Ibmec São Paulo in Numbers

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Rua Quatá, 300 - Vila Olímpia São Paulo - SP - Brazil 04546-042 Total revenue - 2004 to 2007 Financial indicators (thousand reais) 2004 2005 2006 2007 Annual Report Annual (thousand reais)* Tel 55 11 4504-2400 Gross revenue 38,131 47,828 62,601 69,382 www.ibmecsp.edu.br 69,382 62,601 [email protected] Direct expenses 18,360 21,259 24,625 25,952 47,828 Operational margin 16,163 21,945 31,988 36,992 38,131 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 14,452

Cash position 5,328 12,305 17,656 32,216 2004 2005 2006 2007 (end of period)

Scholarship fund (3) 2,138 2,178 2,260 (end of period) Investiments - Total 1,115 10,768 15,028 4,229

Donations - Scholarship fund - 2,089 314 140 2007 Donations - Other - 8,725 1,740 - Revenues in 2007 Donations - Total - 10,814 2,054 140

(*) Administrative View, not considering accounting adjustments New group of accounts, adopted in 2006

Monitoring of goals - 2007

47% | Executive Graduate Programs Description Goal Accomplished % Variation 35% | Undergraduate Managerial surplus (R$ 000) 9,700 10,272 5.89 13% | Executive Education Managerial surplus / Total revenues (%) 14.5 14.8 2.10 3% | Professional Masters 2% | Distance Learning New students in graduate programs 1,220 1,268 3.93 Ibmec São Paulo in numbers

General and institutional expenses 5,834 9,669 13,374 15,095

Administrative surplus 4,896 7,666 11,099 14,452

Cash position 5,328 12,305 17,656 32,216 2004 2005 2006 2007 (end of period)

Scholarship fund (3) 2,138 2,178 2,260 (end of period) Investiments - Total 1,115 10,768 15,028 4,229

Donations - Scholarship fund - 2,089 314 140 2007 Donations - Other - 8,725 1,740 - Revenues in 2007 Donations - Total - 10,814 2,054 140

(*) Administrative View, not considering accounting adjustments New group of accounts, adopted in 2006

Monitoring of goals - 2007

Scholarship award in 2007 Scholarship fund 2004 2005 2006 2007 Executive Graduate Programs by type of program Starting balance (–) Scholarship awarded (28) (3) 2,162 2,550 Number of applicants, admissions and enrollments by admission process

Scholarship awarded (85) (223) (501) (943) LLM Certificates EMBA Total

Refund 16 49 45 12 2006 2007 Variation 2006 2007 Variation 2006 2007 Variation 2006 2007 Variation Investments 95 2,338 844 641 Applicants 466 499 7% 1,182 1,403 19% 1,532 1,586 4% 3,180 3,488 10% Ending balance (remunerated) (3) 2,162 2,550 2,260 Applicants 188 208 11% 657 704 7% 577 661 15% 1,422 1,573 11% Accepted Percentage Scholarship Program - 40% 42% 4% 56% 50% -10% 38% 42% 10% 45% 45% 0% 38% | 1st year students 2004 2005 2006 2007 Accepted Scholarship Awarded 26% | 2nd academic semester 20% | Financial aid Scholarship students 17 27 49 70 Students Enrolled 157 163 4% 532 623 17% 477 482 1% 1,166 1,268 9% 16% | Full-time Yield 84% 78% 36% 81% 88% 239% 83% 73% 7% 82% 81% 82% (Enrolled/Accepted) Annual Report Annual Number of students Professional Masters 3,505 Number of applicants, admissions and enrollments by admission process 3,031 Professional Masters in Professional Masters in Economics 2,418 Businnes Administration 2,187 2,109 2006 2007 Variation 2006 2007 Variation 1,493 1,330 Applicants 101 158 56% - 26 - 965 Applicants Accepted 61 63 3% - 11 - 727 751 796 830 Percentage Accepted 60% 40% - - 42% - 15 61 92 122 Students Enrolled 48 50 4% - 11 - 2004 2005 2006 2007 Yield (Enrolled/Accepted) 79% 79% - - 100% -

Undergraduate Graduação Professional Pós Stricto Pós ExecutiveLato Total Graduate Total 2007 Masters Programs Executive Education - Custom Programs

Highlights 2004 2005 2006 2007 Team 2004 2005 2006 2007 Number of clients 32 49 49 31 Research professors 15 18 22 22 Programs delivered 43 106 113 78 Full-time professors 49 47 41 37 Number of students served 1,307 1,566 2,659 2,112 Teaching assistants - 27 18 28 Class hours 3,925 4,545 7,291 5,815 Educational professionals 131 114 191 158 Programs delivered by sector 2004 2005 2006 2007 Total teaching activities 195 206 272 245 Financial 26% 27% 41% 35 Staff 115 142 160 162 Services 53% 44% 38% 42 Total teaching and 310 348 432 407 administrative activities Industry 21% 29% 21% 23 Ibmec São Paulo in numbers

Scholarship awarded (85) (223) (501) (943) LLM Certificates EMBA Total

Undergraduate Graduação Professional Pós Stricto Pós ExecutiveLato Total Graduate Total 2007 Masters Programs Executive Education - Custom Programs

2 | Message from the President 30 | Financial results

8 | 2007 Highlights 38 | Publications

Annual Report 2007 1 Message from the President

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

2 Annual Report 2007 numerous to mention here, although one of them is so year through numerous activities and the dedication important that it deserves special mention. That is the of all those involved. Its implementation, as well as the process of evaluating the performance of all our support preceding discussion, planning and preparation stages, staff, coordinators, directors and other executives, a greatly enhanced our academic and operational processes process which we introduced in 2006 and consolidated and made a significant contribution to improving the in 2007. We believe this procedure is an excellent overall quality of the institution. One of its activities was management tool that will prove crucial in guiding the the revision of our Mission and Vision, a revision which career development of our associates. was accomplished with the involvement and active participation of the various members of our community, As for laying the groundwork for the future, certain culminating in the two new texts presented in this report. projects and decisions deserve highlighting. We believe such texts more accurately reflect who we are and where we plan to go. The first is the transformation of our Advisory Board into a deliberative Supervisory Board, with a consequent Lastly, we must mention our strategic plan and the revision amendment to the bylaws of Instituto Veris, the controlling of our organizational structure, carried out by external shareholder of Ibmec São Paulo. We believe this is an consultants under the coordination of Maurizio Mauro, important and necessary measure in strengthening president of our External Evaluation Commission (CEA) and our governance instruments and ensuring the School’s Luiz Vieira, another CEA member. The planning process perpetuity and continuous development along the lines was exceptionally enriching, involving professors, support of the world’s most successful private universities. staff, the executive committee, and members of the CEA and the Supervisory Board, culminating in a series of When we moved to our new campus at the beginning proposals and strategic priorities, an action schedule and of 2006, we trusted we would have sufficient space for a structural overhaul, which will be executed in 2008. some years of activity. Fortunately, events proved us wrong. Such has been the increase in the number of None of this would have been possible without the hard prospective students that our physical capacity will shortly work and dedication of our entire faculty and staff, with be exhausted, particularly during night sessions. Measures their total involvement and absolute commitment to our to remedy this situation were therefore imperative and mission; our students, who honored us by choosing our we reached an agreement with investors to construct a courses and programs; and the crucial support of the built-to-suit tower, adjacent and connected to our campus, Friends of Ibmec São Paulo, who invested their time and adding at least 6,000 square meters of usable area to the made a substantial contribution to the development of school, or 60% more than at present. Work is expected to the School through their participation in the Supervisory begin in the first half of 2008, with inauguration scheduled Board, the CEA, through donations, or who contributed for 2009. in various ways through the many activities held in 2007. My sincere thanks to all of you. Another project we consider essential for the school’s future is accreditation by the Association to Advance Claudio L. S. Haddad 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

Annual Report 2007 3 Friends of Ibmec São Paulo and donors

ABS Investment Management LLC Fred Packard Marcelo Barbará

Alex Haegler Fundação Brava Marcelo Medeiros

André Lara Resende Fundação Educar DPaschoal Marcelo Stallone

Andrew Shores Georg Ehrensperger Mario Adler

Antonio Carlos de Freitas Valle Gerdau Mario Cezar de Andrade

Arminio Fraga Neto Gilberto Romanato Maurizio Mauro

Banco Itaú Grupo Abril Michael Perlman

Bolsa de Mercadorias & Futuros Grupo Votorantim Paulo G. A. Cunha

BOVESPA Guilherme Amaral Ferraz Pedro Moreira Salles

Bruno Licht Jairo Saddi Peter Graber

Bruno Rocha João Moreira Salles Ramiro Lopes de Oliveira

Carlos Alberto Sicupira Jorge Paulo Lemann Roberto Civita

Carlos Castanho José Alexandre Scheinkman Roberto Egydio Setubal

Carlos Pinheiro Junior José Antonio Mourão Roberto Thompson Motta

Claudio L. S. Haddad José Ermírio Neto Roger Wright

Clóvis Macedo José Olympio Pereira Rogerio Castro Maia

Diniz Ferreira Baptista José Ricardo de Paulo Saddi Advogados Associados

Eric Hime Lina Wurzmann Suzano Holding

Fernando Moreira Salles Luis Alberto Rodrigues Suzano Papel e Celulose

Fernando Prado Luis Norberto Pascoal Suzano Petroquímica

Fernando Russo Marcel Herrmann Telles Walter Salles

4 Annual Report 2007 Sponsored Facilities

Steffi and Max Perlman Auditorium

Telles Library

Siegfried Adler Student Wing

Classrooms:

