ANNUAL REPORT 2009
MESSAGE FROM THE PRESIDENT
2
Dear Friends,
The year 2009 was very challenging for us.
In May, our new brand – Insper Institute of Education and Research – was officially presented to the community.
The decision to change our name, as well as its selection and announcement, however, represented only the first
phase of the process. As of May, the second phase was initiated: the consolidation of the new brand. Although this is
an ongoing process, the results to date have been encouraging. Everything suggests that Insper – an abstract name
derived from the Portuguese words inspirar (to inspire) and pertencer (to belong), together with to transform, which
completes the three pillars of our brand – is being well received and internalized by our target public, both inside and
outside the School.
The budget execution in 2009 also posed major challenges. The economic crisis in late 2008 drove many
companies’ budgets for corporate training to be reduced or postponed. As a result, we experienced a drop in student
enrollment in certain graduate programs (since most of these programs are sponsored by employers), as well as
postponements of various customized executive education programs. Consequently, by midyear, the budget execution
for 2009 appeared to be severely compromised. So we began a process to cut costs and delay nonessential expenses,
which resulted in a financial surplus for the year slightly above the budgeted amount, despite the 5% reduction in our
gross revenue in the period. In early 2010, the market showed strong signs of recovery, which leaves us cautiously
optimistic on meeting our goals and budget for the year.
Another fact worth highlighting is that we finally worked out our physical expansion. Still in early 2010, we
signed a build-to-suit agreement with the owners of the property we lease, through which we guaranteed occupancy
of eight floors of a tower to be built adjacent to our campus. Under this agreement, we would have approximately
80% more usable area, which would allow us to expand our current programs, increase the number of openings in our
undergraduate programs and implement any new programs we decide to offer. The groundbreaking is expected before
midyear, and construction should be concluded in 2011.
We are more enthusiastic than ever about our future. At the close of 2009, we reached the mark of 5,000
registered alumni, confirming that the pride and sense of belonging to the Insper community of those who have passed
through our halls grow with each passing day. Our continuous improvement and evolution over future generations
depends entirely on this involvement.
I would like to express my deep gratitude to all of those who have helped Insper accomplish its mission.
Cordially,
Claudio Haddad
INSTITUTIONAL
Board of Directors
01
- Claudio L. S. Haddad (President)
02
- Michael Edgar Perlman
03
- Luis Norberto Pascoal
04
- Howard Stevenson
05
- Pedro Moreira Salles
06
- Paulo Guilherme Aguiar Cunha
07
- Peter Graber
** - Jorge Paulo Lemann
Vision
Mission
To be a leading center in education and research in the
fields of Business and Economics, combining academic
rigor and a practical approach so as to forge leaders and
professionals who will make a difference.
To develop people who share our educational approach,
generating and disseminating knowledge in the fields of
Business and Economics and fostering its practical application.
Our educational approach centers on the development of
students at all stages of their professional lives and relies
on their full commitment and participation in the learning
process. We value rigorous academic research based on realworld issues, which contributes to the enhancement of public
policy and organizational practice.
4
INSTITUTIONAL
Executive Committee
01
- Claudio L. S. Haddad
President
02
- Luca Borroni-Biancastelli
Academic Dean Executive Education
03
- Irineu Gustavo Nogueira Gianesi
Academic Dean Graduate Programs
04
- Marcia Nizzo de Moura
Senior Director of Institutional Development
05
- Andrea Accioly Fonseca Minardi
Academic Dean Undergraduate Programs
06
- Rinaldo Artes
Academic Dean Research Degree Programs
07
- Christian Greiffo da Justa Menescal
Senior Director of Operations
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A LOOK BACK AT 2009
LANDMARKS AND IMPORTANT INITIATIVES
THAT SHAPED INSPER’S DEVELOPMENT
AMBA
(Association of MBAs)
Accreditation Renewal
The year 2009 was marked by the expansion of Insper’s faculty. Six full-time
research professors were hired. The new faculty members added some new areas of
research to the School and complemented others. Another highlight was the incentives
for academic production through additional compensation, which targets professors
who also exercise external professional activities and, thus, bring valuable experience to
certain programs offered by the School.
Faculty members also received training, through seminars and workshops, in
concepts and resources directly related to the science of teaching and learning. One of
such events was the seminar given by two researchers in the field of Learning Science from
Rutgers University, who presented works on teaching methods to develop critical thinking
and problem-solving abilities (two learning objectives shared by all the School’s programs).
During the year, Insper also created the CPP (Public Policies Center) together
with a IFB Chair (Instituto Futuro Brasil – Future Brazil Institute), for which the Center’s
Director was appointed. The center’s creation was supported by an endowment from
IFB, and it took over the research activities previously conducted by this institution.
Through the CPP, Insper will expand its academic production in the area of public policy,
strengthening the institution’s commitment to society.
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A LOOK BACK AT 2009
ANNUAL REPORT
Public Policies Center (CPP) launch
7
A LOOK BACK AT 2009
Faculty
enlargement
and motivation
to academic
production
8
DESTAQUES DE PESQUISAS EM 2009
The accreditation of Insper’s MBA programs by the Association of MBAs (AMBA)
was renewed for another three years. Insper also moved forward in its process to obtain
accreditation from the Association to Advance Collegiate Schools of Business (AACSB
International). This long-term process has been ongoing for the past six years and entails
improving the School’s management and more accurately outlining its learning and research
projects. In 2009, Insper qualified for the final stage of the evaluation process by the
AACSB, attesting to its advances over the years. The accreditation process demonstrates
the integrity and consistency of Insper’s initiatives and reinforces the continuous efforts
to obtain international recognition for our programs and other academic projects. We look
forward to the final phase of the accreditation process in 2010.
Also in 2009, we launched the Odisseia project, which is related to the
implementation of a new systems platform (ERP) for the School. This is an institutional
initiative to improve the management of educational and organizational processes.
The new platform will improve the efficiency of the School’s processes and its ability to
provide services and to maintain relationships with all of Insper’s stakeholders.
The process to disseminate and consolidate the Insper brand, launched in May
2009, counted with the engagement of the School’s staff and student organizations
during the first six months. On the day the brand was launched, the School’s main
promotional materials, both printed and digital, already reflected the new identity.
A highlight was the rapid assimilation of the brand change by the media, with the
Insper name beginning to appear in many articles and spots in business and economics
publications. The School’s student organizations incorporated the Insper brand in their
logos, sports uniforms and promotional materials, demonstrating students’ alignment
with the School’s new identity. We also had the support of the School’s alumni, friends
and partners, who disseminated our identity and values, accelerating the advance of the
Insper brand.
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INSPIRE
To inspire is to pass
on knowledge and to
point out a direction to
create innovative ideas
for those who strive for
professional development
10
2009 RESEARCH HIGHLIGHTS
INSPIRE
The year 2009 was very productive in terms of research at Insper. The number of
full-time and exclusive professors-researchers was increased from 22 to 27, three of whom
are adjunct professors. We also have three professor-researchers on joint appointment with
U.S. universities. Our faculty published 42 works in academic journals, 20 of which were
in international journals. In addition, 40 new working papers were published on Insper’s
research site, which shows that our professors continue to publish at healthy rates and
suggests that many new publications await us in the years ahead.
40
new working papers
published on Insper’s
research website
Last year, Professor Andrea Minardi won the “Best Paper Award” at the Global
Finance Conference with the paper “Does Private Equity Work as a Quality Certification
for IPOs in Brazil?”. Professor José Luiz Rossi won second place in the Banrisul Corporate
Finance and Banking Award with the paper “What is the Value of Corporate Social
Responsibility? An Answer from the Brazilian Sustainability Index”.
The George Stigler Award for Excellence in Research, which is conferred annually
by Insper to researchers connected with the School who submit their works to a committee,
went to Professor Rodrigo Moita (first place), Professor Sergio Lazzarini and Professor
Naercio Menezes Filho (both in second place).
In 2009, Insper continued to organize a series of academic seminars, in which
professors invited from other universities in Brazil and abroad present academic works,
as well as a series of “brown bag” seminars in which professors from Insper present their
research in progress.
