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Annual Report
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Annual Report
2012
Letter from the
President
The year 2012 was marked by important accomplishments.
One of these was the revision of Insper’s Vision
and Mission, which had been drafted in 2007 and
accompanied by a commitment to review them every
five years, given the Institution’s rapid development.
The process involved our stakeholders and very fruitful
discussions that led to the reformulation of both
statements, which are presented in this Report. In
the Mission, I call your attention to three items. First,
the expansion of our studies to include Law, a field in
which we already offer graduate programs, as well as
Engineering, a program that is currently being developed
and is scheduled to be launched in 2015. Second, the
fact that our teaching activities were structured to explore
their complementarities, which underscores that we are
not, nor plan to be, a group of separate and independent
departments or schools, but rather that we plan to
integrate as much as possible the programs and courses
we offer. And last is our emphasis on developing leaders
and innovative professionals who are capable of dealing
with the complexities of their environment, which we
believe is increasingly fundamental in today’s world.
We were also considered the 7th best institution of higher
learning in Brazil, based on the ranking of the Ministry
of Education. Insper is part of an exclusive group of 27
higher learning institutions that received the highest mark
possible in the overall ranking.
Our economics students continued to excel in the entrance
examination administered by the National Association of
Graduate Centers in Economics. The three students who
took the exam placed fourth, seventh and 21st and may
now choose the graduate program of their choice. And in
a repeat of last year’s performance, the team of students
from Insper once again placed first in the national phase of
the competition organized by the CFA - Institute Research
Challenge.
In our graduate studies, we launched a new program, the
Certificate in Business Project, as well as a new format
for the Executive MBA, with classes now concentrated
in weekends. In Executive Education, we expanded our
program options and continue to grow, while enjoying an
excellent level of recall in our custom programs.
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We passed a particularly important milestone last year,
with the celebration of the tenth anniversary of the
graduation of Insper’s first undergraduate class and
the 25th anniversary of its first MBA class. In all, Insper
has graduated 1,765 students from its undergraduate
programs and, since 2002, more than 5,000 students
from its graduate programs. A large part of these
graduates have joined the ranks of the Alumni Community,
and, to our great pride and satisfaction, 122 have made
donations to the Scholarship Fund, eight are members
of the External Evaluation Commission and many have
contributed to the various initiatives sponsored by the
Career Center and the Institutional Relations Department,
effectively strengthening their ties with Insper.
We continue to acquire properties adjacent to our
campus, which will be the site of the future building for
the Engineering School, and to work on the academic
project to be presented to the Ministry of Education. By
the close of the year, we successfully concluded the first
phase of the fund raising effort with a total of R$ 84.5
million in funding commitments, surpassing the target of
R$ 80 million. To all of you who trusted in this project and
gave your support, we express our profound appreciation.
Already in early 2013, we have taken an important
step towards reinforcing our governance by creating an
Assembly of Associates, which is formed by members of
the families who made the donations that transformed
Insper into a non-profit institution. And we expanded our
Board of Directors, which should also increase its level of
engagement. In addition, I am delighted to announce that
the economist Marcos Lisboa, who has already served
on our External Evaluation Commission, will now join our
Executive Committee in the capacity of vice-president,
directly supporting the presidency in the Institution’s
management.
All these changes seek to strengthen Insper as an
institution and ensure its perpetuity. We are immensely
grateful to all of you who contributed, and continue to
contribute, to transforming our dream into a reality.
Cordially,
Claudio Haddad
President
“Insper has graduated 1,765
undergraduate students
and, since 2002, over 5,000
graduate students.”
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Annual Report
2012
Annual Report
2012
Board of Directors
• ClaudioL.S.Haddad(Chairman)
• MaurizioMauro
• FábioBarbosa
• MichaelEdgarPerlman
• JoãoFernandoGomesdeOliveira
• PauloGuilhermeAguiarCunha
• LuisNorbertoPascoal
• PedroMoreiraSalles
Associates
• ClaudioL.S.Haddad
• JorgePauloLemann
• CeciliaSicupiraGiusti
• MarcelHerrmannTelles
• HowardStevenson
• TaniaHaddadNobre
Executive Committee
Vision
To be the leading institution of higher learning in Brazil in our fields and be acknowledged as
such.
Mission
To be a leading center of education and research in the fields of Business, Economics, Law and
Engineering, exploring their complementarities to positively impact organizations and society.
We develop, at all stages of their professional lives, innovative leaders to make a difference,
preparing them to deal with the complexities of the real world by strongly engaging both faculty
and students in the teaching and learning process.
We value academic research based on real-world issues relevant to organizations and to society.
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• SérgioGiovanettiLazzarini
DeanofResearchDegreePrograms
• ClaudioL.S.Haddad
President
• CarolinadaCosta
DeanofUndergraduatePrograms
• MarcosLisboa
Vice-President
• LucaBorroni-Biancastelli
DeanofExecutiveEducation
• LetíciaCosta
DeanofGraduatePrograms
• MarciaNizzodeMoura
SeniorDirectorofInstitutionalDevelopment
• IrineuGustavoNogueiraGianesi
DeanofNewAcademicProjects
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Rankings and
Accreditations
10 YEARS SINCE THE GRADUATION OF THE FIRST UNDERGRADUATE CLASS
FINANCIAL TIMES RANKING
Insper’s MBA programs – Executive MBA, Executive
MBA in Finance and Executive MBA in Healthcare
Management – were accredited once again by
the Association of MBAs (AMBA), an international
organization that reviews and accredits postgraduate
business programs. Insper was accredited for the
first time in 2007, and only five institutions in Brazil
currently hold this accreditation.
The factors singled out by the AMBA at Insper include
the quality of the education, the commitment to
improving students’ learning experience and the
balance between theory and practice in the classroom.
The AMBA also highlighted the reputation and
recognition of the Insper brand in the Brazilian market
and the high quality of the campus facilities.
Insper’s Executive Education programs once again
placed among the top 30 worldwide in the ranking
conducted by the newspaper Financial Times. Insper
also remained one of the top two institutions offering
Executive Education in Brazil and one of the top three
in Latin America.
Appearing in the ranking for the sixth straight year,
Insper continued to perform well despite the entry of
new schools into the ranking over the last three years.
Insper is one of the ANAMBA’s six associate members.
The ANAMBA was created eight years ago and is
charged with the mission of contributing to the
excellence of MBA programs in Brazil. In 2012, Insper’s
MBA programs were re-accredited by the association.
2012
Retrospective
AMBA – ASSOCIATION OF MBAS
ANAMBA – NATIONAL ASSOCIATION OF MBAS
Annual Report
In September 2012, an event attended by over 300 alumni representing the 20 classes of the business administration
and economics programs that graduated between 2002 and 2012 was held. The celebration was marked by a sense of
enthusiasm among all alumni, professors and other members of the Insper Community.
The event also honored the alumni who graduated in the first undergraduate class (2002) as well as the faculty members
who have lectured in the program since its creation.
RANKING OF THE MINISTRY OF EDUCATION
Insper is Brazil’s seventh best educational institution,
according to the ranking published by the Ministry of
Education. In the universe of 1,516 schools evaluated,
the School figured among the exclusive group of 27
educational institutions that received the maximum
score of “5” in the overall ranking. The undergraduate
programs in business administration and economics
both ranked the best in Greater São Paulo, according
to the Program Preliminary Concept, which is an
overall score that includes the national student
performance exam (Enade) and other factors, such as
the qualifications of the faculty and facilities.
25 YEARS OF THE EXECUTIVE MBA
In 2012, the School also commemorated 25 years since the launch of the Executive MBA in Finance, a program that
marked the launch of Insper’s activities in the city of São Paulo (1987). The event paid homage to the professors who have
been on the Institution’s faculty since the beginning and featured the presence of alumnus Amaury Nogueira Hernandes MBA 1989, who was a member of the first class of the Executive MBA in Finance.
InsperMBAalumniduringtheeventcelebrating25yearssincetheprogram’slaunch
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PROBLEM SOLVING IN PRACTICE
2012
ADMINISTRATION - EFFECTIVE PROBLEM SOLVING
Insper organizes two major programs for undergraduate students that promote, through an intense and
structured format, the development of essential competencies that are in high demand at organizations and
society.
ECONOMICS – PROBLEMS IN ECONOMICS
In 2012, the course ProblemsinEconomics was added to the curriculum of the economic sciences program,
in which students get to solve real-world problems posed by their professors.
After concluding their sixth academic semester, the students are organized into groups and must present a
solution to the problem to a rigorous panel formed by the president of Insper, professors from the faculty
and renowned professionals, such as the chief economists of the country’s leading financial institutions (ItaúUnibanco, Santander, Citibank, HSBC and BTG Pactual).
