Annual
Report
2014
www.insper.edu.br
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | 03
Insper Overview
04
Letter from the President
06
Governance
08
Stakeholder Engagement
09
Donors to the Scholarship Fund in 2014
11
Undergraduate Programs
12
Graduate Programs
13
Executive Education
14
Connection with the Job Market
15
Alumni Community
16
Entrepreneurship
17
International Experience
18
Research and Knowledge
19
Faculty
26
Academic Production
38
Indicators
40
Financial Statements
65
Academic Programs
Students
6,587 in 2014
391
10
12,357
Undergraduate: 1,761
Certificates: 1,310
MBAs: 1,053
Insper Law: 734
Professional Masters: 144
Doctoral: launch in 2015
Executive Education: 1,585
Research and
Knowledge Centers
Student organizations
Alumni
Faculty and Academic
Production in 2014
54 professors dedicated exclusively
to Insper of a total of 233
131 publications (82 papers, 38 book
chapters and 11 books)
Center for Finance
Center for Strategy Research
Center for Public Policy
Funding
in 2014
Scholarship Students
Center for Entrepreneurship
and Innovation
1,500
Scholarship Fund: R$2.078 million
Academic Projects: R$17.768 million
Infrastructure: R$500,000
participants at events
Insper Overview
Contents
An independent, nonprofit institution since 2004
Relationship with the Market
4,200
partner companies
International Partners
55
in 20 countries
Accreditations
and Recognition
AACSB International
AMBA
CFA Institute
Financial Times
Federal Public Utility Certificate
3,913
articles in
site
2.2 million hits
campus
412
media
events
social
networks
+175,000
followers
30,000 m2
3
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Letter from the President
Dear friends of Insper,
For us, 2014 was filled with accomplishments, but only truly ended in February of
this year, with the admissions deadline for the new class of Engineering students,
inaugurating a pioneering new program at Insper.
The year began mired in challenges. Although we hoped the program would receive
approval by the end of the first semester of last year, this only happened in midNovember, marking the end of an emotional journey. This meant that the admissions
process for the program’s first class could only begin in early 2015.
With this came two important innovations. First, we used the ENEM (the National
High School Exam) as selection criteria for a specific percentage of openings (also
adopted in admissions for Business Administration and Economics programs for the
first semester of 2015). Second, we divided the process into two phases, the first
consisting of an admissions exam or ENEM exam and the second of group dynamics
conducted on-site at Insper with those approved in the first phase, based on the Olin
College of Engineering model, with which we maintain a cooperation agreement.
Our first experience using ENEM scores fell short of our expectations, with nearly all
accepted students opting for other schools, despite the availability of scholarships.
We plan to review and improve the process for the next semester in an effort to
achieve our objectives of attracting students who live far from the São Paulo area and
to increase the diversity of our student body.
Meanwhile, the group dynamics in the admissions process for the Engineering
program functioned very well. By facilitating engagement with Insper and interaction
with future classmates and professors, these group activities gave candidates a much
clearer vision of Insper and what to expect from the new program. They also helped
the faculty identify students whose profiles are best suited to the new program, which
is intensive in terms of group projects and teamwork. The effects of these group
dynamics on student selection and retention were notable.
Our Scholarship Fund’s performance in the year was nothing short of extraordinary.
We raised nearly 2.1 million reais, far surpassing our target. This will allow us to
grant more scholarships, particularly full scholarships, while also offering our more
disadvantaged students housing and food assistance. This fund, maintained through
the generosity of our community of friends and alumni, is essential to achieving our
goal of giving talented youth who want to study at Insper the opportunity to do so,
regardless of their income or wealth.
Every year, students in all of our programs participate in a satisfaction survey. Last
year’s results saw significant overall improvement in all programs offered by the
School, namely Undergraduate, Graduate and Research Degree programs.
In Graduate studies, we launched two new programs, the Certificate in Business
and People Management (CBPM) and the Certificate in Corporate Law (LL.C.), and
introduced new formats for existing programs. Despite the difficult year we faced
in terms of the country’s economy, we achieved both our student recruiting and
revenue targets.
It is with great satisfaction that I also announce the hiring of new full-time professors:
Paulo Furquim, Fernando Schuler, whose chair is endowed by Instituto Palavra Aberta,
and Ricardo Paes de Barros, whose chair is endowed by Instituto Ayrton Senna (IAS).
Mr. Barros will work to create an education research center within the Center for
Public Policy, in partnership with Instituto Ayrton Senna. These two chairs join the
chair held by Professor Naercio Menezes Filho, created by Instituto Futuro Brasil,
under an endowed chair model, which is quite common in the U.S. private university
system, but only in its beginnings in Brazil.
Last year marked our tenth anniversary as an independent, nonprofit institution.
Ratifying and complementing our status, the federal government approved our
application and certified us as a Federal Public Interest Entity. In addition to strengthening
our status, this certification also generates tax advantages for certain donors.
At the end of the year, we received the good news that our application for creating the
Doctoral Program in Business Economics was approved by CAPES, the federal agency
regulating research degree graduate programs. Classes for the doctoral program,
held completely in English, should begin in the second semester of 2015. We see
this program as essential to our internationalization and as a source of research and
knowledge, in keeping with our mission.
Ratifying and
complementing
our status, the
federal government
approved our
application and
certified us as a
Federal Public
Interest Entity
These are just a few of our many achievements last year, all of which were only made
possible thanks to the hard work and dedication of our faculty, staff and partners, the
efforts of our students and, most importantly, the generous support that we have
received from all of you, to whom we are deeply grateful.
Cordially,
Claudio Haddad
President
In Executive Education, the shortfall in revenue from custom programs due to certain
clients postponing programs given the weak economy was offset by growth in
open-enrollment programs. With this, we were able to significantly expand our scope
and activities, giving professionals interested in improving their qualifications the
opportunity to enjoy the Insper educational experience, while also fulfilling our mission
of offering quality education in all phases of a professional’s career.
4
5
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Since 2004, the year we became independent and nonprofit, we have
dedicated very special attention to our governance.
Governance
Our current structure is designed to ensure the project’s perpetuity,
orient our strategic decisions and prioritize the use of resources.
Assembly of Associates
Created in 2013 as an additional governance body, the Assembly of
Associates is formed primarily by members of the families responsible
for the donations that made Insper an independent, nonprofit
organization. The Assembly of Associates works to ensure that our
values and mission are upheld and fulfilled. Its members are also
responsible for nominating members to the Board of Directors and for
approving the nominees to the office of president.
• Claudio L. S. Haddad
• Cecilia Sicupira Giusti
• Howard Stevenson
• Jorge Paulo Lemann
• Marcel Herrmann Telles
• Tania Haddad Nobre
Board of Directors
Executive Committee
Created in 2006, the Board of Directors is responsible for selecting
the president, formulating the strategic and financial orientation, and
approving and overseeing the budget.
The members of the Executive Committee are responsible for managing
Insper’s main processes and resources in accordance with the guidelines
established by the Board of Directors. Its function is to execute the
budget and achieve the objectives outlined in the strategic planning.
The Board of Directors is also responsible for approving new academic
programs.
• Claudio L. S. Haddad (Chairman)
• Fábio Barbosa
• João Fernando Gomes de Oliveira
• Luis Norberto Pascoal
Visiting
Committee
Assembly of
Associates
• Oversees the
mission and vision
• Nominates directors
and approve the
president
• Elects the statutory
officers
6
From left to right: Luca Borroni-Biancastelli, Marcos Lisboa, Sérgio Lazzarini, Carolina da Costa,
Claudio Haddad, Letícia Costa, Irineu Gianesi e Marcia Moura.
Board of
Directors
• Maurizio Mauro
• Michael Edgar Perlman
• Paulo Guilherme Aguiar Cunha
• Pedro Moreira Salles
Advisory body formed
by people from various
fields, including eight alumni.
Participates annually in
discussions on the
strategic orientation
• Considers and vote on
strategic topics
• Approves the budget,
capex, etc.
• Nominates the
president
• Approves the
Executive Committee
• Claudio L. S. Haddad
President
• Carolina da Costa
Dean of Undergraduate Programs
• Irineu G. N. Gianesi
Dean of New Academic Projects
• Letícia Costa
Dean of Graduate Programs
Internal
Evaluation
Commission
Executive
Committee
• Luca Borroni-Biancastelli
Dean of Executive Education
• Marcia Nizzo de Moura
Senior Director of Institutional Development
• Marcos Lisboa
Vice-President
• Sérgio Lazzarini
Dean of Research Degree Programs
This internal body evaluates
the Institution in various
dimensions. Formed by faculty,
employees and students, it
identifies opportunities for
improving the educational
and research activities and for
contributing to society
Manages Insper in
accordance with the
strategic objectives and
guidelines outlined by
the Board of Directors
7
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Stakeholder Engagement
SOURCES OF THE SCHOLARSHIP
FUND SINCE 2004
R$ 3.6 million – 1% of
Undergraduate revenue
R$ 3.5 million – scholarship
repayments
R$ 8.9 million – donations
To achieve these objectives, we reinvest our financial surplus back into
our activities and encourage society to become engaged by making
donations and accompanying the impacts generated by our management
of these funds.
The funds raised are allocated to three fronts:
DOAÇÕES POR SEGMENTO
AO FUNDO DE BOLSAS
(157 DOADORES)
13%
Academic Projects
17%
68%
Scholarship Fund
In 2014, donations to Insper set a new record, of nearly R$2.1 million, which
was the result of a fundraising strategy that encouraged participation by
executives, organizations, companies and, in particular, alumni.
2%
Main donors
Organizations and companies
Alumni and students
Other donors
Impact of the Scholarship
Program since 2004
391
scholarship
students
250
graduates
42% repaid their
scholarships
Impact of the
Scholarship Program in 2014
• 141 scholarship students
• 28 full and 113 partial
scholarship students
• Average subsidy: 71%
8
Our proposition is to innovate education and research in the fields of
business administration, economics, law and engineering by preparing
managers and leaders who have an entrepreneurial approach and are
engaged in the country’s development.
Investments in academic projects are allocated to attracting professors
with well-established reputations, enabling the creation of new programs
and creating research centers that produce knowledge of relevance to
public policy, organizations and society.
In 2014, we received support from Instituto Palavra Aberta for the
creation of the Insper and Palavra Aberta Chair. This chair will work to
foster and debate topics such as freedom of thought, economic initiative
and political expression. The chair is currently held by Professor Fernando
Schuler. Meanwhile, the IFB Chair, which is coordinated by Professor
Naercio Menezes Filho and was created in 2009 with the support
of Instituto Futuro Brasil, had a very active year organizing debates,
producing research and generating media exposure on the progress
being made in public policy in Brazil.
Sponsorship of campus spaces
Since the launch of our current campus in 2006, families and
organizations have contributed by sponsoring spaces and classrooms.
The objective is to honor individuals and companies that have made
or make important contributions to our country, whether in the public
or private sector, as a way to share success stories with those who
frequent our campus.
Being a nonprofit institution gives the
institution independence and frees it from
shareholders, effectively paving the way for
its perpetuity through highly transparent and
professionalized management
Claudio Haddad,
President
Adriano Ortega Carvalho – ECO 2008
Amanda Rodrigues Luhmann de Jesuz – ECO 2011
André da Silva Palocci – ECO 2003
Andre Luiz de Moura Albuquerque – ADM 2010
Andre Takeshi Fujii – ECO 2010
Andrea Monsó Antonio – ADM 2010
Ary Cera Zanetta Neto – ECO 2005
Augusto Meireles Reis – ECO 2004
Beatriz Egreja Camargo – ECO 2012
Bruno Igel – ADM 2005
Bruno Marques de Moraes – ADM 2009
Bruno Oliveira Gonçalves – ADM 2007
Bruno Saliba Laguna – ADM 2010
Caio Gracco Rocha Carbone – ECO*
Clara Roorda – ECO 2008
Claudia Bruschi Martins – ECO 2010
Claudia C Primo – MBA 2011
Daniel Kim Ting – ADM 2006*
Danilo Cesar Leite de Almeida – ADM 2006
Dirceu Delamuta Filho – ADM 2007
Eduardo Carril Cocco – ADM 2002
Elder Jascolka dos Santos – CBA 2012
Ernesto Martins Faria – ECO 2008
Fábio D’Anna Mori – ADM 2008
Fábio José Santos – CBA 2013
Fabio Moreira Vernille – ECO 2007
Felipe Trigo Osmo – ECO 2005
Fernanda Verroni Keidel – ADM 2007
Fernando Castro de Campos Roriz – ECO 2008
Fernando Kenji Muramoto – ADM 2005
Fernando Luis Abegao Neto – ADM 2006
Fernando Santos Abreu Caligaris – ECO 2010*
Francisco Mendonça de Toledo Arruda – ADM 2006
Franco Rodrigues Resende Veludo – ADM 2007
Frederico de Souza Queiroz Pascowitch – ADM 2005
Gabriel Fongaro de Araujo Pereira – ECO 2010
Guilherme Bockmann Ferreira – ADM 2007
Guilherme da Silva Palocci – ADM 2007
Guilherme Lopes Ferrari – ECO 2009
Gustavo Cavichioli – ECO 2013*
Gustavo Goldenberg – ECO 2011
Gustavo Massami Tachibana – ECO 2012
Gustavo Oliveira Borim – ADM 2008
Henrique Cordeiro Mariano – MBA 2008
Henrique Lewi – MBA 2001*
Henrique Navarro Neto – ADM 2003
Isadora Maggi de Góes – ADM 2013
Ivan Akio Itocazo Soida – Mestrado ECO 2012
João Marcelo de Aguirre Furlan – ADM 2003
João Miranda de Oliveira Rebouças Brandão – ECO 2012
João Pedro Pompeu Melhado – ECO 2012
João Vitor Hess de Souza – ADM 2013
Joaquim Alvaro Pereira Lima – MBA 2006
Jonas Almeida Fererighi JR – MBA 2012
Jonas Honchie Chen – ECO 2009
Jose Horácio Gayoso e Almendra Filho – MBA 2004
José Renato Quaggio Colaferro – ADM 2008
Julia Ramos Marcelino – ADM 2013
Laís Yazbek de Oliveira e Silva – ADM 2008
Larissa Matilde Salles Cunha Araium – ADM 2008
Leandro Paulussi – ADM 2003
Luanna Peixoto Luna – ADM 2011
Lucas Oliveira Faleiros – ADM 2005
Lucas Roman Martinez – ECO 2013
Luis Rodolfo Cruz e Creuz – LL.M. 2004
Luiz Eduardo de Figueiredo Menezes – Educação Executiva
Marcelo de Castro Ferreira Oliveira – ADM 2005
Marcelo Schmidt Goffi Gomez – ADM 2013*
Marcelo Tambelli Francisco – MBA 2010
Maria Angélica Martins Miranda – ADM 2007
Marina Kairalla Garcia – ADM 2005*
Mateus Polking – ECO 2013
Mathias Pastor Wagner – ECO 2003
Mauricio Torres Pinto Bergamaschi – ADM 2006
Milton Giannelli Neto – ADM 2008
Oskar Von Treuenfels – ADM 2008
Otávio De Medeiros Tranchesi – ECO 2013
Paula Kober Nogueira Leite – Mestrado ADM 2013
Pedro Noriyuki Hokama – ADM 2012
Rafael Barbosa Santos Coelho – ADM 2007
Raquel Erzinian De Camargo Moreira – ECO 2010
Ricardo Ramos Pereira de Souza – ADM 2005
Ricardo Siniscalchi de Souza – MBA 1999
Roberta Beatriz Bolognesi Donato – ADM 2005
Roberta Bornia Romiti – ECO 2010
Roberto Tranchesi Zuccolo – ADM 2006
Rodolpho Rocha Ruiz – ADM 2005
Rodrigo Comim Canela – ADM 2011
Rodrigo Guedes Nunes – ECO 2008
Rodrigo Lemos da Silva Haenel – MBA 1996
Ronaldo Ricioli – MBA 2009
Samer Souhail Ghosn – ADM 2008
Tatiana Milan – ADM 2003
Thiago Simões Maffra – ADM 2006
Valter Pujol Ortiz – MBA 1996
Victor Paredes Ortega – ADM 2010
Vinícius Royo Rággio – ADM 2014
Werther Teixeira de Freitas Vervloet – ECO 2007
*Special thanks to the alumni who also contributed
to Insper’s various projects, as godfathers to scholarship
students and in interviews to select
new scholarship students.