Small and Medium Enterprise Confidence Index (IC-PMN)
In partnership with Grupo Santander Brasil, Insper’s Strategy Research Center
developed the Small and Medium Enterprise Confidence Index (IC-PMN). Created in 2008,
the index’s growing use was consolidated in 2009 at two quarterly disclosure events, which
had significant repercussions in the specialized media and generated a sharp increase in the
number of visitors to the IC-PMN section of Insper’s website.
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2009 RESEARCH HIGHLIGHTS
Research Production – Insper
2004
2005
2008
2009
International Papers
Brazilian Papers
Chapters
Books
14
20
2
2
20
19
2
6
20
22
13
2
Research and Clinical Professors
21
22
27
1,120
2007
55,0
891
706
540
413
1,211
Total CAPES points1
2006
2007
2008
2009
Based on the academic review criteria of Brazil’s research authority CAPES.
1
2004
1
2005
41.5
55,0
40.5
33.6
30.0
27.5
55.0
CAPES1 points per researcher
2006
2007
2008
Six new Research
Professors were hired
2009
Based on the academic review criteria of Brazil’s research authority CAPES.
12
INSPIRE
Public Policies Center
The seminar “A Evolução da Vitimização em São Paulo entre 2003 e 2008” (The
Evolution in São Paulo’s Victimization from 2003 to 2008) formalized the launch of Insper’s
Public Policies Center (CPP). The objective of the Center is to develop studies in areas such
as Education, Political System, Criminality, Health and Social Assistance.
In addition to the launch seminar, the Center also sponsored three major seminars
during the year: “A Qualidade das Escolas Públicas Brasileiras” (The Quality of Brazil’s Public
Schools), “A Sala de Aula Que Ensina” (Classroms that Teach) and “The Magic Carpet Ride”,
all of which featured the participation of guest professors as well as prominent professors.
CPP also developed and published studies on Education, Victimization and Health in Brazil.
To foster debate on current issues concerning Brazil’s economy and increase
students’ contact with this universe, in the second half of 2009, the Public Policies Center
(CPP) sponsored a series of three debates that featured presentations by specialists and
School’s professors. The debates discussed the following topics, selected by students
through a voting process conducted on CPP’s blog: “Corruption, Institutions and Growth”,
“Pre-Salt” and “Foreign Exchange”.
Education and Learning Dynamics Research Center (DEA)
Encouraging social and
economic debates incites
the development of ideas
and the search for solutions
The efforts to improve the teaching and learning processes at Insper in
2009 advanced on two main fronts: measuring learning and developing professors.
The measuring of learning sought to answer the question: How do we know if our students
have achieved the learning objectives established for each of the School’s programs?
Insper believes that creating ways to answer this question is fundamental for the execution
of its mission and to assure that our commitment to society is met. The results of these
measurements in the School’s various programs guided actions to improve areas, such
as program curricula, class plans and student evaluations. Along the same lines, the
initiatives to develop professors sought to bring to the attention of our faculty certain
concepts and resources that are directly related to improvement processes. For example,
we brought two researchers in the field of Learning Science from Rutgers University to
discuss research on teaching methods to develop critical thinking and problem-solving
abilities (which are two learning objectives shared by all of the School’s programs).
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2,155
new job offers in the
opportunities board
93% of the students
have joined the work market,
taking part in academic activities
or in their own enterprises
14
CAREER DEVELOPMENT CENTER
Students in Insper’s Business Administration and Economics undergraduate
programs who graduated in 2009 will begin 2010 with concrete prospects for their
careers. The last survey, conducted upon the conclusion of these programs, indicated
that 93% already perform some sort of professional activity (at companies, running their
own businesses or engaged in academic activities).
At Insper, students in the undergraduate and graduate programs and alumni
can follow job openings through the Opportunities Panel, an electronic resource
administered by the Career Development Center that puts recruiters in touch with
students and alumni, effectively facilitating communications and recruiting processes.
In 2009, we made 2,155 new opportunities in a variety of companies and fields
available to our students.
In a difficult year such as 2009, in which companies experienced atypical
situations, the Career Development Center sought to narrow even further its relationship
with employers. We held six major events with employers, students and alumni.
The objective was, and still is, to bring the School and companies closer, drawing
their attention to the professional development and expertise provided by Insper to its
students and alumni.
Announced Internship and Trainne positions
560
755
850
735
2006
2007
2008
2009
Sector of Activity
25%
6%
29%
15%
13%
10%
2%
Internship
Trainee programs
Financial Markets
Consulting
Marketing
Corporate Finance
Others (Strategy, Sales, Logistics, HR etc.)
Number of students hired for summer jobs
6
19
44
50
2006
2007
2008
2009
7%
Undergrad Students Placed in the Job Market
Placed in Field
In selection processes / Travelling
93%
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INTERNATIONAL RELATIONS
17
exchange students
came from 7 international
partner schools
International Student Office:
In 2009, Insper expanded the scope of its partnerships and included Australia
and Singapore on its map of relationships with international teaching institutions.
The number of exchange students also increased, with the School receiving 17 students
from seven partner schools. Also during 2009, we created the International Student
Office, an initiative by Insper’s students to support and facilitate the participation of
foreign and Brazilian students in exchange programs. And in the graduate programs
(MBA and LLM), 2009 was a year of intensifying the School’s international relations
through short-length programs, academic exchanges and visits by groups of students.
an initiative of Insper’s students
to help foreign and Brazilian students
INNOVATION CHALLENGE
Omnium Global Executive MBA Students came to learn from
entrepreneurs in Brazil how to achieve success in dynamic economic
environments, which can be rather turbulent at times.
Insper’s Center for Entrepreneurship organized, from August to November
2009, the first Brazilian edition of the Innovation Challenge, the world’s largest
corporate innovation competition, which is held annually by Darden Business School.
The competition, sponsored by Pepsico and Bunge, presented real dilemmas in the business
world, which MBA students from all over Brazil sought to resolve in the competition’s
two phases. In all, nearly 300 students from 27 Business Schools participated.
A panel formed by 73 executives, consultants and specialists evaluated all the proposals
submitted. The success of the first edition served as encouragement to continue with
the competition in 2010, with the goal of attracting five sponsors and doubling the
number of students participating from Brazilian Business Schools.
16
INSPIRE
Insper carries out the
Brazilian edition of the
Innovation Challenge, the
largest international business
innovation competition
17
BELONG
To belong is to integrate
a given environment
or community and to
interact proactively for
mutual development
18
ODISSEIA PROJECT
In 2009, the project to implement a new systems platform advanced rigorously
in line with the established schedule, with all of the School’s internal processes reviewed.
The work involved a task force of 30 people from 14 areas. In November 2009, the
project’s official name was selected based on the results of an internal competition. With
33 nominations, the name Odisseia was the winner. The name will be used during the
implementation phase of the Banner System from Sungard Higher Education, which will
last for 24 months. The activities were launched on January 4, 2010.
The project will lead to changes in culture and behavior, dramatic shifts in
paradigms, extensive training efforts and an exchange of ideas in order to transform and
develop processes and assure the achievement of new benchmarks, especially in terms
of management, productivity and dynamics. The objectives, strategic relevance and role
of each team member in this project for integrating systems, processes and people
are of critical importance, reinforcing the fact that the Odisseia Project involves all the
School’s stakeholders.
Integrating systems,
processes and people
will provide new
management, productivity
and vitality levels
at the School
BELONG
30
fellow workers from
14 areas were part
of the project
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INSPER COMMUNITY
BELONG
Student Organizations
Students and alumni
actively take part in the
process of implementing
the new brand “Insper”
Students were thoroughly involved in the consolidation of the Insper brand,
participating in blog discussions about the new brand, in podcasts and in informative lectures.
In parallel with the brand change, Insper’s student organizations made changes
to their visual identities in order to keep up with the change at the School. Logos were
redesigned, as were also sports uniforms and promotional materials.
