraes Executive MBA in Finance Insper Andréia Cristina Bezerra Doctor of Commercial Law USP Camila Vergueiro Master of Laws PUC-SP Daniel Kalansky Master of Commercial Law USP Daniel Martins Boulos Doctor of Civil Law PUC-SP Donald Mac Nicol Bachelor of Business Administration FGV-SP Douglas Yamashita Doctor of Tax Law USP Kleber Luiz Zanchim Doctor of Laws USP Lior Pinsky Master of Laws London School of Economics Luis Fernando Camargo Bachelor of Accounting Sciences Faculdade Tibiriçá Luis Gustavo Haddad Master of Civil Law USP Luiz Fernando Mussolini Junior Master of Public Law PUC-SP Marcel Gomes Bragança Retto Master of Commercial Law USP Marcelo Godke Veiga Master of Laws Columbia University Marcelo Vieira Von Adamek Doctor of Commercial Law USP Marco Antonio Bevilaqua Master of Civil Law PUC-SP Marcos Cavalcante de Oliveira Master of Business Administration University of Pennsylvania Rogério Garcia Peres Master of Tax Laws PUC-SP Rubens Carmo Elias Filho Doctor of Social Relations Law PUC-SP Sergio Freitas da Costa Master of Laws University of Michigan Taimi Haensel Master of Laws Insper Thiago Sandim Bachelor of Laws PUC-SP Valdir Carlos Pereira Filho Master of Laws University of London Wilson R. Ometto Specialist in Controllership FIPECAFI/USP Eduardo Montenegro Dotta Bachelor of Laws PUC-SP Maria Rita Ferragut Doctor of Tax Law PUC-SP 24 Fabiano Del Masso Doctor of Laws PUC-SP Fabio Eduardo de Pieri Spina Master of Laws (U.S. Law) Columbia University Fabio Soares de Melo Specialist in Tax Law PUC-SP German Alejandro San Martins Fernandez Master of Tax Laws PUC-SP José Dutra Vieira Sobrinho Specialist in Accounting Sciences USP José Luiz Conrado Vieira Doctor of Laws USP José Romeu Amaral Master of Laws Northwestern University José Virgílio Enei Master of Commercial Law USP Marina Anselmo Master of Laws (Banking and Capital Markets) University College London Miguel Tornovsky Master of Laws Columbia University Paulo Jorge Scartezzini Doctor of Civil Law USP Pedro Whitaker de Souza Dias Master of Laws University of Pennsylvania Plinio José Lopes Shiguematsu Master of International Law USP Renato Nunes Doctor of Tax Law PUC-SP Ricardo Hiroshi Executive MBA Insper Rodrigo Fernandes Rebouças Master of Social Relations Law PUC-SP 25

14 International journals PROFESSOR TITLE OF PAPER AND JOURNAL PROFESSOR TITLE OF PAPER AND JOURNAL Academic Production by Faculty Members Adriana Bruscato Bortoluzzo Adriana Bruscato Bortoluzzo Adriana Bruscato Bortoluzzo Adriana Bruscato Bortoluzzo Andrea Maria Accioly Fonseca Minardi Danny Pimentel Claro Danny Pimentel Claro Fabio Ribas Chaddad Fabio Ribas Chaddad Fabio Ribas Chaddad Fabio Ribas Chaddad Fabio Ribas Chaddad Gazi Islam Assessment of fatigue in a large series of 1492 Brazilian patients with Spondyloarthritis Modern Rheumatology (Print) FOXP3 and CTLA4 overexpression in multiple myeloma bone marrow as a sign of accumulation of CD4+ T regulatory cells Cancer Immunology and Immunotherapy Is there any relationship between gene expression of tumor antigens and CD4 + T cells in multiple myeloma? Immunotherapy Not all that glitters is RMT in the forecasting of risk of portfolios in the Brazilian stock market. Physica. A Private Equity and Venture Capital IndustryPerformance in Brazil The Journal of Private Equity Sequential betting behavior: a test of asymmetric inconsistencies in group decision making Psychology & Marketing Synergistic Effects of Relationship Managers Social Networks on Performance Journal of Marketing BrasilAgro: Organizational Architecture for a High-Performance Farming Corporation. American Journal of Agricultural Economics Distribution Channel Choices of Wineries in Emerging Cool Climate Regions Agricultural and resource economics review Explaining organizational diversity in emerging industries: the role of capabilities Journal on Chain and Network Science The Relationship between Performance and Governance in Agricultural Cooperatives: A Structural Equation Modeling Approach The International Journal of Co-operative Management Transaction attributes and adoption of hybrid governance in the Brazilian cattle market Journal on Chain and Network Science