Donors to the Scholarship Fund in 2014
Alumni
9
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Alexandre e Tania Nobre
Arthur Mizne
Família Haddad
Jason Dyett
José Alexandre Scheinkman
Marcel Herrmann Telles
Fátima Zorzato
Paulo Cunha
Roberto Haberfeld
Rodrigo Lisboa Bonafé
The Mango Tree Foundation
Adauto Ricardo Sobreira de Lima
Camila Du Plessis
Carlos Du Plessis
Christian Menescal
Clayton Cardozo Da Silva
Daniel Geraldeli
Fabio Orfali
Gabriel Rocha Affonso Ferreira
Guilherme Fowler
Guilherme Martins
Guilherme Rios Leite
Guy Cliquet
Isabel e Nelmir Rosas
Jason Dyett
Jean Francois Pinto Saghaard
Lars Meyer Sanches
Leonidas Sandoval Junior
Luca Borroni
Lucia Guilhoto
Luciana Yeung
Luiz Fernando Turatti
Marcia Maria Nizzo de Moura
Marcos Lisboa
Maria Cristina Nogueira Gramani
Michael Viriato
Paola Damiani Pedrinola
Priscila Borin de Oliveira Claro
Renice Pombani
Ronei Filgueiras Frigerio
Sean White
Sérgio Lazzarini
Silvio Laban Neto
Susan Lyons
Tiago Fischer Ferreira
In 2014, the members of our students’ union, or
Diretório Acadêmico, launched, in partnership
with the Executive Committee, the Classroom
Leaders project, which elected 36 students
to represent their classmates and discuss
opportunities for improvement. The student
leaders received leadership training given
by market and Insper professionals. Many
proposals were debated and incorporated into
the classroom, which further enriched students’
campus experience.
The 200 students of Atlética Insper defended
our colors in 12 sporting events. The highlights
were the determination demonstrated by the
teams, the excellent turnout at games by fans
and the winning of medals in various events,
including men’s swimming at the Economíadas
event, women’s volleyball at NDU.Anual,
women’s volleyball at NDU Série Ouro and
women’s table tennis at EPIC.
Companies and Institutions
Launched in 2014, dozens of students from
the organization Bem Gasto taught financial
education to Adult Education classes at a
number of locations in Greater São Paulo.
Students also worked in partnership with local
high schools and the Arrastão Project to offer
classes to 290 people.
®
10
The year was marked by an expansion of the
initiatives proposed by students through Insper’s
Student Organizations. Over 400 undergraduate
students organized sporting, social, cultural and
academic activities. The engagement of these
students had a positive impact on our campus,
our local community and even the country.
Through another social project related to
education, members of the Social Action Group
(GAS) created the Insper Prep-Course, in which
18 students prepared eight underprivileged high
school students to take the school’s admissions
exam. Two of them were accepted and are now
studying in Insper’s Undergraduate programs
alongside their former tutors
Meanwhile, the social entrepreneurs at
Enactus Insper, produced, through the VerBem
project, 600 quality eyeglasses at low cost
and distributed them throughout Brazil.
The project won the Santander Universities
Entrepreneurship Award.
Finally, our consultants at Insper Jr. Consulting,
who were trained over the course of five
semesters of their undergraduate programs,
conducted 29 projects, of which 18 were
paid and 11 were pro bono. They overcame
challenges such as developing business plans
and conducting valuations.
Academic Achievements
Three students participating in preparatory
courses for the exam of the National
Association of Graduate Centers in Economics
(ANPEC) placed sixth, tenth and 19th. These
classifications ensured them admission into the
country’s top master’s programs in economics.
For the fourth time, our students won the
national stage of the CFA Institute Research
Challenge, sponsored by the CFA Institute,
an international body accrediting investment
professionals. The fourth championship was
won in a competition that brought together
teams from 11 traditional Brazilian universities.
In April 2015, our team travelled to the United
States to participate in the Americas phase of
the competition.
Undergraduate Programs
Donors to the Scholarship Fund in 2014
Friends
At Atlética and Insper Jr.
Consulting, I made my best
friends and put into practice
what I learned in the classroom
Lais Menezes,
Undergraduate student
11
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | I firmly believe that
today we are much
better prepared to face
the challenges of a
country with so many
uncertainties
Maximiliano Piotto Cavinati,
CBP 2014
In the Certificate programs, more than 560 graduates celebrated the
completion of their programs and became members of the Alumni
Community. These graduates included the first class of the Certificates in
Business Project (CBP) launched in 2012, and the launch of the Certificate
in Business and People Management (CBPM).
In the MBA programs, over 400 students graduated in 2014. In a special
meeting, alumnus Rodrigo Kede (MBA 1999), VP of Global Sales and
Transformation at IBM Global, participated in Alumni Week, an annual
get-together event, where he presented his career path and leadership
vision to alumni from the MBA and master’s programs.
We commemorated the 15th anniversary of Insper Law with activities
and special events. The publication of the book “Direito Empresarial
Brasileiro: Avanços e Retrocessos” honored the date commemorated by
the Law programs and included papers by Insper directors and faculty.
At the book launch, Dr. José Renato Nalini, chief judge of the São Paulo
Appellate Court, gave a lecture to students, alumni and professors on the
modernization and dematerialization of law.
In terms of publishing by Insper Law, 11 books authored by alumni and
faculty were published in the Insper Almedina collection, which has
published 26 books since its creation in 2011. Insper also launched the LL.C.
in Corporate Law program, which is designed for recent law graduates.
Students in the Professional Masters programs prepared 46
dissertations. Some of these papers were highlighted in the media, such
as the studies “Follow the Leaders: Competition in the Auto Financing
Sector, An Investigation of the Partial Adjustment Effect of Brazilian
IPOs” and “An Analysis of Active Management Performance,” effectively
contributing to the debate on economic and corporate topics.
We expanded our portfolio of Research Degree Programs with the launch
of the Doctoral Program in Business Economics. Unprecedented in Brazil,
the full-time program explores the intersection between the two fields
and, with classes exclusively in English, seeks to attract students from
around the world.
Graduation ceremony for
the MBA programs.
Workshop for human resources leaders organized by Executive Education.
Executive Education
Executive Education students and faculty at Insper can now take
advantage of a new space on our campus. The ninth floor now features
classrooms and meeting rooms that encourage working in groups. The
space was inaugurated in October, in an event especially designed for
leaders of the human resources department that included a class with
a professor specializing in business strategy. The professor covered the
growing role of HR teams in strategic forums at companies.
Another important achievement was the partnership signed between
Insper and the Center for Creative Leadership (CCL), a U.S.-based
organization that is the leader in education and research in the field of
leadership. Insper and the CCL work together to offer programs and
conduct studies related to the field. The first program through this
partnership, Leadership Fundamentals, was held in September.
OPEN-ENROLLMENT
PROGRAMS
68% increase in students
in 2014
CUSTOM PROGRAMS
Executive Education
Graduate Programs
Graduate Programs
New clients: Banco do Brasil,
Évora and Grupo Iguatemi
New intensive summer and winter programs were also structured in
Executive Education. The year also marked the launch of new programs,
such as Customer Experience Management, High Impact Investments,
Real Estate Market Investments and Marketing Trends.
Involving more than 1,700 students, 55 custom programs were
administered for 24 organizations from a variety of industries. The main
challenges of these programs are leadership, people management,
strategy and execution. Other highlights of the year were the new clients
for our custom programs: Banco do Brasil, Évora and Grupo Iguatemi.
12
13
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | As a large company,
Unilever seeks out
the best talent in
the market and
Insper is clearly one
of those places
Joana Rudiger,
talent manager
at Unilever
Over 2,500 participants
at events
13%
18%
69%
More than 2,500 students and alumni participated in lectures,
roundtables and panels organized by our Career Center. Discussions
were held on a diverse range of industries and fields, with presentations
focusing on the challenges of today’s professionals. The roundtables on
Sports Marketing, Entrepreneurship, Financial Market and Social Impact
Investment had a major impact on our students and alumni.
Our Recruitment Fairs attracted over 50 companies and some 1,000
undergraduate students to the two events held during the year. In
addition to learning about internships and trainee programs, students
also had an opportunity to meet with former classmates who are already
working in the market.
We a view to connecting students and companies, we organized the
Semester Exposition. At this event, undergraduate students presented
business plans to our partner organizations and then debated the
strategies, risks and successes of the proposals.
All of these activities are the fruit of our partnerships with over 4,000
organizations of varying sizes and from a diverse range of industries,
which participated in our events and seek to recruit students and alumni
in various phases of their careers.
The Perfin Educar Fund, which was created by an alumnus, supports
our Scholarship Fund by donating 100% of the management and
performance fee. Since its creation in 2012, Perfin Educar has already
donated over R$400,000.
Alumni Networking
To encourage the exchange of knowledge and networking, we held
four editions of the Alumni Panel, which are events covering current
issues in Brazil in which undergraduate students can participate. These
debates included “Elections 2014 – Economic Outlook for the Next
Administration,” which was attended by Marcos Lisboa, vice-president
of Insper, and Ilan Goldfajn, chief economist at Itaú-Unibanco, and was
mediated by alumnus Terence Pagano (ECO Masters 2009), senior
economist at Itaú Asset Management. The panel “Challenges of
Owning Your Own Business” was held in partnership with the Center for
Entrepreneurship and Innovation, with the participation of alumni Rafael
Coelho (ADM 2007), Mariana Penazzo (ADM 2008) and Ana Carolina
Urquiza (ADM 2011), who shared their experiences and debated with
colleagues on the challenges of being an entrepreneur.
Launched in 2014, Alumni Networking is an online professional relationship
network that allows our students to talk with over 200 volunteer alumni
about the dynamics of different industries, areas and positions.
Career Opportunities Board
1,200 organizations announce
some 12,000 positions annually
1,200 alumni registered
their résumés in the Directory
of Graduate
I believe Alumni Networking is an
interesting tool for experienced
professionals and very important
for those who are just starting their
careers, helping them strengthen
their professional contacts
Luciana Vichino (MBA 2001), Alumni
Networking volunteer and executive
superintendent of Human Resources
at Banco Barclays
14
A new opportunity for participating is the Alumni Council, which was
launched in 2014 and is formed by 13 alumni who want to help improve
strategic areas in the undergraduate program by working with the
School’s Executive Committee.
The Alumni Godfather Campaign, in which alumni act as mentors and
contribute towards meal and transport costs for scholarship students
in Undergraduate programs, registered an increase in the number
of godfathers from 14 to 34 between 2013 and 2014. The initiative
was created to help ensure the retention of full-scholarship students
whose non-repayable tuition scholarships are insufficient to cover their
undergraduate studies.
Students
Companies
Alumni
Directory of Graduates Once Insper, always Insper. After graduation, students become a part
of the Alumni Community and maintain a relationship with the School
by participating in networking meetings, debates on current topics and
volunteer projects.
We believe firmly in
the transformation
that education
can bring to Brazil,
particularly for those
who do not have the
opportunity to pay
José Roberto de Moraes Filho
(ADM 2007), one of the founders
of Fundo Perfin Educar
Alumni Community
Connection with the Job Market
Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | To close the year, we held Alumni Week, which included get-together
events for former students. Former undergraduate students enjoyed
the presence of some of our student organizations, in particular a show
by Baterial Imperial, a band that includes alumnus Lucas Prediger (ADM
2012), and commemorated the ten-year reunion of the 2004 class.
On the following day, alumni from the Certificate programs attended a
lecture by the CEO of Lopes Consultoria Imbobiliária on the trends for
the real estate market in 2015, followed by a cocktail. To close the week,
graduates from MBA and master’s programs reminisced with former
classmates and participated in an event with alumnus Rodrigo Kede
(MBA 1999), vice-president of Global Sales and Transformation at IBM
Global, who spoke about his career path and experience in the program.
15
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | In 2014, our Center for Entrepreneurship and Innovation developed a
new operational proposition. Under the new model, entrepreneurial
development seeks to attract and connect students and alumni through
forums, workshops and project meetings. The center also supports
programs and classroom initiatives and organizes meetings of young
entrepreneurs and business professionals who can act as mentors.
The new physical space inaugurated by the center operates under a
coworking model for entrepreneurs from the Insper Community, which
facilitates the integration of students and alumni to discuss the creation
or consolidation of new businesses.
During the year, 83 students and alumni from the Undergraduate
and Graduate programs received guidance and mentoring. The
center organized 26 events, which included lectures, workshops and
competitions, which were attended by over 1,500 participants. The topic
of entrepreneurship is also one of Insper’s main agendas in the media,
particularly through Movimento Empreenda, in which Insper is the
educational partner of Editora Globo.