All activities planned by these organizations over the course of the year represented
opportunities to promote the new brand. The highlights were:
• Insper Jr. Consulting was responsible for several events with lectures given
by Central Bank President Henrique Meireles and entrepreneur Luiza Helena
Trajano, to commemorate the 8th anniversary of the Empresa Jr. (junior
enterprise organization).
• Sociedade em Debate (Debating the Society) invited the coach from the national
volley team, “Bernardinho” Bernardo Rocha de Rezende, to give a presentation
to the Insper Community.
• The Social Action Group (GAS) sponsored campaigns such as the “social action
freshmen reception cerimonies”, the blood donation drive and the Christmas gift
donation drive, always taking an opportunity to showcase the school’s brand in a
positive light for its social assistance partners.
Alumni Community
Students carry out the Social Action Freshmen Ceremonies 2009/1 at
Liga Solidária. Freshmen helped children to manufacture their Carnival
costumes, to upkeep the sports field and other facilities of that institution.
Insper is committed to providing opportunities for the continuous development
of the members of its Alumni Community. One of the incentives for this development was
giving discounts to alumni for their enrollment in academic programs. In 2009, 34 alumni
members re-enrolled at the School to further their development. At the end year, we reached
the mark of 5,000 registered alumni members, which corresponds to 60% of all the School’s
graduates. In view of its importance to the School, the Insper Alumni Community received a
new web portal, which expanded the volume of information and opportunities for interaction.
Another opportunity for alumni development is the exclusive events focused on the
interests of this community. In addition, the Annual Alumni Meeting, which allows classes
to reunite and learn about the latest developments at the School, has attracted a growing
number of participants each year.
20
12
first donations from
alumni to the Scholarship
Fund in 2009
Institutional Relations
The highlights in 2009 include the support provided by the Friends of
Insper to the Scholarship Fund. The Friends of Insper were responsible for 87%
of all funds raised during the year.
In 2009, the 4th Annual Meeting of Friends of Insper, which presents
the School’s results and provides an account of operations to its main donors,
enjoyed the participation of other stakeholders with a view to expanding the
ranks of those supporting Insper’s teaching and learning activities and projects.
During the meeting, a talk show was organized with scholarship students (some
already graduated), who commented on the impact of receiving a scholarship,
the challenge of studying or of having studied at Insper and their expectations
regarding the job market.
“Insper is transforming my life. Studying here means not only broadening widely my horizons, but also making me experience
a reality I would probably never be a part of anywhere else. At this school, I feel motivated to learn as much as possible, since we have
a learning-friendly environment.
I have countless dreams, but, overall, I intend to be financially stable, able to provide for the big family I plan on having.
Also, I really wish to be someone who contributes to making this country a fairer place, by being a good role model and through my actions.
At last, I specially want to enable those who cannot afford it to have the same huge opportunity of studying at this school.”
Diego Ferrante da Silva – Sophomore Student of Economics
21
20
In 2009, more than 40 employees made monthly contributions to the
Scholarship Fund, and the amount raised was enough to support a scholarship student
for six months.
The Alumni Community also became involved in fund raising campaigns.
And to encourage participation in the School’s projects, the Insper Ambassadors Group
was created, formed by 12 alumni with strong involvement in the School. During the
year, we promoted debate on fund raising, on strategies to strengthen ties with the
community and on ways to foster a culture of donation.
With the support of the Ambassadors, we launched a fund raising campaign
during events organized for the Community, and successfully attracted the first
contributions to the Scholarship Fund.
During the 5th Annual Alumni Meeting, the School acknowledged its appreciation
to Insper Alumni Ambassadors in 2009 for their exemplary commitment and honored
Marcelo de Oliveira Ferreira, the first alumni to participate in the Scholarship Fund.
“The improvement of an educational institution is strictly related to its students’ progress in
the professional field – it works like a reinforcement action. The more students capable to contribute to
the society graduate there, the stronger is the feeling of a “seal of quality”, which raises the number of
companies interested in their students and the number of college applications.
To be an active part of the Alumni Community is acknowledging that this process is not a oneway street. The institution must provide the required tools for the students to stand out in a professional
environment. However, it is up to the students to unceasingly keep the bond, in order to point out job market
needs and help out other students who have potential, but count on limited financial resources.
The motivation of the former student is clear: contributing to the school’s benchmark status maintains
the quality of our diplomas. Acting as an alumni ambassador, Insper shows its efforts to stimulate such
bond keeping, creating a space for discussions between recently graduated students and opinion leaders in
the society. It is more than a privilege, it is a position full of responsibilities regarding the circulation of
the Institution’s initiatives to all the Alumni Community.”
Franco R. R. Veludo – Business Administration Alumnus – CREDIT SUISSE HEDGING-GRIFFO
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TRANSFORM
To transform is to help
the progress of people who
search for effective learning,
causing an impact on
organizations and on society
23
UNDERGRADUATE PROGRAMS
TRANSFORM
The year 2009 was of particular importance to the Undergraduate Programs. We
consolidated our learning assurance program, which aims to evaluate students’ performance
in relation to the learning objectives established for the Business Administration and
Economics programs. These objectives involve: specific knowledge, problem assessment and
resolution, critical thinking, teamwork, exposure and communication, and a results-based
approach. In view of the results obtained, we reviewed our curriculum for the undergraduate
programs, revising the content and creating new courses focusing on problem-solving skills.
Exposure to poorly structured problems allows students to put themselves in a position
where they must take decisions, replicating the real-world situations they will experience
in the job market. These problems, for which the responses are not automatic, provide an
opportunity for students to hone their capacity to solve problems through critical thinking.
This pillar of curriculum revision was benefited in large part by Insper’s teaching proposal,
which is based on participant-centered learning and includes the use of case studies.
In the first semester of 2009, the applicant/opening ratios for the Business
Administration and Economics programs were 16.8 and 15.3, respectively. Compared
to the first semester of 2008, these figures represent increases of 10.4% for the Business
Administration program and 25.3% for the Economics program.
In the last half of 2009, the applicant/opening ratio was 11.5 for the Business
Administration program and 8.4 for the Economics program. Note that this ratio is typically
lower for the midyear admissions examination. Compared to the same period in 2008, the ratio
increased 5.4% for the Business Administration program and 13.9% for the Economics program.
Using study cases helps
the student-centered
teaching method
Entrance Examinations
Evolution of Applicant/
Opening Ratio*
Average annual growth in applicants over last 6 years: 19%
2,447
1,239
780
11.4
733
2004
2005
2006
2007
Enrolling 1st Semester
2008
Economics
2009
Enrolling 2st Semester
2007
2008
14.1
1,127
1,036
1,564
13.1
1,052
1,454
Business Administration
7.6
1,553
9.8
1,793
11.9
2,135
2009
*Amounts correspond to the number of applicants in the
entrance examinations in both first and second semester.
24
GRADUATE PROGRAMS
Certificates
Job market needs
direct the changes
in the curriculum
of Certificates
During 2009, the curricula of the Certificates programs underwent a revision
process that included extensive participation of their respective faculty members.
Following a comprehensive process to collect information from alumni and employers
about the labor market’s needs regarding graduating Certificate students, the learning
objectives of these academic programs were revised. Similar to the School’s other
programs, the general learning objectives contemplated fundamental competencies for
professionals, such as problem solving, critical analysis, communication, teamwork and
a result-oriented approach. New specific knowledge objectives were established for each
program, guiding the revision of curricula, which consequently incorporated the main
challenges professionals face in each of these fields. The new Certificates programs will
be implemented for classes beginning in 2010.
The Certificate in Marketing Management (CMM) placed fifth (third in São Paulo)
in the ranking of the best graduate programs in marketing published by the magazine
Você S/A in 2009. This result contributed to Insper being ranked among the top four
Business Schools in Brazil.
Certificates
Description
2007
2008
2009
Variation
2009/2008 (%)
Applicants
Applicants Accepted
Students Enrolled
Yield (Enrolled/Accepted)
1,403
704
623
88%
1,688
735
731
99%
1,618
782
577
74%
-4
6
-21
-26
25
TRANSFORMAR
LLM – Master of Laws
The year 2009 brought many challenges for Insper Law. Despite the challenging
economic scenario and brand change, the results surpassed expectations. In the
selection process carried out in 2009, for example, the number of applicants increased
by some 70%, for our four LLM programs.