Appropriating the abject: an anthropophagic approach to organizational diversity. Equality, Diversity and Inclusion International Journal Gazi Islam Gazi Islam Guilherme Fowler de Avila Monteiro Guilherme Silveira Martins Hedibert Freitas Lopes Hedibert Freitas Lopes Ivo Waisberg João Manoel Pinho de Mello Jose Carlos Tiomatsu Oyadomari Jose Carlos Tiomatsu Oyadomari Jose Heleno Faro Leonardo Fabris Lugoboni Leonidas Sandoval Junior Leonidas Sandoval Junior Leadership as a Dominant Cultural Myth: A Strain-Based Perspective on Leadership Approaches Social and Personality Psychology Compass Sequential Betting Behavior: A Test of Asymmetric Inconsistencies in Group Decision Making Psychology & Marketing (Print) The Contractual Nature of Two-Sided Platforms: A Research Note Economic Analysis of Law Review Relational value creation and appropriation in buyer-supplier relationships International Journal of Physical Distribution & Logistics Management Bayesian Instrumental Variables: Priors and Likelihoods. Econometric Reviews Treatment Effects: A Bayesian Perspective Econometric Reviews Mergers & Acquisitions Brazil. Getting the Deal Through The Effects of Exposure to Hyperinflation on Occupational Choice Journal of Economic Behavior & Organization How do different performance measures affect managerial time orientation? Empirical evidence from sales managers in the oil and gas industry Advances in Accounting Pesquisa Intervencionista: um ensaio sobre as oportunidades para pesquisa brasileira em contabilidade gerencial Advances in Scientific and Applied Accounting Ignorance and competence in choices under uncertainty. Journal of Mathematical Economics (Print) Economia criativa: aplicação nas empresas de TI Future Studies Research Journal Not all that glitters is RMT in the forecasting of risk of portfolios in the Brazilian stock market. Physica. A (Print) Structure of a Global Network of Financial Companies Based on Transfer Entropy. Entropy (Basel. Online) Gazi Islam Identities and ideals: Psychoanalytic dialogues of self and leadership Leadership (London. Print) Leonidas Sandoval Junior To lag or not to lag? How to compare indices of stock markets that operate on different times Physica. A (Print) 26 27

15 Brazilian journals PROFESSOR TITLE OF PAPER AND JOURNAL PROFESSOR TITLE OF PAPER AND JOURNAL Academic Production by Faculty Members Mara Suzana Behlau Mara Suzana Behlau Mara Suzana Behlau Mara Suzana Behlau Mara Suzana Behlau Marcelo Leite de Moura e Silva Marco Tulio Pereira Lyrio Maria Cristina Nogueira Gramani Maria Kelly Venezuela Maria Kelly Venezuela Rinaldo Artes Rodrigo Takashi Okimura Vivian Iara Strehlau Coping Strategies in Teachers With Vocal Complaint. Journal of Voice Cross-Cultural Adaptation, Validation, and Cutoff Values of the Brazilian Version of the Voice Symptom Scale VoiSS. Journal of Voice Efeitos da reabilitação fonoaudiológica na desvantagem vocal de cantores populares profissionais Audiology Communication Research Intensive Short-Term Voice Therapy: The Brazilian Experience Perspectives on Voice and Voice Disorders Managing dysphonia in occupational voice users Current Opinion in Otolaryngology & Head and Neck Surgery Impact of macroeconomic surprises on the Brazilian yield curve and expected inflation. The North American Journal of Economics and Finance Information in the yield curve: a macro-finance approach. Journal of Applied Econometrics (Chichester, England) Inter-regional Performance of the Public Health System in a High-Inequality Country Plos One Estimating equations and diagnostic techniques applied to zero-inflated models for panel data Electronic Journal of Statistics. Not all that glitters is RMT in the forecasting of risk of portfolios in the Brazilian stock market Physica A: Statistical Mechanics and its Applications Estimating equations and diagnostic techniques applied to zeroinflated models for panel data ELECTRON J STAT Truth Telling Activity: A Practice beyond the Norms Global Journal of Management and Business Research: Accounting and Auditing Brazil, Mexico and USA: the judgement scheme in the choice based on quality expectation. Journal of Strategic and International Studies