contribute, to transforming our dream into a reality. Cordially,. Claudio ..... AURO
KEY HONDA. Master in Social ..... concessionárias no Brasil: uma aplicação à
regulamentação de concessões ... Concentração de vendas no final do mês.
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Annual Report
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Letter from the President The year 2012 was marked by important accomplishments. One of these was the revision of Insper’s Vision and Mission, which had been drafted in 2007 and accompanied by a commitment to review them every five years, given the Institution’s rapid development. The process involved our stakeholders and very fruitful discussions that led to the reformulation of both statements, which are presented in this Report. In the Mission, I call your attention to three items. First, the expansion of our studies to include Law, a field in which we already offer graduate programs, as well as Engineering, a program that is currently being developed and is scheduled to be launched in 2015. Second, the fact that our teaching activities were structured to explore their complementarities, which underscores that we are not, nor plan to be, a group of separate and independent departments or schools, but rather that we plan to integrate as much as possible the programs and courses we offer. And last is our emphasis on developing leaders and innovative professionals who are capable of dealing with the complexities of their environment, which we believe is increasingly fundamental in today’s world. We were also considered the 7th best institution of higher learning in Brazil, based on the ranking of the Ministry of Education. Insper is part of an exclusive group of 27 higher learning institutions that received the highest mark possible in the overall ranking. Our economics students continued to excel in the entrance examination administered by the National Association of Graduate Centers in Economics. The three students who took the exam placed fourth, seventh and 21st and may now choose the graduate program of their choice. And in a repeat of last year’s performance, the team of students from Insper once again placed first in the national phase of the competition organized by the CFA - Institute Research Challenge. In our graduate studies, we launched a new program, the Certificate in Business Project, as well as a new format for the Executive MBA, with classes now concentrated in weekends. In Executive Education, we expanded our program options and continue to grow, while enjoying an excellent level of recall in our custom programs. 2
We passed a particularly important milestone last year, with the celebration of the tenth anniversary of the graduation of Insper’s first undergraduate class and the 25th anniversary of its first MBA class. In all, Insper has graduated 1,765 students from its undergraduate programs and, since 2002, more than 5,000 students from its graduate programs. A large part of these graduates have joined the ranks of the Alumni Community, and, to our great pride and satisfaction, 122 have made donations to the Scholarship Fund, eight are members of the External Evaluation Commission and many have contributed to the various initiatives sponsored by the Career Center and the Institutional Relations Department, effectively strengthening their ties with Insper. We continue to acquire properties adjacent to our campus, which will be the site of the future building for the Engineering School, and to work on the academic project to be presented to the Ministry of Education. By the close of the year, we successfully concluded the first phase of the fund raising effort with a total of R$ 84.5 million in funding commitments, surpassing the target of R$ 80 million. To all of you who trusted in this project and gave your support, we express our profound appreciation. Already in early 2013, we have taken an important step towards reinforcing our governance by creating an Assembly of Associates, which is formed by members of the families who made the donations that transformed Insper into a non-profit institution. And we expanded our Board of Directors, which should also increase its level of engagement. In addition, I am delighted to announce that the economist Marcos Lisboa, who has already served on our External Evaluation Commission, will now join our Executive Committee in the capacity of vice-president, directly supporting the presidency in the Institution’s management. All these changes seek to strengthen Insper as an institution and ensure its perpetuity. We are immensely grateful to all of you who contributed, and continue to contribute, to transforming our dream into a reality.
Cordially, Claudio Haddad President
“Insper has graduated 1,765 undergraduate students and, since 2002, over 5,000 graduate students.” 3
Annual Report
2012
Annual Report
2012
Board of Directors • Claudio L. S. Haddad (Chairman)
• Maurizio Mauro
• Fábio Barbosa
• Michael Edgar Perlman
• João Fernando Gomes de Oliveira
• Paulo Guilherme Aguiar Cunha
• Luis Norberto Pascoal
• Pedro Moreira Salles
Associates • Claudio L. S. Haddad
• Jorge Paulo Lemann
• Cecilia Sicupira Giusti
• Marcel Herrmann Telles
• Howard Stevenson
• Tania Haddad Nobre
Executive Committee Vision To be the leading institution of higher learning in Brazil in our fields and be acknowledged as such.
Mission To be a leading center of education and research in the fields of Business, Economics, Law and Engineering, exploring their complementarities to positively impact organizations and society. We develop, at all stages of their professional lives, innovative leaders to make a difference, preparing them to deal with the complexities of the real world by strongly engaging both faculty and students in the teaching and learning process. We value academic research based on real-world issues relevant to organizations and to society.
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• Sérgio Giovanetti Lazzarini Dean of Research Degree Programs
• Claudio L. S. Haddad President
• Carolina da Costa Dean of Undergraduate Programs
• Marcos Lisboa Vice-President
• Luca Borroni-Biancastelli Dean of Executive Education
• Letícia Costa Dean of Graduate Programs
• Marcia Nizzo de Moura Senior Director of Institutional Development
• Irineu Gustavo Nogueira Gianesi Dean of New Academic Projects
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Rankings and Accreditations
10 YEARS SINCE THE GRADUATION OF THE FIRST UNDERGRADUATE CLASS
FINANCIAL TIMES RANKING
Insper’s MBA programs – Executive MBA, Executive MBA in Finance and Executive MBA in Healthcare Management – were accredited once again by the Association of MBAs (AMBA), an international organization that reviews and accredits postgraduate business programs. Insper was accredited for the first time in 2007, and only five institutions in Brazil currently hold this accreditation. The factors singled out by the AMBA at Insper include the quality of the education, the commitment to improving students’ learning experience and the balance between theory and practice in the classroom. The AMBA also highlighted the reputation and recognition of the Insper brand in the Brazilian market and the high quality of the campus facilities.
Insper’s Executive Education programs once again placed among the top 30 worldwide in the ranking conducted by the newspaper Financial Times. Insper also remained one of the top two institutions offering Executive Education in Brazil and one of the top three in Latin America. Appearing in the ranking for the sixth straight year, Insper continued to perform well despite the entry of new schools into the ranking over the last three years.
Insper is one of the ANAMBA’s six associate members. The ANAMBA was created eight years ago and is charged with the mission of contributing to the excellence of MBA programs in Brazil. In 2012, Insper’s MBA programs were re-accredited by the association.
2012
Retrospective
AMBA – ASSOCIATION OF MBAS
ANAMBA – NATIONAL ASSOCIATION OF MBAS
Annual Report
In September 2012, an event attended by over 300 alumni representing the 20 classes of the business administration and economics programs that graduated between 2002 and 2012 was held. The celebration was marked by a sense of enthusiasm among all alumni, professors and other members of the Insper Community. The event also honored the alumni who graduated in the first undergraduate class (2002) as well as the faculty members who have lectured in the program since its creation.
RANKING OF THE MINISTRY OF EDUCATION Insper is Brazil’s seventh best educational institution, according to the ranking published by the Ministry of Education. In the universe of 1,516 schools evaluated, the School figured among the exclusive group of 27 educational institutions that received the maximum score of “5” in the overall ranking. The undergraduate programs in business administration and economics both ranked the best in Greater São Paulo, according to the Program Preliminary Concept, which is an overall score that includes the national student performance exam (Enade) and other factors, such as the qualifications of the faculty and facilities.
25 YEARS OF THE EXECUTIVE MBA In 2012, the School also commemorated 25 years since the launch of the Executive MBA in Finance, a program that marked the launch of Insper’s activities in the city of São Paulo (1987). The event paid homage to the professors who have been on the Institution’s faculty since the beginning and featured the presence of alumnus Amaury Nogueira Hernandes MBA 1989, who was a member of the first class of the Executive MBA in Finance.
Insper MBA alumni during the event celebrating 25 years since the program’s launch 6
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2012
Annual Report
PROBLEM SOLVING IN PRACTICE
2012
ADMINISTRATION - EFFECTIVE PROBLEM SOLVING
Insper organizes two major programs for undergraduate students that promote, through an intense and structured format, the development of essential competencies that are in high demand at organizations and society.
ECONOMICS – PROBLEMS IN ECONOMICS In 2012, the course Problems in Economics was added to the curriculum of the economic sciences program, in which students get to solve real-world problems posed by their professors. After concluding their sixth academic semester, the students are organized into groups and must present a solution to the problem to a rigorous panel formed by the president of Insper, professors from the faculty and renowned professionals, such as the chief economists of the country’s leading financial institutions (ItaúUnibanco, Santander, Citibank, HSBC and BTG Pactual).
The Effective Problem Solving course in the sixth academic semester of the business administration program featured the participation of 150 students organized into 32 groups. The program gives students a chance to go into the field and tackle the real-world problems posed by partner companies over the course of the semester. Guided by experienced mentors, the students experience the complete cycle of addressing a poorly structured problem: identifying the problem, finding the causes and proposing solutions to improve the organization’s results. Of the 22 companies that participated in the program in 2012, 95% confirmed interest in participating again in the future. Of the students who participated, 98% approved the program and 90% recommended their mentors. In addition, 98% agreed that this project contributes to their development in the competencies of communication, teamwork and results-orientation.
EXAMPLES OF PROBLEMS POSED TO THE STUDENTS COMPANY
PROJECT
AACD
Reduce waste of medicines and surgical materials.
AMIL
Increase corporate sales in the region of Campinas, a city located 90 km from São Paulo.
Why have basic goods surpassed manufactured goods in the composition of Brazil’s exports?
NATURA
Reduce damage to products, which increases customer dissatisfaction and financial losses.
How do we optimize the program of performance-based bonuses for teachers in the public school system in the state of São Paulo?
P&G
Increase the distribution of products in the state of Minas Gerais.
EXAMPLES OF PROBLEMS POSED TO THE STUDENTS
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How can we build and estimate a Happiness Index?
COMPANIES PARTICIPATING
Does sex discrimination exist in Brazil’s labor market?
“Problems in Economics is the most complete course I’ve had the opportunity to take in my undergraduate program, since the various cases presented related to the Brazilian economy gave me an opportunity to review concepts and learn logical ways to solve them.” DIGITAL
Problems in Economics students during their presentation to the panel
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“In addition to having a chance to put into practice what I learned during the program, the healthy pressure of giving a high-level presentation to economists effectively complemented my list of challenges.”
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André Maragon – Student in the project in 2012
“In the first semester of 2012, I participated in the Effective Problem Solving at Ambev. I can definitely say that the experience gave me an advantage when the time came to conquer my space in the job market and gave me the ability to successfully enter the corporate world. I was able to make the most of the program. And most importantly, I gained exposure that helped me receive an opportunity at the company I wanted to work at: Ambev.”
Students working on the project at Ultracargo
Francisco Jaguaribe de Lara Resende – Student in the project in 2012 Daniela Teixeira Corrales – Student in the project in 2012 (Ambev project)
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2012
INTERNATIONAL PARTNERSHIPS Advancing the process to expand its presence internationally, Insper forged new partnerships with four more institutions during the year. In 2012, Insper began offering summer programs for undergraduate and graduate students at two renowned U.S. universities: Boston University – Metropolitan College and the University of California–Irvine. Insper also signed agreements with two Australian institutions: University of Melbourne and University of Queensland. Insper currently offers students and professors the opportunity to participate in exchange programs at 35 universities on all major continents (South America, North America, Europe, Asia and Oceania).
NUMBER OF PARTNER INSTITUTIONS
31
24
35
Winning team of Empreenda 2012
2010
2011
2012
Take a tour of the Insper campus and you will see just how international the School’s campus is becoming:
ENTREPRENEURSHIP
LISBON: 1 MASTER STUDENT
ST. GALLEN: 2 LL.M. STUDENTS
CALIFORNIA: 5 LL.M. STUDENTS
The Center for Entrepreneurship maintained a busy schedule of activities to encourage interest and develop entrepreneurial skills in the School’s students and alumni. The highlight was the participation of 288 students and alumni divided into 76 teams in the sixth edition of “Empreenda”, a competition that builds skills through workshops on creativity, innovation and business plans and mentoring by professors specializing in the fields of interest. At the end of the competition, participants present their projects to a panel formed by investors and specialized professionals. The center offers other activities over the course of the year, such as the creation of theme-based clubs: family businesses and social entrepreneurship. Insper was also selected to serve as the educational partner of “Movimento Empreenda”, an initiative of the publisher Editora Globo that aims to awaken and encourage new entrepreneurs in Brazil through participation in 57 publications of the publisher and the development of management tools for entrepreneurs.
VIRTUAL LEARNING ENVIRONMENT - BLACKBOARD
VIRGINIA: 21 EXECUTIVE MBA STUDENTS
MILAN: 2 CERTIFICATES STUDENTS
Following the trend of leading Brazilian and international institutions, in 2012, Insper adopted the online environment Blackboard to enrich the teaching and learning dynamics of its academic programs. Featuring communication, collaboration and evaluation tools, the virtual environment intensifies the relationship between professors and students, who can now prepare for classes using different study, interaction and accompaniment strategies. Blackboard can also be used to substitute part of the on-site class time with online activities that facilitate access by students without compromising the quality of the program while improving the learning experience.
BARCELONA: 13 EXECUTIVE MBA IN HEALTHCARE STUDENTS
NEW UNDERGRADUATE PROGRAM IN ENGINEERING UNDERGRADUATE:
57 exchange students from Insper studying at 15 universities in 11 countries 48 exchange students received from 13 universities and 10 countries GRADUATE STUDENTS IN INTERNATIONAL EXTENSION PROGRAMS:
More than 40 Insper students participated in international extension or exchange programs
Starting in 2015, Insper will expand its activities in undergraduate studies. The engineering school, which will be based on a new teaching model in which students are involved in projects from the start of their studies, will focus on developing professional with competencies such as: leadership, teamwork, entrepreneurial spirit to innovate and developing solutions that meet the needs of the market and society. With extensive synergies with the existing undergraduate programs, the new school will offer opportunities for integration and technological knowledge to complement the areas of management, economics, leadership and entrepreneurism. The school has established a formal and long-term partnership with Olin College in Boston, which, besides sharing a very similar history, is renowned worldwide for its innovation in engineering studies. The team of professors at Olin will work closely with their counterparts at Insper to develop the new and innovative curriculum. To make possible the launch of this new program, in 2012, Insper raised R$ 84.5 million through donations from businesspeople and companies wishing to contribute to the project.
More than 200 students from partner schools visited Insper through international partnerships and extensions or to participate in custom academic activities.
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Annual Report
Careers
2012
ALUMNI MENTORING PROGRAM
In 2012, the Career Center expanded the number of job opportunities offered to students and alumni to all hierarchical levels in a variety of areas and industries, with more than 11,000 jobs advertised. Industries enjoying strong demand, such as agribusiness, infrastructure, health, drugstores, cosmetics, logistics, technology and others, played an important role in increasing the number of partner companies advertising jobs for students and alumni on the Career Opportunities Board.
Undergraduate students in Insper’s MBA programs have the opportunity to act as mentors for students in the senior year of their undergraduate programs. The program aims to better prepare students for the job market, providing guidance on the dilemmas and opportunities inherent to this transition period. Since the program’s creation in 2008, 68 Alumni Mentors have participated in the project. In 2012, there were 23.
In the same year, the Career Center also launched the Directory of Insper Graduates, which is a new online tool for strengthening the relationship between alumni and the job market. The directory makes available the résumés of Insper graduates to potential employers and allows them to accompany the development of these professionals over their careers. Insper’s campus was busy with a full agenda of career guidance activities, lectures, round tables and meetings, offering undergraduate, graduate students and the Alumni Community the opportunity to participate in debates on relevant issues and fields of knowledge, such as: career development, leadership, people management, negotiation, labor market opportunities and risks, strategy and innovation, among others.