Internal and external indicators show that the quality of the programs stems
from their practical focus, qualified faculty and clear, modern and multidisciplinary
educational proposal. Knowledge in the fields of Economics, Finance, Accounting and
Strategic Negotiations are tools increasingly demanded by legal professionals in the
corporate world.
Students satisfaction surveys conducted periodically indicate the positive
results, while also posing new challenges for the continuous improvement of the
LLM programs.
LLM
Description
Applicants
Applicants Accepted
Students Enrolled
Yield (Enrolled/Accepted)
2007
2008
2009
Variation
2009/2008 (%)
499
208
163
78%
580
190
179
94%
742
246
166
67%
28
29
-7
-28
Significant increase
in applications for
the LLM programs
26
TRANSFORM
MBA
In July 2009, Insper’s MBA programs were re-accredited by the Association of
MBAs (AMBA). The renewal of this accreditation, valid for another three years, reflects
the school’s commitment to teaching excellence and to offering a unique and relevant
learning proposal.
In line with the institution’s strategic objectives on the international front,
we received 216 students from five prestigious international learning institutions:
Darden School of Business (University of Virginia, United States), Cranfield School of
Management (United Kingdom), University of St. Gallen (Switzerland), Gordon Institute
of Business Science (University of Pretoria, South Africa) and Rotman School of
Management (University of Toronto, Canada, through the Omnium MBA program).
In 2009, the effects of the global economic crisis were felt also in the Executive
MBA and Executive MBA in Finance, particularly in the third and fourth quarters.
However, in late 2009, the signs already pointed to a recovery in 2010.
Meanwhile, Insper’s Executive MBA in Healthcare, a partnership with HIAE
(Hospital Israelita Albert Einstein), did not suffer any impacts from the crisis. A total of 61
students, selected from 500 applicants, enrolled in the program. As usual, especially for
this program, Insper and HIAE offered 80% academic scholarships to certain applicants
working in the public health system, which is an investment in developing professionals
in this field that has yielded excellent results.
In October 2009, the third annual International Extension of the Executive MBA
in Healthcare Management HIAE Insper was held in the city of Boston at Tufts University
School of Medicine and at Tufts Health Care Institute (THCI). This annual event of the
program has already become a tradition, which was further consolidated in 2009, with
Boston becoming the third city to host the event in its third edition. A total of 23 students
participated in the classes and visits to the city’s hospitals. The objective was to help
students improve their knowledge and skills in Healthcare Management and give them
an opportunity to see the reality of the healthcare industry in another country.
Another important highlight was the Executive MBA and Executive MBA in
Finance programs being ranked third by the magazine Você S.A., which contributed to
Insper being ranked among the top four Business Schools in Brazil.
MBA
Description
2007
2008
2009
Variation
2009/2008 (%)
Applicants
Applicants Accepted
Students Enrolled
Yield (Enrolled/Accepted)
1,586
661
482
73%
1,697
632
488
77%
1,560
484
337
70%
-8
-23
-31
-10
216 students from five
international institutions
visited us
27
GRADUATE PROGRAMS
Professional Masters in Economics
Professional Masters in Business Administration
In 2009, the fourth class of the Professional Masters in Economics program
graduated, with 38 students receiving diplomas. Demand for the program remains high,
with an applicant/opening ratio of approximately 4.5 in the selection process for the
2010 class. The curriculum revision was approved by the academic committee with the
objective of shortening the time required for receiving a diploma from 29 months to 24
months, and setting aside the last two quarters for exclusive dedication to preparing the
master’s dissertation.
Two of the program’s professors won awards from important institutions.
Professor José Luis Rossi Jr. received the Banrisul Corporate Finance and Banking
Award (second place). And the master’s program student Marcelo Guterman was the
winner of the Fifth ANDIB Capital Markets Award for his master’s dissertation “A Relação
Convexa Entre Captação e Desempenho de Fundos de Investimentos no Brasil” (The
Convex Relationship Between Inflow and Performance of Investment Funds in Brazil),
prepared under the supervision of Professor Naercio Menezes Filho.
The Professional Masters in Business Administration was launched in 2007 and
the first students began to graduate in 2009, with the defense of three dissertations (the
others were concluded in March 2010). During its short existence, the demand for this
program has doubled.
In 2009, through CAPES, the federal regulatory agency for stricto sensu
graduate programs, the program was planned using funds that will be allocated over
four years in a joint project with the Business School of the Federal University of
Bahia. Insper’s Professional Masters in Business Administration also underwent its first
curriculum revision. The changes in both the program’s structure and content will take
effect in 2010, and will make the program even more compatible with its proposal to
develop professionals with solid and advanced knowledge in business strategy.
Number of Applicants, Admissions and Enrollments by Admissions Process
Description
Applicants
Applicants Accepted
Students Enrolled
Yield (Enrolled/Accepted)
Professional Masters in Economics
Variation
2009/2008 (%)
2007
2008
2009
162
63
50
79%
163
61
50
82%
171
77
39
51%
5
26
-22
-38
Professional Masters in Business Administration
Variation
2009/2008 (%)
2007
2008
2009
20
11
11
100%
34
20
15
75%
57
32
23
72%
68
60
53
-4
28
EXECUTIVE EDUCATION
Customized Programs
In 2009, the Customized Programs area developed and delivered 64 Customized
Programs to publics in a variety of managerial levels. In all, 5,348 hours of training were
administered to 1,925 students from 22 companies in various sectors.
The partner companies in 2009 were: Abradif (Ford Dealers), Accenture,
Banco Bradesco S/A, Banco Votorantim S/A, Bayer CropScience Ltda., Confederação
Israelita do Brasil (CONIB), Cargill, Gerdau, Grupo Abril, Grupo M&M, Grupo Santander
Brasil (Banco Real), Itaú-Unibanco, Pepsico, Petrobras, Telefônica, Toyota, Visanet,
Vivo and WPO.
Executive Education – Customized Programs
Relevant Data
2007
2008
2009
Clients
Programs Delivered
Students Served
Classroom Hours
31
78
2,112
5,815
28
108
2,476
7,482
21
69
1,809
4,999
“The greatest resource of Insper’s program is enabling the participants
to propagate the valuable content for their staff.”
Wagner Ferrari – Executive Director at Varejo Santander
29
EXECUTIVE EDUCATION
Open-Enrollment Programs
With the implementation of the strategic plan formulated by the External
Evaluation Commission (CEA) in 2008 for the direction of the Executive Education
programs, the area offered seven open-enrollment programs in ten classes, two of
which were offered in conjunction with Brazilian partners and professors from Harvard
Business School (Building Ventures in Latin America – BVLA, with the participation
of FGV, FDC, COPPEAD-UFRJ, PUC-RJ and Endeavor) and other international schools
(Cross Borders M&A in partnership with IE Business School of Madrid).
In 2009, these programs registered a 5% increase in enrollment from 2008,
with 465 applicants in the selection process and yeld 19.5% higher than in 2008.
“The program’s best features are the methodology, teaching proposal based
on participation, the technical knowledge of the professors and the diversity of the
students. I stress that the active participation of the coordinator makes all the difference,
and shows the special concern with the program and its students.”
Marcelo Resende Scharra de Oliveira Paula – Graduation Party Planning Agency –
student in the program Strategic Negotiation and Conflict Management.
30
FACULTY
Title and fields of study of research professors
Adriana Bruscato Bortoluzzo
Danny Pimentel Claro
Assistant Professor
Doctorate, Statistics – IME-USP
Statistics. Econometrics. Time Series.
Associate Professor / Director of Insper Strategy Research Center
until march 2010 / Associate Dean Professional Master in Business
Administration (as of july 2010)
Ph.D., Business Administration – Wageningen University
Marketing.
Alberto Masayoshi Faria Ohashi
Assistant Professor
Doctorate, Statistics (Probability) – USP
Stochastic Analysis. Financial Mathematics.