Adriana Bruscato Bortoluzzo Adriana Bruscato Bortoluzzo Adriana Bruscato Bortoluzzo Adriana Bruscato Bortoluzzo Adriana Bruscato Bortoluzzo Adriana Bruscato Bortoluzzo Ana Paula Pinho Candeloro Andre Luis de Castro Moura Duarte Andrea Maria Accioly Fonseca Minardi Antonio Zoratto Sanvicente Antonio Zoratto Sanvicente Bruno Costa Simoes Charles Kirschbaum Charles Kirschbaum Analysis of multi-scale systemic risk in Brazil-s financial market Revista de Administração (FEA-USP) Competição Bancária: Comparação do Comportamento de Bancos Públicos e Privados RAC. Revista de Administração Contemporânea (Impresso) Desempenho de fusões e aquisições cross border: análise empírica do caso brasileiro RAE (Impresso) Erratum of Enteropathic arthritis in Brazil: data from the Brazilian registry of spondyloarthritis. Revista Brasileira de Reumatologia (Impresso) Perfil do uso de drogas modificadoras de doença no Registro Brasileiro de Espondiloartrites. Revista Brasileira de Reumatologia (Impresso) Perfil epidemiológico da espondiloartrite de início juvenil comparada com a espondiloartrite de início na vida adulta em uma grande coorte brasileira Revista Brasileira de Reumatologia (Impresso) Ecofinanças: reflexões sobre uma jornada transformacional Harvard Business Review Brasil Qualidade e Estratégia no Ensino Superior: O caso da UniItalo Tecnologias de Administração e Contabilidade Analysis of multi-scale systemic risk in Brazil s financial market Revista de Administração (FEA-USP) O Mercado de Ações no Brasil antes do Índice Bovespa. Revista Brasileira de Finanças (Impresso) The Foreign Capital Flows and the Behavior of Stock Prices at BM&FBovespa BAR. Brazilian Administration Review Curtindo a dor dos outros. Serrote A confiança em situações ambivalentes e incongruentes: a utilização de vinhetas como método exploratório RAM. Revista de Administração Mackenzie (Online) Isomorfismo e Controle Institucional em uma Planta Modular da Indústria Automobilística. Revista Brasileira de Gestão de Negócios (São Paulo. Impresso) Danny Pimentel Claro Consumer Complaints and Company Market Value BAR. Brazilian Administration Review 28 29

16 PROFESSOR TITLE OF PAPER AND JOURNAL PROFESSOR TITLE OF PAPER AND JOURNAL Academic Production by Faculty Members Danny Pimentel Claro Flavio Romero Macau Guilherme Fowler de Avila Monteiro Guilherme Silveira Martins Henrique Machado Barros Humberto Dantas de Mizuca Humberto Dantas de Mizuca Ivo Waisberg Ivo Waisberg João Manoel Pinho de Mello Jose Carlos Tiomatsu Oyadomari Jose Carlos Tiomatsu Oyadomari Jose Luiz Rossi Junior Sustentabilidade estratégica: existe retorno no longo prazo? Revista de Administração (FEA-USP) Revisitando as Tipologias da Teoria de Redes Interorganizacionais. Revista SODEBRAS Value creation and value appropriation in networks: an assessment of the role of a certification in the wine industry from Vale dos Vinhedos, RS Organizações Rurais e Agroindustriais (UFLA) Imersão social na cadeia de suprimentos e seu efeito paradoxal no desempenho operacional. RAE (Impresso) Despesas com tecnologia da informação e eficiência organizacional: novas evidências do setor bancário brasileiro RAI : Revista de Administração e Inovação Ficha Limpa na prática: estudo sobre aspecto pontual de inelegibilidade nas eleições de 2012 em Santa Catarina Cadernos ADENAUER (São Paulo) Formação acadêmica e Direito Eleitoral: do ostracismo à novidade Cadernos ADENAUER (São Paulo) As cláusulas de inalienabilidade, impenhorabilidade e incomunicabilidade e o compromisso de compra e venda de bem imóvel. Revista SÍNTESE Direito Imobiliário Da não sucessão pelo adquirente por dívidas trabalhistas e tributárias na aquisição de unidades produtivas isoladas perante a Lei /2005 Revista de Direito Empresarial e Recuperacional Is the Bank Interest Rate Pass-Through of Selic Rate Movements Asymmetric? Brazilian Review of Econometrics Indicadores de Desempenho em Instituições de Ciência, Tecnologia e Inovação: Estudo de Caso do Laboratório Nacional de Luz Síncrotron. Revista de Administração Pública (Impresso) Uso do Controle Gerencial e Decisões em Organizações de Saúde Brasileiras: um estudo exploratório. BBR. Brazilian Business