POSITIONS PUBLISHED ON THE CAREER OPPORTUNITIES BOARD 24%
11607
9389 7772
2011
2012
DISTRIBUTION OF POSITIONS PUBLISHED ON THE CAREER OPPORTUNITIES BOARD 4478 4195 3098 2815
2934
3553
2010 2011 2012
3203 18%
2738
5% 1754
EFFECTIVE
INTERNSHIP
Gabriel Astolpho Monteiro de Barros Neto - MBA 2009
Camilo Henrique de Syllos - MBA 2004
Graciela Civolani Cordts - MBA 2010
Célia Regina Pizzi - MBA 1998
Henrique Cordeiro Mariano - MBA 2008
Celso Hissashi Maehata - MBA 2001
Manoel Elpidio Pereira de Queiroz - MBA 2004
Christiane Cobas Pedreira - MBA 2010
Marcelo do Amaral Ferro - MBA 2010
Claudia Caniçali Primo - MBA 2011
Marcio Alexandre Corazza - MBA 2011
Cristiane Moreira G. Mondaini - MBA 1999
Mario Sergio Tampellini - MBA 2004
Daniel Panico Gorayeb - MBA 2010
Martin Klos Rahal - MBA 2008
Edson Gomes Ribeiro - MBA 1999
Renato Skaf dos Santos - MBA 2008
Eliane Aparecida Sooma Laurelli - MBA 1998
Ricardo Siniscalchi de Souza - MBA 2000
Fabrício de Moura - MBA 2004
Roberta Oliveira Zara - MBA 2009
Fatima Maria Martins Neri Renzetti - MBA 2000
63%
TRAINEE
“The alumni mentor program helps bring together undergraduate students and alumni, while fostering a sense of belonging in a community that without a doubt is a major source of motivation for staying connected.” Célia Regina Pizzi – MBA 2005
12
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2010
Antônio Carlos Rodi - MBA 2004
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ACADEMIC PROGRAMS
2012
INSPER STUDENTS ALSO EXCELLED IN THE EVALUATIONS BY REGULATORY AGENCIES, EXAMINATIONS AND COMPETITIONS CONDUCTED DURING 2012:
UNDERGRADUATE PROGRAMS The undergraduate programs in business administration and economics both ranked best in Greater São Paulo, according to the Program Preliminary Concept, which is an overall grade attributed by the Brazilian Ministry of Education that is based on the results of the national student performance exam (Enade) and other factors, such as the qualifications of the faculty and quality of the facilities. Insper prepares students to tackle the real issues and dilemmas faced by organizations and society. Over the course of their undergraduate program, students are exposed to the problems typically faced by managers and economists in their day-to-day activities. As a result, upon concluding their undergraduate program, our students have proven extremely successful in entering the labor market in a wide range of industries. 98% OF STUDENTS GRADUATING IN 2012 WERE HIRED BY BRAZIL’S TOP COMPANIES.
MAIN EMPLOYING OUR STUDENTS NOSSOS ALUNOS: MAIS EMPREGAM QUEINDUSTRIES SETORES 232
218
AGRIBUSINESS
56
50
CONSUMER GOODS
52
RETAILING
48
48
46
45
Students in Insper’s undergraduate programs in economics once again performed exceptionally well in the examination conducted by the National Association of Graduate Centers in Economics. Students receiving top scores were Gustavo Curi Amarante (4th place), Octavio Portolano Machado (7th place) and Sara Brolhato de Oliveira (21st place), who now can choose from among Brazil’s top graduate programs in economics to continue on their academic paths.
CFA INSTITUTE RESEARCH CHALLENGE For the second straight year, Insper’s undergraduate students won the national phase of the CFA Institute Research Challenge and went on to participate in the international phase held in Toronto, Canada. Congratulations to Bernardo Calvente, Danilo Kamiji, Danton Koga, Guilherme Barros and Renan Criscio, as well as to professor advisor Michael Viriato, on this victory. The Investment Research Challenge is conducted by the CFA Institute, which is recognized as the leading accreditation body for investment professionals.
INSTITUTIONAL PROGRAM FOR SCIENTIFIC INITIATION
BANKING/FINANCIAL
54 215
NATIONAL ASSOCIATION OF GRADUATE CENTERS IN ECONOMICS
LAW FIRMS/CONSULTANTS
The mission of the Institutional Program for Scientific Initiation is to support research by granting, to undergraduate students, the scholarships for scientific initiation sponsored by the National Council for Scientific and Technological Development. Scientific initiation helps students become more closely involved in the process of academic production, which supports their development by furthering their knowledge in specific fields of interest.
41 37
INFRASTRUCTURE
38 35
LOGISTICS
32
32
32
NGOs
In 2012, in addition to the six scholarships granted by the national council, Insper began to offer three more scientific initiation scholarships to students in the Business Administration and Economics programs, for a total of nine research scholarships.
26
HEALTH, PHARMACEUTICALS AND CFT 21
INFORMATION TECHNOLOGY
18 17 12
11
10
10 8
16
INSURANCE 12
PROFESSIONAL MASTER IN BUSINESS ADMINISTRATION
8
5
0
2010
2011
PROFESSIONAL MASTERS
2012
Designed for professionals who exercise functions that require a high level of analytical capacity combined with a focus on business strategy, the Professional Masters in Business Administration program passed the mark of 50 dissertations defended and continues to pose a major intellectual challenge to its students. In 2012, the program underwent its triennial evaluation by the federal agency regulating stricto sensu graduate programs, and had the opportunity to present the qualifications of its faculty and student body, as well as the growing academic production generated by its students. The results for the 2010-2012 period will be released at the end of 2013. In next year’s Annual Report, which will include the evaluation of our students, we expect to have more good news, given the high quality of the works presented in the years since the last evaluation in 2010, when the program received the maximum grade in the aspects of program proposition and social inclusion, and an excellent grade in the areas of faculty and technical intellectual production.
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CERTIFICATES GUILHERME SOARES
Defended his dissertation in March 2010. Coauthored by doctorate professors Adriana Bruscato Bortoluzzo and Henrique Machado Barros, he published the paper: “Determinants of the choice of marketing channels by corporate clients: An analysis of the information technology sector.” Revista de Gestão da Tecnologia e Sistemas de Informação (Online), v. 9, p. 515-542, 2012. Line of research: Competitive Strategy.
Defended his dissertation in December 2009. Coauthored by doctorate professors Eduardo de Carvalho Andrade and Maria Cristina Nogueira Gramani, he published the paper: “Technical efficiency of business administration courses: a simultaneous analysis using DEA and SFA.” International Transactions in Operational Research, 2012.
RODRIGO OLIVEIRA DE MIRANDA
The Certificates programs in Business Administration, Project Management, Finance and Marketing maintained their path of continuous improvement. In 2012, changes were made to the dynamics of academic publishing in the Certificates program in order to increase the number of monographs submitted. New professors dedicated exclusively to Insper were also hired to help supervise the production of these scholarly papers. As of the second semester of 2012, the Certificate in Business Administration program was restructured and began its first class with an enhanced curriculum that offers students the opportunity to learn specific capabilities, such as: problem solving, critical analysis, communication and teamwork. The same restructuring process made possible the development of the Certificates in Business Project, which began its first class in the third quarter of 2012. For 2013, a new program is being developed aiming to better prepare young people managers (human resources), and by 2014, the Certificate in People Management will represent a major new launch in the Certificates Programs.
PROFESSIONAL MASTERS IN ECONOMICS The Professional Masters in Economics program develops professionals with high analytical capacity supported by a solid theoretical and quantitative foundation who are capable of solving complex problems in the areas of economics and finance. The faculty is formed by professors with Ph.Ds. and doctorates, most of whom conduct academic activities exclusively at Insper. During 2012, the program registered a significant increase in the number of elective courses offered that enabled students to choose between economics and finance and specialize in each of these segments. Another highlight in the year was the academic production generated by students, who published papers in leading national vehicles specializing in economics.
Defended his dissertation in June 2011. Coauthored with doctorate professor Andrea Minardi, he presented at the Congress - BALAS 2012 the paper entitled: “The Impact of Credit Rating Changes in Latin American Stock Markets.”
MARIANA MAURIZ RODRIGUES
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ABNER DE PINHO N. FREITAS
Defended her dissertation in December 2012. Coauthored with doctorate professor Regina Madalozzo, she published the paper: “Does investing in education reduce the gender wage gap? A Brazilian population study,” in the periodical Population Review, Volume 51, Number 2, 2012. Type: Article pp. 59-84. 17
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Annual Report
2012
LL.M. – MASTER OF LAWS In 2012, the LL.M. – Master of Laws programs completed 13 years and this year alone more than 800 applicants participated in the selection process. At the end of the process, 200 students enrolled in the four programs offered: Corporate Law, Tax Law, Contract Law, and Financial and Capital Market Law. In the final phase of the programs, students are encouraged to produce dissertations and in 2012, more than 60 professors and guests made themselves available to examine the 50 monographs presented by the LL.M. students. The monographs receiving the highest scores from the examination board led to the publication of four books by Editora Almedina Brasil and of another two publications in partnership with PricewaterhouseCoopers by Coleção AcademiaEmpresa. The programs also offered exchange opportunities for students and faculty: five students participated in international extension programs through partnerships with the universities of California, Davis (USA) and Duke (USA)/Geneva (Switzerland), and two students participated in a four-month student exchange program at the University of St. Gallen, Switzerland, receiving full academic scholarships from the Lemann Foundation. Professor Daniel Boulos, advisor to the de LL.M. in Contract Law program, participated in the faculty exchange program and lectured for two months at the University of St. Gallen, Switzerland. The programs also provided an active discussion agenda for its students, alumni and faculty, with a total of 30 internal and external events organized, which included debates, lectures, book launches, fairs, conferences and open enrollment courses.
EXECUTIVE MBAS In 2012, Insper celebrated 25 years of the Executive MBA in Finance, which has been recognized for its quality since its launch and over the years has attained important national and international accreditations. These accreditations are the same as those found at the world’s best centers of education, ensuring that Insper students receive an educational experience on par with the opportunities offered at the top business schools.
In the pipeline for 2013 is the publication of another 15 works, the implementation of a new monograph process, the organization of a new graduate program in law and the selection of a new international partner with which Insper Law will further its international expansion in its quest to develop lawyers with more global and multicultural profiles.
In the same year, the Association of MBAs (AMBA), the leading international accreditation body for MBA programs, reaccredited Insper’s programs for the next five years. In Brazil, only five institutions offer MBA programs accredited by the AMBA. Another highlight of the year was the launch of the MBA Weekend in Finance. With classes on weekends, the program aims to meet the demand from professionals living outside the state of São Paulo as well as abroad and complements the initiative held in 2010 for the Executive MBA program. Lastly, in the second semester of 2012, improvements were made to the Executive MBA and Executive MBA in Finance programs to meet the needs of the market and corporations. The Einstein-Insper Executive MBA in Healthcare Management was also subjected to a meticulous review of its curriculum, which led to the incorporation of the innovations and principles discussed at the 21st Century Health Care Management Education: Confronting Challenges for Innovation with a Modern Curriculum, a conference organized by Harvard Business School in October 2012. The new curriculum will be implemented over the course of 2013. Insper maintains various partners that offer students an international educational experience. In 2012, these relations were strengthened by the growing number of students participating in international extension programs and the visits made by renowned institutions that came to learn more about Brazil’s business environment through Insper. - Executive MBA and Executive MBA in Finance - 21 students participated in the extension program offered in partnership with the Darden School of Business - University of Virginia. - Executive MBA in Healthcare Management - 13 students participated in the extension program offered in partnership with Hospital Clínico Universitário de Barcelona (HCB).
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EXECUTIVE EDUCATION OPEN ENROLLMENT PROGRAMS
Annual Report
2012
FINANCE
NEGOTIATION
• Finance for Executives • Valuing Companies
• Strategic Negotiation and Conflict Management OPERATIONS
MARKETING AND INNOVATION The open enrollment programs were repositioned to better meet the calls from executives for relevant and current themes with immediate application, which led to a complete revision of the portfolio as well as the creation of new programs. Insper also invested in expanding the international reach of its Executive Education programs. In 2012, we established partners with schools recognized around the world to provide students with the experience of living and studying in another country as well as to receive foreign executives interested in learning about doing business in Brazil. The new portfolio and internationalization process, combined with the Insper Educational Experience, transformed executives into professionals who are better prepared to overcome the challenges and dilemmas they will face in their careers.
• Managing Global Supply Chains • Branding: Strategic Brand Management • Entrepreneurship in Action
INTERNATIONAL PROGRAMS LEADERSHIP
Global Senior Management Program, in partnership with IE Business School Brazil: A View From Inside
• Leadership and Strategic People Management
PROFILE OF PARTICIPANTS:
22%
Senior Management (CEO, VP, Officer and Entrepreneur)
44%
Specialists/Consultants/ Analysts/Lawyers
General Management
Men = 65% Average age = 34 years
Women = 35%
STRATEGY AND BUSINESS • Competition: Economic, Strategic and Legal Aspects • Mergers and Acquisitions • Business Turnaround: from Restructuring to Reorganization • Business Dynamics • Economic and Political Panorama (former program World Panorama) • Family Business Management
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2012
Faculty
CUSTOM PROGRAMS FOR ORGANIZATIONS
The Executive Education – Custom Programs for Companies area adopts a consultative approach for designing custom programs that first identify the needs of the partner organizations. The process is fully customized, including both the planning and delivery of the programs. The goal is to ensure that the content covered can be immediately applied to the day-to-day activities of the company and result in consistent performance gains. The areas of expertise encompass all management aspects, regardless of the industry, with a special emphasis on strategic management and themes related to leadership and associated dilemmas, organizational culture, critical thinking, financial management, innovation, change management and globalization. The program’s design is unique and exclusive and can cover the same themes for various levels of the organization based on the company’s needs, with the program packaged to match the seniority of each public. All professors participating in the programs have experience in both the academic and corporate worlds. This dual capability enables them to combine theory with practice, which facilitates continuous reflection on the best market practices and activities. The educational process adopted aims to provide the student-executive with experiences that are truly transformational and based on modern methods in executive education, such as: business games, dynamics, experiential learning and conceptual classes. Reaffirming the commitment to our partner organizations, after delivering the program, we assess its effectiveness. Insper conducts an innovative and unique study whose prime objective is to assess the Return on Executive Education (ROE), which represents each program’s Return on Investment (ROI). This allows the partner company to measure the changes and improvements obtained in the performance of its team members based on the knowledge acquired and its applicability. Seeking to further students’ development in the global dimension to better align them with international best practices and multicultural aspects, the area maintains partnership and collaboration relationships with important business schools and international universities. The selection of partner institutions for each program is conducted jointly with the organization, based on studies of the excellence of these centers. In 2012, the custom programs registered their strongest growth of the last five years, with improvements in the quality of the design, content and delivery, as well as in the overall satisfaction of our partner companies.