TheEffectiveProblemSolving course in the sixth academic semester of the business administration program featured
the participation of 150 students organized into 32 groups.
The program gives students a chance to go into the field and tackle the real-world problems posed by partner
companies over the course of the semester. Guided by experienced mentors, the students experience the complete
cycle of addressing a poorly structured problem: identifying the problem, finding the causes and proposing solutions
to improve the organization’s results.
Of the 22 companies that participated in the program in 2012, 95% confirmed interest in participating again in the
future.
Of the students who participated, 98% approved the program and 90% recommended their mentors. In addition,
98% agreed that this project contributes to their development in the competencies of communication, teamwork and
results-orientation.
EXAMPLES OF PROBLEMS POSED TO THE STUDENTS
COMPANY
PROJECT
AACD
Reduce waste of medicines and surgical materials.
AMIL
Increase corporate sales in the region of Campinas, a city located 90 km from São Paulo.
Why have basic goods surpassed manufactured goods in the composition of Brazil’s exports?
NATURA
Reduce damage to products, which increases customer dissatisfaction and financial losses.
How do we optimize the program of performance-based bonuses for teachers in the public school system in the
state of São Paulo?
P&G
Increase the distribution of products in the state of Minas Gerais.
EXAMPLES OF PROBLEMS POSED TO THE STUDENTS
“
How can we build and estimate a Happiness Index?
COMPANIES PARTICIPATING
Does sex discrimination exist in Brazil’s labor market?
“Problems in Economics is the most complete course I’ve had the opportunity to take in my
undergraduate program, since the various cases presented related to the Brazilian economy
gave me an opportunity to review concepts and learn logical ways to solve them.”
DIGITAL
ProblemsinEconomics students during their presentation to the panel
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“
“In addition to having a chance to put into practice what
I learned during the program, the healthy pressure of
giving a high-level presentation to economists effectively
complemented my list of challenges.”
“
André Maragon–Studentintheprojectin2012
“In the first semester of 2012, I participated in the Effective
Problem Solving at Ambev. I can definitely say that the
experience gave me an advantage when the time came to
conquer my space in the job market and gave me the ability to
successfully enter the corporate world. I was able to make the
most of the program. And most importantly, I gained exposure
that helped me receive an opportunity at the company I wanted
to work at: Ambev.”
Students working on the project at Ultracargo
Francisco Jaguaribe de Lara Resende –Studentintheprojectin2012
Daniela Teixeira Corrales – Studentintheprojectin2012(Ambevproject)
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INTERNATIONAL PARTNERSHIPS
Advancing the process to expand its presence internationally,
Insper forged new partnerships with four more institutions
during the year. In 2012, Insper began offering summer
programs for undergraduate and graduate students at two
renowned U.S. universities: Boston University – Metropolitan
College and the University of California–Irvine. Insper also
signed agreements with two Australian institutions: University
of Melbourne and University of Queensland. Insper currently
offers students and professors the opportunity to participate in
exchange programs at 35 universities on all major continents
(South America, North America, Europe, Asia and Oceania).
NUMBER OF PARTNER
INSTITUTIONS
31
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Winning team of Empreenda 2012
2010
2011
2012
Take a tour of the Insper campus and you will see just how
international the School’s campus is becoming:
ENTREPRENEURSHIP
LISBON:
1 MASTER STUDENT
ST. GALLEN:
2 LL.M. STUDENTS
CALIFORNIA:
5 LL.M.
STUDENTS
The Center for Entrepreneurship maintained a busy schedule of activities to encourage interest and develop entrepreneurial
skills in the School’s students and alumni.
The highlight was the participation of 288 students and alumni divided into 76 teams in the sixth edition of “Empreenda”, a
competition that builds skills through workshops on creativity, innovation and business plans and mentoring by professors
specializing in the fields of interest. At the end of the competition, participants present their projects to a panel formed by
investors and specialized professionals. The center offers other activities over the course of the year, such as the creation
of theme-based clubs: family businesses and social entrepreneurship. Insper was also selected to serve as the educational
partner of “Movimento Empreenda”, an initiative of the publisher Editora Globo that aims to awaken and encourage new
entrepreneurs in Brazil through participation in 57 publications of the publisher and the development of management tools
for entrepreneurs.
VIRTUAL LEARNING ENVIRONMENT - BLACKBOARD
VIRGINIA:
21 EXECUTIVE
MBA STUDENTS
MILAN:
2 CERTIFICATES
STUDENTS
Following the trend of leading Brazilian and international institutions, in 2012, Insper adopted the online environment
Blackboard to enrich the teaching and learning dynamics of its academic programs. Featuring communication, collaboration
and evaluation tools, the virtual environment intensifies the relationship between professors and students, who can now
prepare for classes using different study, interaction and accompaniment strategies. Blackboard can also be used to
substitute part of the on-site class time with online activities that facilitate access by students without compromising the
quality of the program while improving the learning experience.
BARCELONA:
13 EXECUTIVE MBA
IN HEALTHCARE
STUDENTS
NEW UNDERGRADUATE PROGRAM IN ENGINEERING
UNDERGRADUATE:
57 exchange students from Insper
studying at 15 universities in 11
countries
48 exchange students received from
13 universities and 10 countries
GRADUATE STUDENTS IN INTERNATIONAL
EXTENSION PROGRAMS:
More than 40 Insper students participated in
international extension or exchange programs
Starting in 2015, Insper will expand its activities in undergraduate studies. The engineering school, which will be based on
a new teaching model in which students are involved in projects from the start of their studies, will focus on developing
professional with competencies such as: leadership, teamwork, entrepreneurial spirit to innovate and developing solutions
that meet the needs of the market and society. With extensive synergies with the existing undergraduate programs, the
new school will offer opportunities for integration and technological knowledge to complement the areas of management,
economics, leadership and entrepreneurism. The school has established a formal and long-term partnership with Olin
College in Boston, which, besides sharing a very similar history, is renowned worldwide for its innovation in engineering
studies. The team of professors at Olin will work closely with their counterparts at Insper to develop the new and innovative
curriculum. To make possible the launch of this new program, in 2012, Insper raised R$ 84.5 million through donations
from businesspeople and companies wishing to contribute to the project.
More than 200 students from partner schools
visited Insper through international partnerships
and extensions or to participate in custom
academic activities.
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Annual Report
Careers
2012
ALUMNI MENTORING PROGRAM
In 2012, the Career Center expanded the number of job opportunities offered to students and alumni to all hierarchical
levels in a variety of areas and industries, with more than 11,000 jobs advertised.
Industries enjoying strong demand, such as agribusiness, infrastructure, health, drugstores, cosmetics, logistics,
technology and others, played an important role in increasing the number of partner companies advertising jobs for
students and alumni on the Career Opportunities Board.
Undergraduate students in Insper’s MBA programs have the opportunity to act as mentors for students in the senior
year of their undergraduate programs. The program aims to better prepare students for the job market, providing
guidance on the dilemmas and opportunities inherent to this transition period.
Since the program’s creation in 2008, 68 Alumni Mentors have participated in the project. In 2012, there were 23.
In the same year, the Career Center also launched the Directory of Insper Graduates, which is a new online tool for
strengthening the relationship between alumni and the job market. The directory makes available the résumés of
Insper graduates to potential employers and allows them to accompany the development of these professionals over
their careers.
Insper’s campus was busy with a full agenda of career guidance activities, lectures, round tables and meetings, offering
undergraduate, graduate students and the Alumni Community the opportunity to participate in debates on relevant
issues and fields of knowledge, such as: career development, leadership, people management, negotiation, labor
market opportunities and risks, strategy and innovation, among others.
POSITIONS PUBLISHED ON THE CAREER OPPORTUNITIES BOARD
24%
11607
9389
7772
2011
2012
DISTRIBUTION OF POSITIONS PUBLISHED ON THE CAREER OPPORTUNITIES BOARD
4478
4195
3098
2815
2934
3553
2010
2011
2012
3203
18%
2738
5%
1754
EFFECTIVE
INTERNSHIP
Gabriel Astolpho Monteiro de Barros Neto - MBA 2009
Camilo Henrique de Syllos - MBA 2004
Graciela Civolani Cordts - MBA 2010
Célia Regina Pizzi - MBA 1998
Henrique Cordeiro Mariano - MBA 2008
Celso Hissashi Maehata - MBA 2001
Manoel Elpidio Pereira de Queiroz - MBA 2004
Christiane Cobas Pedreira - MBA 2010
Marcelo do Amaral Ferro - MBA 2010
Claudia Caniçali Primo - MBA 2011
Marcio Alexandre Corazza - MBA 2011
Cristiane Moreira G. Mondaini - MBA 1999
Mario Sergio Tampellini - MBA 2004
Daniel Panico Gorayeb - MBA 2010
Martin Klos Rahal - MBA 2008
Edson Gomes Ribeiro - MBA 1999
Renato Skaf dos Santos - MBA 2008
Eliane Aparecida Sooma Laurelli - MBA 1998
Ricardo Siniscalchi de Souza - MBA 2000
Fabrício de Moura - MBA 2004
Roberta Oliveira Zara - MBA 2009
Fatima Maria Martins Neri Renzetti - MBA 2000
63%
TRAINEE
“The alumni mentor program helps bring together undergraduate students and
alumni, while fostering a sense of belonging in a community that without a doubt is a
major source of motivation for staying connected.”