Being an entrepreneur means rolling up your sleeves and
dreaming big. It means waking up early and going to sleep
late for a purpose. It means taking risks, believing in your
potential and that of your company, and bringing good
people onboard to work together towards your goal.
We work very hard in the Insper Entrepreneurs’ League
João Gabriel Alkimin, Undergraduate student,
head of the student organization
Entrepreneurs’ League, founded in 2014
Students and the team from the Center for Entrepreneurship and Innovation in the new space.
Welcome Get-Together for Insper’s international students.
Undergraduate and graduate students participated in technical and
cultural visits and followed an academic itinerary in two of China’s
largest metropolises - Beijing and Shanghai – while also visiting
Singapore. This program is the product of a partnership with Campus
Brasil, a company specializing in study tours for college students.
Eighteen students and alumni participated in the program called Doing
Business in China & Singapore.
In 2014, we signed a new partnership with Brandeis University
International Business School, which is based in Massachusetts, USA.
The agreement paved the way for dual degrees with the renowned U.S.
university. Students accepted into this program study for three and a
half years at Insper and half a year at Brandeis University, and receive
an undergraduate degree from Insper and the title of Master of Arts in
International Economics and Finance.
We also expanded programs and activities through partnerships with
international institutions, such as New York University (United States),
ESCP Europe (France) and, more recently, the Center for Creative
Leadership (CCL), the leading institution in education and research in the
field of leadership.
The year also marked the launch of the EQUIS accreditation process by
the European Foundation for Management Development (EFMD), which
involved an extensive self-assessment, a visit by an international team
and an analysis of all reports by a jury. This process will continue into 2015,
together with renewal of the accreditation by the Association to Advance
Collegiate Business Schools (AACSB International).
Semester Exchange Program
130 Insper students participated
in programs in 16 countries
72 exchange students from 14
countries participated in programs
at Insper
Summer Programs &
International Extension
58 Insper students participated in
academic programs in six countries
223 students from four countries
participated in programs at Insper
EVOLUTION OF
INTERNATIONAL
PARTNERSHIPs
International Experience
Entrepreneurship
Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | 55 partnerships
in 20 countries
35 partnerships
in 16 countries
16
2012
45 partnerships
in 18 countries
2013
2014
17
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Professor Naercio Menezes
Filho, the director of the Center
for Public Policy, was elected
to the Brazilian Academy of
Sciences as a member in
the Social Sciences. In the
academy, Professor Naercio will
work to suggest new lines of
research in the Social Sciences
and participate in academic
seminars and the publication
of books and paper collections,
among other activities to foster
scientific research in the field.
Brazil’s presidential elections and economic crisis were the topic of
projects and debates at Insper’s research centers in 2014.
In a year marked by discussions on politics and the economy, we
organized, in partnership with the newspaper O Estado de São Paulo,
the Forums Estadão Brazil 2018. The event featured seven seminars
covering topics of critical importance to the country: education, safety,
health, infrastructure, the environment, agriculture and the economy. The
seminars were attended by journalists, specialists, faculty, students and
alumni. Over 1,000 participants attended the seminars, which were also
broadcast online and over the radio station Estadão. The event’s reach
was further extended by the production of special reports published
in the newspaper’s print version and on its website, which helped to
advance discussion of the topic after each event.
In May, we brought together dozens of students to debate the liabilities
and legacies of the World Cup, focusing in particular on the risks of the
governance model with little transparency adopted for the construction
of stadiums and infrastructure projects. A number of other events and
articles in the press were produced and promoted by researchers at the
Center for Public Policy.
In September, with the outcome of the presidential elections still
uncertain, the center invited economists and specialists from various
fields to debate a development agenda for Brazil. This fourth edition of
the Public Policy Forums discussed a macroeconomic agenda and social
policies, especially in the area of education, for Brazil in the coming years.
The proposals were published in the document “Sob a Luz do Sol: uma
Agenda para o Brasil.”
The third edition of the HAYS Insper Salary Guide was launched at
an event attended by over 200 human resources professionals and
recruiters and presented an outlook for the labor market in 2014/2015.
The survey used to create the guide was based on interviews of 486
companies and 8,024 professionals and was produced by Professor
Regina Madalozzo and co-authored by Adriana Bruscato Bortoluzzo,
from the Center for Strategy.
To access the publications cited on
this page, please go to our website at
www.insper.edu.br/pesquisa.
The Center for Strategy also organized the First Boardroom Talk, an event
for senior executives to foster debate on corporate governance, strategy,
innovation and leadership. In its first edition, Luiz Norberto Pascoal, CEO
of Dpaschoal and a member of Insper’s Board of Directors, interviewed
Alexandre Gonçalves Silva, chairman of the board of Embraer.
Professors active during 2014.
Adalto Barbaceia Gonçalves
Master of Business Administration – UCLA
Angelo Corsetti
Bachelor of Economic Sciences – USP
Adhemar Villani Junior
Ph.D. in Economics – University of Pennsylvania
Antonio Carlos Rosso Junior
Master of Systems Engineering – USP
Adrian Kemmer Cernev
Doctor of Business Administration – FGV-SP
Antonio Zoratto Sanvicente
Ph.D. in Business Administration – Stanford University
Adriana Bruscato Bortoluzzo
Doctor of Statistics – USP
Artur Rothstein Barreto Parente
Ph.D. in Economics – University of California, Berkeley
Adriano José da Silva Neves
Master of Engineering – IPT
Auro Key Honda
Master of Social Psychology – PUC-SP
Afonso Carlos Braga
Master of Business Administration – PUC-SP
Bruno Costa Simões
Doctor of Philosophy – USP
Alex Manduca
Executive MBA in Marketing – Insper
Bruno Silva Martins
Doctor of Economics – FGV-RJ
Alexandre Demetrius
Doctor of Commercial Law – USP
Camila de Freitas Souza Campos
Ph.D. in Economics – Yale University
Alexandre Jorge Chaia
Master of Business Administration – USP
Camila Pereira Boscov
Doctor of Controllership and Accounting – USP
Alexandre Schwartsman
Doctor of Economics – University of California
Carla Ramos
Ph.D. in Business Administration – University of Bath
Alexandre Valério de Wilde
Master of Business Administration –
Columbia University
Carlos Afonso Caldeira Filho
Master of Business Administration – FGV-SP
Aloisio Bueno Buoro
Master of Business Administration – USP
Alvaro Cardoso Armond
Master of Business Administration –
Universidade Presbiteriana Mackenzie
Ana Helena de Campos
Doctor of Physics – USP
André Antunes Soares de Camargo
Doctor of Commercial Law – USP
André Luis de Castro Moura Duarte
Doctor of Business Administration – FGV-SP
Andrea Maria Accioly Fonseca Minardi
Doctor of Business Administration – FGV-SP
Angela de Souza Menezes
Master of Production Engineering – PUC-RJ
18
Faculty
Research and Knowledge
Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Carlos Alberto Furtado de Melo
Doctor of Social Sciences – PUC-SP
Carlos Roberto Francisco Bara
Master of Business Administration – FGV-SP
Carolina da Costa
Ph.D. in Cognition and Learning – Rutgers,
The State University of New Jersey
Charles Kirschbaum
Doctor of Business Administration – FGV-SP
Daniel Ferreira Lima
Ph.D. in Economics – University of California,
San Diego
Danny Pimentel Claro
Ph.D. in Business Administration –
Wageningen University
David Kallas
Master of Business Administration – USP
19
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Faculty
Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Denise Aparecida Manfredi
Master of Health Psychology – UMESP
Flavio Kezam Malaga
Doctor of Finance – USP
Humberto Dantas
Doctor of Political Science – USP
Leonidas Sandoval Junior
Ph.D. in Mathematics – University of London
Ecléa Zugman Hauber
Specialist in Biology – USP
Flavio Romero Macau
Doctor of Business Administration – FGV-SP
Irineu Gustavo Nogueira Gianesi
Master of Production Engineering – USP
Leticia Costa
Master of Business Administration –
Cornell University
Edélcio Koitiro Nisiyama
Master of Business Administration – University
of Chicago
Frederico Augusto Alem Barbieri
Doctor of Mechanical Engineering – USP
Ivanildo Dias de Lima
Master of Sciences – USP
Gazi Islam
Ph.D. in Organizational Behavior – Tulane University
Ivo Waisberg
Doctor of Laws – PUC-SP
George Ohanian
Doctor of Business Administration – USP
João Luis Mascolo
Doctor of Economics – PUC-RJ
Eduardo Augusto Rissi
Doctor of Sciences – USP
Eduardo Correia de Souza
Doctor of Economics – UFRJ
Eduardo de Carvalho Andrade
Ph.D. in Economics – University of Chicago
Eduardo Franco Luzio
Ph.D. in Economics – University of Illinois at
Urbana-Champaign
Eduardo Pozzi Luchezzi
Doctor of Business Administration – USP
Eduardo Rossit Padilha
Specialist in Finance – USP
Eric Barreto de Oliveira
Master of Controllership and Accounting – USP
Fabio de Biazzi
Doctor of Production Engineering – USP
Fábio Matuoka Mizumoto
Doctor of Business Administration – USP
Fabio Orfali
Master of Mathematics – USP
Fabio Pelicano Borges Vieira
Bachelor of Aeronautical Engineering – ITA
Fabio Ribas Chaddad
Ph.D. in Agricultural Economics – University
of Missouri
Fabio Soares de Melo
Specialist in Tax Law – PUC-SP
Fernando Castro de Campos Roriz
Doctor of Economics – PUC-RJ
Fernando Ribeiro Leite Neto
Doctor of Social Sciences – PUC-SP
20
Flávia Ferreira Piazza
Master of Business Administration – IBMEC-RJ
George Paulus Pereira Dias
Master of Production Engineering – USP
João Manoel Pinho de Mello
Ph.D. in Economics – Stanford University
Giancarlo Greco
Master of Business Administration –
Duke University
Joao Mauricio Lemos Rosal
Doctor of Economics – University of London
Gino Abraham Olivares Leandro
Doctor of Economics – PUC-RJ
Guilherme Athia
Specialist in Marketing – ESPM
Guilherme de Moraes Attuy
Doctor of Economics – USP
Guilherme Fowler A. Monteiro
Doctor of Business Administration – USP
Guilherme Silveira Martins
Doctor of Business Administration – FGV-SP
Gustavo Rodrigues Ortega
Master of Strategic Controllership and Accounting
Gustavo Soares Barbosa
Ph.D. in Economics – Yale University
Guy Cliquet do Amaral Filho
Master of Engineering – USP
José Carlos A. Luxo
Doctor of Business Administration – USP
José Carlos Tiomatsu Oyadomari
Doctor of Controllership and Accounting – USP
José Heleno Faro
Doctor of Economic Mathematics – IMPA
José Luiz Rossi Junior
Ph.D. in Economics – Yale University
José Valério Macucci
Master of Business Administration – FGV-SP
Juan Pedro Jensen Perdomo
Doctor of Economics – USP
Juliana Inhasz
Doctor of Economics – USP
Lars Meyer Sanches
Doctor of Civil Engineering – UNICAMP
Hedibert Lopes
Ph.D. in Statistics – Duke University
Leni Hidalgo Nunes
Doctor of Business Administration – Université
de Pau et dês Pays de L’Adour
Heleno Piazentini Vieira
Master of Economics – FGV-SP
Leonardo Fabris Lugoboni
Master of Business Administration – USCS
Heloísa Maria Domingues Neves
Doctor of Design and Architecture – USP
Leonardo Pagano
Doctor of Corporate Economics – FGV-SP
Henrique Machado Barros
Ph.D. in Business Administration – University
of Warwick
Leonel Molero Pereira
Doctor of Business Administration – USP
Liao Yu Chieh
Executive MBA in Finance – Insper
Luca Borroni
Doctor of Economics – Università Commerciale
Luigi Bocconi Milano
Lucia Guilhoto
Ph.D. in Business Administration (Marketing) –
Università Commerciale Luigi Bocconi
Luciana Carvalho de Mesquita Ferreira
Ph.D. in Management Research – Erasmus
University Rotterdam
Luciana Yeung Luk Tai
Doctor of Economics – FGV-SP
Luciano Marques de Araújo
Doctor of Business Administration – Universidad
Politécnica de Catalunya
Luciano Pereira Soares
Doctor of Electrical Engineering – USP
Luis Claudio Montoro Mendes
Master of Laws – Insper
Luis Fernando Longuini Cossi
Bachelor of Production Engineering – USP
Luiz Fernando Andreotti Turatti
Ph.D. in Business Administration – University
of St. Gallen
Luiz Francisco Modenese Vieira
Ph.D. in Transport Systems – Massachusetts
Institute of Technology
Mara Behlau
Doctor of Speech and Language Pathology –
Federal University of São Paulo
Marcelo Hiroshi Nakagawa
Doctor of Production Engineering – USP
Marcelo José Carbonari
Doctor of Nuclear Sciences – USP
Marcelo Leite de Moura e Silva
Ph.D. in Economics – University of Chicago
21
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Faculty
Marcelo Rodrigues dos Santos
Doctor of Economics – FGV-RJ
Marco Antonio Leonel Caetano
Doctor of Aeronautical and Mechanical
Engineering – ITA
Maurizio Mauro
Bachelor of Business Administration – FGV-SP
Marco Aurélio Lima de Queiroz
Doctor of Business Administration – FGV-SP
Michael Viriato Araújo
Doctor of Systems Engineering – USP
Marco Bonomo
Ph.D. in Economics – Princeton University
Naercio Aquino Menezes Filho
Ph.D. in Economics – University of London