• Alberto Bandeira de Queiroz • Otto Lara Resende

• BM&F • Peter Drucker

• BOVESPA • Roberto Cochrane Simonsen

• Eugênio Gudin • Vicente Falconi Campos

• João Gerdau • Victor Civita

• Graber • Walther Moreira Salles

• José Ermírio de Moraes Filho Faculty Lounge: • Jorge Paulo Lemann • Tufic Oadi Saddi • Max Feffer

• Octavio Gouvea de Bulhões “Seção Áurea” Sculpture

• Olavo Setubal • Lina Wurzmann

Annual Report 2007 5 Ibmec São Paulo

Instituto Veris – Board of Trustees Instituto Veris – Board of Directors

Claudio Luiz da Silva Haddad – President Jorge Paulo Lemann Carlos Alberto da Veiga Sicupira Luis Norberto Pascoal Jorge Paulo Lemann Michael Edgar Perlman Marcel Herrmann Telles Paulo Guilherme Aguiar Cunha Pedro Wagner Coelho 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 Programs

Undergraduate Graduate Executive Education (Bachelor's degree) (Lato Sensu) Medium and Short-Term Programs Bachelor in Business EMBAs Administration Executive MBA Customized Programs for Business Organizations Bachelor in Economics Executive MBA in Finance

Graduate Executive MBA in (Stricto Sensu) Healthcare Management

Masters Certiﬁcates Professional Masters in Business Administration CBA - Certiﬁcate in Business Administration

Professional Masters in Economics 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: www.ibmecsp.edu.br/english/programs/

Annual Report 2007 7 2007 Highlights

Vision, Mission, Values and Fundamental Principles

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

Telles Library 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 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 2007 9 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 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 2,680 758 660 1,785 1,817 1,452 1,462 EconomiaEconomics 572 557 Administração 355 403 Business Administration 2,274 2,020

1,097 1,059 1,228 1,245

(*) Data adjusted in accordance with the 2002 2003 2004 2005 2006 2007 redefinition of criteria

Annual Report 2007 11 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

5.6 7.6 6.6 3.6 4.0

EconomicsEconomia Business AdministrationAdministração 5.7

12.3 11.4 11.0 10.6 10.1 6.2

2002 2003 2004 2005 2006 2007

12 Annual Report 2007 Retention of students admitted from entrance exam’s first acceptance list*

48% 48% 49% 48% 45% 43% 44%

35% 31% AdministraçãoBusiness Administration EconomiaEconomics Total Total

(*) Situation one month after start of classes 2005 2006 2007

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 DARDEN SCHOOL OF BUSINESS Administration is based on several collaborative fronts, including the sharing of information with a view to academic production and student exchange.

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 2007 13 2007INTERNA HighliTIONALghts MEDICINE

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 INTERNATIONAL MEDICINE 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 University of St.Gallen 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 post- secondary 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 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 (16th 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 EFMD Foundation for Management Development (EFMD), responsible for the international EQUIS accreditation.

• Our Business Administration and Economics undergraduate programs were placed fifth based on the average of students concluding theENADE – 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 2007 15 2007 Highlights

Total CAPES points • The Professional Masters in Economics (concentration in Applied Finance and Macroeconomics) received a CAPES rating of 5 – the highest possible 859 rating for professional masters programs.

673 • Professor Fabio Chaddad received the “Best Business Administration 540 Classroom Case Study” award at the EnANPAD – the country’s leading 413 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. 2004 2005 2006 2007 • Luiz Storino Filho, an Ibmec São Paulo CBA alumnus and executive Pontos vice-president of EdgeIT, a company which develops management and technology solutions, competed with the support of the school in the CAPES points per researcher Global TIC Talentrepreneur Award and Forum, an international business plan competition, held in Taipei, Taiwan in July. He was awarded a 39.0 prize for a new product, EdgeContents, designed to take advantage of

31.8 32.0 the functionalities of digital TV to broadcast small-business advertising 29.5 targeting market niches.

Internal awards

Throughout 2007, Ibmec São Paulo continued to recognize the teaching and 2004 2005 2006 2007 research capabilities of its professors through two awards. The first of these, the George Stigler Research Excellence Award, is given to the best research Pontos 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 • Mauricio Soares Bugarin, for the paper entitled “Transferências Voluntárias e Ciclo Político-Orçamentário no Federalismo Fiscal Brasileiro” (Revista Brasileira de Economia, Rio de Janeiro, v.61, n.3, p.271-300, Jul. 2007);

• Sérgio Giovanetti Lazzarini, for the paper entitled “The impact of membership in competing alliance constellations: evidence on the operational performance of global airlines” (Strategic Management Journal, [S.L.] v.28, p.345-367, 2007).

The Chafi Haddad Teaching Excellence Award seeks to recognize outstanding professors in both the undergraduate and graduate programs, based on the opinion of the students. This award involves not only the formal recognition of the professors nominated, but also a monetary sum equal to that of the research award. In 2007, the following professors received the award:

• Sérgio Ricardo Martins, nominated by the undergraduate students;

• Nuno Miguel Campos Guapo de Almeida, indicated by the graduate students and Ibmec São Paulo’s associates, professors included.

Accreditation

In 2007, important advances were made in the international accreditations sought by Ibmec São Paulo.

The Accreditation Plan submitted to the Association to Advance Collegiate Schools of Business (AACSB) at the end of last year was approved at the start of the year, motivating the entire team involved in the project to execute roughly half of the activities included in the plan, which were scheduled for 2007. The plan is divided into three groups of activities: Strategic Management, Participants and Assurance of Learning.

In the first group, the most important activities involve revising the mission of Ibmec São Paulo, a task which was successfully completed after directly or indirectly involving the school’s entire community.

In the Participants group, global student admissions and retention policies were formalized for the entire school, while criteria were established for the academic and professional qualifications of the faculty members. This allowed the initiation of the process of adjusting the faculty to meet the qualification standards required by the AACSB. The partial targets established for the start of 2008 had already been virtually achieved as of the close of 2007.

Annual Report 2007 17 2007 Highlights

The Assurance of Learning initiative involving the third group of activities was by far the most challenging for Ibmec São Paulo. More than ten team members were sent to seminars offered by the AACSB on the issue, a new department was created to study teaching and learning dynamics, and a coordinator with a Ph.D. in education with a focus on the science of thought was hired to head up the process. The revision of the learning objectives of the many programs is practically concluded and the process of evaluating students’ learning in relation to the objectives selected for the first cycle (pilot project) is scheduled for 2008.

This year we also received a visit from the audit team of the Association of MBAs, an entity created in 1967 in London with the objective of certifying the educational quality of MBA programs worldwide, seeking to ensure a program of excellence for students.

After analyzing the self-evaluation report sent at the end of 2006, inspecting the school’s facilities, interviewing professors, students and former students, and querying the directors of the Executive MBA and graduate programs, the AMBA team gave very high praise to the content of the programs, the faculty and the rigorousness of the admissions process. The accreditation diploma was officially delivered to Ibmec São Paulo on October 3, during the Latin American Deans and Directors Conference of the AMBA.

Also in 2007, Ibmec São Paulo officially began its process to become accredited by the Equis System of the European Foundation for Management Development (EFMD). Representatives of the institution are expected to visit Ibmec São Paulo in the first half of 2008 as part of the accreditation process which takes from 18 to 24 months.

Impact of Ibmec São Paulo’s brand recognition on applicants’ choice 0.1% 0.2% 6.6% 21.0% 18.1% 16.9%

Very positive 39.0% Positive 48.5% 49.5% 50.2% No impact Negative Very negative 54.1% 28.8% 33.4% 33.6%

2004 2005 2006 2007

18 Annual Report 2007 Teaching and Learning Dynamics Research Center (DEA)

Aware of the importance of consolidating its vision of becoming a reference in teaching and education in Brazil, Ibmec São Paulo created the Teaching and Learning Dynamics Research Center (DEA), effectively expanding its faculty-support initiatives. The mission of the DEA is to contribute to the development of analytical, critical and ethical thinking in students and ensure that the learning objective of each program is effectively achieved. Given the inherent complexity, the process of continuous improvement in teaching and learning must be structured, evaluated and perfected systematically. Three fundamental issues permeate this process:

1. What are the learning objectives;

2. Which teaching practices and innovations reinforce and promote these objectives;

3. How do we measure if our students are in fact learning the objectives.

The activities of the DEA are focused on answering these three important questions through continuous efforts to achieve coherence, consistency and integration among the teaching materials, practices, innovations, course contents, classroom dynamics and evaluation processes. Lastly, it is imperative to stress the importance of the partnership between professors and students and of the focus on research into the science of learning to gain the knowledge needed to effectively guide these actions.