IN ALL, 27 PARTNER COMPANIES PARTICIPATED IN THE CUSTOM PROGRAMS IN 2012:
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ABRASCE
CONIB
JOHNSON&JOHNSON
AMBEV
DELL
JONES LANG LASALLE
ARMCO
DEUTSCHE BANK
ORGANIZAçãO ODEBRECHT
BNDES
DIAGEO
ROCHE
BRADESCO
GERDAU
SANOFI
BR FOODS
GRUPO ABC
SANTANDER
BRINKS
HSBC
VIVO |TELEFôNICA
CHS
ITAú - UNIBANCO
TOYOTA
CIELO
ITAú BBA
YPO
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ADALTO BARBACEIA GONÇALVES MBA UCLA
ANDRÉ ANTUNES SOARES DE CAMARGO Doctor in Commercial Law USP
CARLOS ROBERTO FRANCISCO BARA Master in Business Administration FGV-SP
ADHEMAR VILLANI JUNIOR Ph.D. in Economics University of Pennsylvania
ANDRÉ LUIS DE CASTRO MOURA DUARTE Doctor in Business Administration FGV-SP
CHARLES KIRSCHBAUM Doctor in Business Administration FGV-SP
ANDREA MARIA ACCIOLY FONSECA MINARDI Doctor in Business Administration FGV-SP
DANNY PIMENTEL CLARO Ph.D. in Business Administration Wageningen University
ANGELA DE SOUZA MENEZES Master in Production Engineering PUC-RJ
DAVID KALLAS Master in Business Administration USP
ANGELO CORSETTI Bachelor in Economic Sciences USP
DENISE SCHOULT Doctor in Preventive Medicine USP
ANTONIO CARLOS ROSSO JUNIOR Master in Systems Engineering USP
DIRK SCHWENKOW Master in Economics FGV-SP
ANTONIO ZORATTO SANVICENTE Ph.D. in Business Administration University of Stanford
ECLÉA ZUGMAN HAUBER Specialist in Biology USP
ADRIAN KEMMER CERNEV Doctor in Business Administration FGV-SP ADRIANA BRUSCATO BORTOLUZZO Doctor in Statistics USP ADRIANO MUSSA Master in Business Administration PUC-SP AFONSO CARLOS BRAGA MBA Warwick Business School ALBERTO MASAYOSHI FARIA OHASHI Doctor in Probability USP ALEX MANDUCA Executive MBA in Marketing Insper ALEXANDRE JORGE CHAIA Master in Business Administration USP ALEXANDRE SCHWARTSMAN Doctor in Economics University of California, Berkeley ALOISIO BUENO BUORO Master in Business Administration USP ALVARO CARDOSO ARMOND Master in Business Administration Universidade Presbiteriana Mackenzie
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ARTUR ROTHSTEIN BARRETO PARENTE Ph.D. in Economics University of California, Berkeley AURO KEY HONDA Master in Social Psychology PUC-SP BRUNO COSTA SIMÕES Doctor in Philosophy USP CAIO CESAR MUSSOLINI Doctor in Economics FGV-SP CAMILA DE FREITAS SOUZA CAMPOS Ph.D. in Economics Yale University
EDÉLCIO KOITIRO NISIYAMA MBA University of Chicago EDUARDO AUGUSTO RISSI Doctor in Sciences USP EDUARDO CORREIA DE SOUZA Doctor in Economics UFRJ EDUARDO DE CARVALHO ANDRADE Ph.D. in Economics University of Chicago EDUARDO GIANNETTI DA FONSECA Ph.D. in Economics University of Cambridge
2012
ELIETE BERNAL ARELLANO Doctor in Applied Human Nutrition ERIC AVERSARI MARTINS Doctor in Accounting Sciences USP ERIC BARRETO DE OLIVEIRA Master in Controllership and Accounting USP FABIO DE BIAZZI Doctor in Production Engineering USP FABIO MATUOKA MIZUMOTO Doctor in Business Administration USP FABIO ORFALI Master in Mathematics USP FABIO RIBAS CHADDAD Ph.D. in Agricultural Economics University of Missouri FERNANDA FURUTA Doctor in Controllership and Accounting USP FERNANDO PRESTES CESAR FERNANDO RIBEIRO LEITE NETO Doctor in Social Sciences PUC-SP FLÁVIA FERREIRA PIAZZA Master in Business Administration Ibmec-RJ FLÁVIO ROMERO MACAU Doctor in Business Administration FGV-SP GEORGE OHANIAN Doctor in Business Administration USP
ANA CAROLINA DE AGUIAR RODRIGUES Doctor in Psychology Universidade Federal da Bahia
CAMILA PEREIRA BOSCOV Master in Controllership and Accounting
EDUARDO LUIZ MACHADO Doctor in Economics USP
ANA CAROLINE FERNANDES NONATO Master in Business Administration USP
CARLOS AFONSO CALDEIRA FILHO Master in Business Administration FGV-SP
EDUARDO POZZI LUCHEZZI Doctor in Business Administration USP
GUILHERME ATHIA Specialist in Marketing ESPM
ANA HELENA DE CAMPOS Doctor in Physics USP
CARLOS ALBERTO FURTADO DE MELO Doctor in Social Sciences PUC-SP
EDUARDO ROSSIT PADILHA Specialist in Finance USP
GUILHERME FOWLER A. MONTEIRO Doctor in Business Administration USP
GIANCARLO GRECO MBA Duke University
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GUILHERME SILVEIRA MARTINS Master in Business Administration FGV-SP
JOSÉ LUIZ ROSSI JÚNIOR Ph.D. in Economics Yale University
LUIZ FERNANDO ANDREOTTI TURATTI Master in Business Administration USP
MARCO TÚLIO PEREIRA LYRIO Ph.D. in Economics Katholieke Universiteit Leuven
GUSTAVO HENRIQUE DE ARAUJO PEREIRA Doctor in Statistics USP
JOSÉ VALÉRIO MACUCCI Master in Business Administration FGV-SP
LUIZ FERRAZ DE MESQUITA Ph.D. in Business Administration Purdue University
MARCOS LISBOA Ph.D. in Economics University of Pennsylvania
GUSTAVO RODRIGUES ORTEGA Master in Strategic Controllership and Accounting
JUAN PEDRO JENSEN PERDOMO Doctor in Economics USP
LUIZ FRANCISCO MODENESE VIEIRA Ph.D. in Transport Systems Massachusetts Institute of Technology
MARCOS RODRIGUES DE LARA Doctor in Social Sciences PUC-SP
LARS MEYER SANCHES Doctor in Civil Engineering Unicamp
MARA BEHLAU Doctor in Speech and Language Pathology Universidade Federal de São Paulo
MARCOS VEÇOSO Master in Health Economics Universitat Pompeu Fabra
LENI HIDALGO NUNES Doctor in Business Administration Université de Pau et des Pays de l’Adour
MARCELO HIROSHI NAKAGAWA Doctor in Production Engineering USP
MARCUS SOUSA SOARES Bachelor in Psychology
LEONARDO PAGANO Doctor in Business Economics FGV-SP
MARCELO JOSÉ CARBONARI Doctor in Nuclear Sciences USP
LEONEL MOLERO PEREIRA Doctor in Business Administration USP
MARCELO LEITE DE MOURA E SILVA Ph.D. in Economics University of Chicago
GUY CLIQUET DO AMARAL FILHO Master in Engineering USP HELENO PIAZENTINI VIEIRA Master in Economics FGV-SP HENRIQUE MACHADO BARROS Ph.D. in Business Administration University of Warwick HSIA HUA SHENG Doctor in Business Administration FGV-SP HUMBERTO DANTAS Doctor in Political Science USP ILAN AVRICHIR Doctor in Business Administration FGV-SP IRINEU GUSTAVO NOGUEIRA GIANESI Master in Production Engineering USP IVANILDO DIAS DE LIMA Master in Sciences USP IVO WAISBERG Doctor in Law PUC-SP JOÃO LUIZ MASCOLO Doctor in Economics PUC-RJ JOSÉ CARLOS TIOMATSU OYADOMARI Doctor in Controllership and Accounting USP JOSÉ HELENO FARO Doctor in Economic Mathematics IMPA 26
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LEONIDAS SANDOVAL JUNIOR Ph.D. in Mathematics University of London LIAO YU CHIEH MBA in Finance Insper LUCA BORRONI Doctor in Economics Universitá commerciale Luigi Bocconi
MARCELO RODRIGUES DOS SANTOS Doctor in Economics FGV-RJ MARCO ANTONIO LEONEL CAETANO Doctor in Aeronautical and Mechanical Engineering ITA MARCO AURÉLIO LIMA DE QUEIROZ Doctor in Business Administration FGV-SP
MARCUS VINICIUS LOPES RAMOS GONÇALVES Master in Law PUC-SP MARIA APARECIDA RHEIN SCHIRATO Doctor in Education USP MARIA CAROLINA SANCHEZ DA COSTA Ph.D. in Learning and Cognition Rutgers, The State University of New Jersey MARIA CRISTINA NOGUEIRA GRAMANI Doctor in Engineering Unicamp MARIA KELLY VENEZUELA Doctor in Statistics USP
LÚCIA GUILHOTO Ph.D. in Business Administration Università di commerciale Luigi Bocconi LUCIANA CARVALHO DE MESQUITA FERREIRA Ph.D. in Business Research Erasmus Universiteit Rotterdam LUCIANA YEUNG LUK TAI Doctor in Economics FGV-SP LUIS CLAUDIO MONTORO MENDES LL.M. Insper LUIS FERNANDO LONGUINI COSSI 27
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MARIA LETICIA DE FREITAS COSTA MBA Cornell University
PAULO BARELLI Ph.D. in Economics Columbia University
RINALDO ARTES Doctor in Statistics USP
SILVIO POSSA MBA FIA
MARIELZA CAVALLARI Master in Business Administration FGV-SP
PAULO BELTRÃO FRALETTI Doctor in Business Administration USP
ROBERTA MURAMATSU Ph.D. in Economics Erasmus Universiteit Rotterdam
SIMONE BASILE Master in Business Resources and Development Universidade Presbiteriana Mackenzie
MARILDA PERES CAMACHO ANDRADE Executive MBA in Marketing Insper
PAULO JOSÉ DE AZEVEDO Master in Economics Insper
ROBERTO ANIS CALFAT Doctor in Production Engineering USP
TADEU APARECIDO PEREIRA DA PONTE Master in Mathematics USP
MARIO SÉRGIO KOJIMA MBA University of Southern California
PRISCILA BORIN DE OLIVEIRA CLARO Doctor in Business Administration UFLA
ROBERTO DUMAS DAMAS Master in Economics University of Birmingham
TATIANA TERABAYASHI MELHADO Doctor in Statistics USP
MARTA DE CAMPOS MAIA Doctor in Business Administration FGV-SP
PRISCILA FERNANDES RIBEIRO Master in Business Economics FGV-SP
RODRIGO MENON SIMÕES MOITA Ph.D. in Economics University of Illinois
TIAGO FISCHER FERREIRA Doctor in Business Administration USP
MAURICIO ROCHA ALVES DE CARVALHO MBA University of Pennsylvania
RAFAEL PASCHOARELLI VEIGA Doctor in Business Administration USP
RODRIGO TAKASHI OKIMURA Doctor in Electrical Engineering USP
TIMOTHY ALTAFFER MBA New York University
MAURIZIO MAURO Bachelor in Business Administration FGV-SP
RAUL AMARAL REGO Doctor in Business Administration USP
ROGÉRIO DA COSTA MONTEIRO Master in Economics Insper
VALÉRIO MACHADO DALLOLIO MBA Northwestern University
MICHAEL VIRIATO ARAÚJO Doctor in Systems Engineering USP
REGINA CARLA MADALOZZO Ph.D. in Economics University of Illinois
ROMEO DEON BUSARELLO Master in Business Administration PUC-SP
VINÍCIUS DE BRAGANÇA MÜLLER E OLIVEIRA Master in Economics Unesp
NAERCIO AQUINO MENEZES FILHO Ph.D. in Economics University of London
REGIS FERNANDO DE RIBEIRO BRAGA Master in Accounting and Actuarial Sciences USP
RONNIE MASCHK Specialist in Project Management Fundação Vanzolini/USP
VITORIA CRISTINA CARDOSO SADDI Ph.D. in Economics University of Southern California
NELSON MENDES CANTARINO Doctor in Social History USP
RICARDO DIAS DE OLIVEIRA BRITO Doctor in Economics FGV-RJ
ROSELI MORENA PORTO Doctor in Business Administration FGV-SP
VIVIAN IARA STREHLAU Doctor in Business Administration FGV - SP
NILTON DEODORO MOREIRA CARDOSO JUNIOR Doctor in Economics Université Paris 1 Pantheón-Sorbonne
RICARDO GOULART SERRA Doctor in Business Administration USP
SANDRO MAGALHÃES MANTEIGA Master in Mathematical Modeling in Finance USP
NUNO RICARDO MARTINS SOBREIRA Doctor in Economics Universidade Nova de Lisboa
RICARDO JOSÉ DE ALMEIDA Doctor in Business Administration USP
SÉRGIO GIOVANETTI LAZZARINI Ph.D. in Business Administration Washington University, in St. Louis
OTTO NOGAMI Master in Economics Universidade Presbiteriana Mackenzie
RICARDO MACHADO Doctor in Social Sciences PUC-SP
SERGIO RICARDO MARTINS Master in Statistics USP
PATRICIA DA CUNHA TAVARES Doctor in Business Administration FGV-SP
RICARDO MOLLO MBA University of Dallas
SILVIA ANTONIO SFEIR Master in Business Administration FECAP
PATRÍCIA PORTELLA PRADO GALHANO Doctor in Business Administration USP
RICARDO ROCHA Doctor in Business Administration USP
SILVIO ABRAHÃO LABAN NETO Doctor in Business Administration FGV-SP 29
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GUEST PROFESSORS/LECTURERS ALBERTO MACEDO Master in Economic, Financial and Tax Law USP ALEXANDRE DEMETRIUS Doctor in Commercial Law USP ALVARO TAIAR Bachelor in Law USP ANA LUIZA SALLES LOURENÇO ANDRÉIA CRISTINA BEZERRA LL.M. in Corporate Law Insper DANIEL KALANSKY Master in Commercial Law USP DANIEL MARTINS BOULOS Master in Social Relations Law PUC-SP DONALD MAC NICOL Bachelor in Business Administration FGV-SP EDUARDO MONTENEGRO DOTTA Bachelor in Law PUC-SP 30
EVANDRO PONTES Master in Commercial Law USP FABIANO DEL MASSO Doctor in Law PUC-SP FÁBIO DA PAZ FERREIRA Master in Business Administration USP FABIO SOARES DE MELO Specialist in Tax Law PUC-SP
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KLEBER LUIZ ZANCHIM Doctor in Law USP
PAULO JORGE SCARTEZZINI Master in Civil Law USP
LIOR PINSKY LL.M. London School of Economics
PEDRO WHITAKER DE SOUZA DIAS LL.M. University of Pennsylvania
LUIS FERNANDO CAMARGO Bachelor in Accounting Sciences Faculdade Tibiriçá
PLINIO JOSÉ LOPES SHIGUEMATSU Master in International Law USP
LUIS GUSTAVO HADDAD Master in Civil Law USP
RENATO NUNES Doctor in Tax Law PUC-SP
LUIZ FERNANDO MUSSOLINI JÚNIOR Master in Public Law PUC-SP
RODRIGO FERNANDES REBOUÇAS Master in Social Relations Law PUC-SP
MARCEL GOMES BRAGANÇA RETTO Master in Commercial Law USP
ROGÉRIO GARCIA PERES
MARCELO VIEIRA VON ADAMEK Doctor in Commercial Law USP MARCELO GODKE VEIGA LL.M. Columbia University
TAIMI HAENSEL LL.M. Insper THIAGO SANDIM Bachelor in Law PUC-SP
MARCO ANTONIO BEVILAQUA
VALDIR CARLOS PEREIRA FILHO LL.M. University of London
MARCOS CAVALCANTE DE OLIVEIRA
WILSON R.OMETTO
MIGUEL TORNOVSKY LL.M. Columbia University
GERMAN ALEJANDRO SAN MARTINS FERNANDEZ Master in Tax Law PUC-SP JOSÉ DUTRA VIEIRA SOBRINHO Specialist in Accounting Sciences USP JOSÉ EDUARDO SOARES DE MELO Doctor in Law PUC-SP JOSÉ LUIZ CONRADO VIEIRA Doctor in Law USP JOSÉ VIRGÍLIO ENEI Master in Commercial Law USP 31
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Research Our research professors regularly publish scholarly works in various fields of business administration and economics in prominent Brazilian and international journals. In 2012, 32 works were published in international journals and 31 in Brazilian journals.