Marco Túlio Pereira Lyrio
Ph.D. in Economics – Katholieke Universiteit Leuven
Nelson Mendes Cantarino
Doctor of Social History – USP
Marcos Lisboa
Ph.D. in Economics – University of Pennsylvania
Nilton Deodoro Moreira Cardoso Junior
Doctor of Economics – Universidade de Paris I
Marcos Rodrigues de Lara
Doctor of Social Sciences – PUC-SP
22
Mauricio Rocha Alves de Carvalho
Master of Business Administration – University of
Pennsylvania
Otto Nogami
Master of Economics – Universidade
Presbiteriana Mackenzie
Marcos Veçoso
Master of Health Economics and
Pharmaeconomics – Universitat Pompeu Fabra
Patricia da Cunha Tavares
Doctor of Business Administration – FGV-SP
Marcus Sousa Soares
Bachelor of Psychology
Patricia Portella Prado Galhano
Doctor of Business Administration – USP
Marcus Vinicius Lopes Ramos Gonçalves
Master of Laws – PUC-SP
Paulina Alejandra Achurra Burgos
Ph.D. in Chemical Engineering – Stanford University
Maria Aparecida Rhein Schirato
Doctor of Education – USP
Paulo Beltrão Fraletti
Doctor of Business Administration – USP
Maria Cristina Nogueira Gramani
Doctor of Engineering – UNICAMP
Paulo José de Azevedo
Master of Economics – Insper
Maria Kelly Venezuela
Doctor of Statistics – USP
Paulo Vieira de Campos
Master of Educational Psychology – PUC-SP
Marielza Cavallari
Master of Business Administration – FGV-SP
Priscila Borin de Oliveira Claro
Doctor of Business Administration – UFL
Marilda Peres Camacho Andrade
Executive MBA in Marketing – Insper
Priscila Fernandes Ribeiro
Master of Business Economics – FGV-SP
Mario Sergio Kojima
Master of Business Administration – University of
Southern California
Rafael Paschoarelli Veiga
Doctor of Business Administration – USP
Marisa Villas Bôas Dias
Master of Business Administration – USP
Raquel Aparecida Lopes
Master of Development Disorders – Universidade
Presbiteriana Mackenzie
Marta de Campos Maia
Doctor of Business Administration – FGV-SP
Raul Amaral Rego
Doctor of Business Administration – USP
Maurício Ferreira
Doctor of Mechanical Engineering – USP
Raul Ikeda Gomes da Silva
Master of Electronic and Computer Engineering – ITA
Roseli Morena Porto
Doctor of Business Administration – FGV-SP
Regina Carla Madalozzo
Ph.D. in Economics – University of Illinois
Sandra Gioffi
Specialist in Psychology – Universidade Gama Filho
Regis Fernando de Ribeiro Braga
Master of Accounting and Actuarial Sciences – USP
Sandro Magalhães Manteiga
Master of Mathematical Modeling in Finance –
USP
Ricardo Dias de Oliveira Brito
Doctor of Economics – FGV-RJ
Ricardo Goulart Serra
Doctor of Business Administration – USP
Ricardo José de Almeida
Doctor of Business Administration – USP
Ricardo Machado
Doctor of Social Sciences – PUC-SP
Ricardo Mollo
Master of Business Administration – University
of Dallas
Ricardo Rocha
Doctor of Business Administration – USP
Rinaldo Artes
Doctor of Statistics – USP
Roberta Muramatsu
Ph.D. in Economics – Erasmus University Rotterdam
Roberto Anis Calfat
Doctor of Production Engineering – USP
Sérgio Giovanetti Lazzarini
Ph.D. in Business Administration – Washington
University, St. Louis
Sergio Ricardo Martins
Master of Statistics – USP
Silvia Antonio Sfeir
Master of Business Administration – FECAP
Silvio Abrahao Laban Neto
Doctor of Business Administration – FGV-SP
Silvio Possa
Master of Business Administration – FIA
Tadeu Aparecido Pereira da Ponte
Master of Mathematics – USP
Tatiana Iwai
Doctor of Business Administration – FGV-SP
Tatiana Terabayashi Melhado
Doctor of Statistics – USP
Tiago Fischer Ferreira
Doctor of Business Administration – USP
Roberto Dumas Damas
Master of Chinese Economics – Fudan University
(China) and Master of Economics – University
of Birmingham
Timothy Altaffer
Master of Business Administration – New York
University
Rodrigo Menon Simões Moita
Ph.D. in Economics – University of Illinois
Vinícius de Bragança Müller e Oliveira
Doctor of Economic History – USP
Rodrigo Takashi Okimura
Doctor of Electrical Engineering – USP
Vinicius Licks
Doctor of Electrical Engineering – University of
New Mexico
Rogério da Costa Monteiro
Master of Economics – Insper
Romeo Deon Busarello
Master of Business Administration - PUC-SP
Ronnie Maschk
Specialist in Project Management – Fundação
Vanzolini – USP
Vitoria Cristina Cardoso Saddi
Ph.D. in Economics – University of Southern
California
Vivian Iara Strehlau
Doctor of Business Administration – FGV-SP
23
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Guest faculty / lecturers
Faculty
Alberto Macedo
Doctor of Economic, Financial and Tax Law – USP
Alvaro Taiar
Bachelor of Laws – USP
Ana Luiza Salles Lourenço
Specialist in Tax Law – FGV-SP and IBET
André Franco de Moraes
Executive MBA in Finance – Insper
Andréia Cristina Bezerra
Doctor of Commercial Law – USP
Camila Vergueiro
Master of Laws – PUC-SP
Daniel Kalansky
Master of Commercial Law – USP
Daniel Martins Boulos
Doctor of Civil Law – PUC-SP
Donald Mac Nicol
Bachelor of Business Administration – FGV-SP
Rogério Garcia Peres
Master of Tax Laws – PUC-SP
Lior Pinsky
Master of Laws – London School of Economics
Rubens Carmo Elias Filho
Doctor of Social Relations Law – PUC-SP
Luis Fernando Camargo
Bachelor of Accounting Sciences –
Faculdade Tibiriçá
Sergio Freitas da Costa
Master of Laws – University of Michigan
Luis Gustavo Haddad
Master of Civil Law – USP
Luiz Fernando Mussolini Junior
Master of Public Law – PUC-SP
Marcel Gomes Bragança Retto
Master of Commercial Law – USP
Marcelo Godke Veiga
Master of Laws – Columbia University
Eduardo Montenegro Dotta
Bachelor of Laws – PUC-SP
Maria Rita Ferragut
Doctor of Tax Law – PUC-SP
Fabiano Del Masso
Doctor of Laws – PUC-SP
Marina Anselmo
Master of Laws (Banking and Capital Markets) –
University College London
German Alejandro San Martins Fernandez
Master of Tax Laws – PUC-SP
José Dutra Vieira Sobrinho
Specialist in Accounting Sciences – USP
José Luiz Conrado Vieira
Doctor of Laws – USP
José Romeu Amaral
Master of Laws – Northwestern University
José Virgílio Enei
Master of Commercial Law – USP
Thiago Sandim
Bachelor of Laws – PUC-SP
Valdir Carlos Pereira Filho
Master of Laws – University of London
Wilson R. Ometto
Specialist in Controllership – FIPECAFI/USP
Marco Antonio Bevilaqua
Master of Civil Law – PUC-SP
Marcos Cavalcante de Oliveira
Master of Business Administration – University
of Pennsylvania
Fabio Soares de Melo
Specialist in Tax Law – PUC-SP
Taimi Haensel
Master of Laws – Insper
Marcelo Vieira Von Adamek
Doctor of Commercial Law – USP
Douglas Yamashita
Doctor of Tax Law – USP
Fabio Eduardo de Pieri Spina
Master of Laws (U.S. Law) – Columbia University
24
Kleber Luiz Zanchim
Doctor of Laws – USP
Miguel Tornovsky
Master of Laws – Columbia University
Paulo Jorge Scartezzini
Doctor of Civil Law – USP
Pedro Whitaker de Souza Dias
Master of Laws – University of Pennsylvania
Plinio José Lopes Shiguematsu
Master of International Law – USP
Renato Nunes
Doctor of Tax Law – PUC-SP
Ricardo Hiroshi
Executive MBA – Insper
Rodrigo Fernandes Rebouças
Master of Social Relations Law – PUC-SP
25
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Academic Production by Faculty Members
International journals
26
PROFESSOR
TITLE OF PAPER AND JOURNAL
PROFESSOR
TITLE OF PAPER AND JOURNAL
Adriana Bruscato Bortoluzzo
“Assessment of fatigue in a large series of 1492 Brazilian
patients with Spondyloarthritis”
Modern Rheumatology (Print)
Gazi Islam
“Leadership as a Dominant Cultural Myth: A Strain-Based
Perspective on Leadership Approaches”
Social and Personality Psychology Compass
Adriana Bruscato Bortoluzzo
“FOXP3 and CTLA4 overexpression in multiple myeloma bone
marrow as a sign of accumulation of CD4+ T regulatory cells”
Cancer Immunology and Immunotherapy
Gazi Islam
“Sequential Betting Behavior: A Test of Asymmetric
Inconsistencies in Group Decision Making”
Psychology & Marketing (Print)
Adriana Bruscato Bortoluzzo
“Is there any relationship between gene expression of tumor
antigens and CD4 + T cells in multiple myeloma?”
Immunotherapy
Guilherme Fowler de Avila Monteiro
“The Contractual Nature of Two-Sided Platforms: A Research Note”
Economic Analysis of Law Review
Adriana Bruscato Bortoluzzo
“Not all that glitters is RMT in the forecasting of risk of portfolios
in the Brazilian stock market.”
Physica. A
Guilherme Silveira Martins
“Relational value creation and appropriation in buyer-supplier
relationships”
International Journal of Physical Distribution & Logistics
Management
Andrea Maria Accioly Fonseca Minardi
“Private Equity and Venture Capital IndustryPerformance in Brazil”
The Journal of Private Equity
Hedibert Freitas Lopes
“Bayesian Instrumental Variables: Priors and Likelihoods.”
Econometric Reviews
Danny Pimentel Claro
“Sequential betting behavior: a test of asymmetric inconsistencies
in group decision making”
Psychology & Marketing
Hedibert Freitas Lopes
“Treatment Effects: A Bayesian Perspective”
Econometric Reviews
Danny Pimentel Claro
“Synergistic Effects of Relationship Managers Social Networks
on Performance”
Journal of Marketing
Ivo Waisberg
“Mergers & Acquisitions – Brazil.”
Getting the Deal Through
João Manoel Pinho de Mello
“The Effects of Exposure to Hyperinflation on Occupational Choice”
Journal of Economic Behavior & Organization
Jose Carlos Tiomatsu Oyadomari
“Distribution Channel Choices of Wineries in Emerging Cool
Climate Regions”
Agricultural and resource economics review
“How do different performance measures affect managerial
time orientation? Empirical evidence from sales managers in
the oil and gas industry”
Advances in Accounting
Jose Carlos Tiomatsu Oyadomari
“Explaining organizational diversity in emerging industries: the
role of capabilities”
Journal on Chain and Network Science
“Pesquisa Intervencionista: um ensaio sobre as oportunidades
para pesquisa brasileira em contabilidade gerencial”
Advances in Scientific and Applied Accounting
Jose Heleno Faro
“Ignorance and competence in choices under uncertainty.”
Journal of Mathematical Economics (Print)
Leonardo Fabris Lugoboni
“Economia criativa: aplicação nas empresas de TI”
Future Studies Research Journal
Fabio Ribas Chaddad
Fabio Ribas Chaddad
Fabio Ribas Chaddad
Fabio Ribas Chaddad
“BrasilAgro: Organizational Architecture for a High-Performance
Farming Corporation.”
American Journal of Agricultural Economics
“The Relationship between Performance and Governance in
Agricultural Cooperatives: A Structural Equation Modeling Approach”
The International Journal of Co-operative Management
Fabio Ribas Chaddad
“Transaction attributes and adoption of hybrid governance in
the Brazilian cattle market”
Journal on Chain and Network Science
Leonidas Sandoval Junior
“Not all that glitters is RMT in the forecasting of risk of portfolios
in the Brazilian stock market.”
Physica. A (Print)
Gazi Islam
“Appropriating the abject: an anthropophagic approach to
organizational diversity.”
Equality, Diversity and Inclusion International Journal
Leonidas Sandoval Junior
“Structure of a Global Network of Financial Companies Based
on Transfer Entropy.”
Entropy (Basel. Online)
Gazi Islam
“Identities and ideals: Psychoanalytic dialogues of self
and leadership”
Leadership (London. Print)
Leonidas Sandoval Junior
“To lag or not to lag? How to compare indices of stock markets
that operate on different times”
Physica. A (Print)
27
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Academic Production by Faculty Members
Brazilian journals
28
PROFESSOR
TITLE OF PAPER AND JOURNAL
PROFESSOR
TITLE OF PAPER AND JOURNAL
Mara Suzana Behlau
“Coping Strategies in Teachers With Vocal Complaint.”
Journal of Voice
Adriana Bruscato Bortoluzzo
“Analysis of multi-scale systemic risk in Brazil-s financial market”
Revista de Administração (FEA-USP)
Mara Suzana Behlau
“Cross-Cultural Adaptation, Validation, and Cutoff Values of the
Brazilian Version of the Voice Symptom Scale VoiSS.”
Journal of Voice
Adriana Bruscato Bortoluzzo
“Competição Bancária: Comparação do Comportamento de
Bancos Públicos e Privados”
RAC. Revista de Administração Contemporânea (Impresso)
Mara Suzana Behlau
“Efeitos da reabilitação fonoaudiológica na desvantagem vocal
de cantores populares profissionais”
Audiology – Communication Research
Adriana Bruscato Bortoluzzo
“Desempenho de fusões e aquisições cross border: análise
empírica do caso brasileiro”
RAE (Impresso)
Mara Suzana Behlau
“Intensive Short-Term Voice Therapy: The Brazilian Experience”
Perspectives on Voice and Voice Disorders
Adriana Bruscato Bortoluzzo
“Erratum of ‘Enteropathic arthritis in Brazil: data from the
Brazilian registry of spondyloarthritis’.”
Revista Brasileira de Reumatologia (Impresso)
Mara Suzana Behlau
“Managing dysphonia in occupational voice users”
Current Opinion in Otolaryngology & Head and Neck Surgery
Adriana Bruscato Bortoluzzo
Marcelo Leite de Moura e Silva
“Impact of macroeconomic surprises on the Brazilian yield curve
and expected inflation.”
The North American Journal of Economics and Finance
“Perfil do uso de drogas modificadoras de doença no Registro
Brasileiro de Espondiloartrites.”
Revista Brasileira de Reumatologia (Impresso)
Adriana Bruscato Bortoluzzo
“Perfil epidemiológico da espondiloartrite de início juvenil
comparada com a espondiloartrite de início na vida adulta em
uma grande coorte brasileira”
Revista Brasileira de Reumatologia (Impresso)
Ana Paula Pinho Candeloro
“Ecofinanças: reflexões sobre uma jornada transformacional”
Harvard Business Review Brasil
Andre Luis de Castro Moura Duarte
“Qualidade e Estratégia no Ensino Superior: O caso da UniItalo”
Tecnologias de Administração e Contabilidade
Andrea Maria Accioly Fonseca Minardi
“Analysis of multi-scale systemic risk in Brazil s financial market”
Revista de Administração (FEA-USP)
Antonio Zoratto Sanvicente
“O Mercado de Ações no Brasil antes do Índice Bovespa.”