André Luís de Castro Moura Duarte
Adjunct Professor / Associate Dean Undergraduate
Program in Business Administration until december 2009
Doctorate, Business Administration – EAESP-FGV/SP
Operations Management. Supply Chain Management.
Andrea Maria Accioly Fonseca Minardi
Associate Professor / Academic Dean Undergraduate
Programs (as of january 2010)
Doctorate, Business Administration – EAESP-FGV/SP
Finance.
Antonio Zoratto Sanvicente
Full Professor
Ph.D., Business Administration – Stanford University
Finance.
Carlos Alberto Furtado de Melo
Adjunct Professor / Head of Community Relations
until december 2009
Doctorate, Political Science – PUC-SP
Brazilian Culture. Brazilian Politics.
Charles Kirschbaum
Assistant Professor
Doctorate, Business Administration – FGV-SP
Strategy. Organizational Theory. Sociology of Organizations.
Creative Industries.
Dirk Michael Boehe
Assistant Professor / Associate Dean Graduate Program in Business
Administration (as of january 2010)
Doctorate, Business Administration – UFRGS
International Management.
Eduardo de Carvalho Andrade
Associate Professor
Ph.D., Economics – University of Chicago
Economics of Education.
Eduardo Giannetti da Fonseca
Full Professor
Ph.D., Economics – University of Cambridge
Economic Thought. Philosophy.
Eurilton Alves Araújo Júnior
Associate Professor / Associate Dean Professional
Master in Economics until june 2010
Ph.D., Economics – Northwestern University
Macroeconomics. Econometrics.
Fábio Augusto Reis Gomes
Assistant Professor / Director of the Undergraduate
Program in Economics
Doctorate, Economics – EPGE-FGV/RJ
Applied Econometrics.
Fabio Ribas Chaddad
Joint Appointment
Ph.D., Agricultural Economics – University of Missouri
Strategy. Agribusiness.
31
FACULTY
Gazi Islam
Naercio Aquino Menezes Filho
Associate Professor
Ph.D., Business Administration – Toulane University
Organizational Behavior. Leadership. Organizational Culture.
Full Professor / IFB Professor of Economics – Director of Insper
Center for Public Policies – Research Director
Ph.D., Economics – University of London
Education. Inequality. Labor Market.
Henrique Machado Barros
Assistant Professor / Associate Dean Professional
Master in Business Administration until june 2010
Ph.D., Business Administration – Warwick Business School
Strategy. Innovation.
Paulo Barelli
José Luiz Rossi Júnior
Regina Carla Madalozzo
Associate Professor / Director of Professional Masters
Program in Economics (as of July 2010)
Ph.D., Economics – Yale University
International Finance. Corporate Finance. Monetary Economics.
Assistant Professor
Ph.D., Economics – University of Illinois at Urbana-Champaign
Labor Market. Microeconometrics.
Luiz Ferraz de Mesquita
Associate Professor
Doctorate, Economics - EPGE-FGV/RJ
Finance. Monetary Economics.
Joint Appointment
Ph.D., Strategic Management – Purdue University
Strategy and Organization.
Marcelo Leite de Moura e Silva
Associate Professor
Ph.D., Economics – University of Chicago
Monetary Economics. Finance.
Marco Lyrio
Associate Professor
Ph.D., Economics – Catholic University of Leuven
Macrofinance.
Maria Cristina Nogueira Gramani
Joint Appointment
Ph.D., Economics – Columbia University
Game Theory.
Ricardo Dias de Oliveira Brito
Rinaldo Artes
Associate Professor / Academic Dean Research Degree Programs
Doctorate, Statistics – USP
Statistics.
Rodrigo Menon Simões Moita
Assistant Professor
Ph.D., Economics – University of Illinois
Industrial Organization.
Sérgio Giovanetti Lazzarini
Assistant Professor
Doctorate, Engineering – Unicamp
Operational Research. Operations Management.
Associate Professor / Academic Dean Undergraduate Programs
until december 2009
Ph.D., Business Administration – Washington University, St. Louis
Strategy. Organization of Companies.
Mauricio Soares Bugarin
Sérgio Jurandyr Machado
Full Professor
Ph.D., Economics – University of Illinois
Game Theory.
Adjunct Professor
Doctorate, Business Administration (Finance) – PUC-RJ
Financial Accounting. Corporate Finance.
32
RESEARCH
2009 Academic Production – Research Faculty
Papers Published in International Scientific Journals
ARAÚJO JÚNIOR, E. A. Macroeconomic shocks and the co-movement of stock returns in Latin America? Emerging Markets Review,
[S.l.], v. 10, p. 331-344, Dec. 2009.
ARAÚJO JÚNIOR, E. A. Real wage rigidity and the taylor principle. Economics Letters, Princeton, v. 104, n.1, p. 46-48, Jul. 2009.
ARAÚJO JÚNIOR, E. A. Supply-side effects of monetary policy and the central bank’s objective function. Economics Bulletin,
Nashville, v. 29, p. 681-693, 2009.
BOEHE, D. M. Brazilian software SMEs export propensity: bridging born global and stage approaches. Latin American Business
Review, Binghamton, v. 10, n. 2/3, p. 187-216, Apr. 2009.
BORTOLUZZO, A. B. et al. Validity of the SF-6D index in brazilian patients with rheumatoid arthritis. Clinical and Experimental
Rheumatology, Pisa, v. 27, n. 2, p. 237-245, 2009.
FREIRE, E.; BORTOLUZZO, A. B.; CICONELLI, R. M. Quality of life in systemic lupus erythematosus patients in northeastern Brazil:
is health-related quality of life a predictor of survival for these patients?. Acta Reumatológica Portuguesa, [S.l.], v. 34, p. 207-211,
Apr. 2009.
GOMES, F. A. R.; SILVA, C. G. Hysteresis vs NAIRU and convergence vs divergence: the behavior of regional unemployment rates in
Brazil. The Quarterly Review of Economics and Finance, Oxford, v. 49, n. 2, p. 308-322, May 2009.
GRAMANI, M.C.N.; FRANCA, P. M.; ARENALES, M. N. A lagrangean relaxation approach to a coupled lot-sizing and cutting stock
problem. International Journal of Production Economics, Linköping, v. 119, n. 2, p. 219-227, Jun. 2009.
HADDAD, C.; LAZZARINI, S. G. Las sociedades de servicios profesionales como incubadoras de talento. Harvard Business Review,
[S.l.], v. 87, n. 9, p. 73-78, Sept. 2009.
ISLAM, G. Animating leadership: crisis and renewal of governance in 4 mythic narratives. Leadership Quarterly, Oxford, v. 20, n.5,
Oct. 2009.
ISLAM, G.; WILLS, E.; HAMILTON, M. Objective and subjective indicators of happiness in Brazil: the mediating role of social class.
Journal of Social Psychology, Abingdon, v. 149, n. 2, p. 267-272, Apr. 2009.
33
RESEARCH
ISLAM, G.; ZYPHUR, M. Rituals in organizations: a review and expansion of current theory. Group & Organization Management,
[S.l.], v. 34, n. 1, p. 114-139, Feb. 2009.
MADALOZZO, R. C.; VILLAR, R. B. Brazilian footbal: what brings fans to the game? Journal of Sports Economics, [S.l.], v. 10, n. 6,
p. 639-650, Dec. 2009.
MOURA, M. L. What drives the exchange rate in inflation targeting emerging economies? Journal of International Finance and
Economics, Turlock, v. 9, n. 3, p. 134-149, 2009.
MOURA, M. L.; ARANHA, M. Z. Evaluating the impact of monetary policy on the yield curve: the case of Brazil. Journal of
International Finance and Economics, Turlock v. 9, n. 5, p. 104-112, 2009.
OHASHI, A. Fractional term structure models: no-arbitrage and consistency. The Annals of Applied Probability, [S.l.], v. 19, n. 4,
p. 1553-1580, Aug. 2009.
ROSSI JUNIOR, J. L. Corporate financial policies and the exchange rate regime: evidence from Brazil. Emerging Markets Review,
Kowloon, v. 10, n. 4, p. 279-295, Dec. 2009.