Insper professors who received the Chafi Haddad and George Stigler awards
CHAFI HADDAD AWARD FOR EXCELLENCE IN TEACHING Insper helps foster teaching quality by recognizing, through votes cast by graduating students, the professors who excelled in both the undergraduate and graduate programs. Professors awarded in 2012:
UNDERGRADUATE PROGRAMS • • • •
Artur Parente – 1st Place Carlos Melo – Honorable Mention Eduardo Andrade – Honorable Mention Sergio Martins – Honorable Mention
GRADUATE PROGRAMS CERTIFICATE • Ricardo Mollo – 1st Place • Romeo Busarello – Honorable Mention
MBA • Hsia Hua Sheng – 1st Place • Auro Key Honda – Honorable Mention
One of the highlights was the thesis “Essays in Heterogeneous Agent Macroeconomics” by Professor Marcelo Rodrigues dos Santos, who received the Haralambos Simeonidis Award conferred by the National Association of Graduate Centers in Economics (ANPEC). The year 2012 was also marked by the launch of the Center of Finance, which fosters academic production in this field. It receives support from research professors and is coordinated by Professor Antonio Zoratto Sanvicente and Professor Michael Viriato Araujo. The center’s main lines of research are: pricing of assets and derivatives, valuing companies, assessing investment fund performance, yield curve, corporate finance, international finance, portfolio management and corporate governance. Meanwhile, the Strategy Research Center continues to conduct studies into business strategy that draw on interaction between companies and the academic community. An important accomplishment of the center was the creation of the Salary Guide, which was the product of the first year of partnership with the Brazilian operations of HAYS, a company specializing in recruiting mid-level and senior executives. Working together with Grupo Santander Brasil, the CPE published four new editions of the Brazilian Small and Medium Business Confidence Index (IC-PMN). The index, which was created in 2008, continues to gain exposure in the media, especially in segments specializing in small and medium enterprises. Insper’s Center for Public Policies also supported various events to promote discussion on the academic research conducted by professors from the center and by other guest researchers. A highlight was the seminar “O Triunfo da Cidade” (The Triumph of the City), which was led by Professor Edward Glaeser, an economist from the University of Harvard. The seminar explored the main management challenges faced by the world’s major metropolises. www.insper.edu.br/en/research
GEORGE STIGLER AWARD FOR EXCELLENCE IN RESEARCH Insper also awards the best academic works published by its professors. The selection process is based on the publication’s contribution to advancing knowledge in the fields of business administration, economics and related areas and considers its relevance to the academic community, organizations and society.
1st Place Rodrigo Moita, for the paper “Political Price Cycles in Regulated Industries: Theory and Evidence” published in the American Economic Journal: Economic Policy, Vol. 5 No. 1 (February 2013) 2nd Place José Heleno Faro, for the paper “Cobb-Douglas preferences under uncertainty” published in the journal Economic Theory (January 2013) Marcelo Moura, “Taylor rules and exchange rate predictability in emerging economies” published in the Journal of International Money and Finance, Elsevier, Volume 32, February 2013, Pages 1008 - 1031 Marco Lyrio, “Information in the yield curve: a macro-finance approach”, published in the Journal of Applied Econometrics. J. Appl. Econ. (2012). Published online in Wiley Online Library. (wileyonlinelibrary.com) DOI: 10.1002/ jae.2305
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Academic Production by Faculty 2012
DANNY PIMENTEL CLARO
INTERNATIONAL JOURNALS
EDUARDO DE CARVALHO ANDRADE
2012
O boca a boca na era da Internet Harvard Business Review (Santiago. Edición en portugués) New evidence on the role of cognitive skill in economic development
ADRIANA BRUSCATO BORTOLUZZO
Economics Letters
Cancer/testis antigens expression and autologous serological response in a set of Brazilian non-Hodgkin´s lymphoma patients
EDUARDO DE CARVALHO ANDRADE MARIA CRISTINA NOGUEIRA GRAMANI
International Transactions in Operational Research
Cancer Immunology and Immunotherapy
ADRIANA BRUSCATO BORTOLUZZO HENRIQUE MACHADO BARROS
Determinants of the choice of marketing channels by corporate clients: An analysis of the information technology sector
GAZI ISLAM
ADRIANA BRUSCATO BORTOLUZZO
Between unity and diversity: historical and cultural foundations of Brazilian management European Journal of International Management
JISTEM. Journal of Information Systems and Technology Management Effect of age at disease onset in the clinical profile of spondyloarthritis: a study of 1424 Brazilian patients
Technical efficiency of business administration courses: a simultaneous analysis using DEA and SFA.
GAZI ISLAM
Can the subaltern eat? Anthropophagic culture as a Brazilian lens on postcolonial theory Organization (London)
Clinical and Experimental Rheumatology (print)
ADRIANA BRUSCATO BORTOLUZZO
Ethnic influence in clinical and functional parameters in Brazilian patients with spondyloarthritis
GUILHERME FOWLER DE AVILA MONTEIRO
Development Policy Review
The Journal of Rheumatology (online)
ADRIANA BRUSCATO BORTOLUZZO
Gender characterization in a large series of Brazilian patients with spondyloarthritis
GUILHERME FOWLER DE AVILA MONTEIRO
ADRIANA BRUSCATO BORTOLUZZO
Institutional change and capability building: some remarks on the institutionbased view of strategy International Journal of Strategic Change Management
Clinical Rheumatology (print) Survival, causes of death, and prognostic factors in systemic sclerosis: analysis of 947 Brazilian patients
Food-retail development and the myth of everyday low prices: the case of Brazil
Service’s scientific community: a social network analysis (1995-2010) GUILHERME SILVEIRA MARTINS Journal of Service Management
The Journal of Rheumatology (online)
CAIO CESAR MUSSOLINI
Infrastructure and productivity in Latin America: is there a relationship in the long-run?
GUSTAVO HENRIQUE DE ARAUJO PEREIRA
The truncated inflated beta distribution Communications in Statistics - Theory and Methods
Journal of Economic Studies (Bradford)
Rappers em São Paulo: conexões, desconexões e transgressões.
HSIA HUA SHENG
CHARLES KIRSCHBAUM
Emerging Markets Review
Redes — Revista Hispana para el Análisis de Redes Sociales Network centrality and multiplexity: a study of sales performance DANNY PIMENTEL CLARO
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The use of FX Derivatives and the cost of capital: evidence of Brazilian companies
JOSÉ HELENO FARO
On the confidence preferences model Fuzzy Sets and Systems
Journal on Chain and Network Science (print) 35
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Pricing rules and Arrow Debreu ambiguous valuation JOSÉ HELENO FARO
Leveraging the competitive advantage of Iberoamerican scholars SÉGIO GIOVANETTI LAZZARINI
Economic Theory
JOSÉ LUIZ ROSSI JúNIOR
2012
Understanding Brazilian companies’ foreign exchange exposure
Management Research (Armonk, NY)
BRAZILIAN JOURNALS
Emerging Markets Review
Correlation of financial markets in times of crisis LEONIDAS SANDOVAL JUNIOR
ADRIANA BRUSCATO BORTOLUZZO Physica A
Pruning a minimum spanning tree LEONIDAS SANDOVAL JUNIOR
MARCO ANTONIO LEONEL CAETANO
Demand for life annuities: a Brazilian perspective ADRIANA BRUSCATO BORTOLUZZO
Physica A
BAR. Brazilian Administration Review
A method for detection of abrupt changes in the financial market combining wavelet decomposition and correlation graphs
Juros sobre o capital próprio: uma análise sobre o impacto tributário para quem paga e quem recebe
ALEXANDRE GONZALES
Physica A
Revista Científica Hermes
Efficiency decomposition approach: A cross-country airline analysis MARIA CRISTINA NOGUEIRA GRAMANI
NAERCIO AQUINO MENEZES FILHO
Expert Systems with Applications Evaluating the impact of Brazilian Public School Math Olympics on the quality of education
ALEXANDRE GONZALES
REGINA CARLA MADALOZZO
Inter-regional wage differentials with individual heterogeneity: evidence from Brazil The Annals of Regional Science Does investing in education reduce the gender wage gap? A Brazilian population study
Fatores associados ao fluxo escolar no ingresso e ao longo do ensino médio no Brasil
ANTONIO ZORATTO SANVICENTE
BRUNO TEODORO OLIVA
Pesquisa e Planejamento Econômico
Transitions in fertility for Brazilian women: an analysis of impact factors REGINA CARLA MADALOZZO
Ciclos reais e política fiscal no Brasil CAIO CESAR MUSSOLINI
Plos One
Estudos Econômicos (USP, print)
Bad for practice? Reconciling alternative views on managerial attitudes and their impact on organizational performance
Notas e reflexões sobre Liderança Política: contribuição para delimitação de um campo de estudo
Management Research (Armonk, NY)
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Revista Brasileira de Finanças Problemas de estimação de custo de capital de empresas concessionárias no Brasil: uma aplicação à regulamentação de concessões rodoviárias Revista de Administração (FEA-USP)
Population Review (print)
SÉGIO GIOVANETTI LAZZARINI
Reflexo da introdução da substituição tributária de ICMS (Imposto sobre Circulação de Mercadorias e Serviços na arrecadação do Estado de São Paulo Enfoque: Reflexão Contábil (print) Determinants of transactions costs in the Brazilian stock market
ANTONIO ZORATTO SANVICENTE
Economía (Washington, D.C.)
NAERCIO AQUINO MENEZES FILHO
Baixa prevalência das manifestações extra-articulares renais, cardíacas, pulmonares e neurológicas nas espondiloartrites: análise do Registro Brasileiro de Espondiloartrites Revista Brasileira de Reumatologia (print)
CARLOS ALBERTO FURTADO DE MELO
Aurora (PUC-SP, online)
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Empregabilidade e o mercado de recursos humanos no Brasil DENISE POIANI DELBONI
EDÉLCIO KOITIRO NISIYAMA JOSÉ CARLOS TIOMATSU OYADOMARI
EDÉLCIO KOITIRO NISIYAMA JOSÉ CARLOS TIOMATSU OYADOMARI
EDUARDO DE CARVALHO ANDRADE
Remuneração variável atrelada ao balanced scorecard JOSÉ CARLOS TIOMATSU OYADOMARI
Revista de Economia & Relações Internacionais
TAC - Tecnologias de Administração e Contabilidade
A busca da inovação e a cadeia de valor LARS MEYER SANCHES
Revista Mundo Logística
Sistemas de controle gerencial e o processo de inovação
Tendências de decisões do TJSP sobre quebras de contratos privados LUCIANA YEUNG LUK TAI
Revista de Administração e Inovação
Economic Analysis of Law Review
Factors affecting the student evaluation of teaching scores: evidence from panel data estimation
O desempenho educacional como fator de influência na escolha da profissão
MARIA CRISTINA NOGUEIRA GRAMANI
Estudos Econômicos (USP, print)
Cadernos de Pesquisa (Fundação Carlos Chagas. print)
Goodwill: uma análise dos conceitos utilizados em trabalhos científicos
Educação, salários e alocação de trabalhadores entre tarefas: teoria e evidências para o Brasil
Revista Contabilidade & Finanças (online) Estado de natureza, dominium e política econômica no pensamento hobbesiano
NAERCIO AQUINO MENEZES FILHO
Pesquisa e Planejamento Econômico (Rio de Janeiro)
NAERCIO AQUINO MENEZES FILHO
Revista da Sociedade Brasileira de Economia Política
HENRIQUE MACHADO BARROS SÉRGIO GIOVANETTI LAZZARINI
HSIA HUA SHENG
HUMBERTO DANTAS DE MIZUCA
Uma análise de rankings de escolas brasileiras com dados do SAEB
Do organizational incentives spur innovation? NAERCIO AQUINO MENEZES FILHO BAR. Brazilian Administration Review
Estudos Econômicos (USP, print)
Country factors and dynamic capital structure in Latin American firms
The impact of civil status on women’s wages in Brazil
Revista Brasileira de Finanças O horário eleitoral gratuito na televisão e o padrão das coligações em eleições majoritárias municipais
Coligações entre partidos nas eleições municipais de 2004 e 2008. Estudo de caso DEM/PFL e PT
REGINA CARLA MADALOZZO
RICARDO DIAS DE OLIVEIRA BRITO
Estudos Econômicos (USP, print)
Uma análise do hiato do produto brasileiro Revista de Economia e Administração (print)
RODRIGO MENON SIMÕES MOITA
Entradas e bandeiras: a estratégia de interiorização das cadeias de fast food
Revista on-line Liberdade e Cidadania
RAE (print)
Aprendendo com o salmão
Conduta ética dos pesquisadores em contabilidade: diferenças entre a crença e a práxis
ILAN AVRICHIR
RODRIGO TAKASHI OKIMURA Revista da ESPM
38
Estimando o retorno à educação do Brasil considerando a legislação educacional brasileira como um instrumento Revista de Economia Política (print)
Leviathan
HUMBERTO DANTAS DE MIZUCA
Concentração de vendas no final do mês
Revista de Administração da UNIMEP
ERIC AVERSARI MARTINS
FERNANDO RIBEIRO LEITE NETO
2012
Revista Contabilidade & Finanças da USP
39
Annual Report
2012
Annual Report
BOOK CHAPTERS
ALEXANDRE DEMETRIUS PEREIRA
ANA LúCIA PINTO DA SILVA
ANA LúCIA PINTO DA SILVA
LUCIANA YEUNG LUK TAI
A insegurança jurídica também é do devedor: seleção adversa e custo do crédito no Brasil Agenda Contemporânea: Direito e Economia: Trinta anos de Brasil FGV (GVLaw Series) Editora Saraiva
LUCIANA YEUNG LUK TAI
Análise econômica do direito do trabalho Direito e Economia no Brasil Atlas
LUCIANA YEUNG LUK TAI
Breve panorama do direito do trabalho brasileiro sob uma perspectiva econômica Direito Econômico Social - Atualidades e reflexões sobre Direito Concorrencial, do Consumidor, do Trabalho e Tributário Revista dos Tribunais
MARCO TúLIO PEREIRA LYRIO
The predictive content of the Yield Curve for inflation Macroeconomic Policy Making Cambridge University Press
Ajuste a valor presente – AVP Controvérsias Jurídico-Contábeis Dialética A insegurança jurídica é também do devedor: seleção adversa e custo do crédito no Brasil Agenda Contemporânea: Direito e Economia: Trinta anos de Brasil FGV (GVLaw Series) Editora Saraiva Principais conceitos econômicos Agenda Contemporânea: Direito e Economia: Trinta anos de Brasil FGV (GVLaw Series) Editora Saraiva Demonstração dos fluxos de caixa e disponibilidades
CAMILA PEREIRA BOSCOV
Normas e práticas contábeis: uma introdução Atlas
The small world of business groups: liberalization and network dynamics SÉRGIO GIOVANETTI LAZZARINI
CHARLES KIRSCHBAUM
Redes sociais e expressões culturais na periferia: a extensão geográfica de rappers na cidade de São Paulo Redes sociais no Brasil Fino Traço
EDUARDO LUIZ MACHADO
Contribuição da cana-de-açúcar na redução das emissões de CO2 no Estado de São Paulo Indústria, tecnologia e trabalho: desafios da economia brasileira CNPq
ALEXANDRE DEMETRIUS PEREIRA
GAZI ISLAM
Ethical issues of reification and recognition on HRM: a critical social theory perspective Business ethics: a critical approach: integrating ethics across the business world Routledge Happiness in Brazil Happiness across cultures: views of happiness and quality of life in non-western cultures Springer
DENISE POIANI DELBONI
GAZI ISLAM
GUSTAVO LIAN HADDAD
Questões controvertidas no processo administrativo fiscal - Carf Questões controvertidas no processo administrativo fiscal Carf - Vol.18 Rt
2012
The small world of corporate governance MIT Press
BOOKS
Curso de direito comercial Malheiros
Direito empresarial do trabalho Saraiva O conselho fiscal nas companhias abertas brasileiras EVANDRO FERNANDES DE PONTES
Coleção Insper Almedina Direito econômico esquematizado
JOSÉ VIRGÍLIO LOPES ENEI
A atividade de construção em grandes projetos de infraestrutura no Brasil e o contrato de aliança: evolução ou utopia? Direito e Infraestrutura Saraiva
FABIANO DEL MASSO Método
FABIO SOARES DE MELO
Processo administrativo tributário: princípios, vícios e efeitos jurídicos Dialética
40
41
Annual Report
2012
Relatório Annual Report Anual
Série GVLaw Direito, Gestão e Prática: Introdução às finanças empresariais
HSIA HUA SHENG
Saraiva
2012
ALUMNI COMMUNITY In 2012, Insper’s Institutional Relations area guided and organized efforts aimed at increasing engagement and the sense of belonging among Insper graduates on four fronts: Connection - organization of events, communicating Insper’s progress and accomplishments, promoting networking and interaction of alumni among themselves and with the School;
Avaliação econômica de projetos sociais NAERCIO AQUINO MENEZES FILHO Dinâmica Gráfica e Editora
Continuous improvement - offering special conditions to alumni for enrolling in Insper’s graduate and executive education programs and courses; Career guidance - actions conducted in coordination with the Career Center with the objective of accompanying the career path of the alumni;
Princípios de economia - 6ª edição OTTO NOGAMI Cengage Planejamento financeiro pessoal e gestão do patrimônio: fundamentos e prática
RICARDO HUMBERTO ROCHA
Volunteer actions and donations - participation in programs such as Alumni-Mentor, in which graduate students offer guidance to seniors in undergraduate programs, and contributions to the Scholarship Fund through donations.