Revista Brasileira de Finanças (Impresso)
Marco Tulio Pereira Lyrio
“Information in the yield curve: a macro-finance approach.”
Journal of Applied Econometrics (Chichester, England)
Maria Cristina Nogueira Gramani
“Inter-regional Performance of the Public Health System in a
High-Inequality Country”
Plos One
Maria Kelly Venezuela
“Estimating equations and diagnostic techniques applied to
zero-inflated models for panel data”
Electronic Journal of Statistics.
Maria Kelly Venezuela
“Not all that glitters is RMT in the forecasting of risk of portfolios
in the Brazilian stock market”
Physica A: Statistical Mechanics and its Applications
Rinaldo Artes
“Estimating equations and diagnostic techniques applied to zeroinflated models for panel data”
ELECTRON J STAT
Antonio Zoratto Sanvicente
“The Foreign Capital Flows and the Behavior of Stock Prices at
BM&FBovespa”
BAR. Brazilian Administration Review
Rodrigo Takashi Okimura
“Truth Telling Activity: A Practice beyond the Norms”
Global Journal of Management and Business Research:
Accounting and Auditing
Bruno Costa Simoes
“Curtindo a dor dos outros.”
Serrote
Vivian Iara Strehlau
“Brazil, Mexico and USA: the judgement scheme in the choice
based on quality expectation.”
Journal of Strategic and International Studies
Charles Kirschbaum
“A confiança em situações ambivalentes e incongruentes: a
utilização de vinhetas como método exploratório”
RAM. Revista de Administração Mackenzie (Online)
Charles Kirschbaum
“Isomorfismo e Controle Institucional em uma Planta Modular da
Indústria Automobilística.”
Revista Brasileira de Gestão de Negócios (São Paulo. Impresso)
Danny Pimentel Claro
“Consumer Complaints and Company Market Value”
BAR. Brazilian Administration Review
29
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Academic Production by Faculty Members
Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | 30
PROFESSOR
TITLE OF PAPER AND JOURNAL
PROFESSOR
TITLE OF PAPER AND JOURNAL
Danny Pimentel Claro
“Sustentabilidade estratégica: existe retorno no longo prazo?”
Revista de Administração (FEA-USP)
Lars Meyer Sanches
“Hockey Stick Phenomenon: Supply Chain Management
Challenge in Brazil”
Brazilian Admistration Review
Flavio Romero Macau
“Revisitando as Tipologias da Teoria de Redes Interorganizacionais.”
Revista SODEBRAS
Lars Meyer Sanches
“Planejamento da Inovação”
Revista MundoLogistica
Guilherme Fowler de Avila Monteiro
“Value creation and value appropriation in networks: an
assessment of the role of a certification in the wine industry
from Vale dos Vinhedos, RS”
Organizações Rurais e Agroindustriais (UFLA)
Leonardo Fabris Lugoboni
“A vantagem financeira obtida por empresas no setor agrícola
quando do pagamento da remuneração dos acionistas com juros
sobre capital próprio”
Revista de Administracao IMED
Guilherme Silveira Martins
“Imersão social na cadeia de suprimentos e seu efeito paradoxal
no desempenho operacional.”
RAE (Impresso)
Leonardo Fabris Lugoboni
“Alternativas para análise de risco e retorno dos ativos frente às
necessidades de reservas atuariais e cobertura de passivos.”
Revista Brasileira de Previdência
Henrique Machado Barros
“Despesas com tecnologia da informação e eficiência
organizacional: novas evidências do setor bancário brasileiro”
RAI : Revista de Administração e Inovação
Leonardo Fabris Lugoboni
“Associação entre intensidade de uso de mídias sociais,
credibilidade e decisão de compra.”
Navus Revista de Gestão e Tecnologia
Humberto Dantas de Mizuca
“Ficha Limpa na prática: estudo sobre aspecto pontual de
inelegibilidade nas eleições de 2012 em Santa Catarina”
Cadernos ADENAUER (São Paulo)
Leonardo Fabris Lugoboni
“Uma empresa sustentável e suas contribuições a sociedade:
estudo do caso da EDP-ENERGIAS DO BRASIL S.A..”
Revista Científica Hermes
Humberto Dantas de Mizuca
“Formação acadêmica e Direito Eleitoral: do ostracismo
à novidade”
Cadernos ADENAUER (São Paulo)
Luciana Yeung Luk Tai
“Insegurança jurídica do devedor: pela ampliação do debate sobre
seleção adversa e custo do crédito no Brasil”
Análise Econômica (UFRGS)
Ivo Waisberg
“As cláusulas de inalienabilidade, impenhorabilidade e
incomunicabilidade e o compromisso de compra e venda
de bem imóvel.”
Revista SÍNTESE Direito Imobiliário
Mara Suzana Behlau
“Voice symptoms and vocal deviation self-assessment in
different types of dysphonia”
CoDAS
Ivo Waisberg
“Da não sucessão pelo adquirente por dívidas trabalhistas
e tributárias na aquisição de unidades produtivas isoladas
perante a Lei 11.101/2005”
Revista de Direito Empresarial e Recuperacional
Mara Suzana Behlau
“Sinais e Sintomas da Disfunção Autônoma em Professores”
Revista CEFAC (Online)
Marcelo Hiroshi Nakagawa
“Inovação nas Pequenas e Médias Empresas: Discurso e Prática.”
Interesse Nacional
Maria Cristina Nogueira Gramani
“Despesas com tecnologia da informação e eficiência
organizacional: novas evidências do setor bancário brasileiro”
RAI : Revista de Administração e Inovação
Naercio Aquino Menezes Filho
“O Papel da Oferta e da Demanda por Qualificação na Evolução do
Diferencial de Salários por Nível Educacional no Brasil.”
Estudos Econômicos (São Paulo. Impresso)
Naercio Aquino Menezes Filho
“The relationship between school performance and future wages”
Economia (Brasília)
Priscila Borin de Oliveira Claro
“Sustentabilidade estratégica: existe retorno no longo prazo?”
Revista de Administração (FEA-USP)
João Manoel Pinho de Mello
Jose Carlos Tiomatsu Oyadomari
“Is the Bank Interest Rate Pass-Through of Selic Rate
Movements Asymmetric?”
Brazilian Review of Econometrics
“Indicadores de Desempenho em Instituições de Ciência,
Tecnologia e Inovação: Estudo de Caso do Laboratório Nacional
de Luz Síncrotron.”
Revista de Administração Pública (Impresso)
Jose Carlos Tiomatsu Oyadomari
“Uso do Controle Gerencial e Decisões em Organizações de
Saúde Brasileiras: um estudo exploratório.”
BBR. Brazilian Business Review (Edição em português. Online)
Jose Luiz Rossi Junior
“Common Factors and the Exchange Rate: Results from the
Brazilian Case.”
Revista Brasileira de Economia (Impresso)
31
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Academic Production by Faculty Members
Book chapters
32
PROFESSOR
TITLE OF PAPER AND JOURNAL
PROFESSOR
TITLE and WORK, PUBLISHER
Regina Carla Madalozzo
“Excelência com equidade: as lições das escolas brasileiras
que oferecem educação de qualidade a alunos de baixo
nível socioeconômico”
Economia e Políticas Públicas
Afonso Carlos Braga
“Como as empresas estão usando a cocriação com redes sociais”
Cocriação de Valor, Editora Atlas
Ana Paula Pinho Candeloro
“Market crash, características das empresas e retorno – uma
análise logística e discriminante”
Revista de Contabilidade da UFBA
“Governança Corporativa em foco – inovações e tendências
para a sustentabilidade das organizações (Link)”
Saint Paul Editora
Andre Antunes Soares de Camargo
“Follow the Leaders: competition in the Brazilian Auto
Financing Sector”
Estudos Econômicos (São Paulo. Impresso)
“O RI e as regras do jogo”
Governança Corporativa em Foco Inovações e Tendências para
Sustentabilidade das Organizações, Saint Paul Editora
Andre Antunes Soares de Camargo
“Oligopsônio dos Frigoríficos: Uma Análise Empírica de Poder
de Mercado”
RAC. Revista de Administração Contemporânea (Online)
“Políticas para transações entre partes relacionadas e a criação
de valor para as organizações”
Governança Corporativa e Criação de Valor, Saint Paul Editora
Carla Sofia Dias Moreira Ramos
“Marketing de Redes: O Marketing das Interdependências”
Novos Horizontes do Marketing, Dom Quixote
Carlos Alberto Furtado de Melo
“Dinâmica do presidencialismo de coalizão: contribuição e limites
do Basômetro.”
Análise Política & jornalismo de dados: ensaios a partir do
Basômetro, FGV Editora
Fabio Ribas Chaddad
“Challenge Dairy Cooperative: In Pursuit of Control of the Last
Liter of Milk”
Research Handbook on Sustainable Cooperative Enterprise:
Case Studies of Organizational Resilience in the Cooperative
Business Model, Edward Elgar
Fabio Ribas Chaddad
“Responding to the External Environment: The Evolution of
Brazilian Dairy Cooperatives”
Research Handbook on Sustainable Cooperative Enterprise:
Case Studies of Organizational Resilience in the Cooperative
Business Model, Edward Elgar
Fabio Ribas Chaddad
“The Agricultural Input Industry: A Case Study on the CCAB and
Coonagro Networks”
Challenges to Economic Organization: Plural Forms, Editora Atlas
Fabio Soares de Melo
“Materialidade versus Espacialidade. Linhas de Transmissão de
Energia Elétrica. Instalação e Montagem versus Construção Civil”
Estudos de Direito Tributário em Homenagem ao Professor
Roque Antonio Carrazza
Guilherme Fowler de Avila Monteiro
“Food retail strategy and policy in Brazil: heterogeneous retail
formats and competition.”
Retailing in Emerging Markets, Routledge
Guilherme Fowler de Avila Monteiro
“O Setor do Leite: Os Casos da Imbaúba e da Porto Alegre”
Desafios para a Economia das Organizações: Formas Plurais,
Editora Atlas
Guilherme Fowler de Avila Monteiro
“The Milk Industry: The Case of Imbaúba and Porto Alegre”
Challenges to Economic Organization: Plural Forms, Editora Atlas
Ricardo Goulart Serra
Rodrigo Menon Simoes Moita
Rodrigo Menon Simoes Moita
Sergio Giovanetti Lazzarini
“Competição Bancária: Comparação do Comportamento de
Bancos Públicos e Privados”
RAC. Revista de Administração Contemporânea (Impresso)
Silvio Abrahao Laban Neto
“Consumer Complaints and Company Market Value”
BAR. Brazilian Administration Review
Vivian Iara Strehlau
“Imagem do Brasil: Similaridades e Diferenças na Avaliação em
Dez Países”
Internext Revista Eletrônica de Negócios Internacionais da ESPM
33
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Academic Production by Faculty Members
Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | 34
PROFESSOR
TITLE and WORK, PUBLISHER
PROFESSOR
TITLE and WORK, PUBLISHER
Hedibert Freitas Lopes
“Analysis of Exchange Rates via Multivariate Bayesian Factor
Stochastic Volatility Models.”
The Contribution of Young Researchers to Bayesian Statistics,
Springer
Marco Tulio Pereira Lyrio
“The Predictive Content of the Yield Curve for Inflation”
Developments in Macro-Finance Yield Curve Modelling, Series
Macroeconomic Policy Making, Cambridge University Press
Hedibert Freitas Lopes
“Modern Bayesian Factor Analysis”
Bayesian Inference in the Social Sciences, Wiley
Marta de Campos Maia
“O impacto das redes e mídias sociais na estratégia corporativa”
Governança Corporativa em foco Inovações e tendências para
a sustentabilidade das organizações, Saint Paul Editora
Humberto Dantas de Mizuca
“Análise Política & Jornalismo de Dados: ensaios a partir
do Basômetro”
Análise Política & Jornalismo de Dados: ensaios a partir
do Basômetro, FGV Editora
Marta de Campos Maia
“Governança Corporativa em Foco”
Governança Corporativa em Foco: Inovações e tendências
para a sustentabilidade das organizações, Saint Paul Editora
Humberto Dantas de Mizuca
“E o problema é o suplente de senador?”
Análise Política & Jornalismo de Dados: ensaios a partir
do Basômetro, FGV Editora
Naercio Aquino Menezes Filho
“Impactos do Fundef sobre matrículas, docentes e escolas em
São Paulo”
Educação Básica no Estado de Sao Paulo: avanços e desafios, FDE
Humberto Dantas de Mizuca
“Líderes de bancadas ou deputados presidentes: quem
orienta tendências nas votações dos partidos na Câmara
dos Deputados?”
Análise Política & Jornalismo de Dados: ensaios a partir do
Basômetro, FGV Editora
Naercio Aquino Menezes Filho
“A condição “nem-nem” entre os jovens é permanente?”
Panorama do mercado de trabalho no Brasil, FGV Editora
Raul Amaral
“As macrotendências dos setores de bakery e confectionery”
Brasil bakery e confectionery trends 2020, ITAL
Raul Amaral
“Naturalidade e sustentabilidade”
Brasil Ingredients Trends 2020, ITAL
Raul Amaral
“O setor de ingredientes”
Brasil Ingredients Trends 2020, ITAL
Raul Amaral
“Os fatores de influência do mercado de ingredientes”
Brasil Ingredients Trends 2020, ITAL
Raul Amaral
“Os fatores de influência dos mercados de bakery e confectionery”
Brasil bakery e confectionery trends 2020, ITAL
Raul Amaral
“Premiumização e experiência”
Brasil bakery e confectionery trends 2020, ITAL
Raul Amaral
“Visão de futuro”
Brasil Ingredients Trends 2020, ITAL
Ricardo Dias de Oliveira Brito
“Macroeconomic Effects of the Demographic Transition in Brazil”
Asymmetric Demography and the Global Economy: Growth
Opportunities and Macroeconomic Challenges in an Ageing
World, Palgrave Macmillan
João Manoel Pinho de Mello
João Manoel Pinho de Mello
Jose Carlos Tiomatsu Oyadomari
Luciana Yeung Luk Tai
Luciana Yeung Luk Tai
“Firearms and crime in Brazil”
Controlling Small Arms: Consolidation, Innovation and
Relevance in Research and Policy, Routledge
“Risco Regulatório no Brasil: Teoria e Mensuração”
Gargalos e Soluções no Infraestrutura de Transportes, FGV Editora
“Performance Measurement System and Quality Management in
Small and Medium-Sized Brazilian Enterprises”
Research in Accounting in Emerging Economies, Emerald Group
Publishing Limited
“Análise de Eficiência da Justiça Eleitoral no Brasil”
Cadernos Adenauer: Especial Justiça Eleitoral, Fundação
Konrad Adenauer
“Measuring Efficiency of Courts: An Assessment of Brazilian
Courts Productivity”
Managing Service Productivity, Springer
Mara Suzana Behlau
“Management of Glottal Incompetence”
Voice Therapy – Clinical Cases Studies, Plural Publishing
Mara Suzana Behlau
“Primary and Secondary Muscle Tension Dysphonia”
Voice Therapy – Clinical Cases Studies, Plural Publishing
Mara Suzana Behlau
“Técnicas Vocais”
Tratado das Especialidades em Fonoaudiologia
35
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Academic Production by Faculty Members
Books
36
Evolution in academic production
PROFESSOR
TITLE and PUBLISHER
Andre Antunes Soares de Camargo
(ORG.)