ROSSI JUNIOR, J. L. What is the value of corporate social responsibility? An answer from Brazilian sustainability index. Journal of
International Business and Economics, v. 9, n. 3, p. 169-178, 2009.
ROSSI JUNIOR, J. L.; MOURA, M. L. The role of firms, industry and macroeconomic factors in firms’ hedging policies. International
Journal of Strategic Management, [S.l.], v. 9, p. 86-92, 2009.
WILLS-HERRERA, E.; ISLAM, G.; HAMILTON, M. Subjective well-being in cities: a multidimensional concept of individual, social and
cultural variables. Applied Research in Quality of Life, [S.l.], v. 4, n. 2, p. 1871-2584, Jun. 2009.
34
RESEARCH
Papers Published in Brazilian Scientific Journals
ANDRADE, E. C. Alternativa de política educacional para o Brasil: school accountability. Revista de Economia Política. São Paulo,
v. 29, n. 4, p. 454-472, out./dez. 2009.
ANDRADE, E. C. Targeted vouchers and its effects. Ensaio: Avaliação e Políticas Públicas em Educação, v. 17, n. 65, p. 633-654, 2009.
BARROS, H. M.; CLARO, D. P.; CHADDAD, F. R. Políticas para a inovação no Brasil: efeitos sobre os setores de energia elétrica e de
bens de informática. Revista de Administração Pública, Rio de Janeiro, v. 43, n. 6, p. 1459-1486, nov./dez. 2009.
BENDASSOLLI, P. F.; WOOD JR. T.; KIRSCHBAUM, C.; CUNHA, M. P. Indústrias criativas: definição, limites e possibilidades. RAE.
Revista de Administração de Empresas, São Paulo, v. 49, n. 1, p. 10-18, jan./mar. 2009.
BOEHE, D. M.; TONI, D. D.; MILAN, G. S. Desempenho do processo de desenvolvimento de novos produtos: o peso relativo de fatores
organizacionais, mercadológicos e operacionais. R. Adm., São Paulo, v. 44, n. 3, p. 250-264, jul./set. 2009.
BRITO, R. D.; LIMA, M. R.; SILVA, J. C. G. O crescimento da remuneração direta aos acionistas no Brasil: economia de impostos
ou mudança de características das firmas? Brazilian Business Review, Vitoria, v. 6, n. 1, p. 59-77, 2009.
BRITO, R. D.; MONTEIRO, R.; PIMENTEL, G. G. O custo do capital e o retorno do investimento corporativo no Brasil entre 1994-2008.
Pesquisa e Planejamento Econômico, Rio de Janeiro, v. 39, n. 2, p. 263-288, ago. 2009.
CASTRO, B. R.; MINARDI, A. M. A. F. Comparação do desempenho dos fundos de ações ativos e passivos. Revista Brasileira de
Finanças, Rio de Janeiro, v. 7, n. 2, p. 143-161, ago. 2009.
CLARO, D. P.; LABAN, S. Sales managers performance and social capital: The impact of advice network. Brazilian Administration
Review, Rio de Janeiro, v. 6, n. 4, p. 316-330, Oct. 2009.
CURI, A.; MENEZES FILHO, N. A. A Relação entre educação pré-primária, salários, escolaridade e proficiência escolar no Brasil.
Estudos Econômicos, São Paulo, v. 39, n. 4, p. 811-850, out./dez. 2009.
FACO, J. F. B.; DUARTE, A. L. C. M.; SILLAG, J. M. O efeito da TQM e da inovação no crescimento das empresas de manufatura do
estado de São Paulo. RAI: Revista de Administração e Inovação, v. 6, n. 2, p. 44-57, 2009.
FENOLIO L. M. S.; MINARDI, A. M. A. F. Applying real options theory to the valuation of small hydropower plants. Revista de Economia
e Administração, São Paulo, v. 8, n. 3, p. 347-369, 2009.
35
RESEARCH
GOMES, F. A. R.; SILVA, C. G. Measuring unemployment persistence of different labor force groups in the São Paulo metropolitan area.
Estudos Econômicos. São Paulo, v. 39, n. 4, p. 763-784, 2009.
JORDÃO, G. A.; MOURA, M. L. Poucos e bons. Valor Econômico, 21 ago. 2009.
KIRSCHBAUM, C.; MASCARENHAS, A. O. Nos limites da autonomia: reflexões sobre práticas de blind review e editoria de revistas
científicas em administração no Brasil. RAE Eletrônica, São Paulo, v. 8, n. 1, p. 1-20, jan./jun. 2009.
MACHADO, S. J.; PINTO, A. C. F. Dimensão e horizonte de investimento em carteiras imunizadas: uma análise sob a perspectiva das
entidades de previdência complementar. REAd. Revista Eletrônica de Administração, Porto Alegre, v. 15, n. 1, p. 2-22, jan. 2009.
MELO, C. A. F. A crise cambial brasileira de 1999, a literatura de seus protagonistas e a compreensão do fato. Aurora, São Paulo, v. 6,
p. 17-21, 2009.
MELO, C. A. F. O Governo Lula e o sistema político: inércia econômica, ativismo social e inação política – avaliando e buscando
hipóteses. Liberdade e Cidadania, Brasília, v. 2, n. 6, dez. 2009.
MELO, C. A. F. Para Investigar La Comunicación. Aurora, São Paulo, v. 4, p. 17-21, 2009.
MENEZES FILHO, N. A.; RODRIGUES, E. A. S. Salário mínimo e desigualdade no Brasil, 1981-1999: uma abordagem semiparamétrica.
Revista Brasileira de Economia, Rio de Janeiro, v. 63, n. 3, p. 277-298, jul./set. 2009.
MINARDI, A. M. A. F.; BORRONI, Luca; GOLDSTEIN, C. N. O sucesso das fusões. GV Executivo, Rio de Janeiro, v. 8, n. 2, p. 14-17,
ago./set. 2009.
MURAKOSHI, V. Y.; BRITO, R. D. Fatores comuns de risco de mercado, tamanho, valor e diferenciais de juros nos retornos esperados
das ações brasileiras. Revista de Economia e Administração, v. 8, n. 2, p. 253-282, abr./jun. 2009.
Books
OLIVEIRA JR., M. M.; BOEHE, D. M.; BORINI, F. M. Estratégia e inovação em corporações multinacionais. São Paulo: Saraiva, 2009.
v. 1. 269 p.
WOOD JR., T.; BENDASSOLLI, P. F.; KIRSCHBAUM, C.; CUNHA, M. P. (Orgs.). Indústrias criativas no Brasil. São Paulo: Atlas, 2009.
36
RESEARCH
Book Chapters
BENDASSOLLI, P. F. ; WOOD JR., T. ; KIRSCHBAUM, C. ; CUNHA, M. P. Compreendendo as indústrias criativas. In: Wood Jr., T.;
Bendassolli, P.F.; Kirschbaum, C.; Cunha, M.P. (Org.). Indústrias criativas no Brasil. São Paulo: Atlas, 2009.
BOEHE, D. M. Brazil (entry in encyclopedia). In: Charles Wankel. (Org.). Encyclopedia of business in today’s world. Thousand Oaks:
SAGE Publications, 2009.
BOEHE, D. M. Local outsourcing and global competition: the case of new product development in MNC subsidiaries located in Brazil. In:
BERGMAN, Matthaus; FAUST, Timotheus (Org.). Handbook of business and finance: multinational companies, venture capital and nonprofit organizations. New York: Nova Science Publishers, 2009.
CLARO. D. P. Discursos e práticas de sustentabilidade corporativa. In: KUNSCH, M. M. K.; OLIVEIRA, I. L. (Org.). A comunicação na
gestão da sustentabilidade das organizações. São Paulo: Difusão, 2009.
ISLAM, G. The microfoundations of community: small groups as bridges and barriers to participatory democracy. In: HINDSWORTH, M. F.;
LANG, T. B. (Eds). Community Participation and Empowerment. [S.l.]: Nova Publishers, 2009. p. 377-391.