Students’ overall evaluation 0.2% 0.7% 0.4% 0.4% 2.2% 5.0 6.4% 2.6% 3.7% 4.4 4.5 4.5 4.3

42.3% 40.3% 4.0 53.0% PéssimoExcellent 56.5% RuimGood RegularFair 3.0 BomPoor ÓtimoVery poor 55.4% MédiaAverage 54.7% 2.0 44.8% 36.4%

1.0 2004 2005 2006 2007

Annual Report 2007 19 2007 Highlights

Academic Scholarship Programs

In 2007, the Academic Scholarship Programs registered significant improvement in many important aspects, seeking to increase awareness and knowledge among the school’s internal and external publics of the various types of academic scholarships offered by Ibmec São Paulo. In one year, there was a dramatic increase (from 2 requests to 38) in demand for full scholarships (which target youth from low-income households earning less than 1.5 minimum wages per household member), as well as in the number of scholarship requests made over the internet (from 54 to 317), while the volume of complete sets of the documentation required for scholarship requests, which we believe shows effective interest in studying at Ibmec São Paulo, grew by 588% (from 17 to 117). In late 2007, we were very pleased to surpass the target for the year of 7% of new students enrolled as scholarship students. We began 2008 with 84 scholarship students (approximately 8% of the student body).

This quantitative result is the product of a team effort achieved by involving all areas of the school directly with the Scholarship Board, such as the Program Director, Marketing, Information Technology, Entrance Examination Commission, Customer Service and Reception areas, which has led to more effective actions and better results in terms of the applicants and quality of the documentation submitted. The launch in 2008 of a new area responsible for raising funds for Ibmec São Paulo’s Institutional Projects will provide important support, and the Academic Scholarship Programs are an essential component and focus of this effort, given their importance in fulfilling the school’s mission.

2nd Scholarship Students’ Annual Meeting

20 Annual Report 2007 Growth in scholarship students

Type of scholarship 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008*

Full 0 0 0 0 0 2 5 8 11 11

First-year students 0 0 0 0 0 0 10 15 27 36

2nd academic semester 0 0 0 0 0 0 0 6 18 18

Financial aid 1 5 8 11 13 15 12 20 14 19

Total 1 5 8 11 13 17 27 49 70 84

(*) Includes scholarships granted for 2008-1, as of 12/20/2007

Growth in scholarships (1999 – 2008): 8,300%

17 11 13 8 5 1

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Donors in 2007

• Claudio L. S. Haddad

• Danute Gardziulis

• Fabiana e Jairo Saddi

• Florian Bartunek

• Martha de Carvalho Magalhães

• Guilherme Amaral Ferraz

Annual Report 2007 21 2007 Highlights

Former scholarships students that are repaying or have already repaid their scholarships, helping to strengthen the program

Name Course Alexandre Rostworowski Economics Ameli Cervantes Piantino Economics Carolina de Lacerda Abreu Business Administration Carolina Ferreira de Camargo Business Administration Danilo Aleixo Caffaro Business Administration Guilherme Bannwart Elias Business Administration Guilherme Caltabiano Monteiro Business Administration Guilherme Parente Martins Ferreira Economics Guilherme Scotto Sassi Economics João Paulo Burihamn Faria Business Administration Leonardo Serrano Giunchetti Business Administration Lygia de Salles Freire Cesar Economics Lucas Rabechini Amaral Business Administration Maria Fernanda Poblacion da Fonseca Business Administration Maristella Pereira Azem Economics Rafael de Oliveira Ferraz Business Administration Rafael Kominich de Mattos Business Administration Roberto Pilnik Business Administration Theo Sabio Leopardi Business Administration Thiago Guarisi Rodrigues Economics Victor Pen Li Lo Business Administration

22 Annual Report 2007 Ibmec Carreiras (Careers Services)

Undergraduate Program

Exposing students to issues and projects related to work and the corporate Faculty degrees environment fosters the debate on the reality that awaits them, and in turn Undergraduate program 2007 expands their understanding and level of maturity vis-à-vis the professional choices they will face.

Drawing on the joint effort of Ibmec Carreiras (Careers), the faculty and various academic areas that involved classroom activities and extracurricular courses, the Career Development Program was developed over the course of 2007. It recorded the following results:

• 479 consultations for students seeking individual orientation; 64% | Doctorate 34% | Masters • 695 participants in at least one development activity organized by Ibmec 2% | Specialization Carreiras (Careers). Of these participants, 91% attributed scores above 4 (scale from 1 to 5) to the content and quality of the activities;

• 266 participants in the informal discussion sessions called “Talking about Careers”;

• 443 participants in two large “Job Fair” events, featuring presentations by senior executives from various different companies commenting on the activities of the executives or economists in the areas in which they work.

Career Development Program

Introduction Preparation Guidance Consolidation

1st academic semester: 3rd academic semester: 5th academic semester: 7th and 8th academic semester: • Management of • Personnel and Career • Diagnosis of Capacities Learning Processes Development and Attitudes (MEP) • Supervised Internship • Networking and nd 4th academic semester: 2 academic semester: Recruiting Processes • Diagnosis of • Effective Communication Professional Identity and Presentations 6th academic semester: (career anchors) • Market Vision and • Interpersonal • Effective Business Recruiting Orientation Relationships and Writing Responsibilities

Conversations on career opportunities Individual follow-up and orientation

Development of professional competencies

Annual Report 2007 23 2007 Highlights

Career placement

By serving as a bridge between the academic and corporate worlds, Ibmec Carreiras (Careers Services) establishes relationships with companies to support their respective recruiting processes. In 2007, 754 new trainee and intern opportunities in 418 different companies and market segments were made available to students in the Undergraduate Program at Ibmec São Paulo, an increase of 35% in relation to 2006.

Internships and vacation internships

In addition to regular internships, which target students in the final year of the undergraduate program, students in any year of the program have the opportunity to gain practical experience working in special vacation internships during class vacation or recess periods.

Talking about Careers

Regular Internships - 2007 Results

Total Applicants Interested Companies Number of Period in the Selection Companies Hiring Interns Opportunities Process

2006 237 73 403 4,562

2007 336 100 566 5,670

New Opportunities Announced - Internship and Trainee Positions

562

406

201 193 154

Internship Trainee

20052005 20062006 2007 2007

24 Annual Report 2007 Vacation Internships - 2007 Results

Students Registered Interested Companies Number of Period in the Selection Companies Hiring Interns Opportunities Process

Dec.05 to Jan.06 2 2 5 14 + Jul.06

Dec.06 to Jan.07 21 6 17 70 + Jul.07

Dec.07 to Jan.08 40 9 17 77

Executive Programs Job Fair

Ibmec Carreiras (Careers Services) seeks to support and guide students enrolled in executive programs to help fulfill their professional objectives through Career Development Programs prepared specifically for students in the Executive MBA Program and the Certificate Program (CBA, CMM and CFM). These programs offer both onsite and distance learning activities and feature group workshop sessions and individual counseling and coaching sessions.

In 2007, 385 students in the executive programs (MBAs and Certificates) took part in workshops conducted by the Ibmec Carreiras team, and 182 students participated in individual career counseling and coaching sessions. Of these participants, 97% attributed scores above 4 (scale from 1 to 5) to the content and quality of the activities.

Careers Panel

Annual Report 2007 25 2007 Highlights

Number of research professors

22 21

12 11

2002 2003 2004 2005 2006 2007

Ibmec São Paulo Community

Students and the Alumni Community

Students at Ibmec São Paulo enjoy a broad array of activities and services that, when combined with the program content, provide a unique and enriching learning experience.

A total of 78 events for students and the alumni community were held over the course of the year and covered a vast range of issues. Such events were always guided by the goal of complementing and enriching the community’s experience at Ibmec São Paulo. 3rd Alumni Annual Meeting One of the most important initiatives in the year was the Extracurricular Activity Program for undergraduate students, which will become mandatory for students entering an Ibmec São Paulo program as of 2007, becoming an integral part of the basic academic curriculum. The Extracurricular Programs aim to improve students’ curriculum with knowledge and experiences that help expand their competence as professionals as well as citizens. In all, 238 students participated in the Extracurricular Activities Program, taking courses such as “Preparation of Case Studies” and “Managing Cultural and Social Projects”.

The relationship between students and the school continues after they conclude their program, and is achieved through participation in the Ibmec São Paulo Alumni Community, which brings together former students. The community offers former students the opportunity to continue receiving the School’s support in their academic and professional endeavors, while also becoming involved in the institution’s projects and initiatives.

26 Annual Report 2007 The Alumni community closed its fourth year of activities with more than 3,700 members, which at the time represented 59% of the School’s total graduates. During 2007, 94 Alumni returned to Ibmec São Paulo to continue their studies, an increase of 77% in relation to 2006.

One of the many activities offered exclusively to Alumni members was the 3rd Annual Meeting, which brought together former classmates and adopted “Japan” as a theme, giving participants the opportunity to learn more about the country’s culture and anticipating the 2008 centennial celebration of the wave of Japanese immigration to Brazil.