“Direito empresarial brasileiro: avanços e retrocessos.
Uma homenagem aos 15 anos do Insper Direito”
Almedina Brasil
Carlos Alberto Furtado de Melo (ORG.)
“Conversas Políticas”
Civilização Brasileira
Humberto Dantas de Mizuca (ORG.)
“Análise Política & Jornalismo de Dados: ensaios a partir
do Basômetro”
Editora FGV
38
32
Luciana Yeung Luk Tai
“Direito e Economia no Brasil”
Editora Atlas
Luciana Yeung Luk Tai
“Direito Regulatório e Concorrencial no Poder Judiciário”
Editora Singular
Mara Suzana Behlau (ORG.)
“Voz: Tudo o que você queria saber sobre fala e canto”
Revinter
29
“Brasil bakery e confectionery trends 2020”
ITAL
4
Raul Amaral
Raul Amaral
“Brasil Ingredients Trends 2020”
ITAL
Ricardo Goulart Serra
“Valuation: Guia Fundamental”
Editora Atlas
Roberto Dumas Damas
“Economia Chinesa – Transformações, rumos e necessidade
de rebalanceamento do modelo econômico da China”
Saint Paul Editora
Sergio Giovanetti Lazzarini
“Reinventing state capitalism: Leviathan in business, Brazil
and beyond.”
Harvard University Press
20
31
25
44
43
38
3
2011
15
9
2012
International papers
Brazilian papers
18
5
2013
11
Book chapters
Books
2014
Works published in conference proceedings
46 papers or abstracts were published in Brazilian conference proceedings and 22 in international
conference proceedings.
37
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Indicators
Financial Indicators
thousands of reais 1
2012
2013
2014
gross revenue
116,877
125,985
129,435
costs and direct expenses
42,975
47,456
55,603
operational margin
68,173
72,970
69,041
indirect expenses
16,163
18,962
19,130
general and institutional expenses
32,868
40,699
44,962
administrative surplus
22,496
17,985
10,163
cash position (end of period)
57,564
60,169
63,927
893
1,393
1,340
28,095
13,285
13,583
576
1,080
2,078
donations - engineering school
3,704
18,777
19,770
donations – academic projects and infrastructure
2,164
1,659
1,536
donations – total
6,444
21,516
23,384
scholarship fund (end of period)
investments
donations – scholarship fund
1
Applicant/Opening Ratio
Admissions Examination – First Semester
applicants1
openings
business
administration
applicants1
openings
economics
2013
1,056
150
7.0
487
75
6.5
2014
1,066
150
7.1
561
75
7.5
Admissions Examination – Second Semester
applicants1
openings
business
administration
applicants1
openings
Economics
2013
607
150
4.0
196
75
2.6
2014
588
150
3.9
208
75
2.8
1
Trainee exam takers are not considered in the figure for applicants.
Certificates
students enrolled
2013
2014
change %
532
582
645
11%
2012
2013
2014
change %
441
441
428
-3%
2012
2013
2014
change %
241
217
191
-12%
2012
2013
2014
change %
82
83
100
20%
Managerial figures, excluding accounting adjustments
MBAs
Investments – Main Items
thousands of reais 2
2012
2013
2014
library: collection and database
652
179
232
25,173
11,341
11,747
2,270
1,765
1,604
infrastructure
technology
2
students enrolled
LL.M. – Master of Laws
students enrolled
Economic investments, not considering the accounting classifications
PROFISSIONAl masters
students enrolled
Revenues by Program thousands of reais3
%
2012
%
2013
%
2014
undergraduate
44%
50,943
45%
56,268
49%
63,968
graduate
36%
42,365
36%
45,191
34%
44,523
research degree
3%
3,812
3%
4,211
4%
4,582
executive education
17%
19,757
16%
20,316
13%
16,362
3
38
2012
Managerial figures, excluding accounting adjustments
EXECUTIVE EDUCATION - OPEN
ENROLLMENT PROGRAMS
2012
2013
2014
652
1,327
1,939
2012
2013
2014
clients
26
31
24
programs delivered
96
99
55
students served
2,662
2,220
1,744
classroom hours
5,461
5,910
3,245
students enrolled
Executive Education – Custom Programs
39
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Financial Statements
Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Independent auditors’ report on the
financial statements
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, 2014 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.
Responsibility of management for the
financial statements
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with the accounting practices adopted in Brazil, as well
as for the internal control as Management determined necessary to enable the
preparation of these financial statements free from material misstatement, whether
due to fraud or error.
Opinion
In our opinion, the aforementioned financial statements present fairly, in all material
respects, the financial position of Instituto, as of December 31, 2014, the performance
of its operations and its cash flows for the year then ended, in accordance with the
accounting practices adopted in Brazil.
Sao Paulo, March, 6, 2015
KPMG Auditores Independentes
CRC 2SP014428/O-6
Marcos Antonio Boscolo
Contador CRC 1SP198789/O-0
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.
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.
40
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(In thousands of Brazilian reais – R$)
Financial Statements
Assets
Statement of Income
Fiscal years ended December 31, 2014 and 2013
(In thousands of Brazilian reais – R$)
Assets
2014
2013
Current assets
Cash and cash equivalents
4
73,623
66,652
Accounts receivable from students
5
12,908
11,119
Refundable scholarships
6
1,108
373
1,592
859
75
290
89,306
79,293
Other accounts receivable
Prepaid expenses
Non-current assets
8,692
7,312
6
526
27
120,007
105,570
Intangible Assets
1,724
2,227
Deferred Assets
2,968
3,303
133,917
118,439
223,223
197,732
Other accounts receivable
Property, plant and equipment
Liabilities
7
Note
2014
2013
Current liabilities
Trade accounts payable
8
3,771
4,087
Salaries, vacation and social security payable
9
7,998
6,784
633
1,200
5,576
4,276
434
498
1,435
1,762
19,847
18,607
473
220
473
220
Provision for employee bonus
Billed services not rendered - deferred revenue
2014
2013
Operating revenue
14
126,132
117,245
Teaching labor costs and direct costs
15
(95,713)
(81,262)
30,419
35,983
(29,580)
(27,362)
(8,795)
(4,883)
5 and 6
(488)
1,505
17
22,763
20,498
14,319
25,741
Gross surplus
Operating expenses
General and administrative expenses
16
Depreciation and amortization
Income (loss) with doubtful accounts
Other operating income
Long-term assets
Refundable scholarships
Note
10
Taxes
Other accounts payable
Surplus before financial income (expenses)
Financial income
18
10,026
7,211
Financial expenses
18
(347)
(243)
9,679
6,968
23,998
32,709
Reserva
estatutária
Superávit
acumulado
Total
27
13,658
132,511
146,196
–
–
32,709
32,709
27
13,658
165,220
178,905
(165,220)
–
Financial income, net
Net income for the year
Statement of changes in net assets
Fiscal years ended December 31, 2014 and 2013
(In thousands of Brazilian reais – R$)
Patrimônio
social
Balance on January 1, 2013
Surplus in the year
Balance on December 31, 2013
Incorporation to the Social Patrimony
Surplus in the year
165,220
–
–
23,998
23,998
165,220
13,658
23,998
202,903
Statement of Comprehensive Income
Fiscal years ended December 31, 2014 and 2013
(In thousands of Brazilian reais – R$)
2014
2013
Balance on December 31, 2014
Non-current liabilities
Provision for contingencies
11
Shareholder’ Equity
Net Assets
42
12
165,247
27
Bylaws reserve
13,658
13,658
Retained surplus
23,998
165,220
202,903
178,905
223,223
197,732
Surplus in the year
23,998
32,709
Total comprehensive income
23,998
32,709
43
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Financial Statements
Statement of cash flow – Indirect method
Fiscal years ended December 31, 2014 and 2013
(In thousands of Brazilian reais – R$)
(In thousands of Brazilian reais)
2014
2013
23,998
32,709
8,795
4,883
–
(27)
Provision for contingencies
253
172
Allowance for doubtful accounts
488
(1,505)
33,534
36,232
–
5,041
(4,392)
(461)
(1,017)
430
(316)
(1,590)
647
81
Other accounts payable
(391)
1,296
Services to be billed
1,300
(3,128)
29,365
37,901
Acquisition of fixed and intangible assets
(22,394)
(28,569)
Net cash used in investing activities
(22,394)
(28,569)
6,971
9,332
Cash flow from operations
Net income for the year
Adjusted by:
Depreciation and amortization
Residual value of write-offs to property, plant and equipment
(Increase) / decrease in assets
Long-term marketable securities
Accounts receivable and scholarships
Other accounts receivable
Increase / (decrease) in liabilities
Trade accounts payable
Payroll, vacation and bonus payable
Net cash from operations
Net cash from financing activities
Increase in cash and cash equivalents
Statement of changes in cash and cash equivalents
At the beginning of the year
66,652
57,320
At the end of the year
73,623
66,652
6,971
9,332
Increase in cash and cash equivalents
1. Operational context
Insper is a private nonprofit organization engaged in education and knowledge generation
in the fields of business administration, economics, law and engineering that explores the
complementarities among these fields to add value to organizations and to society.
Initially established under the name Instituto Fiesole on October 20, 2003, which was changed
to Instituto Veris on April 1, 2004, Insper was the successor of the operations of the São Paulo
branch of Ibmec Educacional S.A. when it received, in the form of a donation, the remaining assets
calculated based on the valuation report.
In 2009, the School changed its name to Insper Instituto de Ensino e Pesquisa and remained a
nonprofit institution.
Insper’s main educational activities include offering academic programs at the undergraduate and
graduate levels and executive education programs. Its efforts in the areas of research and generating
and disseminating knowledge include the activities of its Center for Public Policy, Center for strategy,
Center for Finance and Center for Entrepreneurship and Innovation. The Institute has a university
campus located at Rua Quatá, 300 in the Vila Olímpia district of São Paulo, SP.
Over these years, Insper has sought to attain the highest standards of governance and quality
in its activities. Insper has been accredited by the Association to Advance Collegiate Schools
of Business (AACSB) since 2010 and is one of only two Brazilian institutions accredited by this
association, which is the world’s leading accrediting body of business schools. The School’s MBA
programs are also accredited by the Association of MBAs (AMBA).
In 2014, Insper continued the project to expand its floor space and inaugurated another 15
classrooms, 4 laboratories and 1 multi-purpose space for the Engineering and Executive Education
programs. With the opening of these spaces located on the 4th, 9th, 10th and 11th floors, today the
total floor space exceeds 20,000 square meters.
In October 2013, Insper submitted a request at the Ministry of Justice to receive certification
as a Federal Public Interest Entity (Certificação de Entidade de Utilidade Pública Federal). The
certification confers prestige and credibility since it represents proof of official recognition of the
services provided by the entity to society, and, in September 2014, the Ministry of Justice approved
the certification as a Federal Public Interest Entity.
The Institute is exempt from income tax and social contribution tax, in accordance with the Federal
Constitution and with Federal Law 9532/97, the latter establishing in its Article 15 that the Institute
should cumulatively meet the following conditions to be entitled to such exemption:
(a) Does not compensate, in any form, its managers for the services rendered;
(b) Fully invests its resources in maintaining and developing its corporate purposes;
(c) Maintains complete recordkeeping of its revenues and expenses in books that adopt the
formalities and procedures required to ensure their accuracy;
(d) Maintains in good condition, for a period of five years as from their issue date, all documents
that substantiate the origins of its revenues and the effective payment of its expenses, as well as
the performance of any other acts or transactions that change its equity position; and
(e) Files income tax returns on an annual basis.
In accordance with its formation as a nonprofit entity, all resources generated by Insper are
invested in its purpose of teaching and education.
44
45
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3. Main accounting policies
a. Declaration of conformity (with the standards of the Accounting Pronouncements
Committee - CPC)
The financial statements were prepared in accordance with the accounting practices adopted in Brazil.
The accounting policies described in detail below have been consistently applied to the periods
presented in these financial statements, except for the aforementioned corrections.
The issue of the financial statements was authorized by the Management on March 6, 2015.
b. Measurement base
The financial statements were prepared based on historical cost, except for the financial
instruments measured at fair value through profit or loss.
c. Functional currency and presentation currency
These financial statements are presented in Brazilian reais, which is the functional currency of
the Institute. All financial information presented in Brazilian reais has been rounded to the nearest
thousandth, except where stated otherwise.
a. Transactions in foreign currency
Transactions in foreign currency are translated into the respective functional currencies of the
Institute at the exchange rates on the dates of the transactions. Monetary assets and liabilities
denominated and calculated in foreign currencies on the presentation date are converted into the
functional currency at the exchange rate determined on that date. Currency translation gains or
losses in monetary items are the difference between the amortized cost of the functional currency
at the start of the period, adjusted by the interest and payments made 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
d. Use of estimates and judgments
The preparation of the financial statements in accordance with CPC standards requires
Management to make judgments, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual
results may differ from these estimates.
Estimates and assumptions are revised on a continuous basis. Revisions of accounting estimates
are recognized in the period in which the estimates are revised and in any future periods affected.
Information on the uncertainties involved in assumptions and estimates that pose a significant
risk of resulting in a material adjustment within the subsequent fiscal year and critical judgments
regarding the accounting policies adopted that produce effects on the amounts recognized in the
financial statements are included in the following notes:
The Institute recognizes receivables and deposits initially on the date of the transaction that
originated them. All other financial assets are recognized initially on the date of the transaction in
which the Institute becomes a party to the contractual provisions of the instrument.