Célia Regina Pizzi –MBA2005
12
“
2010
Antônio Carlos Rodi - MBA 2004
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ACADEMIC PROGRAMS
2012
INSPER STUDENTS ALSO EXCELLED IN THE EVALUATIONS BY REGULATORY AGENCIES, EXAMINATIONS
AND COMPETITIONS CONDUCTED DURING 2012:
UNDERGRADUATE PROGRAMS
The undergraduate programs in business administration and economics both ranked best in Greater São Paulo,
according to the Program Preliminary Concept, which is an overall grade attributed by the Brazilian Ministry of
Education that is based on the results of the national student performance exam (Enade) and other factors, such as the
qualifications of the faculty and quality of the facilities.
Insper prepares students to tackle the real issues and dilemmas faced by organizations and society. Over the course
of their undergraduate program, students are exposed to the problems typically faced by managers and economists
in their day-to-day activities. As a result, upon concluding their undergraduate program, our students have proven
extremely successful in entering the labor market in a wide range of industries.
98% OF STUDENTS GRADUATING IN 2012 WERE HIRED BY BRAZIL’S TOP COMPANIES.
MAIN
EMPLOYING
OUR STUDENTS
NOSSOS ALUNOS:
MAIS EMPREGAM
QUEINDUSTRIES
SETORES
232
218
AGRIBUSINESS
56
50
CONSUMER GOODS
52
RETAILING
48
48
46
45
Students in Insper’s undergraduate programs in economics once again performed exceptionally well in the examination
conducted by the National Association of Graduate Centers in Economics. Students receiving top scores were Gustavo
Curi Amarante (4th place), Octavio Portolano Machado (7th place) and Sara Brolhato de Oliveira (21st place), who now
can choose from among Brazil’s top graduate programs in economics to continue on their academic paths.
CFA INSTITUTE RESEARCH CHALLENGE
For the second straight year, Insper’s undergraduate students won the national phase of the CFA Institute Research
Challenge and went on to participate in the international phase held in Toronto, Canada. Congratulations to Bernardo
Calvente, Danilo Kamiji, Danton Koga, Guilherme Barros and Renan Criscio, as well as to professor advisor Michael
Viriato, on this victory.
The Investment Research Challenge is conducted by the CFA Institute, which is recognized as the leading accreditation
body for investment professionals.
INSTITUTIONAL PROGRAM FOR SCIENTIFIC INITIATION
BANKING/FINANCIAL
54
215
NATIONAL ASSOCIATION OF GRADUATE CENTERS IN ECONOMICS
LAW FIRMS/CONSULTANTS
The mission of the Institutional Program for Scientific Initiation is to support research by granting, to undergraduate
students, the scholarships for scientific initiation sponsored by the National Council for Scientific and Technological
Development. Scientific initiation helps students become more closely involved in the process of academic production,
which supports their development by furthering their knowledge in specific fields of interest.
41
37
INFRASTRUCTURE
38
35
LOGISTICS
32
32
32
NGOs
In 2012, in addition to the six scholarships granted by the national council, Insper began to offer three more scientific
initiation scholarships to students in the Business Administration and Economics programs, for a total of nine research
scholarships.
26
HEALTH, PHARMACEUTICALS AND CFT
21
INFORMATION TECHNOLOGY
18
17
12
11
10
10
8
16
INSURANCE
12
PROFESSIONAL MASTER IN BUSINESS ADMINISTRATION
8
5
0
2010
2011
PROFESSIONAL MASTERS
2012
Designed for professionals who exercise functions that require
a high level of analytical capacity combined with a focus
on business strategy, the Professional Masters in Business
Administration program passed the mark of 50 dissertations
defended and continues to pose a major intellectual challenge
to its students.
In 2012, the program underwent its triennial evaluation by the
federal agency regulating stricto sensu graduate programs, and
had the opportunity to present the qualifications of its faculty
and student body, as well as the growing academic production
generated by its students. The results for the 2010-2012 period
will be released at the end of 2013.
In next year’s Annual Report, which will include the evaluation
of our students, we expect to have more good news, given
the high quality of the works presented in the years since
the last evaluation in 2010, when the program received the
maximum grade in the aspects of program proposition and
social inclusion, and an excellent grade in the areas of faculty
and technical intellectual production.
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CERTIFICATES
GUILHERME SOARES
Defended his dissertation in March 2010. Coauthored by doctorate
professors Adriana Bruscato Bortoluzzo and Henrique Machado Barros, he
published the paper: “Determinants of the choice of marketing channels
by corporate clients: An analysis of the information technology sector.”
RevistadeGestãodaTecnologiaeSistemasdeInformação (Online), v. 9,
p. 515-542, 2012. Line of research: Competitive Strategy.
Defended his dissertation in December 2009. Coauthored by doctorate
professors Eduardo de Carvalho Andrade and Maria Cristina Nogueira
Gramani, he published the paper: “Technical efficiency of business
administration courses: a simultaneous analysis using DEA and SFA.”
InternationalTransactionsinOperationalResearch,2012.
RODRIGO OLIVEIRA DE MIRANDA
The Certificates programs in Business Administration, Project Management, Finance and Marketing maintained their path of
continuous improvement.
In 2012, changes were made to the dynamics of academic publishing in the Certificates program in order to increase the
number of monographs submitted. New professors dedicated exclusively to Insper were also hired to help supervise the
production of these scholarly papers.
As of the second semester of 2012, the Certificate in Business Administration program was restructured and began its
first class with an enhanced curriculum that offers students the opportunity to learn specific capabilities, such as: problem
solving, critical analysis, communication and teamwork. The same restructuring process made possible the development of
the Certificates in Business Project, which began its first class in the third quarter of 2012.
For 2013, a new program is being developed aiming to better prepare young people managers (human resources), and by
2014, the Certificate in People Management will represent a major new launch in the Certificates Programs.
PROFESSIONAL MASTERS
IN ECONOMICS
The Professional Masters in Economics program develops professionals with high analytical capacity supported by a
solid theoretical and quantitative foundation who are capable of solving complex problems in the areas of economics
and finance. The faculty is formed by professors with Ph.Ds. and doctorates, most of whom conduct academic activities
exclusively at Insper.
During 2012, the program registered a significant increase in the number of elective courses offered that enabled
students to choose between economics and finance and specialize in each of these segments. Another highlight
in the year was the academic production generated by students, who published papers in leading national vehicles
specializing in economics.
Defended his dissertation in June 2011. Coauthored with doctorate
professor Andrea Minardi, he presented at the Congress - BALAS 2012 the
paper entitled: “The Impact of Credit Rating Changes in Latin American
Stock Markets.”
MARIANA MAURIZ RODRIGUES
16
ABNER DE PINHO N. FREITAS
Defended her dissertation in December 2012. Coauthored with doctorate
professor Regina Madalozzo, she published the paper: “Does investing
in education reduce the gender wage gap? A Brazilian population study,”
in the periodical Population Review, Volume 51, Number 2, 2012. Type:
Article pp. 59-84.
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2012
LL.M. – MASTER OF LAWS
In 2012, the LL.M. – Master of Laws programs completed 13 years and this year alone more than 800 applicants
participated in the selection process. At the end of the process, 200 students enrolled in the four programs offered:
Corporate Law, Tax Law, Contract Law, and Financial and Capital Market Law.
In the final phase of the programs, students are encouraged to produce dissertations and in 2012, more than 60
professors and guests made themselves available to examine the 50 monographs presented by the LL.M. students. The
monographs receiving the highest scores from the examination board led to the publication of four books by Editora
Almedina Brasil and of another two publications in partnership with PricewaterhouseCoopers by Coleção AcademiaEmpresa.
The programs also offered exchange opportunities for students and faculty: five students participated in international
extension programs through partnerships with the universities of California, Davis (USA) and Duke (USA)/Geneva
(Switzerland), and two students participated in a four-month student exchange program at the University of St. Gallen,
Switzerland, receiving full academic scholarships from the Lemann Foundation.
Professor Daniel Boulos, advisor to the de LL.M. in Contract Law program, participated in the faculty exchange program
and lectured for two months at the University of St. Gallen, Switzerland.