Many students and Alumni also participated in important projects sponsored by the school, such as the advancement of the Entrepreneurship Center and 3rd Alumni Annual Meeting the Strategy Research Center, the process of revision of the Vision and the Mission, and even in the school’s administration, as was the case of Fabio Renato Fukuda, Fernando Kenji Muramoto, Guilherme de Araújo Loureiro and Patrícia da Silvia H. Palomo, all undergraduate Alumni who participated in the discussions of the External Evaluation Committee (CEA), which made important contributions to outlining the school’s future path.

New projects in 2008 include the Career Development Program, which is currently offered to students, but now will be offered free of charge to all members of the Alumni Community, and the Mentoring Program, through which former students are invited and provided with orientation to serve as mentors to undergraduate students, helping the school guide and develop these young professionals.

Research Production

17 16

13 12 Artigos Internationalinternacionais papers 10 10 10 Artigos Braziliannacionais papers Livros Books CapítulosBooks Chapters 6 5 4

22 2 2

2004 2005 2006 2007

Annual Report 2007 27 2007 Highlights

Ibmec Pessoas (Human Resources)

In 2007, the Human Resources department, known as Ibmec Pessoas, made an important effort to quickly and effectively respond to the needs imposed by the school’s growth.

The department’s annual Leadership Development program involved supervisors and new executives as well as more experienced ones, such as executive directors and program directors, who participated in the first edition of the program in 2006. As a result of this initiative, Ibmec Pessoas worked closely with a large number of Ibmec São Paulo team members holding leadership positions, who, conscious of their role in the organization, have demonstrated intense commitment and motivation when it comes to doing the right thing in the right way so as to manage people. Today we can say that our executives recognize the need for continuous learning and development as leaders because they know that their actions and decisions directly impact other team members. They also know that they can add value to the team as a whole – in other words, they promote and strengthen the institutional culture by example.

The annual and individual processes of setting targets, defining a development plan, evaluating performance (analysis of results) and providing orientation on career advancement and on the actions needed to achieve the institution’s objectives are examples of improving the ability of our leaders to turn their attention to colleagues and impact and inspire people towards common goals.

The tables below show the important investments made in Ibmec São Paulo’s human capital.

Amount Invested in Scholarships and Training (thousand reais)

2004 2005 2006 2007 Total

Undergraduate - 1 92 116 209 Scholarships

English - 3 18 42 63 Scholarships

Other Training 130 183 120 264 697 Programs

Institutional 6 33 124 101 264 Training Programs

Total 136 220 354 523 1,233

28 Annual Report 2007 Number of Ibmec São Paulo Team Members Involved

2006 2007

Undergraduate 31 39 Scholarships

English 32 57 Scholarships

Institutional Training Programs 174 212 (Participations)

In 2007, we matured significantly and raised awareness to the factors that bear considerable influence on organizational culture. The careers in the school’s support areas were designed based on a specific body of knowledge and on a set of fundamental concepts, which are considered points of intersection between areas common to all team members and the exercising of their respective functions. Such areas greatly facilitate internal mobility and the valuing of our people.

Furthermore, when we formulated the institution’s long-term strategy, the essential set of competencies that all team members are expected to hold was enhanced, serving as the backbone for the execution of our Mission.

In 2008, Ibmec Pessoas will face the new challenge of reflecting on the careers of our professors.

We are very conscious of the risks and are deeply committed to turning Ibmec São Paulo into a reference point for management practices as well. The path before us is long, but we know in which direction to go.

Ibmec São Paulo team members

Annual Report 2007 29 Financial results

Revenues in 2007 Principal indicators

Financial indicators (thousand reais)*

2004 2005 2006 2007

Gross revenue 38,131 47,828 62,601 69,382

Direct expenses 18,360 21,259 24,625 25,952

Operational margin 16,163 21,945 31,988 36,992

47% | Executive Graduate Programs Indirect expenses 5,763 7,594 10,580 11,508 35% | Undergraduate General and institutional 5,834 9,669 13,374 15,095 13% | Executive Education expenses 3% | Professional Masters Administrative surplus 4,896 7,666 11,099 14,452 2% | Distance Learning Cash position 5,328 12,305 17,656 32,216 (end of period)

Scholarship fund (3) 2,138 2,178 2,260 (end of period)

Investments - Total 1,115 10,768 15,028 4,229 Donations - - 2,089 314 140 Scholarship fund Donations - Other - 8,725 1,740 -

Donations - Total - 10,814 2,054 140

(*) Administrative View, not considering accounting adjustments New group of accounts, adopted in 2006

30 Annual Report 2007 Summarized Balance Sheet

Instituto Veris Balance sheet at December 31 (in thousand reais) The explanatory notes are an integral part of the financial statements.

2007 2006 2005 2004 April to December ASSETS 87,114 72,442 55,097 24,626 Current assets 56,662 41,488 34,485 16,967 Cash 31,710 18,011 14,655 5,366 Accounts receivable 25,749 23,750 20,419 11,933 Provision for uncertain debt (1,664) (1,452) (808) (589) Other accounts receivable 867 1,179 219 257 Total long-term assets 30,452 30,954 20,612 7,659 Long-term receivables 7, 262 9,290 4,401 2,385 Legal deposits 692 736 782 782 Accounts receivable 6,570 8,554 3,619 1,603 Fixed assets 23,190 21,664 16,211 5,274 Property, plant and equipment 16,749 15,411 11,967 5,036 Deferred assets 6,441 6,253 4,244 238

LIABILITIES AND SHAREHOLDERS’ EQUITY 87,114 72,442 55,097 24,626 Current liabilities 33,181 31,211 26,139 17, 246 Suppliers 1,657 2,765 4,316 924 Payroll charges 617 663 366 347 Provision for payroll charges 1,781 1,551 1,128 700 Tax payable 244 326 430 239 Services to be rendered 28,451 25,906 19,899 15,036 Other obligations 431 - - - Long-term liabilities 5,930 5,896 3,967 2,871 Long-term liabilities 5,930 5,896 3,967 2,871 Long-term services to be rendered 5,268 5,234 3,305 2,209 Provision for contingencies 662 662 662 662 Shareholders’ equity 48,003 35,335 24,991 4,509 Capital shares 27 27 27 27 Capital reserves 13,658 13,523 11,469 655 Accrued surplus 34,318 21,785 13,495 3,827

Annual Report 2007 31 Financial Results

Income Statement

Instituto Veris Statement of surplus in the Fiscal Year ended December 31 (in thousand reais) The explanatory notes are an integral part of the financial statements.

2007 2006 2005 2004 April to December REVENUE Programs gross revenue 68,942 60,878 50,369 30,024 Deductions from services rendered (2,870) (2,776) (2,419) (1,135) Net revenue 66,072 58,102 47,950 28,889 EXPENSES Payroll charges (31,235) (23,044) (22,721) (14,169) Third-party services (6,421) (12,185) (6,284) (3,672) Depreciation and amortization (3,025) (1,839) (1,977) (956) Other expenses (14,679) (13,457) (8,355) (5,714) Extraordinary items - - - (763) Taxes (337) (282) (260) (145) Total expenses (55,697) (50,807) (39,597) (25,419)

Operating Surplus 10,375 7, 295 8,353 3,470 Net financial revenue/expenses 2,175 1,859 1,309 354 Non-operating revenue/expenses (17) (865) 6 2 2006 impacted significantly by income from the sale of fixed assets (former facilities)

Surplus in fiscal year 12,533 8,289 9,668 3,826

32 Annual Report 2007 Report of the independent auditors

To the Board Members and Senior Executives INSTITUTO VERIS

1. We have examined the balance sheets of INSTITUTO VERIS dated December 31, 2007 and 2006, and the corresponding income statements, statements of changes in shareholders’ equity, and statement of sources and uses of funds for the fiscal years ending on these dates, which were prepared under the responsibility of the Company’s senior executives. Our responsibility is to give an opinion on these financial statements.

2. Except for the remarks in Paragraph 3, our examination was conducted in accordance with Brazilian accounting standards and comprises: (a) planning of the work, taking into consideration the significance of the balances, the volume of transactions and the accounting and internal control systems of the company; (b) checking, on a test basis, the evidence and records that support the amounts and accounting information disclosed; and (c) evaluating the most relevant accounting practices and estimates adopted by the senior executives, as well as the presentation of the financial statements taken as a whole.

3. As mentioned in Explanatory Note No. 1, at the end of fiscal year 2007, the entity initiated the process of substituting its provider of accounting processing and registration services. As a result of the process of transition between service providers, delays occurred in the organization and filing of certain documents, including documents proving payment. As a result of this situation, certain documents selected by us for examination have not been presented as of the present date.

4. In our opinion, except for the effects of any adjustments that may arise from the application of auditing procedures that could not be concluded described in the third paragraph, the financial statements referred to in the first paragraph adequately present, in all material respects, the equity and financial situation of INSTITUTO VERIS, the surpluse of its operations, the changes in its shareholders’ equity, and the sources and uses of its funds for the fiscal year ended on December 31, 2007, in accordance with the accounting practices adopted in Brazil.