The Institute does not recognize a financial asset when the contractual rights to the cash flows
of the asset expire or when it transfers the rights to the receipt of its contractual cash flows in a
transaction in which all the risks and benefits of ownership of the financial asset are essentially
transferred. Any interests created or retained by the Institute in the financial assets are recognized
as a separate asset or liability.
Financial assets and liabilities are set off and the net amount reported in the balance sheet when,
and only when, the Institute has a legal right to set off the amounts and an intent exists to settle on
a net basis or to realize the asset and settle the liability simultaneously.
• Determination of the useful life of property, plant and equipment (note 3h);
• Determination of the adjustment of doubtful accounts (notes 5 and 6);
• Determination of the provisions for contingencies (note 11).
The Institute holds the following non-derivative financial assets: financial assets recorded at fair
value through profit or loss and loans and receivables.
The actual results of transactions and information may differ from these estimates.
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 sale and is designated
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 investment and redemption
decisions based on their fair value in accordance with the documented risk management and the
investment strategy of the Institute. Transaction costs, after initial recognition, are recognized
through profit or loss as incurred. Financial assets recorded at fair value through profit or loss are
measured at fair value and the changes in the fair value of these assets are recognized through
profit or loss for the fiscal year.
Loans and receivables
Loans and receivables are financial assets with fixed or determinable payments that are not quoted
on any active market. Such assets are initially recognized at fair value plus any directly attributable
transaction costs. After their initial recognition, receivables are measured at amortized cost using
the effective interest method, less any impairment losses. Receivables comprise cash and cash
equivalents, accounts receivable from students, refundable scholarships and other credits from the
rendering of services.
46
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Amortization and depreciation
Cash and cash equivalents comprise the balances of cash, banks checking accounts and interestbearing bank deposits with original maturities of three months or less as from the contracting date
that are subject to insignificant risk of change in value and are used to settle short-term obligations.
Leasehold improvements are amortized based on the duration of the lease agreement of 24 years.
c. Non-derivative financial liabilities
The Institute recognizes debt securities issued and subordinated liabilities on the date on which
they are originated. All other financial liabilities are recognized initially on the transaction date on
which the Institute becomes a party to the contractual provisions of the instrument. The Institute
writes-off a financial liability when its contractual obligations are discharged, canceled or expire.
The Institute holds the following non-derivative financial liabilities: suppliers and other accounts payable.
Such financial liabilities are initially recognized at fair value plus any directly attributable transaction
costs. After their initial recognition, these financial liabilities are measured at amortized cost using
the effective interest method.
The useful life estimates adopted for the current and comparison periods are as follows:
Machinery and equipment
Furniture and fixtures T equipment
Library Facilities Leasehold improvements
10 years
10 years
5 years
10 years
24 years
24 years
The amortization and depreciation methods, useful lives and residual values are reviewed at the
end of the fiscal year and any adjustments are recognized as changes in accounting estimates.
Derivative financial instruments
i. Leases
As of December 31, 2014 and 2013, the Institute held no transactions involving derivative financial
instruments, including hedge transactions.
d. Accounts receivable from students
Represent basically the monthly tuition fees billed but not received and the agreements entered
into with students with overdue monthly tuition fees.
The provision for doubtful accounts was accrued in an amount considered sufficient by Management
to cover any losses from the realization of monthly tuition fees, negotiations receivable and other
assets receivable and is calculated taking into consideration the historical recovery rates of the
different types of receivables. These rates are reviewed on a semiannual basis to better estimate the
measurement of these amounts.
e. Current and non-current liabilities
Current and non-current liabilities are stated at known or determinable amounts plus, when
applicable, the corresponding charges, monetary variation and/or currency translation gains or
losses incurred through the balance sheet base date.
Payments for operating leases are charged to income on a straight-line basis over the lease period.
The lease incentives received are recognized as an integral part of total lease expenses over the
lease agreement period.
j. Intangible assets
Intangible assets refer mostly to investments in the software and computer application systems of
the Institute. These assets are amortized on a straight-line basis for a period of five years.
k. Impairment testing
Management reviews annually the net carrying value of assets in order to assess events or
changes in economic, operating, or technological circumstances that could indicate deterioration or
impairment. When such evidence is detected and the net carrying value exceeds the recoverable
value, the asset is adjusted for deterioration by adjusting the net carrying value to the recoverable
value.
f. Services billed and not rendered - Deferred revenue
As common practice in the business and market of the Institute, the billing and payment of custom
programs and graduate programs are made in advance. Consequently, monthly tuition fees
referring to subsequent periods and received in advance in the current fiscal year by the Institute
are recognized as deferred revenues in current liabilities and are recognized on an accrual basis
through profit or loss for the fiscal year.
l. Impairment
g. Provisions
A provision is recognized on 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 economic resources will be required to settle the
liability. Provisions are recorded based on the best estimates of the risk involved.
An asset is impaired if 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 projected future cash
flows that can be reliably estimated.
h. Property, plant and equipment
Recognition and measurement
Property, plant and equipment items are stated at historical acquisition or construction cost, net of
accumulated depreciation and impairment losses.
48
Depreciation is calculated by applying the straight-line method to the depreciable amount, which is
the acquisition cost of an asset, less its residual value over its estimated useful life.
Gains and losses on the disposal of property, plant and equipment item are determined by
comparing the proceeds from the disposal with the carrying value of property, plant and
equipment and are recognized in “other operating income/expenses” on the statement of income.
Financial assets
The Institute assesses property, plant and equipment assets when there is objective evidence of
impairment loss.
Objective evidence that financial assets have been impaired may include default or delinquency
by a debtor, the restructuring of the amount owed to the Institute under conditions that the
Institute would not consider in other transactions, indications that the debtor or issuer will file for
bankruptcy or the disappearance of an active market for a security.
When applying impairment testing, the carrying value of an asset or cash generating unit is
compared to its recoverable value. The recoverable value is the higher of the net sales value of an
asset and its value in use. Considering the particularities of the Institute’s assets, the recoverable
value used for impairment testing is the value in use, except when otherwise stated. This value in
use is estimated based on the present value of future cash flows based on the best estimates of
the Institute.
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Non-financial assets
The carrying values of the non-financial assets of the Institute are reviewed at each reporting
date of the financial statements to determine if there are any indications of impairment. If such
indication exists, the recoverable value of the asset is determined. In fiscal year 2014, there was no
indication of impairment losses on non-financial assets.
m. Short-term employee benefits
4. Cash and cash equivalents
Cash and Banks
2014
2013
3
3
Santander
81
-
Bradesco
14
13
97
16
2014
2013
Caixa
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. Revenue from services
Revenues are formed primarily by the monthly tuition fees charged for the post-secondary
academic programs (undergraduate and graduate), the monthly tuition fees charged for postsecondary non-degree and extension programs, the fees charged for other education services
rendered and the registration fees charged for admissions examinations. Revenues are booked in the
month in which the services are rendered.
o. Revenue from donations
Revenues from donations are funds received from third parties and are booked in the month in
which they are effectively received.
Marketable securities
Yield
Maturity
Itaú Unibanco
Investment fund
without maturity
27,068
13,721
Citibank
Investment fund
without maturity
-
12,166
Santander
Investment fund
without maturity
5,175
9,604
Santander
Certificates of deposit
3/20/2014
-
3,697
Santander
Overdraft facility
8/5/2016
15,480
-
Bradesco
Automatic investments
without maturity
806
10,109
Bradesco
Investment fund
without maturity
24,997
12,065
Itaú Unibanco
Certificates of deposit
4/26/2014
-
5,263
Itaú Unibanco
Automatic investments
without maturity
-
10
73,525
66,635
73,623
66,652
73,623
66,652
73.623
66.652
p. Financial income and expenses
Financial income comprises interest income on cash investments and the interest on accounts
receivable arising from the renegotiation of monthly tuition fees. Interest income is recognized
through profit or loss by the effective interest method.
Financial expenses comprise expenses with banking services, fines and interest.
Cash and cash
equivalents
q. Present value adjustment of assets and liabilities
The Institute does not significantly adopt the use of transactions involving installment sales with
set amounts. Therefore, the balances of the rights and obligations are measured at the close of the
fiscal year at amounts similar to the respective present values.
These are highly liquid short-term investments that are readily convertible into known cash
amounts and made in low-risk instruments. In September 2014, an overdraft facility in the amount
of R$15 million with a grace period of 6 months was contracted from Banco Santander.
r. Calculation of surplus
Funds classified as cash and cash equivalents basically comprise financial investments, which are
remunerated at 99.5% to 104% of the CDI interbank overnight rate, which the Institute contracts
from prime financial institutions.
The revenues, costs and expenses of the operations are recognized on an accrual basis.
The revenues are recognized in accordance with the rendering of services when their value can
be measured reliably, net of discounts, credits, deductions and estimated potential disallowances.
Revenue is not recognized if there is any significant uncertainty with regard to its realization.
s. Revenues from volunteer work
Revenues from volunteer work are measured at their fair value taking into consideration the amounts
that the Organization would have to pay if it were to contract such services in a similar market.
On December 31, 2014 and 2013, the Institute did not record any revenues or expenses related to
volunteer work due to the fact that they did not have a material effect on its financial statements.
50
51
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | 5. Accounts receivable from students
Financial Statements
Monthly tuition fees
2014
2013
13,948
10,655
1,178
1,696
15,126
12,351
(2,218)
(1,232)
12,908
11,119
Trade accounts receivable from custom programs
Provision for doubtful accounts
Criteria for accruing the provision for doubtful accounts
In 2014, the Institute maintained the same criteria as in prior years for recognizing the provisioning
for losses on the realization of credits on overdue balances.
As provided for in the bylaws of the Institute, scholarships are granted to talented young
students who present good academic records and proven low income and who opt to study in an
undergraduate program offered by Institute.
In the meeting of the Board of Directors held in August 2014, amnesty was granted to students with
full scholarships. This amnesty was granted to students already in the repayment period as well as
to those in the grant or grace periods, with the total value of this amnesty amounting to R$197.
Balance on December 31, 2013
Reversal of the provision in the fiscal year
Balance on December 31, 2014
(1,232)
(986)
(2,218)
2014
2013
9,593
8,161
1,315
926
Overdue 31 to 180 days
2,000
2.032
Overdue more than 181 days
2,218
1,232
15,126
12,351
Falling due
Overdue 1 to 30 days
(1.793)
498
(1.295)
The provision for losses on the realization of refundable scholarships was determined based on
historical losses in the last three years. The provision for doubtful accounts accrued in the year
amounted to R$1,295 (R$1,793 in 2013).
The aging list of maturity dates for the amounts receivable are as follows:
6. Refundable scholarships
The balances recognized in non-current assets have the following maturity schedule:
2016
1,514
2017
1,735
2018
1,606
2019
1,430
2020
1,206
After 2020
2,197
9,688
2014
2013
Accounts
receivable
Provision
Net
Net
11,095
(1,295)
9,800
7,685
Current
1,407
(299)
1,108
373
Non-current
9,688
(996)
8,692
7,312
Refundable scholarships
52
The Institute, based on the indexation of debt payments by the payment slip values prevailing on the
settlement dates of the obligations, calculated the present value of long-term installments and did
not observe any significant differences from the amounts currently recognized, net of the provision
for realization.
The changes in the provision for doubtful accounts in the period from December 31, 2013 to
December 31, 2014 are presented below:
The changes in the provision for doubtful accounts in the period from December 31, 2013 to
December 31, 2014 are presented below:
Balance on December 31, 2013
Provision in the fiscal year
Balance on December 31, 2014
Refundable scholarships refer to scholarships granted to active students who assumed a
commitment to repay the monthly tuition fees financed by the Institute within an average term
of 5 years beginning one year after the conclusion of the academic program. The repayments are
restated by the IPCA consumer price index.
53
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | 7. Property, plant and equipment – Tangible
Cost
Financial Statements
Acquisitions
Write-offs
Transfers
12/31/2014
Cost
Construction in progresso
12/31/2012
Acquisitions
Write-offs
Transfers
12/31/2013
44,540
4,811
–
(47,013)
2,338
21,521
5,404
–
–
26,925
–
15,000
–
–
15,000
Furniture and fixtures
3,130
78
–
1,798
5,006
IT equipment
4,252
578
(91)
2,921
7,660
11,101
Machinery and equipment
1,507
1,333
–
5,725
8,565
–
2,470
Library
1,372
413
–
353
2,138
–
(543)
12,430
Facilities
12,402
571
–
–
12,973
4,522
–
10,814
53,246
Leasehold improvements
1,314
381
–
36,216
37,911
–
7
–
–
7
90,038
28,569
(91)
–
118,516
118,516
22,257
(265)
(9)
140,499
Furniture and fixtures
(1,972)
(639)
–
(1)
(2,612)
IT equipment
(3,567)
(3,311)
–
(1)
(6,879)
Furniture and fixtures
(1,470)
(502)
–
–
(1,972)
Machinery and equipment
(824)
(960)
2
–
(1,782)
IT equipment
(2,733)
(937)
103
–
(3,567)
Library
(885)
(224)
–
–
(1,109)
Machinery and equipment
(254)
(570)
–
–
(824)
(4,448)
(515)
–
1
(4,962)
Library
(730)
(155)
–
–
(885)
(3,859)
(602)
13
–
(4,448)
(1,250)
(1,894)
–
(4)
(3,148)
(312)
(940)
2
–
(1,250)
(12,946)
(7,543)
2
(5)
(20,492)
(9,358)
(3,706)
118
–
(12,946)
105,570
14,714
(263)
(14)
120,007
80,680
24,863
27
–
105,570
Construction in progress
54
12/31/2013
2,338
12,359
–
(14,450)
248
Land
26,925
103
(130)
–
26,898
Land
CEPACs
15,000
–
–
–
15,000
CEPACs
Furniture and fixtures
5,006
2,206
–
1,017
8,228
IT equipment
7,660
458
–
2,753
10,871
Machinery and equipment
8,565
2,271
(135)
400
Library
2,138
331
–
Facilities
12,973
–
Leasehold improvements
37,911
Goods received as donations
Depreciation
Facilities
Leasehold improvements
Property, plant and
equipment, net
Depreciation
Facilities
Leasehold improvements
Property, plant and
equipment, net
55
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Build-to-suit agreement
8. Intangible
Cost
Financial Statements
Trademarks and patents
Acquisitions
Write-offs
Transfers
12/31/2014
59
–
–
–
59
Systems, applications
and software
7,769
400
–
9
8,178
New product
development costs
1,026
–
–
–
1,026
Pre-operating costs
6,021
–
–
–
6,021
14,875
400
–
9
15,284
Amortization
Systems, applications
and software
(5,601)
(912)
–
–
(6,513)
New product
development costs
(1,026)
–
–
–
(1,026)
Pre-operating costs
(2,718)
(334)
–
–
(3,052)
(9,346)
(1,246)
–
–
(10,591)
(5,529)
(846)
–
9
4,692
12/31/2012
Acquisitions
Write-offs
Transfers
12/31/2013
Property, plant and
equipment, net
Cost
Trademarks and patents
160
–
(101)
–
59
Systems, applications
and software
7,491
278
–
–
7,769
New product
development costs
1,026
–
–
–
1,026
6,021
–
–
–
6.021
14,698
278
(101)
–
14,875
Pre-operating costs
Amortization
Systems, applications
and software
(4,582)
(1,019)
–
–
(5,601)
New product
development costs
(1,026)
–
–
–
(1,026)
(2,384)
(334)
–
–
(2,718)
(7,992)
(1,353)
–
–
(9,346)
(1,075)
(101)
–
5,529
Pre-operating costs
Property, plant and
equipment, net
56
12/31/2013
6,706
In 2006, the Institute entered into a build-to-suit agreement. This type of agreement provides for
the construction of a building customized to the specific needs of a user, in this case the Institute,
which will occupy the property for the period of the agreement, which initially was 18 years and in
2013 was revised to 24 years. The investors made a capital injection for the construction project
and will remain the owners of the building, while the Institute assumed a commitment to occupy
the building through a long-term agreement. The Institute became responsible for paying all costs
related to occupying the building (fitting-out), such as internal layout, which are classified above as
leasehold improvements, furniture and equipment. These costs were supported almost entirely by
donations made by third parties, which included both individuals and legal entities.