EVOLUTION OF ALUMNI ENROLLMENT IN NEW PROGRAMS
Editora Atlas
109
139
137
WORKS PUBLISHED IN CONFERENCE PROCEEDINGS Nine papers or abstracts were published in Brazilian conference proceedings and 25 in international conference proceedings.
20%
23% 16%
19% 15%
15%
4%
8%
1%
1%
20%
2010
2011
2012
12%
2010
2011
2012
INSIDE THE SCHOLARSHIP PROGRAM International Papers Brazilian Papers Book Chapters Books
In 2012, 100 students received some form of scholarship, which represents 8% of all undergraduate students.
59
THE ALUMNI COMMUNITY IS FORMED BY APPROXIMATELY 10,000 GRADUATES
scholarship* students have already fully repaid their scholarships
64% 8 127
is the average subsidy granted on tuition payments students received full scholarships, 100% subsidy scholarship* students have graduated
*2012
NUMBER OF ALUMNI/STUDENT DONORS
42
43
Annual Relatório Report Anual
2012
Alumni and Student Donors to the Scholarship Fund
2012
José Roberto Schwartzmann Preter - ADM 2009
Pedro Henrique Braga Lobo - ADM 2006
Josedir Barreto - LL.M. (student)
Pedro Henrique Lemgruber Vilela - ADM 2005
Julia dos Santos Ribeiro - ECO (student)
Pedro Vieira Lima de Albuquerque - ECO 2009
Laís Yazbek de Oliveira e Silva - ADM 2008
Philippe Lemes Ribeiro - ECO 2009
Larissa Furletti Bomfim - ADM (student)
Rafael Barbosa Santos Coelho - ADM 2007
Larissa Matilde Salles Cunha Araium - ADM 2008
Rafael Behar - ADM 2006
Leandro Omena Silva - ECO (student)
Raphael Falcioni - ADM 2011
Acir Albino Dybas Junior - ADM 2011
Felix Yen - ADM 2009
Leonardo Vassiliades Martinez - ADM 2008
Raquel Erzinian de Camargo Moreira - ECO 2010
Adriano Ortega Carvalho - ECO 2008
Fernanda Verroni Keidel - ADM 2007
Livia Rizzi Razente - ADM 2008
Ricardo Luiz Coelho Duarte - ECO 2010
Alex Sandro Antunes - MBA (student)
Fernando Castro de Campos Roriz - ECO 2008
Lucas Pogetti Zanetti - ADM 2009
Ricardo Siniscalchi de Souza - MBA 1999
Alexandre Cavalleri do Nascimento - Executive Ed. (student)
Fernando Henrique Folchito Maglioni - ADM 2007
Luciana Szente Fonseca - ADM 2011
Roberta Beatriz Bolognesi Donato - ADM 2005
Alexandre Ferraz de Oliveira - MBA (student)
Fernando Kenji Muramoto - ADM 2005
Luis Rodolfo Cruz e Creuz - LL.M. 2004
Roberta Bornia Romiti - ECO 2010
Amanda Rodrigues Luhmann de Jesuz - ECO 2011
Fernando Luis Abegao Neto - ADM 2006
Luiz Eduardo Rudge Leite - ADM (student)
Roberto Tranchesi Zuccolo - ADM 2006
Andre Luiz de Moura Albuquerque - ADM 2010
Fernando Nicoli - ADM 2008
Luiz Fernando Matsubara - ADM 2007
Rodolpho Rocha Ruiz - ADM 2005
Andrea Martins Flores - CMM 2010
Fernando Ring - ECO 2009
Luiz Henrique Cordeiro Rustiguel - ADM 2004
Rodrigo Kuchauskas Mariano da Silva - ADM 2002
Barbara Diniz Almeida - ADM 2008
Flavia Cerruti - ADM 2008
Marcelo de Castro Ferreira Oliveira - ADM 2005
Rodrigo Lemos da Silva Haenel - MBA 1996
Bruno Amorim Florencio Pereira - ADM 2007
Francisco Mendonça de Toledo Arruda - ADM 2006
Maria Angelica Martins Miranda - ADM 2007
Rodrigo Maldonado Mendonça - ECO 2009
Bruno Oliveira Gonçalves - ADM 2007
Franco Rodrigues Resende Veludo - ADM 2007*
Maria Carolina Dassie - ECO 2006
Ronaldo Zecchin Torres - ADM 2008
Bruno Saliba Laguna - ADM 2010
Frederico de Souza Queiroz Pascowitch - ADM 2005
Maria Neiva Tajra - ADM (student)
Samer Souhail Ghosn - ADM 2008
Caio Gracco Rocha Carbone - ECO
Gabriel de Lima Ramos - ECO 2011
Marina Kairalla Garcia - ADM 2005
Sidney Mendes de Souza - LL.M. (student)
Caio Saliba Laguna - ECO (student)
Gabriel Fongaro de Araujo Pereira - ECO 2010
Mauricio Torres Pinto Bergamaschi - ADM 2006
Taís Novaes Silva - ADM 2011
Camila Paes Buffone - ADM 2008
Gisela Santos de Macedo - ADM 2005
Mauro Francisco de Andrade Filho - CFM 2012
Tatiana Der Haroutiounian - ADM 2011
Claudia Bruschi Martins - ECO 2010
Giuliano de Oliveira Mourao - MBA 2010
Milton Giannelli Neto - ADM 2008
Tatiana Milan - ADM 2003
Claudia Sayuri Fagliari - ADM (student)
Guilherme Bockmann Ferreira - ADM 2007
Nathalia Cristina Sampaio do Valle - ADM 2011
Valter Pujol Ortiz - MBA 1996
Conrado Lima Gonsalez - ECO 2008
Guilherme da Silva Palocci - ADM 2007
Otávio de Medeiros Tranchesi - ECO (student)
Vanessa Lima Gonsalez Pedroso - ADM 2007
Cristina Elza Dora Camiz de Fonseca - ADM 2008
Guilherme Lopes Ferrari - ECO 2009
Paula Marcela Lima Perez - ADM 2010
Vinícius Royo Rággio - ADM (student)
Cynthia Michels - ECO 2012
Guilherme Martinez Del Tedesco - ECO 2011
Paulo Eduardo Albano - ADM 2007
Werther Teixeira de Freitas Vervloet - ECO 2007
Daniel Blinder Somekh - ADM 2008
Guilherme Scotto Sassi - ECO 2006
Daniel Severini - ECO (student)
Gustavo de Paula Ribeiro - ECO 2009
Danilo Cesar Leite de Almeida - ADM 2006
Gustavo Goldenberg - ECO 2011
Diogo Scuta Fagliari - ADM 2009
Henrique Cordeiro Mariano - MBA 2008
Dirceu Delamuta Filho - ADM 2007
Henrique Silva Pires Sana - ADM 2006
Eduardo Montenegro Dotta - LL.M. 2001
Henry Abdo Nakad - ADM 2008
Eduardo Santin Scarpari - ADM 2006
Ivan Akio Itocazo Soida - Mestrado 2012
Emilio Motta Carmona Gerbelli - CBA 2010
João Daniel Azevedo dos Santos - ADM 2008
Fábio da Silva Rodrigues - ECO 2004
João Marcelo de Aguirre Furlan - ADM 2003
Fabio Moreira Vernille - ECO 2007
João Moreira Salles - ECO 2003
Fábio Seabra de Paula - CFM (student)
Jonas Honchie Chen - ECO 2009
“When I donate, I contribute to the perpetuity of Insper and help it to remain at the forefront, with the best students possible, including, of course, those students who are unable to pay the tuition.”
Fabio Wrobel Zausner - ADM 2006
Jorge Hideo Tamae - MBA 2008
Franco Veludo – ADM 2007
Felipe Martins Bacelar de Rezende - ECO 2011
José Geraldo Setter Filho - MBA 2005
Felipe Trigo Osmo - ECO 2005
José Roberto Ermírio de Moraes Filho - ADM 2007*
*Our special gratitude
“
44
Annual Report
Alumni celebrating the 10th anniversary of the graduation of Insper’s first undergraduate class
45
Annual Report
2012
Friends of Insper Donors to the Scholarship Fund
Annual Report
2012
Friends of Insper Sponsors NEW HONORS ON CAMPUS BANCO ITAú-UNIBANCO - EUDORO VILLELA ROOM
Alex Harry Haegler
Maria Gorete de Alencar Machado
Alex Ribeiro Pinto da Silva
Maria Lúcia de Fátima Zorzato
André Luis de Castro Moura Duarte
Maurizio Mauro
André Street Aguiar
Piero Paolo Picchioni Minardi
Arthur Mizne
Ricardo José de Almeida
Camila de Souza Queiroz Du Plessis
Rinaldo Artes
Carlos Rebouças Du Plessis
Rita de Cássia Rebollo
Carolina da Costa
Roberto Haberfeld*
Christian Greiffo da Justa Menescal
Rodrigo Lisboa Bonafé
Cynthia de Souza Almeida Serva
Rogerio Ueti Barasioli
Daniel Lucas Geraldeli
Ronei Filgueiras Frigerio
Decio Alexandre
Sean R White
Dirk Michael Boehe
Sérgio Giovanetti Lazzarini
Eduardo Cunha Monnerat Solon de Pontes
Susan Lyons
Eliete Bernal Arellano
Tatiana Beiragrande Ciorniavei
Elisa Peres Novaki
Tiago Fischer Ferreira
Milú Villela - December 2012
MEMBER OF THE JEWISH COMMUNITY IN BRAZIL - LUIZ MARTINS DE SOUZA DANTAS ROOM
“In honor of the ambassador proclaimed. ‘Righteous Among the Nations’, a title given to people who risked their lives to help Jews persecuted by the Nazi and fascist regimes.” March 2013
HADDAD’S FAMILY AND JORGE PAULO LEMANN - PAULO RENATO SOUZA ROOM
Elubian de Moraes Sanchez Fabio Pelicano Borges Vieira
“Talking about my father always brings me great pride and joy! He was a vanguard, a man ahead of his time.”
*Our special gratitude
Família Haddad* Fernando Russo Irineu Gustavo Nogueira Gianesi
“We are extremely honored to have on our campus a classroom that pays homage to a person who has done so much for education in Brazil.”
Isabel Maria Sobrino Porto Rosas Jean François Pinto Saghaard José Alexandre Scheinkman
Claudio Haddad - January 2013
Josiane Pereira da Silva Juliana Maria Salú dos Santos
ACADEMIC PROGRAMS
Leonidas Sandoval Junior
MULTIYEAR PLEDGE MODEL
Letícia Costa
CENTER FOR PUBLIC POLICIES HADDAD’S FAMILY
Liao Yu Chieh
Marcelo Nakagawa
UNDERGRADUATE FIELD PROGRAM
GROUP OF EXECUTIVES
Luciana Yeung Luís Norberto Pascoal*
EFFECTIVE PROBLEM SOLVING
ENGINEERING SCHOOL (CLASSES TO START IN 2015)
Marcia Nizzo de Moura Marcos Costa Santos Carreira Marcos de Barros Lisboa
46
47
Annual Report
Indicators
2012
Annual Report
2012
FINANCIAL INDICATORS
2010
2011
2012
GROSS REVENUES
86,792
96,893
116,877
COSTS AND EXPENSES
31,936
35,630
42,975
OPERATIONAL MARGIN
48,499
54,074
68,173
INDIRECT EXPENSES
12,666
14,621
16,163
GENERAL AND INSTITUTIONAL EXPENSES
25,636
31,154
32,868
ADMINISTRATIVE SURPLUS
15,436
17,710
22,496
CASH POSITION (END OF PERIOD)
59,129
59,450
57,564
941
1,145
893
16,092
28,514
27,577
715
878
576
DONATIONS - OTHER
1,650
10,690
5,668
DONATIONS - TOTAL
2,365
11,568
6,244
2010
2011
2012
332
496
652
68
79
64
14,393
26,147
25,173
1,538
2,290
2,270
(IN THOUSANDS OF BRAzILIAN REAL)1
SCHOLARSHIP FUND (END OF PERIOD) INVESTMENTS - TOTAL DONATIONS - SCHOLARSHIP FUND
Managerial view, excluding accounting adjustments
1
INVESTMENTS
(IN THOUSANDS OF BRAzILIAN REAL)1
LIBRARY: COLLECTION AND DATABASE DEVELOPMENT OF CASE STUDIES INFRASTRUCTURE2 TECHNOLOGY3
Economic investments, not considering the accounting classifications Infrastructure (furniture, fixtures and equipment, labor for expanding the current campus and land acquisitions for construction of the building to house the engineering school) 3 Technology (acquisitions of software and systems, including Blackboard) 1 2
REVENUES BY PROGRAM
%
2010
%
2011
%
2012
UNDERGRADUATE PROGRAMS
43%
37,555
45%
43,221
44%
50,943
GRADUATE PROGRAMS (LATO SENSU)
40%
34,463
38%
36,898
36%
42,365
GRADUATE PROGRAMS (STRICTO SENSU)
4%
3,052
3%
3,021
3%
3,812
EXECUTIVE EDUCATION
14%
11,723
14%
13,753
17%
19,757
(IN THOUSANDS OF BRAzILIAN REAL)1
Managerial view, excluding accounting adjustments
1
48
49
2012
Annual Report
Annual Report
UNDERGRADUATE PROGRAMS
APPLICANT/OPENING RATIO
ENTRANCE EXAMINATION – 1ST SEMESTER OF THE YEAR BUSINESS APPLICANTS OPENINGS1 ADMINISTRATION APPLICANTS OPENINGS1
ECONOMY
GRADUATE PROGRAMS
2010
2011
2012
TOTAL APPLICATIONS
3,446
3,784
4,459
18%
–
2,560
2,698
5%
TOTAL APPLICANTS COMPLETED
CHANGE %
2010
1,218
100
12.2
485
50
9.7
APPLICANTS ACCEPTED
1,226
1,318
1,358
3%
2011
1,136
150
7.6
464
75
6.2
STUDENTS ENROLLED
1,149
1,162
1,214
4%
2012
1,077
150
7.2
513
75
6.8
94%
88%
89%
1%
ENTRANCE EXAMINATION – 2ND SEMESTER OF THE YEAR BUSINESS APPLICANTS OPENINGS1 ADMINISTRATION APPLICANTS OPENINGS1
YIELD (ACCEPTED/ENROLLED)
ECONOMY
2010
634
150
4.2
175
75
2.3
2011
622
150
4.1
207
75
2.8
2012
544
150
3.6
216
75
2.9
As of the second semester, the total number of openings in the undergraduate entrance examination was increased by 50% (to 150 openings in business administration and 75 openings in economics)
1
CERTIFICATES
2010
2011
2012
TOTAL APPLICANTS (COMPLETE APPLICATIONS)
92
162
131
APPLICANTS ACCEPTED
33
44
37
STUDENTS ENROLLED
25
32
32
YIELD (ACCEPTED/ENROLLED)
76%
73%
86%
PROFESSIONAL MASTERS IN ECONOMICS
2010
2011
2012
167
128
157
2012
CHANGE %
1,212
1,418
1,632
15%
–
1,032
1,074
4%
TOTAL APPLICANTS (COMPLETE APPLICATIONS)
APPLICANTS ACCEPTED
511
548
589
7%
APPLICANTS ACCEPTED
52
43
52
STUDENTS ENROLLED
482
487
532
9%
STUDENTS ENROLLED
40
42
50
YIELD (ACCEPTED/ENROLLED)
94%
89%
90%
2%
YIELD (ACCEPTED/ENROLLED)
77%
98%
96%
MBAS
2010
2011
2012
1,447
1,670
1,725
3%
EXECUTIVE EDUCATION - OPEN ENROLLMENT PROGRAMS
–
1,035
1,031
0%
2010
2011
2012
APPLICANTS ACCEPTED
484
501
485
-3%
TOTAL APPLICANTS
634
1,157
1,382
STUDENTS ENROLLED
451
424
441
4%
TOTAL STUDENTS
326
568
652
YIELD (ACCEPTED/ENROLLED)
93%
85%
91%
7%
EXECUTIVE EDUCATION - CUSTOM PROGRAMS
2010
2011
2012
2011
2012
CHANGE % 24
25
26
787
696
1,102
58%
115
96
96
–
493
593
20%
TOTAL STUDENTS
2,547
2,083
2,662
APPLICANTS ACCEPTED
231
269
284
6%
HOURS ADMINISTERED
5,468
6,040
5,461
STUDENTS ENROLLED
216
251
241
-4%
YIELD (ACCEPTED/ENROLLED)
94%
93%
85%
-9%
TOTAL APPLICANTS COMPLETED
TOTAL APPLICATIONS TOTAL APPLICANTS COMPLETED
LL.M. – MASTER OF LAWS
2010
PROFESSIONAL MASTERS IN BUSINESS ADMINISTRATION
2011
TOTAL APPLICATIONS
2010
CHANGE %
COMPANIES SERVED TOTAL APPLICATIONS TOTAL APPLICANTS COMPLETED
50
2012
PROGRAMS ADMINISTERED
51
Annual Report
2012
Independent auditors’ report on the financial statements
Annual Report
2012
OPINION In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of the Institute, as of December 31, 2012, the performance of its operations and its cash flows for the year then ended, in accordance with the accounting practices adopted in Brazil.