5. The accounting statements for the fiscal year ended on December 31, 2006 were examined by us and we issued a report with no reservations dated March 7, 2007.

São Paulo, May 5, 2008.

Eduardo Affonso de Vasconcelos CRC 1 SP 166.001/O-3 NEXIA AUDITORES INDEPENDENTES CRC 2 SP 019.098/O-1 Nexia International

Annual Report 2007 33 Research faculty

Position and activity Eduardo Giannetti da Fonseca Full Professor Composition of team as of January 2008 Ph.D., Economics – University of Cambridge Economic Thought. Philosophy

André Luís de Castro Moura Duarte Eurilton Alves Araújo Júnior Clinical Professor / Director of Undergraduate Program in Assistant Professor / Director of the Professional Masters Business Administration (as of January 2008) Program in Economics (as of August 2007) Doctorate, Business Administration – EAESP-FGV/SP Ph.D., Economics – Northwestern University Operations Management. Supply Chain Management Macroeconomics. Econometrics

Andrea Maria Accioly Fonseca Minardi Fábio Augusto Reis Gomes Assistant Professor Assistant Professor Doctorate, Business Administration – EAESP-FGV/SP Doctorate, Economics – EPGE-FGV/RJ Finance Applied Econometrics.

Antonio Zoratto Sanvicente Fabio Ribas Chaddad Full Professor Assistant Professor (joint appointment, University of Missouri) / Ph.D., Business Administration – Stanford University Director of Undergraduate Program in Business Administration Finance (to December 2007)

Carlos Alberto Furtado de Melo Ph.D., Agricultural Economics – University of Missouri Assistant Professor / Community Relations Coordinator Strategy. Agribusiness Doctor, Political Science – PUC/SP Gazi Islam Brazilian Culture. Brazilian Politics Assistant Professor

Danny Pimentel Claro Ph.D., Business Administration – Toulane University Assistant Professor / Strategy Research Center Coordinator Organizational Behavior. Leadership. Organizational Culture Ph.D., Business Administration – Wageningen University Henrique Machado Barros Marketing Assistant Professor / Director of the Professional Masters Program in

Eduardo de Carvalho Andrade Business Administration Assistant Professor Ph.D., Business Administration – Warwick Business School Ph.D., Economics – University of Chicago Innovation Economics of Education

34 Annual Report 2007 José Luiz Rossi Júnior Pedro Valls Assistant Professor Full Professor / Director of the Professional Masters Program Ph.D., Economics – Yale University in Economics (to July 2007) International Finance. Corporate Finance. Monetary Economics Ph.D., Economics (Statistics) – London School of Economics Econometrics. Finance Marcelo Leite de Moura e Silva Assistant Professor Regina Carla Madalozzo Ph.D., Economics – University of Chicago Assistant Professor Monetary Economics. Finance Ph.D., Economics - University of Illinois at Urbana-Champaign Labor Market. Microeconometrics Maria Cristina Nogueira Gramani Assistant Professor Ricardo Dias de Oliveira Brito Doctorate, Engineering – UNICAMP Assistant Professor Operational Research. Operations Management Doctorate, Economics – EPGE-FGV/RJ Finance. Monetary Economics Mauricio Soares Bugarin Full Professor / Director of the Undergraduate Program Rinaldo Artes in Economics Assistant Professor Ph.D., Economics – University of Illinois Doctorate, Statistics – USP Game Theory Statistics

Naercio Aquino Menezes Filho Rodrigo Menon Simões Moita Full Professor / Research Center Coordinator Assistant Professor Ph.D., Economics – University of London Ph.D., Economics – University of Illinois Education. Inequality. Labor Market Industrial Organization

Paulo Barelli Sérgio Giovanetti Lazzarini Assistant Professor (joint appointment, University of Rochester) Associate Professor / Academic Dean of Ph.D., Economics – Columbia University Undergraduate and Masters Programs Game Theory Ph.D., Business Administration – Washington University, St. Louis Strategy. Organization of Companies

Research faculty

Annual Report 2007 35 Academic and Administrative Staff

Stricto Sensu Graduate Undergraduate and Research Lato Sensu Graduate

André Luís de Castro Henrique Machado Moura Duarte Barros Program Director – Program Director – Fábio de Biazzi Undergraduate Business Professional Master in Associate Dean for Administration Business Administration Executive MBA Programs

Eurilton Alves Araújo Mauricio Soares Bugarin Júnior Otto Nogami Program Director – Program Director – Deputy Associate Dean Undergraduate Professional Master in for Executive MBA Economics Economics Programs

Naercio Aquino Carlos Alberto Suslik Ana Helena Campos Menezes Filho Program Director – Academic Support Associate Dean for Executive MBA in Coordinator Academic Research Healthcare Management

Andréa Tissenbaum Guy Cliquet do Amaral Extracurricular Activities Danny Pimentel Claro Filho and Exchange Programs Strategy Research Center Associate Dean for the Coordinator Director Certificate Programs

Carlos Alberto Furtado Bruno Sestokas Filho de Melo Assistant to the Associate Community Relations Dean for the Certificate Coordinator Programs

Luciana de Paula Arjona Jairo Saddi Library Manager Ibmec Law Director

André Antunes Soares de Camargo Meiry Tregier Assistant to the Academic Registrar Ibmec Law Director

Marcos Hashimoto Entrepreneurship Center Director

36 Annual Report 2007 Executive Education Institutional Development Business Intelligence

Camila de Souza Luca Borroni- Queiroz Du Plessis Milena Soares de Biancastelli Institutional Projects – Oliveira Associate Dean for Institucional Relations Business Intelligence Executive Education Manager Manager

Silvia Meirelles Ethel Carolina da Costa New Businesses Teaching and Learning Development Dynamics Research Shared Services Coordinator Center Manager

Fernanda Bonafini Custom Executive Maria Ester Pires Alessandro Neves Education Programs da Cruz Batista dos Santos Director Career Services Manager Infrastructure Manager

Galo Lopez Noriega Custom Executive Márcia Maria Deotto Education Programs Interactive Learning Daniel Penna Kagaya Director Technologies Manager IT Manager

Mariana Hauer Rita de Cássia Marques Custom Executive Lima de Castro Education Programs Institutional Projects – Genival de Souza Junior Director International Accreditation Finance Manager and Academic Scholarship Programs Manager Priscila Borin Claro Custom Executive Education Programs Joênio Neves Sousa Director Service Desk Manager Vilma Santos Human Resources Manager Sonia Marin Karin Lucia Obertopp Executive Education Marketing of Education Operations Coordinator Programs Manager

Silvia Regina Bassaglia Customer Services Manager

Annual Report 2007 37 Publications

Papers published in international MESQUITA, L.; LAZZARINI, S. G.; CRONIN, P. Determinants scientific journals of firm competitiveness in Latin American emerging economies: evidence from Brazil’s auto-parts industry. International Journal of Operations & Production Management, [S.L.], v. 27, GOMES, F. A. R. Convergence in income inequality: the case of p. 501-523, 2007. Brazilian Municipalities. Economics Bulletin, [S.L.], v. 15, p. 1-9, 2007. PAULA, R. S.; ANTELMI, I.; VINCENZI, M. A.; ANDRÉ, C. D. S.; ARTES, R.; GRUPI, C. J.; MANSUR, A. J. Cardiac arrhythmias and GOMES, F. A. R.; GALVÃO JUNIOR, A. F. Convergence or atrioventricular block in a cohort of asymptomatic individuals divergence in Latin America? a time series analysis. Applied without heart disease. Cardiology, [S.L.], v. 108, p. 111-116, 2007. Economics, [S.L.], v. 39, p. 1353-1360, 2007.

VALLS PEREIRA, P. L.; HWANG, S.; STACHELL, S. E. How ISLAM, G. Review of “Anthropology through a double lens: Public persistent is volatility? An answer with stochastic volatility models and personal worlds in human theory”. Ethos, v. 35, n. 2, 2007. with markov regime switching state equations. Journal of Business Available in: Finance & Accounting, [S.L.] v. 34, p. 1002-1024, 2007. Last access: 2007.

ZYPHUR, M.; ISLAM, G.; LANDIS, R. The personality of repeat: ISLAM, G. Virtue ethics and multiculturalism: the paradox of SAT test takers and their testing outcomes. Journal of Research in cultural dialogue. American Psychologist, [S. L.]. 2007, p. 704-705, Personality, [S.L.], v. 41, p. 715-722, 2007. Oct. 2007.

ZYPHUR, M.; ISLAM, G.; Franklin, M. The synthetic unity of ISLAM, G.; ZYPHUR, M. Critical industrial psychology: what is it valuation: Saussure, Marx, Simmel, and Kant on money and and where is it? Psychology in Society, [S.L.], v. 34, p. 17-30, 2007. valuation. Applied Semiotics, [S.L.], v. 18, p. 43-54, 2007.

ISLAM, G.; ZYPHUR, M. Ways of interacting: the standardization of communication in medical training. Human Relations, New York, v. 60, p. 769-792, 2007.

LAZZARINI, S. G. The impact of membership in competing alliance constellations: evidence on the operational performance of global airlines. Strategic Management Journal, [S.L.] v. 28, p. 345-367, 2007.