The programs also provided an active discussion agenda for its students, alumni and faculty, with a total of 30 internal
and external events organized, which included debates, lectures, book launches, fairs, conferences and open enrollment
courses.
EXECUTIVE MBAS
In 2012, Insper celebrated 25 years of the Executive MBA in Finance, which has been recognized for its quality since its
launch and over the years has attained important national and international accreditations. These accreditations are the same
as those found at the world’s best centers of education, ensuring that Insper students receive an educational experience on
par with the opportunities offered at the top business schools.
In the pipeline for 2013 is the publication of another 15 works, the implementation of a new monograph process, the
organization of a new graduate program in law and the selection of a new international partner with which Insper Law
will further its international expansion in its quest to develop lawyers with more global and multicultural profiles.
In the same year, the Association of MBAs (AMBA), the leading international accreditation body for MBA programs, reaccredited
Insper’s programs for the next five years. In Brazil, only five institutions offer MBA programs accredited by the AMBA.
Another highlight of the year was the launch of the MBA Weekend in Finance. With classes on weekends, the program aims
to meet the demand from professionals living outside the state of São Paulo as well as abroad and complements the initiative
held in 2010 for the Executive MBA program.
Lastly, in the second semester of 2012, improvements were made to the Executive MBA and Executive MBA in Finance
programs to meet the needs of the market and corporations.
The Einstein-Insper Executive MBA in Healthcare Management was also subjected to a meticulous review of its curriculum,
which led to the incorporation of the innovations and principles discussed at the 21st Century Health Care Management
Education: Confronting Challenges for Innovation with a Modern Curriculum, a conference organized by Harvard Business
School in October 2012. The new curriculum will be implemented over the course of 2013.
Insper maintains various partners that offer students an international educational experience. In 2012, these relations were
strengthened by the growing number of students participating in international extension programs and the visits made by
renowned institutions that came to learn more about Brazil’s business environment through Insper.
- Executive MBA and Executive MBA in Finance - 21 students participated in the extension program offered in partnership
with the Darden School of Business - University of Virginia.
- Executive MBA in Healthcare Management - 13 students participated in the extension program offered in partnership with
Hospital Clínico Universitário de Barcelona (HCB).
18
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EXECUTIVE EDUCATION
OPEN ENROLLMENT PROGRAMS
Annual Report
2012
FINANCE
NEGOTIATION
• Finance for Executives
• Valuing Companies
• Strategic Negotiation and Conflict Management
OPERATIONS
MARKETING AND INNOVATION
The open enrollment programs were repositioned to better meet the calls from executives for relevant and current themes
with immediate application, which led to a complete revision of the portfolio as well as the creation of new programs.
Insper also invested in expanding the international reach of its Executive Education programs. In 2012, we established
partners with schools recognized around the world to provide students with the experience of living and studying in
another country as well as to receive foreign executives interested in learning about doing business in Brazil.
The new portfolio and internationalization process, combined with the Insper Educational Experience, transformed
executives into professionals who are better prepared to overcome the challenges and dilemmas they will face in their
careers.
• Managing Global Supply Chains
• Branding: Strategic Brand Management
• Entrepreneurship in Action
INTERNATIONAL PROGRAMS
LEADERSHIP
Global Senior Management Program, in partnership
with IE Business School Brazil: A View From Inside
• Leadership and Strategic People Management
PROFILE OF PARTICIPANTS:
22%
Senior Management
(CEO, VP, Officer
and Entrepreneur)
44%
Specialists/Consultants/
Analysts/Lawyers
General Management
Men = 65%
Average age = 34 years
Women = 35%
STRATEGY AND BUSINESS
• Competition: Economic, Strategic and Legal Aspects
• Mergers and Acquisitions
• Business Turnaround: from Restructuring to Reorganization
• Business Dynamics
• Economic and Political Panorama (former program World Panorama)
• Family Business Management
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2012
Annual Report
2012
Faculty
CUSTOM PROGRAMS FOR ORGANIZATIONS
The Executive Education – Custom Programs for Companies area adopts a consultative approach for designing custom
programs that first identify the needs of the partner organizations. The process is fully customized, including both the
planning and delivery of the programs. The goal is to ensure that the content covered can be immediately applied to
the day-to-day activities of the company and result in consistent performance gains.
The areas of expertise encompass all management aspects, regardless of the industry, with a special emphasis on
strategic management and themes related to leadership and associated dilemmas, organizational culture, critical
thinking, financial management, innovation, change management and globalization. The program’s design is unique
and exclusive and can cover the same themes for various levels of the organization based on the company’s needs,
with the program packaged to match the seniority of each public.
All professors participating in the programs have experience in both the academic and corporate worlds. This dual
capability enables them to combine theory with practice, which facilitates continuous reflection on the best market
practices and activities. The educational process adopted aims to provide the student-executive with experiences that
are truly transformational and based on modern methods in executive education, such as: business games, dynamics,
experiential learning and conceptual classes.
Reaffirming the commitment to our partner organizations, after delivering the program, we assess its effectiveness.
Insper conducts an innovative and unique study whose prime objective is to assess the Return on Executive Education
(ROE), which represents each program’s Return on Investment (ROI). This allows the partner company to measure the
changes and improvements obtained in the performance of its team members based on the knowledge acquired and
its applicability.
Seeking to further students’ development in the global dimension to better align them with international best practices
and multicultural aspects, the area maintains partnership and collaboration relationships with important business
schools and international universities. The selection of partner institutions for each program is conducted jointly with
the organization, based on studies of the excellence of these centers.
In 2012, the custom programs registered their strongest growth of the last five years, with improvements in the quality