ISLAM, G.; ZYPHUR, M. Concepts and Directions in Critical Industrial/Organizational Psychology. In: FOX, D., PRILLELTENSKY, I., AUSTIN,
S. (Org.). Critical psychology: an Introduction. Thousand Oaks: SAGE Publications, 2009.
KIRSCHBAUM, C. Renascença da indústria brasileira de filmes: destinos entrelaçados? In: MARTES, A. C. B. (Org.). Redes e sociologia
econômica. São Carlos: EdUFSCar, 2009. p. 309-335.
KIRSCHBAUM, C.; CUNHA, M. P.; WOOD JR., T. Indústrias criativas e sua relevância para a ciência da Administração. In: WOOD JUNIOR.,
T., BENDASSOLLI, P. F.; KIRSCHBAUM, C.; CUNHA, M. P. (Org.). Indústrias criativas no Brasil. São Paulo: Atlas, 2009.
MACHADO, S. J.; PINTO, A. C. F. Dimensão e horizonte de investimento em carteiras imunizadas. In: PINTO, A. C. F.; MOTTA, L. F. J.
(Org.). Decisões de investimento. Rio de Janeiro: MAUAD Editora, 2009. p. 67-87.
MENEGUIN, F. B.; BUGARIN, M. S. Leilões de Vickrey Generalizados: um mecanismo para a resolução do impasse dos precatórios. In:
ESAF (Org.). XIII Prêmio Tesouro Nacional – 2008. Tópicos Especiais de Finanças Públicas. Brasília: ESAF, 2009.
37
RESEARCH
MENEZES FILHO, N. A. Job Insecurity and job satisfaction. In: GRAHAM, C. L.; LORA, E. (Eds.). Paradox and perceptions:
measuring quality of life in Latin America. [S.l.]: Brooking Institution Press, 2009.
MENEZES FILHO, N. A. Qualidade da educação. In: SICSÚ, J.; PINHEIRO, A. C. (Orgs.). Sociedade e economia: estratégias
de crescimento e desenvolvimento. Brasília: Ipea, 2009. p. 201-210.
RIBEIRO, F. P.; MENEZES FILHO, N. A. Os determinantes da melhoria do desempenho escolar. In: VELOSO, F.; PESSOA, S.;
HENRIQUES, R.; GIAMBIAGI, F. (Orgs.). Educação básica no Brasil. 2 ed. Rio de Janeiro: Elsevier, 2009. p. 171-188.
Works in conference proceedings
Insper Research Faculty published 38 works in Brazilian conference proceedings and 31 works in international conference proceedings.
Papers from 2008 published in 2009
GOMES, F. A. R.; PAZ, L. S. The determinants of criminal victimization in São Paulo state. Brazilian review of econometrics,
Rio de Janeiro, v. 28, n. 2, p. 217-238, Nov. 2008.
38
RESEARCH
2009 Academic Production – Part-Time Faculty
Produção Acadêmica 2009 - Professores Tempo Parcial
Papers Published in International Scientific Journals
ANAND, J.; MESQUITA, L. F.; VASSOLO, R. S. The Dynamics of multimarket competition in exploration and exploitation activities.
New York, Academy of Management Journal, v. 52, n. 4, p. 802-821, Aug. 2009.
BORELLI, S. H. S.; ROCHA, R. M.; OLIVEIRA, R. C. A.; LARA, M. R. Jovens urbanos: ações estético-culturais e novas práticas políticas.
Revista Latinoamericana de Ciencias Sociales, Niñez y Juventud, Manizales, v. 7, n. 1, p. 375-392, 2009.
CAETANO, M. A. L.; GHERARDI, D. F. M.; RIBEIRO, G. P.; YONEYAMA, T. Reduction of CO2 emission by optimally tracking a pre-defined
target. Ecological Modelling, [S.l.], v. 220, n. 19, p. 2536-2542, 2009.
CAETANO, M. A. L.; YONEYAMA, T. A new indicator of imminent occurrence of drawdown in the stock market. Physica A, [S.l.], v. 388,
n. 17, p. 3563-3571, Sep. 2009.
CHADDAD, F.R.; BOLAND, M. Strategy-structure alignment in the world coffee industry: the case of Cooxupé. Review of Agricultural
Economics, Oxford, v. 31, n. 3, p. 653-665, Fall 2009.
PETRINI, M.; POZZEBON, M. Managing sustainability with the support of business intelligence: integrating socio-environmental indicators
and organisational context. Journal of Strategic Information Systems, [S.l.], 2009. v. 18, n. 4, p. 178-191, Dec. 2009.
Papers Published in Brazilian Scientific Journal
BACHA, M. L.; STREHLAU, V. I. Uma tipologia para segmentação de hábitos de viagem das classes populares. Turismo: visão e ação,
Itajaí, v. 11, n. 2, p. 175-200, 2009.
FIORE, E. G.; TOLEDO NETO, C. C. Decomposição dos ciclos do PIB brasileiro. Revista de Economia Mackenzie, São Paulo, v. 7, n. 1,
p. 43-62, 2009.
GRÉGIO, J. M.; CAETANO, M. A. L.; YONEYAMA, T. State estimation and optimal long period clinical treatment of HIV seropositive patients.
Anais da Academia Brasileira de Ciências, Rio de Janeiro, v. 81, n. 1, p. 3-12, mar. 2009.
LOEBEL, E.; STREHLAU, V. I. Sistemas de informação e conhecimento emancipatório. Perspectivas em Ciência da Informação,
Belo Horizonte, v. 14, n. 1, p. 227-246, 2009.
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RESEARCH
MURAMATSU, R. The death and resurrection of ‘economics with psychology’: remarks from a methodological standpoint. Revista de
Economia Política, São Paulo, v. 29, n. 1, jan./mar. 2009.
MURAMATSU, R.; BARBIERI, F. Conseqüências metodológicas das formulações ‘as if’: como a abordagem evolucionária sugere uma
interpretação realista. Estudos Econômicos, São Paulo, v. 39, n. 2, jun. 2009.
NOGAMI, O. et al. Os emergentes emergem e determinam o tom da política internacional? Meridiano 47, Brasília, n. 104, p. 19-21,
mar. 2009.
NOGAMI, O. Por que o Brasil é hoje menos vulnerável entre os emergentes? Revista Autor, São Paulo, mar. 2009. Disponível em:
http://www.revistaautor.com/index.php?option=com_content&task=view&id=398&Itemid=38. Acesso em: 08 mar. 2010.
ROCHA, B. P.; SANCHES, F. S.; DOMINGOS, J. C. Estimating a theoretical model of state banking competition using a dynamic panel:
the brazilian case. Revista Brasileira de Economia, Rio de Janeiro, v. 63, n. 1, p. 23-34, jan./mar. 2009.
RUDZIK, G.; NOGAMI, O. A reforma do sistema financeiro internacional: uma questão política internacional. Meridiano 47, Brasília,
n. 103, p. 21-23, fev. 2009.
SERRA, R. G.; MARTELANC, R.; TORRALVO, C. F.; SAVÓIA, J. R. F. IGC x Ibovespa: the impact of the rally of stocks entering the IGC.
Revista de Administração da Universidade de São Paulo, v. 44, p. 190-206, 2009.
SHENG, H. H.; KARCHER, C.; HUBERT JUNIOR, P. Um modelo alternativo de risco para companhias não-financeiras aplicado ao setor
brasileiro de papel e celulose. Revista Brasileira de Finanças, Rio de Janeiro, v. 7, n. 3, p. 347-360, 2009.
Books
HASHIMOTO, M.; OLIVEIRA, G.; WERNECK, B. D. Lições de Empreendedorismo. Barueri: Manole, 2009. 130 p.
SARFATI, G.; VIEIRA, Laércio Mendes; GARCIA, Leice Maria. O terceiro xadrez: como as empresas multinacionais negociam nas relações
econômicas internacionais. São Paulo: Edusp, 2009.
VEIGA, Rafael Paschoarelli. A nova regra do jogo. Rio de Janeiro: Elsevier, 2009. 224 p.