Review (Edição em português. Online) Common Factors and the Exchange Rate: Results from the Brazilian Case. Revista Brasileira de Economia (Impresso) Lars Meyer Sanches Lars Meyer Sanches Leonardo Fabris Lugoboni Leonardo Fabris Lugoboni Leonardo Fabris Lugoboni Leonardo Fabris Lugoboni Luciana Yeung Luk Tai Mara Suzana Behlau Mara Suzana Behlau Marcelo Hiroshi Nakagawa Maria Cristina Nogueira Gramani Naercio Aquino Menezes Filho Naercio Aquino Menezes Filho Priscila Borin de Oliveira Claro Hockey Stick Phenomenon: Supply Chain Management Challenge in Brazil Brazilian Admistration Review Planejamento da Inovação Revista MundoLogistica A vantagem financeira obtida por empresas no setor agrícola quando do pagamento da remuneração dos acionistas com juros sobre capital próprio Revista de Administracao IMED Alternativas para análise de risco e retorno dos ativos frente às necessidades de reservas atuariais e cobertura de passivos. Revista Brasileira de Previdência Associação entre intensidade de uso de mídias sociais, credibilidade e decisão de compra. Navus Revista de Gestão e Tecnologia Uma empresa sustentável e suas contribuições a sociedade: estudo do caso da EDP-ENERGIAS DO BRASIL S.A.. Revista Científica Hermes Insegurança jurídica do devedor: pela ampliação do debate sobre seleção adversa e custo do crédito no Brasil Análise Econômica (UFRGS) Voice symptoms and vocal deviation self-assessment in different types of dysphonia CoDAS Sinais e Sintomas da Disfunção Autônoma em Professores Revista CEFAC (Online) Inovação nas Pequenas e Médias Empresas: Discurso e Prática. Interesse Nacional Despesas com tecnologia da informação e eficiência organizacional: novas evidências do setor bancário brasileiro RAI : Revista de Administração e Inovação O Papel da Oferta e da Demanda por Qualificação na Evolução do Diferencial de Salários por Nível Educacional no Brasil. Estudos Econômicos (São Paulo. Impresso) The relationship between school performance and future wages Economia (Brasília) Sustentabilidade estratégica: existe retorno no longo prazo? Revista de Administração (FEA-USP) 30 31

17 Book chapters PROFESSOR TITLE OF PAPER AND JOURNAL PROFESSOR TITLE and WORK, PUBLISHER Academic Production by Faculty Members Regina Carla Madalozzo Ricardo Goulart Serra Rodrigo Menon Simoes Moita Rodrigo Menon Simoes Moita Sergio Giovanetti Lazzarini Silvio Abrahao Laban Neto Vivian Iara Strehlau Excelência com equidade: as lições das escolas brasileiras que oferecem educação de qualidade a alunos de baixo nível socioeconômico Economia e Políticas Públicas Market crash, características das empresas e retorno uma análise logística e discriminante Revista de Contabilidade da UFBA Follow the Leaders: competition in the Brazilian Auto Financing Sector Estudos Econômicos (São Paulo. Impresso) Oligopsônio dos Frigoríficos: Uma Análise Empírica de Poder de Mercado RAC. Revista de Administração Contemporânea (Online) Competição Bancária: Comparação do Comportamento de Bancos Públicos e Privados RAC. Revista de Administração Contemporânea (Impresso) Consumer Complaints and Company Market Value BAR. Brazilian Administration Review Imagem do Brasil: Similaridades e Diferenças na Avaliação em Dez Países Internext Revista Eletrônica de Negócios Internacionais da ESPM Afonso Carlos Braga Ana Paula Pinho Candeloro Andre Antunes Soares de Camargo Andre Antunes Soares de Camargo Carla Sofia Dias Moreira Ramos Carlos Alberto Furtado de Melo Fabio Ribas Chaddad Fabio Ribas Chaddad Fabio Ribas Chaddad Fabio Soares de Melo Guilherme Fowler de Avila Monteiro Guilherme Fowler de Avila Monteiro Como as empresas estão usando a cocriação com redes sociais Cocriação de Valor, Editora Atlas Governança Corporativa em foco inovações e tendências para a sustentabilidade das organizações (Link) Saint Paul Editora O RI e as regras do jogo Governança Corporativa em Foco Inovações e Tendências para Sustentabilidade das Organizações, Saint Paul Editora Políticas para transações entre partes relacionadas e a criação de valor para as organizações Governança Corporativa e Criação de Valor, Saint Paul Editora Marketing de Redes: O Marketing das Interdependências Novos Horizontes