of the design, content and delivery, as well as in the overall satisfaction of our partner companies.
IN ALL, 27 PARTNER COMPANIES PARTICIPATED IN THE CUSTOM PROGRAMS IN 2012:
22
ABRASCE
CONIB
JOHNSON&JOHNSON
AMBEV
DELL
JONES LANG LASALLE
ARMCO
DEUTSCHE BANK
ORGANIZAçãO ODEBRECHT
BNDES
DIAGEO
ROCHE
BRADESCO
GERDAU
SANOFI
BR FOODS
GRUPO ABC
SANTANDER
BRINKS
HSBC
VIVO |TELEFôNICA
CHS
ITAú - UNIBANCO
TOYOTA
CIELO
ITAú BBA
YPO
23
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ADALTO BARBACEIA GONÇALVES
MBA
UCLA
ANDRÉ ANTUNES SOARES DE CAMARGO
Doctor in Commercial Law
USP
CARLOS ROBERTO FRANCISCO BARA
Master in Business Administration
FGV-SP
ADHEMAR VILLANI JUNIOR
Ph.D. in Economics
University of Pennsylvania
ANDRÉ LUIS DE CASTRO MOURA DUARTE
Doctor in Business Administration
FGV-SP
CHARLES KIRSCHBAUM
Doctor in Business Administration
FGV-SP
ANDREA MARIA ACCIOLY FONSECA MINARDI
Doctor in Business Administration
FGV-SP
DANNY PIMENTEL CLARO
Ph.D. in Business Administration
Wageningen University
ANGELA DE SOUZA MENEZES
Master in Production Engineering
PUC-RJ
DAVID KALLAS
Master in Business Administration
USP
ANGELO CORSETTI
Bachelor in Economic Sciences
USP
DENISE SCHOULT
Doctor in Preventive Medicine
USP
ANTONIO CARLOS ROSSO JUNIOR
Master in Systems Engineering
USP
DIRK SCHWENKOW
Master in Economics
FGV-SP
ANTONIO ZORATTO SANVICENTE
Ph.D. in Business Administration
University of Stanford
ECLÉA ZUGMAN HAUBER
Specialist in Biology
USP
ADRIAN KEMMER CERNEV
Doctor in Business Administration
FGV-SP
ADRIANA BRUSCATO BORTOLUZZO
Doctor in Statistics
USP
ADRIANO MUSSA
Master in Business Administration
PUC-SP
AFONSO CARLOS BRAGA
MBA
Warwick Business School
ALBERTO MASAYOSHI FARIA OHASHI
Doctor in Probability
USP
ALEX MANDUCA
Executive MBA in Marketing
Insper
ALEXANDRE JORGE CHAIA
Master in Business Administration
USP
ALEXANDRE SCHWARTSMAN
Doctor in Economics
University of California, Berkeley
ALOISIO BUENO BUORO
Master in Business Administration
USP
ALVARO CARDOSO ARMOND
Master in Business Administration
Universidade Presbiteriana Mackenzie
24
2012
ARTUR ROTHSTEIN BARRETO PARENTE
Ph.D. in Economics
University of California, Berkeley
AURO KEY HONDA
Master in Social Psychology
PUC-SP
BRUNO COSTA SIMÕES
Doctor in Philosophy
USP
CAIO CESAR MUSSOLINI
Doctor in Economics
FGV-SP
CAMILA DE FREITAS SOUZA CAMPOS
Ph.D. in Economics
Yale University
EDÉLCIO KOITIRO NISIYAMA
MBA
University of Chicago
EDUARDO AUGUSTO RISSI
Doctor in Sciences
USP
EDUARDO CORREIA DE SOUZA
Doctor in Economics
UFRJ
EDUARDO DE CARVALHO ANDRADE
Ph.D. in Economics
University of Chicago
EDUARDO GIANNETTI DA FONSECA
Ph.D. in Economics
University of Cambridge
2012
ELIETE BERNAL ARELLANO
Doctor in Applied Human Nutrition
ERIC AVERSARI MARTINS
Doctor in Accounting Sciences
USP
ERIC BARRETO DE OLIVEIRA
Master in Controllership and Accounting
USP
FABIO DE BIAZZI
Doctor in Production Engineering
USP
FABIO MATUOKA MIZUMOTO
Doctor in Business Administration
USP
FABIO ORFALI
Master in Mathematics
USP
FABIO RIBAS CHADDAD
Ph.D. in Agricultural Economics
University of Missouri
FERNANDA FURUTA
Doctor in Controllership and Accounting
USP
FERNANDO PRESTES CESAR
FERNANDO RIBEIRO LEITE NETO
Doctor in Social Sciences
PUC-SP
FLÁVIA FERREIRA PIAZZA
Master in Business Administration
Ibmec-RJ
FLÁVIO ROMERO MACAU
Doctor in Business Administration
FGV-SP
GEORGE OHANIAN
Doctor in Business Administration
USP
ANA CAROLINA DE AGUIAR RODRIGUES
Doctor in Psychology
Universidade Federal da Bahia
CAMILA PEREIRA BOSCOV
Master in Controllership and Accounting
EDUARDO LUIZ MACHADO
Doctor in Economics
USP
ANA CAROLINE FERNANDES NONATO
Master in Business Administration
USP
CARLOS AFONSO CALDEIRA FILHO
Master in Business Administration
FGV-SP
EDUARDO POZZI LUCHEZZI
Doctor in Business Administration
USP
GUILHERME ATHIA
Specialist in Marketing
ESPM
ANA HELENA DE CAMPOS
Doctor in Physics
USP
CARLOS ALBERTO FURTADO DE MELO
Doctor in Social Sciences
PUC-SP
EDUARDO ROSSIT PADILHA
Specialist in Finance
USP
GUILHERME FOWLER A. MONTEIRO
Doctor in Business Administration
USP
GIANCARLO GRECO
MBA
Duke University
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2012
GUILHERME SILVEIRA MARTINS
Master in Business Administration
FGV-SP
JOSÉ LUIZ ROSSI JÚNIOR
Ph.D. in Economics
Yale University
LUIZ FERNANDO ANDREOTTI TURATTI
Master in Business Administration
USP
MARCO TÚLIO PEREIRA LYRIO
Ph.D. in Economics
Katholieke Universiteit Leuven
GUSTAVO HENRIQUE DE ARAUJO PEREIRA
Doctor in Statistics
USP
JOSÉ VALÉRIO MACUCCI
Master in Business Administration
FGV-SP
LUIZ FERRAZ DE MESQUITA
Ph.D. in Business Administration
Purdue University
MARCOS LISBOA
Ph.D. in Economics
University of Pennsylvania
GUSTAVO RODRIGUES ORTEGA
Master in Strategic Controllership and Accounting
JUAN PEDRO JENSEN PERDOMO
Doctor in Economics
USP
LUIZ FRANCISCO MODENESE VIEIRA
Ph.D. in Transport Systems
Massachusetts Institute of Technology
MARCOS RODRIGUES DE LARA
Doctor in Social Sciences
PUC-SP
LARS MEYER SANCHES
Doctor in Civil Engineering
Unicamp
MARA BEHLAU
Doctor in Speech and Language Pathology
Universidade Federal de São Paulo
MARCOS VEÇOSO
Master in Health Economics
Universitat Pompeu Fabra
LENI HIDALGO NUNES
Doctor in Business Administration
Université de Pau et des Pays de l’Adour
MARCELO HIROSHI NAKAGAWA
Doctor in Production Engineering
USP
MARCUS SOUSA SOARES
Bachelor in Psychology
LEONARDO PAGANO
Doctor in Business Economics
FGV-SP
MARCELO JOSÉ CARBONARI
Doctor in Nuclear Sciences
USP
LEONEL MOLERO PEREIRA
Doctor in Business Administration
USP
MARCELO LEITE DE MOURA E SILVA
Ph.D. in Economics
University of Chicago
GUY CLIQUET DO AMARAL FILHO
Master in Engineering
USP
HELENO PIAZENTINI VIEIRA
Master in Economics
FGV-SP
HENRIQUE MACHADO BARROS
Ph.D. in Business Administration
University of Warwick
HSIA HUA SHENG
Doctor in Business Administration
FGV-SP
HUMBERTO DANTAS
Doctor in Political Science
USP
ILAN AVRICHIR
Doctor in Business Administration
FGV-SP
IRINEU GUSTAVO NOGUEIRA GIANESI
Master in Production Engineering
USP
IVANILDO DIAS DE LIMA
Master in Sciences
USP
IVO WAISBERG
Doctor in Law
PUC-SP
JOÃO LUIZ MASCOLO
Doctor in Economics
PUC-RJ
JOSÉ CARLOS TIOMATSU OYADOMARI
Doctor in Controllership and Accounting
USP
JOSÉ HELENO FARO
Doctor in Economic Mathematics
IMPA
26
2012
LEONIDAS SANDOVAL JUNIOR
Ph.D. in Mathematics
University of London
LIAO YU CHIEH
MBA in Finance
Insper
LUCA BORRONI
Doctor in Economics
Universitá commerciale Luigi Bocconi
MARCELO RODRIGUES DOS SANTOS
Doctor in Economics
FGV-RJ
MARCO ANTONIO LEONEL CAETANO
Doctor in Aeronautical and Mechanical Engineering
ITA
MARCO AURÉLIO LIMA DE QUEIROZ
Doctor in Business Administration
FGV-SP
MARCUS VINICIUS LOPES RAMOS GONÇALVES
Master in Law
PUC-SP
MARIA APARECIDA RHEIN SCHIRATO
Doctor in Education
USP
MARIA CAROLINA SANCHEZ DA COSTA
Ph.D. in Learning and Cognition
Rutgers, The State University of New Jersey
MARIA CRISTINA NOGUEIRA GRAMANI
Doctor in Engineering
Unicamp
MARIA KELLY VENEZUELA
Doctor in Statistics
USP
LÚCIA GUILHOTO
Ph.D. in Business Administration
Università di commerciale Luigi Bocconi
LUCIANA CARVALHO DE MESQUITA FERREIRA
Ph.D. in Business Research
Erasmus Universiteit Rotterdam
LUCIANA YEUNG LUK TAI
Doctor in Economics
FGV-SP
LUIS CLAUDIO MONTORO MENDES
LL.M.