MENEZES FILHO, N. A.; PAZELLO, E. Do teachers’ wages matter for proficiency? Evidence from a funding reform in Brazil. Economics of Education Review, [S.L.], v. 26, n. 6, p. 660-672, 2007.

38 Annual Report 2007 Papers published in Brazilian MADALOZZO, R. C. Gender wage gaps: comparing the 80s, 90s scientific journals and 00s in Brazil. Revista de Economia e Administração, São Paulo, v. 6, n. 2, abr./jun. 2007. (Magazine not published yet)

ANDRADE, E. C. Effects of the Brazilian University Policy of MARÇAL, E .F.; VALLS PEREIRA, P. L. A Estrutura a Termo das taxas Targeting the Poor. Estudos Econômicos, São Paulo, v. 37, n. 3, p. de juros no Brasil: Testando a hipótese de expectativas racionais. 663-683, jul. 2007. Pesquisa e Planejamento Econômico, Rio de Janeiro, v. 37, p. 113-147, 2007. ANTIQUEIRA, J. R.; SAES, M. S. M.; LAZZARINI, S. G. Comportamento oportunista em negociações envolvendo MINARDI, A. M. A. F.; SANVICENTE, A. Z.; ARTES, R. investimentos específicos: um estudo com metodologia Determinação de rating de crédito de unidades de negócios experimental. RAUSP - Revista de Administração, São Paulo, v. 42, visando a estimação de custo de capital de terceiros. RPA Brasil, n.4, p. 393-404, out. 2007. Maringá, v. 3, p. 63-74, 2007.

BARTALOTTI, O.; MENEZES FILHO, N. A. A Relação entre o MINARDI, A. M. A. F.; SANVICENTE, A. Z.; MONTEIRO, R. Desempenho da Carreira no Mercado de Trabalho e a Escolha Mercado Acionário Brasileiro. GV Executivo - Getúlio Vargas Profissional dos Jovens. Revista de Economia Aplicada, v. 11, Executivo, [S.L.], v. 6, p. 24-30, 2007. p. 487-506, 2007.

MINARDI, A. M. A. F.; SAITO, R. Orçamento de Capital. Ferreira I.F.S.; BUAGARIN, M. Transferências Voluntárias e Ciclo RAE - Revista de Administração de Empresas, [S.L.], v. 47, Político-Orçamentário no Federalismo Fiscal Brasileiro. p. 79-83, 2007. Revista Brasileira de Economia, Rio de Janeiro, v. 61, n.3, p.271-300, jul. 2007. ROSSI Jr., J. L.; VASCONCELOS, L. Determinantes da classificação de risco de países. Revista de Economia e Administração, [S.L.], CHADDAD, F. R. Cooperativas no agronegócio do leite: mudanças v. 6, p. 1, 2007. organizacionais e estratégicas em resposta à globalização. Organizações Rurais e Agroindustriais, [S.L.], v. 9, p. 69-78, 2007. ROSSI Jr., J. L. O Endividamento das empresas em moeda estrangeira e o regime cambial. Pesquisa e Planejamento CHADDAD, F. R. Desequilíbrio dos contratos. Agroanalysis (FGV), Econômico, Rio de Janeiro, v. 37, p. 1-19, 2007. v. 27, p. 16-17, 2007.

ROSSI Jr., J. L. The use of currency derivatives by Brazilian FREGUGLIA, R.; MENEZES FILHO, N. A.; SOUZA, D. B. Diferenciais companies: an empirical investigation. Revista Brasileira de Salariais Inter-regionais, Interindustriais e Efeitos Fixos Individuais: Finanças, Rio de Janeiro, v. 5, p. 205-232, 2007. Uma Análise a Partir de Minas Gerais. Estudos Econômicos. Instituto de Pesquisas Econômicas, v. 37, SCORZAFAVE, L. G.; MENEZES FILHO, N. A. Famílias com p. 129-150, 2007. trabalho e famílias sem trabalho: evidências de polarização para o Brasil. Estudos Econômicos, [S.L.], v. 37, p. 563-584, 2007. GOMES, F. A. R. “Dê-me segurança ou lhe dou um não”: em busca do eleitor mediano no referendo das armas. Revista Brasileira de Economia, Rio de Janeiro, v. 2007.

HAGLER, C. E. M.; BRITO, R. D. de O. Sobre a eficiência dos índices de ações brasileiros. RAUSP- Revista de Administração, São Paulo, v. 42, n.1, p. 74-85, jan./mar. 2007.

LAZZARINI, S. G. Mudar tudo para não mudar nada: análise da dinâmica de redes de proprietários no Brasil como “mundos pequenos”. RAE Eletrônica, v. 6, n. 1, 2007. Available in: . Last access: 25 mar. 2008.

Annual Report 2007 39 Publications

Books Complete works in conference proceedings BUAINAIN, A. M.; GUANZIROLI, C.; MELO, C. H.; NEDER, H.; SOUZA FILHO, H. M.; SILVEIRA, J. M. J. ; BATALHA, M. O.; ANDRADE, E. C.; BUGARIN, M. S.; ROCHA, B.; MIESSI, F. Free- ARRETCHE, M.; ARTES, R. Ações de combate à pobreza rural: Rider and gaming in the distribution of revenues across schools. In: metodologia para avaliação de impactos. Brasília: IICA, 2007. 225 p. ENCONTRO BRASILEIRO DE ECONOMETRIA, 29., 2007. Anais... [S.L.]: [s.n], 2007. MELO, C. A. F. Collor: o ator e suas circunstâncias. São Paulo: Novo Conceito, 2007. 223 p. ANDRADE, E. C. Higher Education: (Almost) free tuition vs: quotas vs. Targeted Vouchers. In: PROCEEDINGS OF THE LACEA’S ANNUAL MEETING, 12., 2007, Bogotá. Anais... [S.L.]: [s.n.], 2007.

Book chapters ARAÚJO Jr., E. A. Macroeconomic Shocks and the Co-Movement of Stock Returns in Latin America. In: ENCONTRO BRASILEIRO DE CHADDAD, F. R.; COOK, M. L. Conversions and other forms ECONOMETRIA, 29., Recife. Anais… [S.L.]: [s.n.], 2007. of exit in U.S. agricultural cooperatives. In: KARANTININIS, K.;

NILSSON, J. (orgs.). Vertical markets and cooperative hierarchies: BARROS, H. M. The impact of the distribution of R&D expenses the role of cooperatives in the agri-food industry. Dordrecht: on firms motivations to patent. In: ENCONTRO DA ASSOCIAÇÃO Springer Academic Publishers, 2007, p. 61-72. NACIONAL DOS PROGRAMAS DE PÓS-GRADUAÇÃO EM ADMINISTRAÇÃO, 31., 2007, Rio de Janeiro. Anais... [S.L.]: [s.n.], CLARO, P. B. O.; CLARO, D. P.; AMANCIO, R. Sustentabilidade 2007. p. GCT-B 1382. e indicadores: um estudo de caso com torrefadoras de café. In:

FERNANDEZ, M.; SANTOS, A.C. (orgs.). Por detrás de uma xícara BOIANAIN, P. G.; VALLS PEREIRA, P. L. Ombro-Cabeça-Ombro: de café. São Paulo: Atlas, 2007. testando a lucratividade do padrão gráfico de análise técnica no mercado de ações brasileiro. In: ENCONTRO BRASILEIRO DE FINANÇAS, 7., 2007, São Paulo. Anais... São Paulo: SBFin, 2007.

BUGARIN, M. S.; CARVALHO, F. A. Central Banker heterogeneity and inflationary pressure. In: THE INTERNATIONAL CONFERENCE ON GAME THEORY, 18., 2007, Stony Brook. Anais… [S.L.]: [s.n.], 2007.

BUGARIN, M. S.; CARVALHO, F. A. Heterogeneity of Central Bankers and inflationary pressure. In: ANNUAL CONGRESS OF THE EUROPEAN ECONOMIC ASSOCIATION, 22., 2007, Budapest. Anais… [S.L.]: [s.n.], 2007.

BUGARIN, M. S.; PORTUGAL, A. C.; SAKURAI, S. Inequality and costs of electoral campaign in Latin America. In: FORD OBSERVATORY WORKSHOP: THE SOCIAL AND POLITICAL IMPACTS OF SOCIO-ECONOMIC INEQUALITY, 2007, Miami. Anais... [S.L.]: [s.n.], 2007.

BUGARIN, M. S.; PORTUGAL, A. C. Public and private financing of electoral campaigns: the social welfare effects of voters’ participation. In: LACEA-LAMES 2007 ANNUAL MEETING, 2007, Bogotá. Anais… [S.L.]: [s.n.], 2007.

CHADDAD, F. R. Cooxupé and the world coffee industry: strategies to increase producer income. In: ENCONTRO NACIONAL DA ANPAD, 31., 2007, Rio de Janeiro. Anais… [S.L.]: [s.n.], 2007.