In 2010, construction began on the second tower of the head office under the same type of
construction adopted for the first phase, which was delivered in June 2013.
The lease period for the first tower of 216 months (18 years) began on December 1, 2005 and, with
the delivery of the new tower on June 1, 2013, was amended to 288 months (24 years), which is
the same period as the new tower. Given the need to expand its space for classrooms, the Institute
decided to lease the remaining floors of the building that it occupies (i.e., the 9th to 12th floors of the
new tower), which is a typical lease agreement and not a build-to-suit agreement. In this context,
the Institute assumed responsibility to lease the entire building and now has more than 20,000
square meters of floor space for its teaching and research activities.
The Institute effected calculations for the build-to-suit agreement based on the instructions in
CPC 06 - Leasing and based on these analyses concluded that the agreement is characterized as
an operational lease agreement, i.e., the amounts paid as rent are recognized through profit or loss
using the straight-line method over the lease period.
The operational lease will be paid as follows:
2014
2013
18,783
17,277
One to five years
105,895
103,660
Over five years
303,594
285,065
428,272
406,002
Under one year
Acquisition of Certificates of Additional Construction Potential (CEPACs)
In 2013, Insper acquired in the financial market 2,000 Certificates of Additional Construction
Potential (Certificados de Potencial Adicional de Construção - CEPACs) at a unitary cost of seven
thousand five hundred reais (R$7,500.00) issued by the Municipal Government of São Paulo, which
are used as means of payment for the granting of Additional Urban Development Rights during the
period of the Faria Lima Urban Operations Consortium. Each certificate has an amount in Brazilian
reais that corresponds to each square meter for use in expanding the construction area or in
modifying the uses and parameters of a lot or project The issuance of these certificates is governed
by Instruction 401 issued by the Securities and Exchange Commission of Brazil (CVM), which
regulates the issue of these securities, oversees the Urban Operations Consortium and indicates
the form in which the rights assured by the CEPACs are exercised.
These securities will be used to expand the potential construction area of the building that will
house the engineering school, whose lot has already been acquired by the Institute.
57
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Financial Statements
9. Trade accounts payable
12. Provision for contingencies
2014
2013
Rent payable
1.554
1.478
Domestic trade accounts payable – other
2.217
2.609
3.771
4.087
10. Salaries, vacations and social security charges payable
2013
5.067
4.271
INSS charges on payroll
1.163
962
Withholding income tax on payroll
1.257
1.090
437
382
74
79
7.998
6.784
FGTS charges on payroll
Other personnel liabilities
Management, based on information from its legal advisors, on analysis of pending legal matters and,
in the case of labor claims, on prior expectations with regard to the amounts claimed, has accrued
provisions in amounts deemed sufficient to cover the estimated losses from pending lawsuits and
proceedings, as follows:
Changes in the provision for contingencies
2014
Vacation and charges payable
The Institute is party to lawsuits and administrative proceedings in various courts arising from the
normal course of its operations that involve matters of a labor and civil nature and other issues.
2013
Additions to the provision
for contingencies
2014
Labor
220
253
473
Total
220
253
473
Labor – provisions were accrued based on the opinions of the legal advisors of the Institute
regarding the probability of losing the lawsuits, which also considered the amounts already
deposited into court, with no losses expected upon the closure of these lawsuits other than
the amounts already provisioned. The Institute adopts mechanisms for evaluating the amounts
indicated by its legal advisors.
These obligations refer basically to short-term liabilities with the employees of the Institute.
There are other labor lawsuits whose risk of loss has been assessed by the legal advisors as
possible in the amount of R$ 2,740 (R$ 4,090 in 2013) for which no provisions were accrued, since
they are not required by the accounting practices adopted in Brazil.
11. Billed services not rendered - deferred revenue
Custom program clients
Graduate programs
13. Shareholders’ equity
2014
2013
542
1.463
5.034
2.813
5.576
4.276
Refer to the advance payments made for custom programs and graduate programs that will be
recognized through profit or loss for the fiscal year on an accrual basis upon the effective rendering
of services.
Revenues from donations and cost contributions received by the Institute are fully invested in its
activities, as mentioned in note 1.
In the event of the dissolution of the Institute, its remaining assets will be assigned to another
nonprofit entity with an identical or similar purpose, as indicated by the Meeting of Shareholders
(Article 45 of the Bylaws).
In accordance with the bylaws, the profit or loss for the fiscal year will be retained for investment in
developing the purpose and activities of the Institute, with the following expressly prohibited: (i) the
distribution of profits for any reason, and (ii) the attribution of a share in the profit to the members of
the Board of Directors.
14. Related party transactions
The Institute has no related parties and the members of the board of directors and of the board of
auditors do not receive compensation.
58
59
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | 15. Operating revenue
2014
2013
Financial Statements
Gross service revenue
Undergraduate tuition fees
55,733
Custom programs
8,842
15,057
Graduate programs
59,584
54,727
1,660
1,671
134,467
127,188
Canceled services - monthly tuition fees
(1,792)
(1,301)
Discount on monthly tuition fees
(1,975)
(4,631)
(4,568)
(4,011)
(8,335)
(9,943)
126,132
117,245
Deductions
Taxes
Total net revenue
16. Teaching labor costs and direct costs
2014
2013
Personnel expenses
(73,460)
(65,135)
Rent
(18,080)
(12,503)
(4,173)
(3,451)
-
(174)
(95,713)
(81,262)
Teaching materials and other
Other expenses
17. General and administrative expenses
2013
Outsourced services
(11,017)
(11,018)
Advertising and marketing
(5,705)
(4,961)
Maintenance and conservation
(4,793)
(3,997)
Utilities
(2,922)
(2,457)
Travel and accommodation
(982)
(1,016)
Costs with meals in programs
(869)
(713)
Reprographics
(739)
(678)
Consumables
(452)
(324)
Subscriptions to periodicals
(240)
(192)
(127)
(55)
(1,734)
(1,951)
(29,580)
(27,362)
Other expenses
60
2013
20,405
19,763
2,358
735
22,763
20,498
2014
2013
7,995
6,252
795
479
10
224
Income from cancelation fees
732
256
Other financial income
494
–
10,026
7,211
(274)
(179)
(28)
(29)
-
(7)
(45)
(28)
(347)
(243)
Other operating income
19. Financial income (expense)
Financial income
Interest income
Income from fines and interest on arrears
Discounts received
Financial expenses
Bank expenses
Fines and interest expenses
Discounts granted
Other financial expenses
20. Financial instruments
2014
Court and legal expenses
2014
Donations and sponsorships
64,381
Other operating revenues
18. Other operating income
Management of financial risks
Overview
The Institute is exposed to the following risks arising from financial instruments:
• Credit risk;
• Liquidity risk;
This note presents information on the exposure of the Institute to each of the aforementioned risks,
the objectives of the Institute, and the policies and processes for measuring and managing the risks
and capital of the Institute.
The Institute is exposed to the following risks arising from the use of financial instruments:
a. Credit risk
Credit risk is the risk of the Institute incurring a financial loss if a debtor or counterparty to a financial
instrument fails to fulfill its contractual obligations, which arise primarily from the trade accounts
receivable of the Institute, which are represented mainly by cash and cash equivalents, financial
investments, accounts receivable from students, refundable scholarships and others credits from
the rendering of services.
61
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Financial Statements
Exposure to credit risk
The maximum credit exposure is represented by the carrying values of the financial assets. The
maximum credit risk exposure on the date of the financial statements was:
Nota
2014
2013
Cash and cash equivalents
4
73,623
66,652
Accounts receivable
5
12,908
11,119
Refundable scholarships
6
9,800
7,685
96,331
85,456
• Cash and cash equivalents and financial investments – The Financial Management and Corporate
Risks Policy establishes that the Institute must regularly assess the risks associated with its cash
flow as well as proposals to mitigate these risks. Risk mitigation strategies are executed with the
purpose of reducing the risks related to the fulfillment of the commitments undertaken by the
Institute. The Institute holds financial investments in short- and long-term fixed-rate securities
contracted from traditional financial institutions and considered to be low-risk.
• Accounts receivable from students and refundable scholarships – Credit risk is mainly managed on
the occasion of the semiannual re-enrollments, when debits are settled and/or renegotiated. There
is no concentration of credit risk in the business model, with the client portfolio highly dispersed
and formed primarily by individuals. The Institute has accrued a provision for doubtful accounts
amounting to R$2,218, which corresponds to 13% of the outstanding balance of accounts receivable
from students and refundable scholarships in order to cover this credit risk.
b. Liquidity risk
Is the risk of the Institute encountering difficulties in fulfilling the obligations associated with its
financial liabilities, which are settled with payments in cash or with other financial assets. The
approach of the Institute in managing its liquidity is to guarantee as much as possible that it
always has sufficient liquidity to fulfill its obligations upon maturity, under both normal and stress
conditions, without causing unacceptable losses or posing the risk of adversely affecting the
reputation of the Institute.
12/31/2014
Note Carrying value
12/31/2013
Fair value Carrying value
Fair value
Assets measured at fair value
Financial assets recorded at fair value
through profit or loss
Cash and cash equivalents
4
73,623
73,623
66,652
66,652
73,623
73,623
66,652
66,652
Assets measured at amortized cost
Accounts receivable from students
5
12,908
12,908
11,119
11,119
Refundable scholarships
6
9,800
9,800
7,685
7,685
2,118
2,118
886
886
24,826
24,826
19,663
19,663
3,771
3,771
4,087
4,087
3,771
3,771
4,087
4,087
Other accounts receivable
Liabilities measured at amortized cost
Trade accounts payable
8
c.2 Fair value hierarchy
The following table presents the financial instruments recorded at fair value using the valuation method.
The different levels were defined as follows:
• 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 that are observable for assets or
liabilities either directly (prices) or indirectly (derived from prices);
• Level 3 - Assumptions for assets or liabilities that are not based on observable market data (nonobservable inputs).
All financial instruments recorded or disclosed at fair value were measured using the Level 2
valuation method.
The balances of cash and cash equivalents on December 31, 2014 exceeded the value of current
liabilities by R$ 53,893 (R$ 48,044 in 2013).
c. Fair value estimate
The Institute discloses its assets and liabilities at fair value, based on the relevant accounting
pronouncements that define fair value and the structure for determining fair value, which refer to
the evaluation criteria and practices and require certain disclosures about fair value.
c.1 Fair value versus carrying value
The fair value of the financial assets and liabilities together with the carrying values presented in the
financial statements are as follows:
62
63
| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education | Relatório Anual 2014 | job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs | Undergraduate Programs
In accordance with ITG 2002 - Nonprofit organizations approved by CFC Resolution 1,409/12, the
Organization presents below a calculation of its tax breaks for fiscal year 2014 and 2013, provided
the obligation was due. The presentation shows the taxes and contributions and their respective tax
rates. Note that these are estimates of the tax breaks involving the main taxes and contributions since
the Institute does not have tax recordkeeping, such as a taxable income journal, due to its nature as a
nonprofit organization.
Taxes levied on the revenue from its undergraduate and graduated operations, excluding the custom
program operations (ISS service tax 5%).
Taxes levied on its surplus in the fiscal year (IRPJ corporate income tax and CSLL social contribution
tax 34%).
Based on the study conducted using the above estimates, the amount of the main tax breaks are:
2014
2013
121,858
106,199
6,093
5,310
23,998
32,709
8,159
11,121
14,252
16,431
Levied on revenue
Revenue from undergraduate and graduate programs and
deductions (excluding custom programs)
ISS service tax 5%
Levied on the Surplus
Surplus for the fiscal year
Corporate income tax and social contribution tax 34%
Total
Claudio Luiz da Silva Haddad
President
Rogerio Gutierrez
Administrative-Financial Manager
Adilson Ernesto da Silva
Accountant - CRC1SP 266387/O-7
Business Administration
Economics
Engineering (Computer, Mechanical and Mechatronic)
Graduate
Certificates
Certificate in Business Administration (CBA)
Certificate in Business and People Management (CBPM)
Certificate in Business Projects (CBP)
Certificate in Financial Management (CFM)
Certificate in Healthcare Management (CHM)
Certificate in Marketing Management (CMM)
Advanced Program
Advanced Program in Finance
MBAs
Executive MBA
Executive MBA in Finance
Executive MBA in Healthcare Management Einstein – Insper
Master of Laws
LL.C. in Corporate Law
LL.M. in Contract Law
LL.M. in Financial and Capital Market Law
LL.M. in Corporate Law
LL.M. in Tax Law
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Professional Masters in Business Administration
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Doctoral Program in Business Economics
Executive Education
Academic Programs
Financial Statements
21. Tax breaks
Open Enrollment Programs
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International
Learning Journeys
Leadership
Marketing & Innovation
Negotiation
Operations
Custom Programs for Companies
Programs and courses developed exclusively for organizations
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