Insper
LUIS FERNANDO LONGUINI COSSI
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2012
Annual Report
2012
MARIA LETICIA DE FREITAS COSTA
MBA
Cornell University
PAULO BARELLI
Ph.D. in Economics
Columbia University
RINALDO ARTES
Doctor in Statistics
USP
SILVIO POSSA
MBA
FIA
MARIELZA CAVALLARI
Master in Business Administration
FGV-SP
PAULO BELTRÃO FRALETTI
Doctor in Business Administration
USP
ROBERTA MURAMATSU
Ph.D. in Economics
Erasmus Universiteit Rotterdam
SIMONE BASILE
Master in Business Resources and Development
Universidade Presbiteriana Mackenzie
MARILDA PERES CAMACHO ANDRADE
Executive MBA in Marketing
Insper
PAULO JOSÉ DE AZEVEDO
Master in Economics
Insper
ROBERTO ANIS CALFAT
Doctor in Production Engineering
USP
TADEU APARECIDO PEREIRA DA PONTE
Master in Mathematics
USP
MARIO SÉRGIO KOJIMA
MBA
University of Southern California
PRISCILA BORIN DE OLIVEIRA CLARO
Doctor in Business Administration
UFLA
ROBERTO DUMAS DAMAS
Master in Economics
University of Birmingham
TATIANA TERABAYASHI MELHADO
Doctor in Statistics
USP
MARTA DE CAMPOS MAIA
Doctor in Business Administration
FGV-SP
PRISCILA FERNANDES RIBEIRO
Master in Business Economics
FGV-SP
RODRIGO MENON SIMÕES MOITA
Ph.D. in Economics
University of Illinois
TIAGO FISCHER FERREIRA
Doctor in Business Administration
USP
MAURICIO ROCHA ALVES DE CARVALHO
MBA
University of Pennsylvania
RAFAEL PASCHOARELLI VEIGA
Doctor in Business Administration
USP
RODRIGO TAKASHI OKIMURA
Doctor in Electrical Engineering
USP
TIMOTHY ALTAFFER
MBA
New York University
MAURIZIO MAURO
Bachelor in Business Administration
FGV-SP
RAUL AMARAL REGO
Doctor in Business Administration
USP
ROGÉRIO DA COSTA MONTEIRO
Master in Economics
Insper
VALÉRIO MACHADO DALLOLIO
MBA
Northwestern University
MICHAEL VIRIATO ARAÚJO
Doctor in Systems Engineering
USP
REGINA CARLA MADALOZZO
Ph.D. in Economics
University of Illinois
ROMEO DEON BUSARELLO
Master in Business Administration
PUC-SP
VINÍCIUS DE BRAGANÇA MÜLLER E OLIVEIRA
Master in Economics
Unesp
NAERCIO AQUINO MENEZES FILHO
Ph.D. in Economics
University of London
REGIS FERNANDO DE RIBEIRO BRAGA
Master in Accounting and Actuarial Sciences
USP
RONNIE MASCHK
Specialist in Project Management
Fundação Vanzolini/USP
VITORIA CRISTINA CARDOSO SADDI
Ph.D. in Economics
University of Southern California
NELSON MENDES CANTARINO
Doctor in Social History
USP
RICARDO DIAS DE OLIVEIRA BRITO
Doctor in Economics
FGV-RJ
ROSELI MORENA PORTO
Doctor in Business Administration
FGV-SP
VIVIAN IARA STREHLAU
Doctor in Business Administration
FGV - SP
NILTON DEODORO MOREIRA CARDOSO JUNIOR
Doctor in Economics
Université Paris 1 Pantheón-Sorbonne
RICARDO GOULART SERRA
Doctor in Business Administration
USP
SANDRO MAGALHÃES MANTEIGA
Master in Mathematical Modeling in Finance
USP
NUNO RICARDO MARTINS SOBREIRA
Doctor in Economics
Universidade Nova de Lisboa
RICARDO JOSÉ DE ALMEIDA
Doctor in Business Administration
USP
SÉRGIO GIOVANETTI LAZZARINI
Ph.D. in Business Administration
Washington University, in St. Louis
OTTO NOGAMI
Master in Economics
Universidade Presbiteriana Mackenzie
RICARDO MACHADO
Doctor in Social Sciences
PUC-SP
SERGIO RICARDO MARTINS
Master in Statistics
USP
PATRICIA DA CUNHA TAVARES
Doctor in Business Administration
FGV-SP
RICARDO MOLLO
MBA
University of Dallas
SILVIA ANTONIO SFEIR
Master in Business Administration
FECAP
PATRÍCIA PORTELLA PRADO GALHANO
Doctor in Business Administration
USP
RICARDO ROCHA
Doctor in Business Administration
USP
SILVIO ABRAHÃO LABAN NETO
Doctor in Business Administration
FGV-SP
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2012
GUEST PROFESSORS/LECTURERS
ALBERTO MACEDO
Master in Economic, Financial and Tax Law
USP
ALEXANDRE DEMETRIUS
Doctor in Commercial Law
USP
ALVARO TAIAR
Bachelor in Law
USP
ANA LUIZA SALLES LOURENÇO
ANDRÉIA CRISTINA BEZERRA
LL.M. in Corporate Law
Insper
DANIEL KALANSKY
Master in Commercial Law
USP
DANIEL MARTINS BOULOS
Master in Social Relations Law
PUC-SP
DONALD MAC NICOL
Bachelor in Business Administration
FGV-SP
EDUARDO MONTENEGRO DOTTA
Bachelor in Law
PUC-SP
30
EVANDRO PONTES
Master in Commercial Law
USP
FABIANO DEL MASSO
Doctor in Law
PUC-SP
FÁBIO DA PAZ FERREIRA
Master in Business Administration
USP
FABIO SOARES DE MELO
Specialist in Tax Law
PUC-SP
Annual Report
2012
KLEBER LUIZ ZANCHIM
Doctor in Law
USP
PAULO JORGE SCARTEZZINI
Master in Civil Law
USP
LIOR PINSKY
LL.M.
London School of Economics
PEDRO WHITAKER DE SOUZA DIAS
LL.M.
University of Pennsylvania
LUIS FERNANDO CAMARGO
Bachelor in Accounting Sciences
Faculdade Tibiriçá
PLINIO JOSÉ LOPES SHIGUEMATSU
Master in International Law
USP
LUIS GUSTAVO HADDAD
Master in Civil Law
USP
RENATO NUNES
Doctor in Tax Law
PUC-SP
LUIZ FERNANDO MUSSOLINI JÚNIOR
Master in Public Law
PUC-SP
RODRIGO FERNANDES REBOUÇAS
Master in Social Relations Law
PUC-SP
MARCEL GOMES BRAGANÇA RETTO
Master in Commercial Law
USP
ROGÉRIO GARCIA PERES
MARCELO VIEIRA VON ADAMEK
Doctor in Commercial Law
USP
MARCELO GODKE VEIGA
LL.M.
Columbia University
TAIMI HAENSEL
LL.M.
Insper
THIAGO SANDIM
Bachelor in Law
PUC-SP
MARCO ANTONIO BEVILAQUA
VALDIR CARLOS PEREIRA FILHO
LL.M.
University of London
MARCOS CAVALCANTE DE OLIVEIRA
WILSON R.OMETTO
MIGUEL TORNOVSKY
LL.M.
Columbia University
GERMAN ALEJANDRO SAN MARTINS FERNANDEZ
Master in Tax Law
PUC-SP
JOSÉ DUTRA VIEIRA SOBRINHO
Specialist in Accounting Sciences
USP
JOSÉ EDUARDO SOARES DE MELO
Doctor in Law
PUC-SP
JOSÉ LUIZ CONRADO VIEIRA
Doctor in Law
USP
JOSÉ VIRGÍLIO ENEI
Master in Commercial Law
USP
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2012
Research
Our research professors regularly publish scholarly works in various fields of business administration and economics
in prominent Brazilian and international journals. In 2012, 32 works were published in international journals and 31 in
Brazilian journals.
Insper professors who received the Chafi Haddad and George Stigler awards
CHAFI HADDAD AWARD FOR EXCELLENCE IN TEACHING
Insper helps foster teaching quality by recognizing, through votes cast by graduating students, the professors who
excelled in both the undergraduate and graduate programs.
Professors awarded in 2012:
UNDERGRADUATE PROGRAMS
•
•
•
•
Artur Parente – 1st Place
Carlos Melo – Honorable Mention
Eduardo Andrade – Honorable Mention
Sergio Martins – Honorable Mention
GRADUATE PROGRAMS
CERTIFICATE
• Ricardo Mollo – 1st Place
• Romeo Busarello – Honorable Mention
MBA
• Hsia Hua Sheng – 1st Place
• Auro Key Honda – Honorable Mention
One of the highlights was the thesis “Essays in Heterogeneous Agent Macroeconomics” by Professor Marcelo Rodrigues
dos Santos, who received the Haralambos Simeonidis Award conferred by the National Association of Graduate Centers
in Economics (ANPEC).
The year 2012 was also marked by the launch of the Center of Finance, which fosters academic production in this field.
It receives support from research professors and is coordinated by Professor Antonio Zoratto Sanvicente and Professor
Michael Viriato Araujo. The center’s main lines of research are: pricing of assets and derivatives, valuing companies,
assessing investment fund performance, yield curve, corporate finance, international finance, portfolio management
and corporate governance.
Meanwhile, the Strategy Research Center continues to conduct studies into business strategy that draw on interaction
between companies and the academic community. An important accomplishment of the center was the creation
of the Salary Guide, which was the product of the first year of partnership with the Brazilian operations of HAYS, a
company specializing in recruiting mid-level and senior executives. Working together with Grupo Santander Brasil, the
CPE published four new editions of the Brazilian Small and Medium Business Confidence Index (IC-PMN). The index,
which was created in 2008, continues to gain exposure in the media, especially in segments specializing in small and
medium enterprises.
Insper’s Center for Public Policies also supported various events to promote discussion on the academic research
conducted by professors from the center and by other guest researchers. A highlight was the seminar “O Triunfo da
Cidade” (The Triumph of the City), which was led by Professor Edward Glaeser, an economist from the University of
Harvard. The seminar explored the main management challenges faced by the world’s major metropolises.
www.insper.edu.br/en/research
GEORGE STIGLER AWARD FOR EXCELLENCE IN RESEARCH
Insper also awards the best academic works published by its professors. The selection process is based on the
publication’s contribution to advancing knowledge in the fields of business administration, economics and related
areas and considers its relevance to the academic community, organizations and society.