40 Annual Report 2007 CHADDAD, F. R. The evolution of Brazilian dairy cooperatives: GOMES, F. A. R.; GUTIÉRREZ, C. E. C. Consumo no Brasil: a life cycle approach. In: CONGRESSO DA SOCIEDADE comportamento otimizador, restrição de crédito ou miopia?. BRASILEIRA DE ECONOMIA, ADMINISTRAÇÃO E SOCIOLOGIA In: ENCONTRO BRASILEIRO DE ECONOMETRIA, 29., Recife. RURAL, 45., 2007, Londrina. Anais... [S.L.]: [s.n.], 2007. Anais… [S.L.]: [s.n.], 2007.

CHADDAD, F. R. Networking for competitive advantage: the case GOMES, F. A. R.; GUTIERREZ, C. Evidence about Mercosur’s of U.S. agricultural cooperatives. In: ANNUAL WORLD FORUM business cycles. In: ENCONTRO BRASILEIRO DE ECONOMETRIA, AND SYMPOSIUM, 17., 2007, Parma. Anais… [S.L.]: [s.n.], 2007. 29., Recife. Anais… [S.L.]: [s.n.], 2007.

CHADDAD, F.R. Visão internacional: um só agronegócio. In: GOMES, F. A. R.; SILVA, C. G. Measuring unemployment CONGRESSO BRASILEIRO DE AGRIBUSINESS, 6., 2007, São persistence of different labor force groups in the São Paulo Paulo. Anais... São Paulo: Associação Brasileira de Agribusiness metropolitan area. In: ENCONTRO NACIONAL DE ECONOMIA (ABAG), 2007. POLÍTICA, 12., 2007, São Paulo. Anais... [S.L.]: [s.n.], 2007.

CLARO, D. P.; CLARO, P. B. O. Developing joint action with GOMES, F. A. R.; SILVA, C. G. Measuring unemployment persistence auto-manufacturers and the moderating effect of networks. In: of different labor force groups in the São Paulo metropolitan area. THE AMERICAN MARKETING ASSOCIATION EDUCATORS’ In: ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIA, 12., 2007, MEETING, 2007, Washington. Anais… [S.L.]: [s.n.], 2007. Gramado. Anais... São Paulo: ABE, 2007.

CLARO, D. P.; CLARO, P. B. O. Managing trust relationships: GRAMANI, M. C. N. Otimização combinada no planejamento de evidence of the purchasing perspective of agrochemical um processo produtivo. In: SIMPÓSIO BRASILEIRO DE PESQUISA distributors. In: ANNUAL CONFERENCE OF THE INTERNATIONAL OPERACIONAL - SOBRAPO, 39., 2007, Fortaleza. Anais… [S.L.]: SOCIETY FOR NEW INSTITUTIONAL ECONOMICS ISNIE, 11., [s.n.], 2007. 2007, Reykjavik. Anais… [S.L.]: [s.n.], 2007. ISLAM, G. Language and Organizing: Towards a discursive view of CLARO, D. P.; CLARO, P. B. O. Managing trust relationships in the organizations. In: ENCONTRO DA ANPAD – ENANPAD, 31., Rio Brazilian agrochemical chain. In: INTERNATIONAL PENSA ON AGRI- de Janeiro. Anais… [S.L.]: [s.n.], 2007. FOOD CHAIN/NETWORKS ECONOMICS AND MANAGEMENT, 6., 2007, Ribeirão Preto. Anais… [S.L.]: [s.n.], 2007. KLUPPEL, L.; BUGARIN, M. S. Competição eleitoral e aversão à adoção de reformas. In: RESEARCH WORKSHOP IN CLARO, D. P.; CLARO, P. B. O.; LAZZARINNI, S. G. Networking INSTITUTIONS AND ORGANIZATION, 2., 2007, São Paulo. and developing collaborative alliances: the impact of the network Anais… [S.L.]: [s.n.], 2007. on joint action. In: ENCONTRO DA ANPAD, 31., 2007, Rio de Janeiro. Anais… [S.L.]: [s.n.], 2007. LAZZARINNI, S. G.; CLARO, D. P.; MESQUITA, L. Buyer-supplier and supplier-supplier alliances: do they reinforce or undermine one CLARO, D. P.; CLARO, P. B. O. Trust in channel relationships: another?. In: Knowledge, Action and public concern. In: Academy calculative, affective, belief and performance. In: ENCONTRO DA of Management Meeting, 2006, Atlanta. Anais… [S.L.]: [s.n.], 2007. ANPAD, 31., 2007, Rio de Janeiro. Anais... [S.L.]: [s.n.], 2007. LIMA, A. R. S.; MOURA, M. L. Empirical exchange rate models CLARO, D. P. Why the American west was not as wild as the fit: the case of Brazil. In: GLOBAL CONFERENCE ON BUSINESS E Brazilian Amazon forest?: the development of institutions. In: ECONOMICS, 7., 2007, Roma. Anais… [S.L.]: [s.n.], 2007. CONFERENCE OF THE INTERNATIONAL SOCIETY FOR NEW INSTITUTIONAL ECONOMICS – ISNIE, 11., [S.L.]. Anais… [S.L.]: MADALOZZO, R. C.; MARTINS, S. R. Gender wage gaps: [s.n.], 2007. comparing the 80s, 90s, and 00s in Brazil. In: GLOBAL CONFERENCE ON BUSINESS E ECONOMICS, 7., 2007, Roma. GOMES, F. A. R.; BARROS, L. C. Desigualdade e desenvolvimento: Anais… [S.L.]: [s.n.], 2007. a hipótese de Kuznets é válida para os municípios brasileiros?. In: ENCONTRO CAEN-UFC/EPGE-FGV DE POLÍTICAS PÚBLICAS E MADALOZZO, R. C. New evidence on the determinants of the CRESCIMENTO ECONÔMICO, 3., 2007, Fortaleza. Anais... [S.L.]: gap between child support awards and child support receipts. In: [s.n.], 2007. GLOBAL CONFERENCE ON BUSINESS E ECONOMICS, 2007, Roma. Anais... [S.L.]: [s.n.], 2007.

Annual Report 2007 41 Publications

MADALOZZO, R. C.; FURTADO, G. M. Um estudo sobre a MINARDI, A. M. A. F.; SANVICENTE, A. Z.; ARTES, R. A methodology vitimização na cidade de São Paulo. In: ENCONTRO NACIONAL DE for estimating credit ratings and the cost of debt for business units ECONOMIA, 35., 2007, São Paulo. Anais... São Paulo: ANPEC, 2007. and privately-held companies. In: CREDIT SCORING AND CREDIT CONTROL, 10., 2007, Edinburgh. Anais… [S.L.]: [s.n.], 2007. MADALOZZO, R.; VILLAR, R. Um modelo para demanda de público em jogos do campeonato brasileiro de futebol. In: MINARDI, A. M. A. F.; PAIXÃO, M. R. Opções reais existentes em ENCONTRO BRASILEIRO DE ECONOMETRIA, 29., 2007. Recife. empreendimentos de tecnologia. In: ENCONTRO BRASILEIRO DE Anais... [S. L.]: [s.n.], 2007. FINANÇAS, 7., 2007, São Paulo. Anais… São Paulo: [S.L.], 2007. v. 7. p. 918-934. MARÇAL, E. F.; VALLS PEREIRA, P. L.; MARTIN, D.; NAKAMURA, W. Evaluation of contagion or interdependence in the financial MOITA, R. M. S. Entry and externality: hydroelectric generators crises of Asia and Latin America, considering the macroeconomic in Brazil. In: NORTH AMERICAN SUMMER MEETING OF THE fundamental. In: ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIC SOCIETY, 2007. [S.L.]. Anais… [S.L.]: [s.n.], 2007. ECONOMETRIA, 12., 2007, Gramado. Anais... São Paulo: ABE, 2007. MOITA, R. M. S. The political price cycle in regulated industries: theory and evidence. In: INTERNATIONAL INDUSTRIAL ORGANIZATION MARÇAL, E. F.; VALLS PEREIRA, P. L.; ABBARA, O. Testando a CONFERENCE, 2007, [S.L.]. Anais… [S.L.]: [s.n.], 2007. existência de quebra estrutural na estrutura a termo das taxas de juros brasileiras utilizando regressão de posto reduzido MOITA, R. M. S. The political price cycle in regulated industries: generalizada. In: ENCONTRO BRASILEIRO DE FINANÇAS, 7., theory and evidence. In: NORTH AMERICAN SUMMER MEETING 2007, São Paulo. Anais... São Paulo: SBFin, 2007. OF THE ECONOMETRIC SOCIETY, 2007 [S.L.]. Anais… [S.L.]: [s.n.], 2007. MELO, C. A. F. The Political Crisis of 2005: structural and conjunctural causes that explain it. In: INTERNATIONAL MOURA, M. L.; ARTES, R.; CAETANO, M. A. L.; FUKUDA, F. R.; CONGRESS OF THE LATIN AMERICAN STUDIES ASSOCIATION, GOLDBERG, M. B.; LAZZARINI, S. G. Does it pay to anticipate 27., Montréal. Anais… [S.L.]: [s.n.], 2007. competitor reactions?. In: GLOBAL CONFERENCE ON BUSINESS E ECONOMIA, 7., 2007, Roma. Anais… [S.L.]: [s.n.], 2007. MENEGUIN, F. B.; BUGARIN, M. S. A game theoretic analysis of informality in the labor market and the role of courts. In: ANNUAL MOURA, M. L.; LAZZARINI, S. G.; CAETANO, M. A. L.; ARTES, ALACDE CONFERENCE, 2007, Brasília. Anais… [S.L.]: [s.n.], 2007. R.; GOLDBERG, M. B.; SILVA, C. E. Strategic pricing incorporating an anticipation of competitors’ reactions: a study in the auto MENEGUIN, F. B.; BUGARIN, M. S. A game theoretic analysis insurance industry. In: ENANPAD, 31., Rio de Janeiro. Anais… of informality in the labor market and the role of institutions. [S.L.]: [s.n.], 2007. In: ENCONTRO BRASILEIRO DE ECONOMETRIA, 29., Recife. Anais... Recife: SBE, 2007. MOURA, M. L.; LIMA, A. R. S. Empirical exchange rate models fit: evidence from the Brazilian economy. In: ENCONTRO MENEZES FILHO, N.; CURI, A. Z. As Causas de Estagnação BRASILEIRO DE FINANAÇAS, 7., 2007, São Paulo. Anais... [S.L.]: Educacional Recente no Brasil. In: ENCONTRO NACIONAL DE [s.n.], 2007. ECONOMIA, 35., São Paulo. Anais... São Paulo: ANPEC, 2007. MOURA, M. L.; LIMA, A.; MENDONÇA, R. Exchange rate MENEZES FILHO, N.; VASCONCELLOS, L. Ação Jovem: avaliando determination: an empirical study for emerging economies with o impacto de um programa de transferência de renda condicional independently floating and inflation targeting. In: ENCONTRO em São Paulo. In: ENCONTRO NACIONAL DE ECONOMIA, 35., BRASILEIRO DE ECONOMETRIA, 29., Recife. Anais… [S.L.]: São Paulo. Anais... São Paulo: ANPEC, 2007. [s.n.], 2007.