OTHER MATTERS
TO BOARD MEMBERS OF INSPER INSTITUTO DE ENSINO E PESQUISA SÃO PAULO - SP
We have examined the financial statements of Insper Instituto de Ensino e Pesquisa (“Institute”), comprising the balance sheet as of December 31, 2012 and the related statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, as well as the summary of the significant accounting practices and other explanatory notes.
The examination of the financial statements for the year ended December 31, 2011, originally prepared before the deriving adjustments described in Note 2.e, was the responsibility of other independent auditors, who issued an unchanged audit report dated March 12, 2012. As part of our examination of the 2012 financial statements, we also examined the adjustments described in Note 2e which were performed to amend the information as of December 31, 2011. In our opinion, those adjustments are fair and were correctly performed. We have not been engaged to audit, review or apply any other procedures on the Company’s financial statements for the year 2011 and, therefore, we do not express an opinion or any other form of assurance on such procedures taken as a whole. Our opinion remains unchanged with respect to the aforementioned matter.
São Paulo, April 3, 2013
KPMG Auditores Independentes CRC 2SP014428/O-6
RESPONSIBILITY OF MANAGEMENT FOR THE FINANCIAL STATEMENTS The management of the Institute is responsible for the preparation and adequate presentation of these financial statements in accordance with the accounting practices adopted in Brazil, applicable to small and medium-size enterprises (NBC TG 1000), and the internal controls it deemed necessary to enable the preparation of these financial statements free of significant distortions, regardless of whether the latter were caused by fraud or error.
RESPONSIBILITY OF THE INDEPENDENT AUDITORS Our responsibility is to express an opinion on these financial statements based on our auditing, carried out in accordance with the Brazilian auditing and international accounting standards. These standards require the fulfillment of ethical requirements by the auditors and that the audit be planned and performed for the purpose of obtaining reasonable assurance that the financial statements are free of significant distortions.
Marcos Antonio Boscolo Accountant CRC - 1SP198789/O-0
An audit involves the carrying out of procedures selected to obtain evidence related to the amounts and disclosures presented in the financial statements. The procedures selected depend on the auditor’s judgment, including an assessment of the risks of significant distortion in the financial statements, regardless of whether the latter are caused by fraud or error. In this risk assessment, the auditor considers relevant internal controls for the preparation and adequate presentation of the financial statements of the Institute, to plan the audit procedures that are appropriate in the circumstances, but not for purposes of expressing an opinion on the efficacy of these internal controls of the Institute. An audit also includes the evaluation of the adequacy of adopted accounting practices and reasonability of accounting estimates made by Management, as well as an assessment of the presentation of financial statements taken as a whole. We believe that the audit evidence obtained is sufficient and appropriate to support our opinion.
52
53
Annual Report
2012
Annual Report
2012
BALANCE SHEETS AT DECEMBER 31, 2012 AND 2011 (In thousands of Reais)
ASSETS CURRENT ASSETS
NOTE
2012
2011
(Restated)
LIABILITIES
NOTE
2012
Current liabilities
2011
(Restated)
CASH AND CASH EQUIVALENTS
5
57,320
56,946
SUPPLIERS
12
5,677
5,224
ACCOUNTS RECEIVABLE FROM STUDENTS
6
9,667
10,152
SALARIES, VACATION AND SOCIAL SECURITY CHARGES
13
6,215
4,963
REFUNDABLE EXCHANGES
7
836
1,063
1,688
1,093
OTHER ACCOUNTS RECEIVABLE
8
1328
1,508
7,404
11,325
252
24
TAXES PAYABLE
522
639
69,423
69,693
OTHER ACCOUNTS PAYABLE
414
361
21,920
23,605
2012
2011
PREPAID EXPENSES
Non-current assets LONG-TERM ASSETS
NOTE
2012
2011
(Restated)
INTEREST EARNING BANK DEPOSITS
5
5,041
4,649
REFUNDABLE EXCHANGES
7
6,314
7,383
-
815
9
80,680
55,941
INTANGIBLE ASSETS
10
3,069
2,977
DEFERRED ASSETS
11
3,637
4,007
98,741
75,772
OTHER ACCOUNTS RECEIVABLE PROPERTY, PLANT AND EQUIPMENT
2012
BILLED SERVICES NOT RENDERED - DEFERRED REVENUE
14
NOTE
Non-current assets
(Restated) 48
67
48
67
27
27
STATUTORY RESERVE
13,658
13,658
SURPLUS (DEFICIT) FOR THE YEAR
24,403
26,836
108,108
81,272
146,196
121,793
2012
2011
PROVISION FOR CONTINGENCIES
SHAREHOLDERS’ EQUITY
15
16
NET ASSETS
ACCUMULATED SURPLUS
2011
(Restated) TOTAL
168,164
(Restated)
145,465 TOTAL
168,164
145,465
See the accompanying notes to the financial statements.
54
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Annual Report
2012
Annual Report
2012
STATEMENTS OF INCOME
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Years ended December 31, 2012 and 2011
Years ended December 31, 2012 and 2011
(In thousands of Reais)
(In thousands of Reais)
NOTE
2012
CAPITAL
2011
(Restated) NET OPERATING INCOME
18
112,099
94,398
TEACHING LABOR COSTS AND DIRECT COSTS
19
(70,696)
(60,738)
41,403
33,660
GROSS SURPLUS OPERATING EXPENSES GENERAL AND ADMINISTRATIVE EXPENSES
EXPENSES WITH DOUBTFUL ACCOUNTS OTHER OPERATING INCOME, NET
94,962
-
-
-
(5)
(5)
27
13,658
-
81,272
94,957
SURPLUS FOR THE YEAR (ADJUSTED)
-
-
26,554
-
26,554
PRIOR YEAR ADJUSTMENTS
-
-
282
-
282
27
13,658
26,836
81,272
121,793
TRANSFER TO ACCUMULATED SURPLUS
-
-
(26,836)
26,836
-
-
-
24,403
24,403
24,403
27
13,658
24,403
132,511
146,196
PRIOR YEAR ADJUSTMENTS BALANCES AT JANUARY 1, 2011 (ADJUSTED)
7
(3,728)
(244)
21
7,133
10,626
SURPLUS (DEFICIT) FOR THE YEAR
18,668
18,104
BALANCES AT DECEMBER 31, 2012
22
5,998
9,177
FINANCIAL EXPENSES
22
(263)
(445)
5,735
8,732
24,403
26,836
SURPLUS (DEFICIT) FOR THE YEAR
81,277
(3,310)
FINANCIAL INCOME
FINANCIAL INCOME, NET
-
(3,221)
SURPLUS BEFORE FINANCIAL INCOME (EXPENSES)
TOTAL
13,658
(22,628)
DEPRECIATION
SURPLUS FOR ACCUMULATED THE YEAR SURPLUS
27
BALANCES AT JANUARY 01, 2011
(22,919)
20
STATUTORY RESERVE
BALANCE AT DECEMBER 31, 2011 (ADJUSTED)
See the accompanying notes to the financial statements.
STATEMENTS OF CASH FLOWS - INDIRECT METHOD Years ended December 31, 2012 and 2011
See the accompanying notes to the financial statements.
(In thousands of Reais)
STATEMENTS OF COMPREHENSIVE INCOME
CASH FLOWS FROM OPERATING ACTIVITIES
Years ended December 31, 2012 and 2011
SURPLUS (DEFICIT) FOR THE YEAR
(In thousands of Reais)
2012
2011
(Restated) 24,403
26,227
3,221
3,310
-
793
3,728
244
31,352
30,574
ADJUSTMENTS DUE TO: 2012
2011
(Restated)
DEPRECIATION AND AMORTIZATION
SURPLUS (DEFICIT) FOR THE YEAR
24,403
26,836
RESIDUAL VALUE OF WRITE-OFFS OF PROPERTY, PLANT AND EQUIPMENT
TOTAL COMPREHENSIVE INCOME
24,403
26,836
ALLOWANCE FOR DOUBTFUL ACCOUNTS
See the accompanying notes to the financial statements.
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(INCREASE) / DECREASE IN ASSETS
Annual Report
2012
2011
(Restated) LONG-TERM FINANCIAL INVESTMENTS
(392)
(5,103)
(3,287)
(4,360)
OTHER ACCOUNTS RECEIVABLE
2,087
(969)
INCREASE / (DECREASE) IN ASSETS
2012
ACCOUNTS RECEIVABLE AND SCHOLARSHIPS
SUPPLIERS SALARIES, VACATIONS AND PREMIUMS PAYABLE OTHER ACCOUNTS PAYABLE SERVICES TO BE BILLED PROVISION FOR CONTINGENCIES
NET CASH FROM OPERATING ACTIVITIES
3,627
1,847
1,201
(64)
361
(3,922)
1,326
(18)
(10)
26,647
(In thousands of Reais)
1- OPERATIONS Insper is a not-for-profit civil association engaged in educating and generating knowledge in the fields of business administration, economics, law and engineering, exploring their complementarities to add value to organizations and the society. Initially established with the name Instituto Fiesole on October 20, 2003, the name was changed to Instituto Veris on April 1, 2004, continued its activities in the branch of São Paulo, Ibmec Educacional S.A, when received, as a donation, net assets calculated based on an appraisal report. In 2009, the School changed its name to Insper Instituto de Ensino e Pesquisa, remaining as a not-for-profit institution. Among main educational developed activities, degree, post-degree and executive education are the highlights. In activities of research, knowledge generation and dissemination, highlights are the Public Policies Center (CPP), the Researches in Strategy Center (CPE) and the Finance Center (CeFi). The Institution has a university campus at Rua Quatá, 300, in the district of Vila Olímpia in São Paulo, São Paulo State (SP). During these years, Insper has sought the highest governance and quality standards in its activities. Recently, nationally, Insper is at the 7th position in MEC’s (Ministry of Education) national ranking of educational institutions. In the international scope, Insper is certified by AACSB, The Association to Advance Collegiate Schools of Business, since 2010, and is one of the two Brazilian institutions accredited by the main certification association of business schools in the world. The Institution is exempt from income tax and social contribution, in accordance with the Federal Constitution and Law 9532/97, which establishes in its Article 15, that the Institute should cumulatively meet the following conditions to be entitled to this exemption:
CASH FLOWS FROM INVESTMENT ACTIVITIES ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
NOTES TO THE FINANCIAL STATEMENTS
2011
(Restated)
453
28,056
2012
(27,682)
(30,471)
A Do not remunerate, in any form, its managing officers for services provided; B Fully apply funds in the maintenance and development of its social projects; NET CASH USED IN INVESTMENT ACTIVITIES
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(27,682)
(30,471)
374
(3,824)
C Maintain bookkeeping of revenues and expenses in books that comply with formalities intended to ensure accuracy; D Maintain in good condition, over five years counted as of issuance date, documents that prove revenues origin and expenses, as well as performance of any other actions or transactions that change its equity situation; and E Present income tax return on an annual basis. In compliance with its not-for-profit entity definition in the Bylaws, all funds generated by Insper are invested for the purpose of teaching and education.
STATEMENT OF CHANGES IN CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR
56,946
60,770
AT THE END OF THE YEAR
57,320
56,946
374
(3,824)
2- PREPARATION BASIS INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS See the accompanying notes to the financial statements.
A Statement of conformity - Regarding the Accountant Statements Committee (CPC) standards The consolidated financial statements were prepared in accordance with accounting practices adopted in Brazil, and more specifically the CPC SMEs - Accounting for small and medium-size enterprises. The issue of financial statements was authorized by the Management on March 27, 2013.
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B Basis of measurement The financial statements were prepared based on the historical cost, except for financial instruments measured at fair value through profit or loss.
NON-CURRENT ASSETS Long-term assets
2011
ADJUSTMENTS
(Previous)
2011
(Restated)
-
i 4,649
4,649
7,383
-
7,383
786
vi 29
815
52,688
vii 3,254
55,941
INTANGIBLE ASSETS
2,977
-
2,977
The preparation of financial statements according to CPC standards requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported values of assets, liabilities, income and expenses. Results may differ from these estimates.
DEFERRED ASSETS
4,007
-
4,007
67,841
7,932
75,772
Estimates and assumptions are reviewed in a continuous manner. Reviews in relation to accounting estimates are recognized in the period in which the estimates are reviewed and in any future periods affected.
TOTAL ASSETS
142,210
3,254
145,465
Information on uncertainties as to assumptions and estimates that pose a high risk of resulting in a material adjustment within the next financial year and critical judgments regarding accounting policies showing effect on the amounts recognized in the financial statements are included in the following notes:
LIABILITIES Current liabilities
INTEREST EARNING BANK DEPOSITS
C Functional currency and presentation currency
REFUNDABLE EXCHANGES
These financial statements are being presented in Brazilian Real, the functional currency of the Institute. All financial information presented in Brazilian Reais has been rounded to the nearest value, except otherwise indicated.