do Marketing, Dom Quixote Dinâmica do presidencialismo de coalizão: contribuição e limites do Basômetro. Análise Política & jornalismo de dados: ensaios a partir do Basômetro, FGV Editora Challenge Dairy Cooperative: In Pursuit of Control of the Last Liter of Milk Research Handbook on Sustainable Cooperative Enterprise: Case Studies of Organizational Resilience in the Cooperative Business Model, Edward Elgar Responding to the External Environment: The Evolution of Brazilian Dairy Cooperatives Research Handbook on Sustainable Cooperative Enterprise: Case Studies of Organizational Resilience in the Cooperative Business Model, Edward Elgar The Agricultural Input Industry: A Case Study on the CCAB and Coonagro Networks Challenges to Economic Organization: Plural Forms, Editora Atlas Materialidade versus Espacialidade. Linhas de Transmissão de Energia Elétrica. Instalação e Montagem versus Construção Civil Estudos de Direito Tributário em Homenagem ao Professor Roque Antonio Carrazza Food retail strategy and policy in Brazil: heterogeneous retail formats and competition. Retailing in Emerging Markets, Routledge O Setor do Leite: Os Casos da Imbaúba e da Porto Alegre Desafios para a Economia das Organizações: Formas Plurais, Editora Atlas Guilherme Fowler de Avila Monteiro The Milk Industry: The Case of Imbaúba and Porto Alegre Challenges to Economic Organization: Plural Forms, Editora Atlas 32 33

18 PROFESSOR TITLE and WORK, PUBLISHER PROFESSOR TITLE and WORK, PUBLISHER Academic Production by Faculty Members Hedibert Freitas Lopes Hedibert Freitas Lopes Humberto Dantas de Mizuca Humberto Dantas de Mizuca Humberto Dantas de Mizuca João Manoel Pinho de Mello João Manoel Pinho de Mello Jose Carlos Tiomatsu Oyadomari Luciana Yeung Luk Tai Luciana Yeung Luk Tai Mara Suzana Behlau Mara Suzana Behlau Mara Suzana Behlau Analysis of Exchange Rates via Multivariate Bayesian Factor Stochastic Volatility Models. The Contribution of Young Researchers to Bayesian Statistics, Springer Modern Bayesian Factor Analysis Bayesian Inference in the Social Sciences, Wiley Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro, FGV Editora E o problema é o suplente de senador? Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro, FGV Editora Líderes de bancadas ou deputados presidentes: quem orienta tendências nas votações dos partidos na Câmara dos Deputados? Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro, FGV Editora Firearms and crime in Brazil Controlling Small Arms: Consolidation, Innovation and Relevance in Research and Policy, Routledge Risco Regulatório no Brasil: Teoria e Mensuração Gargalos e Soluções no Infraestrutura de Transportes, FGV Editora Performance Measurement System and Quality Management in Small and Medium-Sized Brazilian Enterprises Research in Accounting in Emerging Economies, Emerald Group Publishing Limited Análise de Eficiência da Justiça Eleitoral no Brasil Cadernos Adenauer: Especial Justiça Eleitoral, Fundação Konrad Adenauer Measuring Efficiency of Courts: An Assessment of Brazilian Courts Productivity Managing Service Productivity, Springer Management of Glottal Incompetence Voice Therapy Clinical Cases Studies, Plural Publishing Primary and Secondary Muscle Tension Dysphonia Voice Therapy Clinical Cases Studies, Plural Publishing Técnicas Vocais Tratado das Especialidades em Fonoaudiologia Marco Tulio Pereira Lyrio Marta de Campos Maia Marta de Campos Maia Naercio Aquino Menezes Filho Naercio Aquino Menezes Filho Raul Amaral Raul Amaral Raul Amaral Raul Amaral Raul Amaral Raul Amaral Raul Amaral Ricardo Dias de Oliveira Brito The Predictive Content of the Yield Curve for Inflation Developments in Macro-Finance Yield Curve Modelling, Series Macroeconomic Policy Making, Cambridge University Press O impacto das redes e mídias sociais na estratégia corporativa Governança Corporativa em foco Inovações e tendências para a sustentabilidade das organizações, Saint Paul Editora Governança Corporativa em Foco Governança Corporativa em Foco: Inovações e tendências para a sustentabilidade das organizações, Saint Paul Editora Impactos do Fundef sobre matrículas, docentes e escolas em São Paulo Educação Básica no Estado