MENEZES FILHO, N.; SAKURAI, S. N. Política Fiscal e Reeleição PEREIRA, D. E.; VALLS PEREIRA, P. L. Cópulas: uma alternativa para nos Municípios Brasileiros: uma análise via dados em painel para o a estimação de modelos de risco multivariados. In: ENCONTRO período 1988-2000. In: ENCONTRO NACIONAL DE ECONOMIA, BRASILEIRO DE FINANÇAS, 7., 2007, São Paulo. Anais... São 35., São Paulo. Anais... São Paulo: ANPEC, 2007. Paulo: SBFin, 2007.

42 Annual Report 2007 PLUNKETT, B.; CHADDAD, F. R.; COOK, Michael Lee. Pay as Abstracts in conference proceedings you go: two dual structured irrigation cooperatives in Australia. In: INTERNATIONAL PENSA CONFERENCE, 6., 2007, Ribeirão Preto. ARTES, R. Análise de covariância para dados circulares: Anais… [S.L.]: [s.n.], 2007. modelagem da média circular e do parâmetro de concentração. In: CONGRESSO ANUAL DA SOCIEDADE PORTUGUESA DE PORTUGAL, A. C.; BUGARIN, M. S. Electoral Campaign ESTATÍSITICA, 25., 2007, Lisboa. Resumos... [S.L.]: [s.n.], 2007. Financing: the role of public contributions and party ideology. In: ECONOMIA PANEL MEETING, 15., 2007, New Haven. Anais… ARTES, R.; TOLOI, C. M. C. An autoregressive model for circular [S.L.]: [s.n.], 2007. time series. In: SESSION OF THE INTERNATIONAL STATISTICAL INSTITUTE, 56., 2007, Lisboa. Resumos... [S.L.]: [s.n.], 2007. PORTUGAL, A. C.; BUGARIN, M. S. Public and Private Financing of Electoral Campaigns: the social welfare effect of voters ARTES, R. Modelagem e testes de hipóteses para o parâmetro de participation. In: ENCONTRO BRASILEIRO DE ECONOMETRIA, concentração de um modelo de análise de covariância circular 29., Recife, Anais... Recife: SBE, 2007. para dados circulares. In: ESCOLA DE MODELOS DE REGRESSÃO, 10., 2007, Salvador. Resumos... [S.L.]: [s.n.], 2007. p. 76. ROSSI Jr., J. L. Corporate foreign vulnerability, financial policies and the exchange rate regime: evidence from Brazil. In: EUROPEAN BARROS, H. M. R&D Distribution and Patent Portfolios: a ECONOMIC ASSOCIATION MEETING, 2007, Budapeste. Anais… survey-based investigation of UK manufacturing. In: ACADEMY [S.L.]: [s.n.], 2007. OF MANAGEMENT ANNUAL MEETING, 2007, Philadelphia. Resumos… [S.L.]: [s.n.], 2007. ROSSI Jr., J. L.; CÉSPEDES, I. Testes empíricos da teoria de market timing no Brasil. In: ENCONTRO BRASILEIRO DE ECONOMETRIA, GOMES, F. A. R.; PAZ, L. S. The determinant of criminal 29., 2007, Recife. Anais... [S.L.]: [s.n.], 2007. victimization in São Paulo state. In: ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIA, 12.., 2007, Gramado. Resumos... ROSSI Jr., J. L. The use of currency derivatives by Brazilian [S.L.]: [s.n.], 2007. companies: an empirical investigation. In: ENANPAD ENCONTRO DA ASSOCIAÇÃO NACIONAL DE PÓS-GRADUAÇÃO E GOMES, F. A. R.; SILVA, C. G. Hysteresis vs NAIRU and PESQUISA EM ADMINISTRAÇÃO, 31., 2007, Rio de Janeiro. convergence vs divergence: the behavior of regional Anais..., 2007. unemployment rates in Brazil. In: ESCOLAS DE SÉRIES TEMPORAIS E ECONOMETRIA 12., 2007, Gramado. Resumos... VALLS PEREIRA, P. L. Simulação de variáveis econômicas com [S.L.]: [s.n.], 2007. modelos VAR. In: ENCONTRO NACIONAL DE GESTÃO DE RISCOS, 2007, São Paulo. Anais... São Paulo: FCE, 2007. LAURINI, M. P.; MOURA, M. L. Constrained smoothing splines for the term structure of interest rates. In: ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos... [S.L.]: [s.n.], 2007.

LAURINI, M. P.; MOURA, M. L. A dynamic non-parametric model for the term structure of interest rates. In: ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos... [S.L.]: [s.n.], 2007.

MADALOZZO, R. C.; MARTINS, S. R. Diferencial de salários por gêneros: um estudo comparativo entre os anos de 1981, 1992 e 2004. In: ESCOLA DE MODELOS DE REGRESSÃO, 10., 2007, Salvador. Resumos... [S.L.]: [s.n.], 2007.

MADALOZZO, R. C.; MARTINS, S. R. Gender wage gaps: comparing the 80s, 90s and 00s in Brazil. In: ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos… [S.L.]: [s.n], 2007.

Annual Report 2007 43 Publications

MADALOZZO, R. C. New evidence on the determinants of the gap between child support awards and child support receipts. In: ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos... [S.L.]: [s.n.], 2007.

MOURA, M. L.; LIMA, A. R. S. Empirical exchange rate models fit: evidence from the Brazilian economy. In: ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos... [S.L.]: [s.n.], 2007.

VENEZUELA, M. K.; BOTTER, D. A.; SANDOVAL, M. C.; ARTES, R. Longitudinal data estimating equations for beta regression models. In: SESSION OF THE INTERNATIONAL STATISTICAL INSTITUTE, 56., 2007, Lisboa. Resumos… [S.L.]: [s.n.], 2007.

VENEZUELA, M. K.; SANDOVAL, M. C.; BOTTER, D. A.; ARTES, R. Modelagem dos parâmetros de posição e dispersão em modelos de regressão beta com medidas repetidas. In: ESCOLA DE MODELOS DE REGRESSÃO, 10., 2007, Salvador. Resumos... [S.L.]: [s.n], 2007. p. 128.

44 Annual Report 2007 Ibmec São Paulo in numbers

Scholarship awarded (85) (223) (501) (943) LLM Certificates EMBA Total

Undergraduate Graduação Professional Pós Stricto Pós ExecutiveLato Total Graduate Total 2007 Masters Programs Executive Education - Custom Programs

General and institutional expenses 5,834 9,669 13,374 15,095

Administrative surplus 4,896 7,666 11,099 14,452

Cash position 5,328 12,305 17,656 32,216 2004 2005 2006 2007 (end of period)

Scholarship fund (3) 2,138 2,178 2,260 (end of period) Investiments - Total 1,115 10,768 15,028 4,229

Donations - Scholarship fund - 2,089 314 140 2007 Donations - Other - 8,725 1,740 - Revenues in 2007 Donations - Total - 10,814 2,054 140

(*) Administrative View, not considering accounting adjustments New group of accounts, adopted in 2006

Monitoring of goals - 2007