40
RESEARCH
Book Chapters
ABDO, H. N. A publicidade do processo e a atuação da mídia: uma nova proposta. In: CARNEIRO, A. G.; CALMON, P. (Org.).
Bases científicas para um renovado Direito Processual. 2 ed. Salvador: JusPodium, 2009, pp. 323-344.
AVRICHIR, I. A competitividade internacional da indústria brasileira de propaganda. In: AMATUCCI, M. (Org.). Internacionalização
de empresas: teorias, problemas e casos. São Paulo: Atlas, 2009. p. 203-235.
BRESSER-PEREIRA, L. C.; GOMES, C. O regime de metas de inflação no Brasil e a armadilha da taxa de juros/taxa de câmbio. In:
OREIRO, J. L.; PAULA, L. F.; SOBREIRA, R. (Orgs.). Política monetária, bancos centrais e metas de inflação: teoria e experiência
brasileira. Rio de Janeiro: Editora FGV, 2009. p. 21-51.
BUSARELLO, R. Peça Desculpas, não peça licença. In: FERNANDEZ, M. (Org.). Do broadcast ao socialcast – Como as redes estão
transformando o mundo dos negócios. São Paulo: W3 Editora, 2009, pp. 43-47.
CAMARGO, A. A. S. A pessoa jurídica: um fenômeno social antigo, recorrente, multidisciplinar e global. In: AZEVEDO, E. V. A.; NOVAES,
F. (Orgs.). Direito societário contemporâneo I. São Paulo: Quartier Latin, 2009. p. 281-298.
FRACCHIA, E.; QUIROGA, J.; MESQUITA, L. F. Business groups in Argentina. In: COLPAN, A.; HIKINO, T.; LINCOLN, J. (Eds.). Business
groups in emerging economies. Oxford: Oxford University Press, 2009.
FRIEDRICH, P. M.; HATUM, A. O.; MESQUITA, L. F. Mythology and management leadership in Argentina. In: KESSLER, E.; WONG, D.
Cultural mythology and leadership. Northampton: Edward Elgar Publishing: 2009.
LAURINI, M. P.; HOTTA, L. K. Modelos de fatores latentes generalizados para curvas de juros em múltiplos mercados. In: ANDIMA.
(Org.). Prêmio ANDIMA de renda fixa 2009. São Paulo, Rio de Janeiro: ANDIMA, 2009.
MACHADO, E. L.; ZENGER, T. R.; POPPO, L. Empirical analyses of the determinants of competitive market pressures. In: KON, A. (Org.).
Temas polêmicos da economia: indústria, serviços, tecnologia e trabalho. São Paulo, [s.n.], 2009. p. 117-136.
NASSAR, A. M. Brazil as an agricultural agroenergy superpower. In: BRAINARD, L.; MARTINEZ-DIAZ, L. (Eds.). Brazil as an economic
Superpower? Washington: Brookings, 2009. p. 55-80.
41
RESEARCH
NASSAR, A. M. et al. Disavowing protectionism: a strengthened G20 standstill and surveillance. In: BALDWING, R.; EVENETT, S. (Eds.).
The collapse of global trade, murky protectionism, and the crisis: recommendations for the G20. Center for Economic Policy
Research, 2009.
NASSAR, A. M. et al. prospects of the sugarcane expansion in Brazil: impacts on direct and indirect land use changes. In: ZUURBIER,
P.; VOOREN, J. Sugarcane ethanol: contributions to climate change mitigation and the environment. [S.l.]: Wageningen Academic
Publishers, 2009.
OLIVEIRA, G.; MACHADO, E. L.; NOVAES, L. M.; Aspects of the independence of regulatory agencies and competition advocacy.
In: Pradeep S. M.; Simon J. E. (Orgs.). Politics Triumphs Economics? New Delhi: Academic Foundation, 2009.
PETRINI, M.; POZZEBON, M. Managing Sustainability with the support of business intelligence methods and tools. In: SUSHIL, K. P.;
SUSMI, R.; REEMA, K.; SARTAJ, S. (Org.). Information systems, technology and management. Berlin: Springer Berlin Heidelberg,
2009. p. 88-99.
Works in conference proceedings
Insper Part-Time Faculty published 20 works in Brazilian conference proceedings and 13 works in international conference proceedings.
42
FINANCIAL RESULTS
In a year of economic uncertainty, the strict financial control employed by
Insper ensured a result above the most optimistic projections.
Efficient budget and financial management not only allowed a prompt response
to the presented economic scenario, but was also consolidated as an essential factor to
the healthy growth of Insper.
The process to define the budget for 2010 was based on a much more positive
macroeconomic situation. However, the lessons learned in 2009 were not forgotten.
Insper’s commitment to financial sustainability and its successful approach to
carry it out make sure the Institution establishes itself as a “living example” of the values
and principles that are taught to its students.
Regarding funding, in 2009, the Institutional Relationship department collected
R$ 660 thousand for the Scholarship Fund, a project that had been deemed a priority.
43
2009 RESULTS
2009
69,382
25,952
36,992
11,508
15,095
14,452
32,216
2,251
4,229
141
141
81,214
29,914
43,665
13,135
19,689
17,649
45,393
1,582
2,962
122
421
543
81,999
31,607
42,333
13,697
21,921
15,411
55,925
1,805
6,861
656
350
1,006
(thousands of Reais)
Managerial figures, not considering accounting adjustements.
Investments – Main Subjects
2007
2008
2009
Library
Scholarships and Training
Business Cases
Infrastructure
Technology
502
523
62
2,368
1,226
515
443
85
1,748
1,074
772
634
99
2,279
3,134
Gross Revenue from 2007 to 2009
2007
81,999
2008
81,214
Gross revenue
Direct expense
Operational margin
Indirect expense
General and institutional expense
Administrative surplus
Cash position (end of period)
Scholarship fund (end of period)
Investments – Total
Donations – Scholarship fund
Donations – Other
Donations – Total
2007
69,382
Financial Indicators
2008
2009
(thousands of Reais)
(thousands of Reais)
Economic investments, not considering accounting classifications.
Scholarship Fund
2007
2008
2009
Starting Balance (-) Scholarships Awarded
Scholarships Awarded
Refund
Donations
Undergraduate Program Revenue (1%)
Ending Balance (Remunerated)
2,540
(943)
12
141
234
2,251
2,251
(1,402)
84
122
309
1,582
1,582
(1,630)
109
656
330
1,158
(thousands of Reais)
Scholarship Program
Scholarships Awarded
Scholarships Students
2007
2008
2009
70
101
108
44
Revenue by Program Type
43% Graduate Programs
2008
38% Undergraduate
45% Graduate Programs
14% Executive Education
41% Undergraduate
3% Professional Masters
10% Executive Education
2% Distance Learning
4% Professional Masters
2009
NSPIRE | BELONG | TRANSFORM | INSPIRE | BELONG | TRANSFORM | INSPIRE | BELONG | TRANSFORM | INS
SELECTED INDICATORS
45
ACADEMIC PROGRAMS PORTFOLIO
Undergraduate Programs (Bachelor)
• Business Administration
• Economics
Graduate
Professional Masters
• Professional Masters in Business Administration
• Professional Masters in Economics
Graduate Programs
MBAs
• Executive MBA
• Executive MBA in Finance
• Executive MBA in Healthcare Management
Certificates
• CBA ­– Certificate in Business Administration
• CFM – Certificate in Financial Management
• CMM – Certificate in Marketing Management
LLM – Master of Laws
• LLM – Contract Law
• LLM – Corporate Law
• LLM – Financial and Capital Market Law
• LLM – Tax Law
Executive Education
• Short Duration Programs (Open Enrollment)
• Customized Programs and Courses for Companies
Educational programs in Business
and Economics fields, focused on the
different phases of a professional career
46
Rua Quatá, 300
04546-042 | Vila Olímpia | São Paulo | SP | Brasil
P (55 11) 4504-2400 | F (55 11) 4504-2350
contato@insper.edu.br
www.insper.edu.br/en
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ANNUAL REPORT 2009