OTHER ACCOUNTS RECEIVABLE
D Use of estimates and judgments
• Determination of the useful life of fixed assets (note 3h); • Determination of the adjustment for doubtful accounts (notes 6 and 7);
PROPERTY, PLANT AND EQUIPMENT
TOTAL NON-CURRENT ASSETS
E Correction of error of the prior year The financial statements for the year ended December 31, 2011, originally issued on March 12, 2012, are being restated in conformity with CPC PME- Accounting of Small and Medium-sized Companies, section 10, as a result of the following adjustments and reclassifications: Provided below is a summary of the originally presented financial statements for comparison with the ones now being presented again, as of December 31, 2011:
ASSETS Current assets
2011
ADJUSTMENTS
(Previous)
SALARIES, VACATION AND SOCIAL SECURITY PAYABLE
4,963
-
4,963
-
viii 1,093
1,093
8,292
v ix 3,033
11,325
TAXES PAYABLE
639
-
639
OTHER ACCOUNTS PAYABLE
361
-
361
TOTAL CURRENT LIABILITIES
19,479
4,126
23,650
67
-
67
BILLED SERVICES NOT RENDERED - DEFERRED REVENUE
1,149
v (1,149)
-
TOTAL NON-CURRENT LIABILITIES
1,216
(1,149)
67
PROVISION FOR CONTINGENCIES
2011
Shareholders’ equity
61,594
i (4,648)
56,946
NET ASSETS
ACCOUNTS RECEIVABLE FROM STUDENTS
10,152
-
10,152
-
ii 1,063
2,623
OTHER ACCOUNTS RECEIVABLE PREPAID EXPENSES TOTAL CURRENT ASSETS
(Restated) 5,224
CASH AND CASH EQUIVALENTS
REFUNDABLE EXCHANGES
(Previous)
2011
-
2011
(Restated)
ADJUSTMENTS
5,224
BILLED SERVICES NOT RENDERED - DEFERRED REVENUE
Actual transaction and information realization results may differ from estimates.
2011
SUPPLIERS
PROVISION FOR EMPLOYEE AWARD
• Determination of provisions for contingencies (note 15).
60
2012
ADJUSTMENTS
(Previous)
2011
(Restated)
27
-
27
STATUTORY RESERVE
13,658
-
13,658
1,063
SURPLUS (DEFICIT) FOR THE YEAR
26,554
282
26,836
ii vi (1,115)
1,508
ACCUMULATED SURPLUS
81,277
(5)
81,272
-
24
24
TOTAL SHAREHOLDERS’ EQUITY
121,516
277
121,793
74,369
(4,676)
69,693
TOTAL LIABILITIES
142,211
3,254
145,465
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STATEMENTS OF INCOME FOR THE YEARS
2012
Annual Report
2011
ADJUSTMENTS
(Previous) NET OPERATING INCOME TEACHING LABOR COSTS AND DIRECT COSTS GROSS SURPLUS
3- SIGNIFICANT ACCOUNTING POLICIES
2011
(Restated)
104,485
ix iii (10,087)
94,398
-
iv viii (60,738)
(60,738)
104,485
(70,825)
33,660
(81,786)
viii iv 59,158
(22,628)
(3,826)
vii 516
(3,310)
(211)
(33)
(244)
(19)
iii 10,645
10,626
18,643
(539)
18,104
8,732
-
8,732
(821)
821
-
26,554
282
26,836
OPERATING EXPENSES GENERAL AND ADMINISTRATIVE EXPENSES DEPRECIATION EXPENSES WITH DOUBTFUL ACCOUNTS OTHER OPERATING INCOME AND EXPENSES SURPLUS BEFORE FINANCIAL INCOME (EXPENSES) FINANCIAL INCOME, NET NON-OPERATING INCOME (LOSS) SURPLUS (DEFICIT) FOR THE YEAR
2012
RECLASSIFICATIONS: i- Reclassification of the non-current portion of the interest earning bank deposits with long-term maturity and settlement intention, which were previously presented as current; ii- Reclassification of the current portion of refundable scholarships that were classified under “other accounts receivable” in prior year; iii- Reclassification of the donation revenue balance to other operating income, which were previously classified as net income; iv- Reclassification of administrative expenses to teaching labor costs and direct costs; v- Reclassification of the current portion of the balance of services invoiced not yet rendered (deferred revenue), previously stated as non-current; vi- Reclassification of the non-current portion of other accounts receivable which are due in the long term. ADJUSTMENTS: vii- Recording of leasehold and facilities improvement amortization over rent contract term of 18 years that had been recognized by the Institute considering useful life of 10 years; viii- Recognition of the provision for employee awards at the accrual regime, recognized at the cash basis in prior year; ix- Recording of billed and not provided services balance (deferred income) at the accrual regime, not recognized in prior years.
The accounting policies described in detail below have been consistently applied to the periods presented in these financial statements, except for the aforementioned corrections. A Foreign currency transactions Transactions in foreign currency are translated into the respective functional currencies of the Institute’s entities at the exchange rates on the dates of the transactions. Monetary assets and liabilities denominated and calculated in foreign currencies on the date of presentation are converted into the functional currency at the exchange rate determined on that date. Exchange gain or loss in monetary items is the difference between the amortized cost of the functional currency at the beginning of the period, adjusted by interest and effective payments during the period, and the amortized cost in foreign currency at the exchange rate at the end of the presentation period. B Financial instruments Non-derivative financial assets The Institute recognizes receivables and deposits initially at the date of the transaction that originated them. All other financial assets are initially recognized on the date of the negotiation under which the Institute becomes a party to the contractual provisions of the instrument. The Institute fails to recognize a financial asset when the contractual rights to the cash flow of the asset expire, or when the Institute transfers the rights to the reception of contractual cash flows over a financial asset in a transaction in which essentially all the risks and benefits of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Institute is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is a legally enforceable right of the Institute to set off and there is intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. The non-derivative financial assets of the Institute are financial assets recorded at fair value through profit or loss and receivables. Financial assets recorded at fair value through profit or loss A financial asset is classified at fair value through profit or loss if it is held for trading, or stated as such when initially recognized. Financial assets are stated at fair value through profit or loss if, and only if, the Institute manages these investments and makes decisions on investment and redemption based on fair value according to the risk management and strategy of investment documented by the Institute. The transaction costs, after initial recognition, are recognized in income (loss) as incurred. Financial assets recorded at fair value through profit or loss are measured at fair value and changes in the fair value of these assets are recognized in net income for the year. Receivables Receivables are financial assets with fixed or determinable payments, but not quoted on any active market. Such assets are initially recognized at fair value plus any transaction costs directly assignable. After their initial recognition, receivables are measured at amortized cost using the effective interest rate method, reduced by any impairment losses. Receivables comprise cash and cash equivalents, accounts receivable from students, refundable exchanges and other credits from rendering of service. Cash and cash equivalents Cash and cash equivalents include balances of cash and banks checking account and interest earning bank deposits with original maturities of three months or less as of the contracting date, which are subject to an insignificant risk of change in value and are used to settle short-term obligations. C Non-derivative financial liabilities The Institute recognizes debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities are recognized initially on the negotiation date on which the Institute becomes a party to the
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contractual provisions of the instrument. The Institute writes-off a financial liability when its contractual obligations are discharged or canceled or expire. The Institute has the following non-derivative financial liabilities: suppliers and other accounts payable. Such financial liabilities are initially recognized at fair value plus any transaction costs directly assignable. After their initial recognition, these financial liabilities are measured at amortized cost using the effective interest rate method. Derivative financial instruments As of December 31, 2012 and 2011, the Institute had no derivative transactions or hedging transactions. D Accounts receivable from students
Machinery and equipment
10 years
Furniture and fixtures
10 years
IT equipment
5 years
Library
10 anos
Facilities
18 years
Leasehold improvements
18 years
Represent, basically, monthly fees issued but not received, in addition to agreements entered into with students with overdue monthly fees. Recognition of the allowance for doubtful accounts was carried out at an amount considered sufficient by Management to cover possible losses on realization of monthly fees, negotiations receivable and other assets receivable and is calculated taking into consideration historical recovery rates at different types. These rates are reviewed on a half annual basis aiming at obtaining better estimates to measure these values.
The amortization and depreciation methods, useful lives and residual values will be reviewed at each reporting date and potential adjustments will be recognized as a change in accounting estimates.
E Current and non-current liabilities
Payments for operating leasing are charged to income on a straight-line basis over the lease period. Lease incentives received are recognized as an integral part of total lease expenses, over the lease agreement period.
Current and non-current liabilities are stated at known or calculable amounts, plus, when applicable, the corresponding charges, monetary and/or exchange variations incurred through the balance sheet preparation date. F Billed services not rendered - Deferred revenue As business practice of the Institute’s industry, there are advanced billings and payments for customized courses and post-graduation courses. Accordingly, monthly fees referring to subsequent periods and received in advance in current year by the Institute are recognized as deferred revenues in current liabilities; these will be recognized in income for the year in accordance with the accrual regime. G Provisions A provision is recognized in the balance sheet when the Institute has a legal liability or one created as a result of a past event, and it is likely that funds will be required to settle the liability. Provisions are recorded considering the best estimates of the risk involved.
I
Leases
J Intangible assets Intangible assets refer to investments in software and computerized application systems of the Institute. These assets are amortized on a straight-line basis for the period of five years. K Analysis of recoverable amount of assets Management reviews the net book value of assets annually in order to assess events or changes in economic, operating, or technological circumstances likely to point out impairment or loss of their recoverable value. When these evidences are detected and the net book value exceeds recoverable value, a deterioration asset adjustment is created to adjust net book value to recoverable value. L Impairment
H Property, plant and equipment
Financial assets The Institute assesses the property, plant and equipment assets when there is no objective evidence of impairment loss.
Recognition and measurement Property, plant and equipment items are stated at historical acquisition or construction cost, net of accumulated depreciation and impairment losses.
An asset is impaired when there is objective evidence that a loss event has occurred after the initial recognition of the asset, and that such loss event had a negative effect on the projected future cash flows of that asset that can be reliably estimated.
Gains and losses on disposal of a property, plant and equipment item are determined by comparing the proceeds from disposal with the carrying amount of Property, plant and equipment and are recognized within “other operating income/expenses” in the statement of income.
Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of the amount due to the Institute on terms that the Institute would not consider otherwise, indication that the debtor or issuer will file for bankruptcy, or disappearance of an active market for a security.
Amortization and depreciation Leasehold improvements are amortized according to the lease agreement for the period of 18 years. Depreciation is calculated by straight-line method over the depreciable amount, which is the acquisition cost of an asset, less its residual value throughout its estimated useful life.
When applying the impairment test, the book value of an asset or cash generating unit is compared to its recoverable value. The recoverable value is the higher of the asset net sales value and its value in use. Considering the particularities of the Institute’s assets, the recoverable value used to evaluate the test for impairment is the value in use, except when specifically indicated. This value in use is estimated based on future cash flows present value, according to the best Institute’s estimates.
The useful estimated lives for the current period and comparative period are as follows:
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Non-financial assets The carrying amounts of non-financial assets of the Institute are reviewed at each financial statement reporting date for indication of impairment. If such indication exists, the asset’s recoverable amount is determined. In 2011 and 2012, there was no indication of impairment losses on the non-financial assets. M Short-term employee benefits Obligations for short-term employee benefits are measured on a non-discounted basis and incurred as expenses as the related service is rendered. The liability is recognized at the amount expected to be paid, if the Institute has a legal or constructive obligation to pay this amount as a result of prior service rendered by the employee, and the obligation can be reliably estimated. N Income from services Revenues are formed primarily by monthly tuition payments for the higher education programs (undergraduate and graduate), monthly tuition payments for the university specialization and extension programs, other education services rendered and entrance examination registration fees. Revenues are booked in the month in which the services are rendered.
INTEREST EARNINGS BANK DEPOSITS
YIELD
2012
MATURITY
2012
2011
(Restated)
ITAÚ
Investment Fund
without maturity
33,389
35,712
CITIBANK
Investment Fund
without maturity
11,256
10,357
SANTANDER
Investment Fund
without maturity
7,604
4,185
SANTANDER
CDB
03/20/2014
3,421
3,156
BRADESCO
Automatic Investments
without maturity
2,284
1,489
BRADESCO
Investment Fund
without maturity
2,590
5,193
ITAÚ
CDB
04/26/2014
1,620
1,493
ITAÚ
Automatic Inv.
without maturity
19
-
62,183
61,585
62,361
61,595
O Financial income and expenses Financial revenues comprise income from interest on cash investments and interest on accounts receivable by monthly fees renegotiated. Interest income is recognized in income (loss) under the effective interest method. Financial expenses include bank expenses, fines and interest. CASH AND CASH EQUIVALENTS 4- DETERMINATION OF FAIR VALUE
FINANCIAL INVESTMENTS - NON-CURRENT PORTION
A number of the Institute’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods described in note 22. When applicable, additional information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.
2012
4,649
62,361
61,595
Short-term highly-liquid investments are readily convertible into a known cash amount and are performed in low-risk investment.
(Restated) 4
6
BANCO REAL
-
2
BANCO ITAÚ
1
1
173
1
178
10
Financial investments classified in non-current assets refer to Bank Deposit Certificates (CDB) remunerated at fixed rates that vary from 100% to 101% of CDI for periods referred to in these financial statements.
6- ACCOUNTS RECEIVABLE FROM STUDENTS 2012
2011
(Restated) 10,102
9,341
CUSTOMIZED TRADE ACCOUNTS RECEIVABLE
760
1,151
OTHER ACCOUNTS RECEIVABLE
166
461
11,028
10,953
(1,361)
(801)
9,667
10,152
SCHOOL FEES
ALLOWANCE FOR DOUBTFUL ACCOUNTS
66
5,041
2011
CASH
BRADESCO
56,946
Funds classified as cash and cash equivalents basically include financial investments that are remunerated at 98% to 104% of CDI (Interbank Deposit Certificate) contracted by the Institute from prime financial institutions.
5- CASH AND CASH EQUIVALENTS CASH AND BANKS
57,320
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CRITERIA FOR RECOGNIZING THE ALLOWANCE FOR DOUBTFUL ACCOUNTS
2012
Changes in the allowance for doubtful accounts in the period from December 31, 2011 to December 31, 2012 are as follows:
In 2012, the Institute maintained the same criteria of prior years for the recognition of the provision for losses on credit realization on overdue balances. Changes in the allowance for doubtful accounts in the period from December 31, 2011 to December 31, 2012 are as follows:
BALANCE AT DECEMBER 31, 2011
(801)
SUPPLEMENT TO ALLOWANCE FOR THE YEAR
(560) (1,361)
BALANCE AT DECEMBER 31, 2012
-
BALANCE AT DECEMBER 31, 2011 (RESTATED) SUPPLEMENT TO ALLOWANCE FOR THE YEAR
(3.168)
BALANCE AT DECEMBER 31, 2012
(3.168)
The provision for losses on realization of refundable scholarships was determined based on last three years history of losses. The amount of the allowance for doubtful accounts recognized in the year was R$3,728 (R$244 in 2011), of which R$560 under students accounts receivable and R$3,168 under refundable scholarships.
The aging list of maturity dates for the amounts receivable are as follows: Balances shown in non-current assets have the following maturity schedule: 2012
2011
(Restated)
FALLING DUE
6,738
7,837
1 - 30 DAYS
1,361
1,336
FROM 91 TO 180 DAYS
1,572
972
OVER 181 DAYS
1,357
807
11,028
10,952
2014
1,802
2015
1,912
2016
1,893
2017
1,473
2018
1,076
After 2018
759 8,915
7- REFUNDABLE EXCHANGES 2012 ACCOUNTS RECEIVABLE
2011
(Restated)
PROVISION
NET
NET
10,338
(3,168)
7,170
8,446
CURRENT
1,423
(567)
856
1,063
NON-CURRENT
8,915
(2,601)
6,314
7,383
REFUNDABLE EXCHANGES
8- OTHER ACCOUNTS RECEIVABLE 2012
2011
ADVANCES TO SUPPLIERS
631
494
RECOVERABLE TAXES
508
823
-
12
172
159
17
20
1,328
1,508
TRAVEL ADVANCES
Refundable scholarships refer to scholarships granted to active students that assumed the commitment of returning monthly fees financed by Institute within the average period of 5 years, counted as of one year after course conclusion. Payments will be required to update the extended consumer price index. The Institute, considering indexation of debt payments at payment slip values prevailing on estimated settlement dates calculated present value of long-term installments, and did not calculate significant differences with amounts currently recognized, net of the provision for realization.