1st Place
Rodrigo Moita, for the paper “Political Price Cycles in Regulated Industries: Theory and Evidence” published in the
AmericanEconomicJournal:EconomicPolicy, Vol. 5 No. 1 (February 2013)
2nd Place
José Heleno Faro, for the paper “Cobb-Douglas preferences under uncertainty” published in the journal Economic
Theory (January 2013)
Marcelo Moura, “Taylor rules and exchange rate predictability in emerging economies” published in the Journalof
InternationalMoneyandFinance, Elsevier, Volume 32, February 2013, Pages 1008 - 1031
Marco Lyrio, “Information in the yield curve: a macro-finance approach”, published in the Journal of Applied
Econometrics. J. Appl. Econ. (2012). Published online in Wiley Online Library. (wileyonlinelibrary.com) DOI: 10.1002/
jae.2305
32
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Academic Production by
Faculty 2012
DANNY PIMENTEL CLARO
INTERNATIONAL JOURNALS
EDUARDO DE CARVALHO ANDRADE
2012
O boca a boca na era da Internet
Harvard Business Review (Santiago. Edición en portugués)
New evidence on the role of cognitive skill in economic development
ADRIANA BRUSCATO BORTOLUZZO
Economics Letters
Cancer/testis antigens expression and autologous serological response
in a set of Brazilian non-Hodgkin´s lymphoma patients
EDUARDO DE CARVALHO ANDRADE
MARIA CRISTINA NOGUEIRA GRAMANI
International Transactions in Operational Research
Cancer Immunology and Immunotherapy
ADRIANA BRUSCATO BORTOLUZZO
HENRIQUE MACHADO BARROS
Determinants of the choice of marketing channels by corporate clients:
An analysis of the information technology sector
GAZI ISLAM
ADRIANA BRUSCATO BORTOLUZZO
Between unity and diversity: historical and cultural foundations of Brazilian
management
European Journal of International Management
JISTEM. Journal of Information Systems and Technology Management
Effect of age at disease onset in the clinical profile of spondyloarthritis:
a study of 1424 Brazilian patients
Technical efficiency of business administration courses: a simultaneous
analysis using DEA and SFA.
GAZI ISLAM
Can the subaltern eat? Anthropophagic culture as a Brazilian lens on postcolonial theory
Organization (London)
Clinical and Experimental Rheumatology (print)
ADRIANA BRUSCATO BORTOLUZZO
Ethnic influence in clinical and functional parameters in Brazilian
patients with spondyloarthritis
GUILHERME FOWLER DE AVILA MONTEIRO
Development Policy Review
The Journal of Rheumatology (online)
ADRIANA BRUSCATO BORTOLUZZO
Gender characterization in a large series of Brazilian patients with
spondyloarthritis
GUILHERME FOWLER DE AVILA MONTEIRO
ADRIANA BRUSCATO BORTOLUZZO
Institutional change and capability building: some remarks on the institutionbased view of strategy
International Journal of Strategic Change Management
Clinical Rheumatology (print)
Survival, causes of death, and prognostic factors in systemic sclerosis:
analysis of 947 Brazilian patients
Food-retail development and the myth of everyday low prices: the case of
Brazil
Service’s scientific community: a social network analysis (1995-2010)
GUILHERME SILVEIRA MARTINS
Journal of Service Management
The Journal of Rheumatology (online)
CAIO CESAR MUSSOLINI
Infrastructure and productivity in Latin America: is there a relationship
in the long-run?
GUSTAVO HENRIQUE DE ARAUJO PEREIRA
The truncated inflated beta distribution
Communications in Statistics - Theory and Methods
Journal of Economic Studies (Bradford)
Rappers em São Paulo: conexões, desconexões e transgressões.
HSIA HUA SHENG
CHARLES KIRSCHBAUM
Emerging Markets Review
Redes — Revista Hispana para el Análisis de Redes Sociales
Network centrality and multiplexity: a study of sales performance
DANNY PIMENTEL CLARO
34
The use of FX Derivatives and the cost of capital: evidence of Brazilian
companies
JOSÉ HELENO FARO
On the confidence preferences model
Fuzzy Sets and Systems
Journal on Chain and Network Science (print)
35
Annual Report
2012
Annual Report
Pricing rules and Arrow Debreu ambiguous valuation
JOSÉ HELENO FARO
Leveraging the competitive advantage of Iberoamerican scholars
SÉGIO GIOVANETTI LAZZARINI
Economic Theory
JOSÉ LUIZ ROSSI JúNIOR
2012
Understanding Brazilian companies’ foreign exchange exposure
Management Research (Armonk, NY)
BRAZILIAN JOURNALS
Emerging Markets Review
Correlation of financial markets in times of crisis
LEONIDAS SANDOVAL JUNIOR
ADRIANA BRUSCATO BORTOLUZZO
Physica A
Pruning a minimum spanning tree
LEONIDAS SANDOVAL JUNIOR
MARCO ANTONIO LEONEL CAETANO
Demand for life annuities: a Brazilian perspective
ADRIANA BRUSCATO BORTOLUZZO
Physica A
BAR. Brazilian Administration Review
A method for detection of abrupt changes in the financial market
combining wavelet decomposition and correlation graphs
Juros sobre o capital próprio: uma análise sobre o impacto tributário
para quem paga e quem recebe
ALEXANDRE GONZALES
Physica A
Revista Científica Hermes
Efficiency decomposition approach: A cross-country airline analysis
MARIA CRISTINA NOGUEIRA GRAMANI
NAERCIO AQUINO MENEZES FILHO
Expert Systems with Applications
Evaluating the impact of Brazilian Public School Math Olympics on the
quality of education
ALEXANDRE GONZALES
REGINA CARLA MADALOZZO
Inter-regional wage differentials with individual heterogeneity: evidence
from Brazil
The Annals of Regional Science
Does investing in education reduce the gender wage gap? A Brazilian
population study
Fatores associados ao fluxo escolar no ingresso e ao longo do ensino
médio no Brasil
ANTONIO ZORATTO SANVICENTE
BRUNO TEODORO OLIVA
Pesquisa e Planejamento Econômico
Transitions in fertility for Brazilian women: an analysis of impact factors
REGINA CARLA MADALOZZO
Ciclos reais e política fiscal no Brasil
CAIO CESAR MUSSOLINI
Plos One
Estudos Econômicos (USP, print)
Bad for practice? Reconciling alternative views on managerial attitudes
and their impact on organizational performance
Notas e reflexões sobre Liderança Política: contribuição para delimitação
de um campo de estudo
Management Research (Armonk, NY)
36
Revista Brasileira de Finanças
Problemas de estimação de custo de capital de empresas
concessionárias no Brasil: uma aplicação à regulamentação de
concessões rodoviárias
Revista de Administração (FEA-USP)
Population Review (print)
SÉGIO GIOVANETTI LAZZARINI
Reflexo da introdução da substituição tributária de ICMS (Imposto
sobre Circulação de Mercadorias e Serviços na arrecadação do Estado
de São Paulo
Enfoque: Reflexão Contábil (print)
Determinants of transactions costs in the Brazilian stock market
ANTONIO ZORATTO SANVICENTE
Economía (Washington, D.C.)
NAERCIO AQUINO MENEZES FILHO
Baixa prevalência das manifestações extra-articulares renais, cardíacas,
pulmonares e neurológicas nas espondiloartrites: análise do Registro
Brasileiro de Espondiloartrites
Revista Brasileira de Reumatologia (print)
CARLOS ALBERTO FURTADO DE MELO
Aurora (PUC-SP, online)
37
Annual Report
2012
Annual Report
Empregabilidade e o mercado de recursos humanos no Brasil
DENISE POIANI DELBONI
EDÉLCIO KOITIRO NISIYAMA
JOSÉ CARLOS TIOMATSU OYADOMARI
EDÉLCIO KOITIRO NISIYAMA
JOSÉ CARLOS TIOMATSU OYADOMARI
EDUARDO DE CARVALHO ANDRADE
Remuneração variável atrelada ao balanced scorecard
JOSÉ CARLOS TIOMATSU OYADOMARI
Revista de Economia & Relações Internacionais
TAC - Tecnologias de Administração e Contabilidade
A busca da inovação e a cadeia de valor
LARS MEYER SANCHES
Revista Mundo Logística
Sistemas de controle gerencial e o processo de inovação
Tendências de decisões do TJSP sobre quebras de contratos privados
LUCIANA YEUNG LUK TAI
Revista de Administração e Inovação
Economic Analysis of Law Review
Factors affecting the student evaluation of teaching scores: evidence
from panel data estimation
O desempenho educacional como fator de influência na escolha da
profissão
MARIA CRISTINA NOGUEIRA GRAMANI
Estudos Econômicos (USP, print)
Cadernos de Pesquisa (Fundação Carlos Chagas. print)
Goodwill: uma análise dos conceitos utilizados em trabalhos científicos
Educação, salários e alocação de trabalhadores entre tarefas: teoria e
evidências para o Brasil
Revista Contabilidade & Finanças (online)
Estado de natureza, dominium e política econômica no pensamento
hobbesiano
NAERCIO AQUINO MENEZES FILHO
Pesquisa e Planejamento Econômico (Rio de Janeiro)
NAERCIO AQUINO MENEZES FILHO
Revista da Sociedade Brasileira de Economia Política
HENRIQUE MACHADO BARROS
SÉRGIO GIOVANETTI LAZZARINI
HSIA HUA SHENG
HUMBERTO DANTAS DE MIZUCA
Uma análise de rankings de escolas brasileiras com dados do SAEB
Do organizational incentives spur innovation?