de Sao Paulo: avanços e desafios, FDE A condição nem-nem entre os jovens é permanente? Panorama do mercado de trabalho no Brasil, FGV Editora As macrotendências dos setores de bakery e confectionery Brasil bakery e confectionery trends 2020, ITAL Naturalidade e sustentabilidade Brasil Ingredients Trends 2020, ITAL O setor de ingredientes Brasil Ingredients Trends 2020, ITAL Os fatores de influência do mercado de ingredientes Brasil Ingredients Trends 2020, ITAL Os fatores de influência dos mercados de bakery e confectionery Brasil bakery e confectionery trends 2020, ITAL Premiumização e experiência Brasil bakery e confectionery trends 2020, ITAL Visão de futuro Brasil Ingredients Trends 2020, ITAL Macroeconomic Effects of the Demographic Transition in Brazil Asymmetric Demography and the Global Economy: Growth Opportunities and Macroeconomic Challenges in an Ageing World, Palgrave Macmillan 34 35

19 Books Evolution in academic production PROFESSOR TITLE and PUBLISHER Academic Production by Faculty Members Andre Antunes Soares de Camargo (ORG.) Carlos Alberto Furtado de Melo (ORG.) Humberto Dantas de Mizuca (ORG.) Luciana Yeung Luk Tai Luciana Yeung Luk Tai Mara Suzana Behlau (ORG.) Direito empresarial brasileiro: avanços e retrocessos. Uma homenagem aos 15 anos do Insper Direito Almedina Brasil Conversas Políticas Civilização Brasileira Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro Editora FGV Direito e Economia no Brasil Editora Atlas Direito Regulatório e Concorrencial no Poder Judiciário Editora Singular Voz: Tudo o que você queria saber sobre fala e canto Revinter Raul Amaral Brasil bakery e confectionery trends 2020 ITAL Raul Amaral Brasil Ingredients Trends 2020 ITAL Ricardo Goulart Serra Roberto Dumas Damas Sergio Giovanetti Lazzarini Valuation: Guia Fundamental Editora Atlas Economia Chinesa Transformações, rumos e necessidade de rebalanceamento do modelo econômico da China Saint Paul Editora Reinventing state capitalism: Leviathan in business, Brazil and beyond. Harvard University Press Works published in conference proceedings papers or abstracts were published in Brazilian conference proceedings and 22 in international conference proceedings International papers Brazilian papers Book chapters Books 36 37

20 Indicators Financial Indicators thousands of reais gross revenue 116, , ,435 costs and direct expenses 42,975 47,456 55,603 operational margin 68,173 72,970 69,041 indirect expenses 16,163 18,962 19,130 general and institutional expenses 32,868 40,699 44,962 administrative surplus 22,496 17,985 10,163 cash position (end of period) 57,564 60,169 63,927 scholarship fund (end of period) 893 1,393 1,340 investments 28,095 13,285 13,583 donations scholarship fund 576 1,080 2,078 donations - engineering school 3,704 18,777 19,770 donations academic projects and infrastructure 2,164 1,659 1,536 donations total 6,444 21,516 23,384 1 Managerial figures, excluding accounting adjustments Investments Main Items thousands of reais library: collection and database infrastructure 25,173 11,341 11,747 technology 2,270 1,765 1,604 2 Economic investments, not considering the accounting classifications Revenues by Program thousands of reais 3 % 2012 % 2013 % 2014 undergraduate 44% 50,943 45% 56,268 49% 63,968 graduate 36% 42,365 36% 45,191 34% 44,523 research degree 3% 3,812 3% 4,211 4% 4,582 executive education 17% 19,757 16% 20,316 13% 16,362 3 Managerial figures, excluding accounting adjustments Undergraduate applicants 1 Admissions Examination First Semester openings Applicant/Opening Ratio business administration applicants1 openings economics , , applicants 1 Admissions Examination Second Semester openings business administration applicants 1 openings Economics Trainee exam takers are not considered in the figure for applicants. Certificates change % students enrolled % MBAs change % students enrolled % LL.M. Master of Laws change % students enrolled % PROFISSIONAl masters change % students enrolled % EXECUTIVE EDUCATION - OPEN ENROLLMENT PROGRAMS students enrolled 652 1,327 1,939 Executive Education Custom Programs clients programs delivered students served 2,662 2,220 1,744 classroom hours 5,461 5,910 3,