VACATION ADVANCE PAY OTHER
As provided for in Institute Bylaws, scholarships are granted to talented young students with good academic records and proven low income that chose a degree course offered by Institute.
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9- PROPERTY, PLANT AND EQUIPMENT COST MOVEMENT
Rent period of the first tower started on December 1, 2005 for the period of 216 months - 18 years, which are prevailing at the moment. The second tower, after completed and having received the occupancy permit by São Paulo municipal authorities, will have its rent period extended to 24 years (288 months). 12/31/2011
ADDITION
12/31/2012
CONSTRUCTION IN PROGRESS
28,374
16,166
44,540
LAND
12,515
9,006
21,521
FURNITURE AND FIXTURES
3,119
11
3,130
IT EQUIPMENT
3,337
915
4,252
852
655
1.507
1,251
121
1,372
12,395
7
12,402
1,314
-
1,314
63,157
26,881
90,038
(Restated)
MACHINERY AND EQUIPMENT LIBRARY FACILITIES LEASEHOLD IMPROVEMENTS
DEPRECIATION MOVEMENT
10- INTANGIBLE ASSETS COST MOVEMENT TRADEMARKS AND PATENTS SYSTEMS, APPLICATIONS AND SOFTWARE
MOVEMENT OF AMORTIZATION
SYSTEMS, APPLICATIONS AND SOFTWARE
12/31/2011
ADDITION
12/31/2012
160
-
160
6,689
801
7,490
6,849
801
7,650
12/31/2011
ADDITION
12/31/2012
(3,872)
(709)
(4,581)
FURNITURE AND FIXTURES
(1,079)
(391)
(1,470)
(3,872)
(709)
(4,581)
IT EQUIPMENT
(1,962)
(771)
(2,733)
2,977
92
3,069
MACHINERY AND EQUIPMENT
(160)
(94)
(254)
LIBRARY
(615)
(115)
(730)
(3,175)
(684)
(3,859)
(225)
(87)
(312)
(7,216)
(2,142)
(9,358)
55,941
24,739
80,680
FACILITIES LEASEHOLD IMPROVEMENTS
PROPERTY, PLANT AND EQUIPMENT (NET)
BUILD-TO-SUIT CONTRACT In 2006, the Institute entered into an agreement of the Build-to-suit type. This type of agreement provides for the construction of a building on demand; in this case, the Institute will occupy the property for a period of 18 years. Investors contributed capital for the construction and remain the owners of the building, while the Institute assumes the commitment of occupying the building pursuant to a long-term contract. The Institute has the responsibility of paying for costs related to property occupation (fitting-out), such as internal layout - classified above as leasehold, furniture and equipment improvements. These costs were supported almost entirely by donations made by third parties, both individuals and legal entities. In 2010, construction work of the second head office building started under the same construction type adopted for the first stage.
70
2012
11- DEFERRED ASSETS MOVEMENT OF AMORTIZATION
2011
PREPARATION OF THE INTERNAL LAYOUT PROJECT TO OCCUPY THE NEW HEAD OFFICE - 1ST BUILDING
4,007
(334)
3,673
4,007
(334)
3,673
AMORTIZATION
2012
In the transition to CPC, Management chose to maintain deferred balance prior to application of new standards. This account does not receive additions, only amortization.
12- SUPPLIERS
2012
2011
(Restated)
DOMESTIC SUPPLIERS - PROPERTY, PLANT AND EQUIPMENT
1,622
2,237
DOMESTIC SUPPLIERS - OTHERS
4,055
2,987
5,677
5,224
71
Annual Report
2012
Annual Report
13- SALARIES, VACATION AND SOCIAL SECURITY PAYABLE 2012
2011
VACATION PAYABLE AND CHARGES PAYABLE
3,685
3,022
INSS PAYABLE ON PAYROLL
1,006
757
IRRF ON PAYROLL
1,013
844
FGTS PAYABLE ON PAYROLL
370
296
OTHER LIABILITIES WITH STAFF
141
44
6,215
4,963
• Labor - provisions were formed based on the Institute’s legal advisors’ opinion regarding the probability of losing lawsuits, also considering already made judicial deposits; no other lawsuit losses are expected. The Institute adopts evaluation mechanisms for amounts indicated by legal advisors. There are other labor lawsuits that have been assessed by the legal advisors as being a possible risk in the amount of R$ 2,669 (R$ 2,071 in 2011), for which no provision has been recorded in view of the fact that the accounting practices adopted in Brazil do not require that they be recorded.
16- SHAREHOLDERS’ EQUITY Revenues from donations and cost contributions received by the Institute are fully invested in its activities, as mentioned in note 1. In case of Insper wind up, its remaining assets will be assigned to another not-for-profit entity with equal or similar purposes, as indicated by the Annual Shareholders’ Meeting (Bylaws article 45). According to the Bylaws, income for the year will be retained to be invested in developing Insper’s engagements and activities, and: (i) the distribution of earnings, under any title, and (ii) the assignment of profit sharing to the Executive Board’s members are expressly prohibited.
These obligations refer basically to short-term liabilities with the Institute’s employees.
17- RELATED PARTY TRANSACTIONS
14- BILLED SERVICES NOT RENDERED - DEFERRED REVENUE 2012
2011
CUSTOM CLIENTS
1,086
187
CUSTOM PROGRAMS
6,318
11,138
7,404
11,325
The Institute has no related parties and Board of Directors’ members and Supervisory Board’s members are not remunerated.
18- OPERATING INCOME
GROSS INCOME FROM SERVICES RENDERED
Refer to advance payments made for custom and graduate programs that will be recognized in income for the year at the accrual basis.
15- PROVISIONS FOR CONTINGENCIES The Institute is party to administrative proceedings in various courts, arising from the normal course of operations, involving labor, civil and other issues. Based on information from its legal advisors, an analysis of the outstanding legal proceedings, and in respect of labor claims previous expectation with regards to amounts claimed, management recorded provisions for amounts considered sufficient to cover potential losses from the current actions, as follows: MOVEMENT OF PROVISION FOR CONTINGENCY
72
ADDITION OF PROVISION FOR CONTINGENCIES
REVERSAL OF PROVISION OF CONTINGENCIES
LABOR
67
68
(87)
48
TOTAL
67
68
(87)
48
2011
(Restated)
50,512
42,900
CUSTOM CLIENTS
17,414
12,418
GRADUATION
48,423
41,221
1,340
2,147
117,689
98,686
OTHER OPERATING INCOME
DEDUCTIONS
REBATES GRANTED ON MONTHLY FEES 2012
2012
UNDERGRADUATE MONTHLY FEE
CANCELED SERVICES PROVIDED - MONTHLY FEES
2011
2012
TAXES
TOTAL NET INCOME
2012
2011
(Restated)
(1,509)
(1,037)
(269)
-
(3,812)
(3,251)
(5,590)
(4,288)
112,099
94,398
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Annual Report
2012
Annual Report
19- TEACHING LABOR COSTS AND DIRECT COSTS
22- FINANCIAL INCOME (LOSS) 2012
2011
(Restated)
FINANCIAL INCOME
(59,015)
(51,212)
RENT
(8,203)
(7,175)
REVENUE FROM LATE FINES AND INTEREST
TEACHING MATERIALS AND OTHERS
(2,707)
(1,510)
DISCOUNTS OBTAINED
(771)
(841)
(70,696)
(60,738)
PERSONNEL EXPENSES
OTHER EXPENSES
2012
2012
2011
(Restated)
(11,064)
(9,279)
DISCLOSURE AND MARKETING
(3,872)
(4,209)
MAINTENANCE AND PRESERVATION
(3,062)
(2,647)
PUBLIC SERVICES
(1,739)
(1,383)
TRAVEL AND ACCOMMODATION
(807)
(467)
MEAL COSTS IN COURSES
(625)
(249)
(1,750)
(4,394)
(22,919)
(22,628)
OUTSOURCED SERVICES
OTHER EXPENSES
7,820
452
1,252
23
105
5,998
9,177
(149)
(274)
FINES AND INTEREST
(72)
(153)
DISCOUNTS GRANTED
(27)
(15)
OTHER FINANCIAL EXPENSES
(15)
(3)
(263)
(445)
FINANCIAL EXPENSES
2012
2011
(Restated)
6,331
10,645
802
49
7,133
10,694
LOSS IN THE SALE OF PROPERTY, PLANT AND EQUIPMENT
-
(65)
OTHER OPERATING EXPENSES
-
(2)
-
(68)
7,133
10,626
DONATIONS AND SPONSORSHIPS OTHER OPERATING INCOME
OTHER OPERATING EXPENSES
74
23- FINANCIAL INSTRUMENTS
FINANCIAL RISK MANAGEMENT
OVERVIEW The Institute is exposed to the following risks resulting from financial instruments: • Credit risk; • Liquidity risk;
21- OTHER OPERATING INCOME AND EXPENSES OTHER OPERATING INCOME
2011
5,523
INCOME FROM INTEREST-EARNING BANK DEPOSITS
BANK EXPENSES
20- GENERAL AND ADMINISTRATIVE EXPENSES
2012
This note presents information on the Institute’s exposure to each of the risks above, the Institute’s objectives, measurement policies, and the Institute’s risk and capital management proceedings. The Institute is exposed to the following risks from the use of financial instruments: A Credit risk Credit risk is the possibility of the Institute incurring a financial loss if a client or a counterpart of a financial instrument fails to fulfill its contractual obligations arising mainly from trade accounts receivable and investments of the Institute, represented, specially by cash and cash equivalents, financial investments, and accounts receivable from students, refundable exchanges, and others credits from services. Credit risk exposure The carrying amounts of financial assets classified as loans and receivables represent the maximum credit exposure. The maximum credit risk exposure on the date of the financial statements was:
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Annual Report
2012
Annual Report
ASSETS MEASURED BY THE AMORTIZED COST
NOTE
2012
CASH AND CASH EQUIVALENTS
5
57,320
56,946
FINANCIAL INVESTMENTS - NON-CURRENT PORTION
5
5,041
4,649
ACCOUNTS RECEIVABLE
6
9,667
10,152
REFUNDABLE EXCHANGES
7
7,170
7,354
79,198
79,101
TOTAL
2012
2011
31/12/2011 (Restated)
31/12/2012 NOTE
BOOK VALUE
FAIR VALUE
BOOK VALUE
FAIR VALUE
ACCOUNTS RECEIVABLE FROM STUDENTS
6
9,667
9,667
10,152
10,152
REFUNDABLE EXCHANGES
7
7,170
7,354
7,354
7,354
3,132
3,132
2,967
2,967
19,969
20,153
20,473
20,473
5,677
5,677
5,224
5,224
5,677
5,677
5,224
5,224
OTHER ACCOUNTS RECEIVABLE
LIABILITIES MEASURED BY THE AMORTIZED COST
• Cash and cash equivalents and financial investments - The corporate risk management policy establishes that the Institute shall regularly determine the risk associated to its cash flow, as well as risk mitigation proposals. Risk mitigation strategies are performed with the purpose of reducing risks with respect to compliance of commitments assumed by the Institute. The Institute has financial investments in short- and long-term fixed securities that are contracted from traditional financial institutions and considered of low risk.
SUPPLIERS
• Student accounts receivable and refundable scholarships - Credit risk is, mainly, managed at the half-annual renewal of enrollments, on which occasion debts are settled and/or renegotiated. Credit risk of this business model is not concentrated and the portfolio is highly dispersed and mainly comprised of individuals. The Institute had an allowance for doubtful accounts in the amount of R$3,169 representing 31% of total students accounts receivable and refundable scholarships balance to cover credit risk.
C2 Fair value hierarchy The table below presents financial instruments recorded at fair value, using a valuation method. The different levels were defined as follows:
B Liquidity risk
• Level 1 - Prices quoted (not adjusted) in active markets for identical assets and liabilities; • Level 2 - Inputs, except for quoted prices, included in Level 1 which are observable for assets or liabilities, directly (prices) or indirectly (derived from prices); • Level 3 - Assumptions, for assets or liabilities, which are not based on observable market data (non-observable inputs).
It is the risk of the Institute encountering difficulties in performing the obligations associated with its financial liabilities that are settled with cash payments or with another financial asset. The Institute’s approach in liquidity management is to guarantee, as much as possible, that it always has sufficient liquidity to perform its obligations upon maturity, under normal and stress conditions, without causing unacceptable losses or with a risk of sullying the Institute’s reputation.
All financial instruments recorded or disclosed at fair value were measured using level 2 appraisal method.
Cash and cash equivalent balances as of December 31, 2012 exceed the value of current liabilities at R$ 36,691 (R$ 33,340 in 2011). C Fair value estimate
24- INSURANCE COVERAGE
The Institute discloses its assets and liabilities at fair value, based on relevant accounting pronouncements that define fair value, and the structure for determining fair value, which refers to evaluation criteria and practices and requires certain disclosures about fair value.
The Institute adopts the policy of contracting insurance coverage for assets subject to risks for amounts considered to be sufficient to cover eventual claims, considering the nature of its activity. The assumptions adopted, given their nature, are not part of the scope of an audit of financial statements and, accordingly, they were not examined by our independent auditors.
C1 Fair value vs. book value
On December 31, 2012, the insurance coverage against risks was composed as follows:
The fair value of the financial assets and liabilities, together with the book values presented in the financial statement, is as follows:
ASSETS MEASURED AT FAIR VALUE FINANCIAL ASSETS RECORDED AT FAIR VALUE THROUGH PROFIT OR LOSS
76
12/31/2012
12/31/2011 (Restated)
EDUCATIONAL ESTABLISHMENT
Civil liability
Property
9,600
-
NOTE
BOOK VALUE
FAIR VALUE
BOOK VALUE
FAIR VALUE
BUILDING, MACHINERY, FURNITURE, FIXTURES AND FACILITIES.
-
55,100
CASH AND CASH EQUIVALENTS
5
57,320
57,320
56,946
56,946
LOSS OF PROFIT
-
113,000
FINANCIAL INVESTMENTS - NON-CURRENT PORTION
5
5,041
5,041
4,649
4,649
9,600
168,100
62,361
62,361
61,595
61,595
TOTAL
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Annual Report
2012
Annual Report
2012
Portfolio of Academic Programs Developing innovative leaders and professionals from undergraduate studies to the other stages of their lives
UNDERGRADUATE (BACHELOR)
GRADUATE (STRICTO SENSU)
• Business Administration
PROFESSIONAL MASTERS
• Economics
• Business Administration • Economics
GRADUATE PROGRAMS (LATO SENSU) CERTIFICATES CLAUDIO LUIZ DA SILVA HADDAD President
• CBA - Certificate in Business Administration • CBP - Certificate in Business Project • CFM - Certificate in Financial Management
LUIZ FERNANDO KIRCHNER DE MAGALHÃES Financial Office Manager
• CMM - Certificate in Marketing Management
EXECUTIVE EDUCATION OPEN ENROLLMENT PROGRAMS • Finance • International • Leadership • Marketing and Innovation • Negotiation
MBAS
• Operations
• Executive MBA ADILSON ERNESTO DA SILVA Accountant - CRC1SP 266387/O-7
• Executive MBA in Finance
EXECUTIVE EDUCATION
• Executive MBA in Healthcare Management Einstein - Insper
CUSTOM PROGRAMS FOR COMPANIES Programs and courses developed exclusively for organizations
LL.M. – MASTER OF LAWS • LL.M. - Contract Law • LL.M. - Financial and Capital Market Law • LL.M. - Corporate Law • LL.M. - Tax Law
78
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Annual Report
2012
www.insper.edu.br/en
Insper Institute of Education and Research Rua Quatá, 300 - Vila Olímpia | 04546-042 | São Paulo | Brazil | Phone: + 55 (11) 4504-2400
[email protected]