NAERCIO AQUINO MENEZES FILHO
BAR. Brazilian Administration Review
Estudos Econômicos (USP, print)
Country factors and dynamic capital structure in Latin American firms
The impact of civil status on women’s wages in Brazil
Revista Brasileira de Finanças
O horário eleitoral gratuito na televisão e o padrão das coligações em
eleições majoritárias municipais
Coligações entre partidos nas eleições municipais de 2004 e 2008.
Estudo de caso DEM/PFL e PT
REGINA CARLA MADALOZZO
RICARDO DIAS DE OLIVEIRA BRITO
Estudos Econômicos (USP, print)
Uma análise do hiato do produto brasileiro
Revista de Economia e Administração (print)
RODRIGO MENON SIMÕES MOITA
Entradas e bandeiras: a estratégia de interiorização das cadeias de
fast food
Revista on-line Liberdade e Cidadania
RAE (print)
Aprendendo com o salmão
Conduta ética dos pesquisadores em contabilidade: diferenças entre a
crença e a práxis
ILAN AVRICHIR
RODRIGO TAKASHI OKIMURA
Revista da ESPM
38
Estimando o retorno à educação do Brasil considerando a legislação
educacional brasileira como um instrumento
Revista de Economia Política (print)
Leviathan
HUMBERTO DANTAS DE MIZUCA
Concentração de vendas no final do mês
Revista de Administração da UNIMEP
ERIC AVERSARI MARTINS
FERNANDO RIBEIRO LEITE NETO
2012
Revista Contabilidade & Finanças da USP
39
Annual Report
2012
Annual Report
BOOK CHAPTERS
ALEXANDRE DEMETRIUS PEREIRA
ANA LúCIA PINTO DA SILVA
ANA LúCIA PINTO DA SILVA
LUCIANA YEUNG LUK TAI
A insegurança jurídica também é do devedor: seleção adversa e custo
do crédito no Brasil
Agenda Contemporânea: Direito e Economia: Trinta anos de Brasil
FGV (GVLaw Series)
Editora Saraiva
LUCIANA YEUNG LUK TAI
Análise econômica do direito do trabalho
Direito e Economia no Brasil
Atlas
LUCIANA YEUNG LUK TAI
Breve panorama do direito do trabalho brasileiro sob uma perspectiva
econômica
Direito Econômico Social - Atualidades e reflexões sobre Direito
Concorrencial, do Consumidor, do Trabalho e Tributário
Revista dos Tribunais
MARCO TúLIO PEREIRA LYRIO
The predictive content of the Yield Curve for inflation
Macroeconomic Policy Making
Cambridge University Press
Ajuste a valor presente – AVP
Controvérsias Jurídico-Contábeis
Dialética
A insegurança jurídica é também do devedor: seleção adversa e custo
do crédito no Brasil
Agenda Contemporânea: Direito e Economia: Trinta anos de Brasil
FGV (GVLaw Series)
Editora Saraiva
Principais conceitos econômicos
Agenda Contemporânea: Direito e Economia: Trinta anos de Brasil
FGV (GVLaw Series)
Editora Saraiva
Demonstração dos fluxos de caixa e disponibilidades
CAMILA PEREIRA BOSCOV
Normas e práticas contábeis: uma introdução
Atlas
The small world of business groups: liberalization and network dynamics
SÉRGIO GIOVANETTI LAZZARINI
CHARLES KIRSCHBAUM
Redes sociais e expressões culturais na periferia: a extensão geográfica
de rappers na cidade de São Paulo
Redes sociais no Brasil
Fino Traço
EDUARDO LUIZ MACHADO
Contribuição da cana-de-açúcar na redução das emissões de CO2 no
Estado de São Paulo
Indústria, tecnologia e trabalho: desafios da economia brasileira
CNPq
ALEXANDRE DEMETRIUS PEREIRA
GAZI ISLAM
Ethical issues of reification and recognition on HRM: a critical social
theory perspective
Business ethics: a critical approach: integrating ethics across the
business world
Routledge
Happiness in Brazil
Happiness across cultures: views of happiness and quality of life in
non-western cultures
Springer
DENISE POIANI DELBONI
GAZI ISLAM
GUSTAVO LIAN HADDAD
Questões controvertidas no processo administrativo fiscal - Carf
Questões controvertidas no processo administrativo fiscal
Carf - Vol.18
Rt
2012
The small world of corporate governance
MIT Press
BOOKS
Curso de direito comercial
Malheiros
Direito empresarial do trabalho
Saraiva
O conselho fiscal nas companhias abertas brasileiras
EVANDRO FERNANDES DE PONTES
Coleção Insper
Almedina
Direito econômico esquematizado
JOSÉ VIRGÍLIO LOPES ENEI
A atividade de construção em grandes projetos de infraestrutura no
Brasil e o contrato de aliança: evolução ou utopia?
Direito e Infraestrutura
Saraiva
FABIANO DEL MASSO
Método
FABIO SOARES DE MELO
Processo administrativo tributário: princípios, vícios e
efeitos jurídicos
Dialética
40
41
Annual Report
2012
Relatório
Annual Report
Anual
Série GVLaw Direito, Gestão e Prática: Introdução às finanças
empresariais
HSIA HUA SHENG
Saraiva
2012
ALUMNI COMMUNITY
In 2012, Insper’s Institutional Relations area guided and organized efforts aimed at increasing engagement and the
sense of belonging among Insper graduates on four fronts:
Connection - organization of events, communicating Insper’s progress and accomplishments, promoting networking
and interaction of alumni among themselves and with the School;
Avaliação econômica de projetos sociais
NAERCIO AQUINO MENEZES FILHO
Dinâmica Gráfica e Editora
Continuous improvement - offering special conditions to alumni for enrolling in Insper’s graduate and executive
education programs and courses;
Career guidance - actions conducted in coordination with the Career Center with the objective of accompanying the
career path of the alumni;
Princípios de economia - 6ª edição
OTTO NOGAMI
Cengage
Planejamento financeiro pessoal e gestão do patrimônio: fundamentos
e prática
RICARDO HUMBERTO ROCHA
Volunteer actions and donations - participation in programs such as Alumni-Mentor, in which graduate students offer
guidance to seniors in undergraduate programs, and contributions to the Scholarship Fund through donations.
EVOLUTION OF ALUMNI ENROLLMENT IN NEW PROGRAMS
Editora Atlas
109
139
137
WORKS PUBLISHED IN CONFERENCE PROCEEDINGS
Nine papers or abstracts were published in Brazilian conference proceedings and 25 in international conference proceedings.
20%
23%
16%
19%
15%
15%
4%
8%
1%
1%
20%
2010
2011
2012
12%
2010
2011
2012
INSIDE THE SCHOLARSHIP PROGRAM
International Papers
Brazilian Papers
Book Chapters
Books
In 2012, 100 students received some form
of scholarship, which represents 8% of all
undergraduate students.
59
THE ALUMNI COMMUNITY IS FORMED BY
APPROXIMATELY 10,000 GRADUATES
scholarship* students
have already fully
repaid their
scholarships
64%
8
127
is the average subsidy
granted on tuition
payments
students received
full scholarships,
100% subsidy
scholarship* students
have graduated
*2012
NUMBER OF ALUMNI/STUDENT DONORS
42
43
Annual
Relatório
Report
Anual
2012
Alumni and Student Donors to
the Scholarship Fund
2012
José Roberto Schwartzmann Preter - ADM 2009
Pedro Henrique Braga Lobo - ADM 2006
Josedir Barreto - LL.M. (student)
Pedro Henrique Lemgruber Vilela - ADM 2005
Julia dos Santos Ribeiro - ECO (student)
Pedro Vieira Lima de Albuquerque - ECO 2009
Laís Yazbek de Oliveira e Silva - ADM 2008
Philippe Lemes Ribeiro - ECO 2009
Larissa Furletti Bomfim - ADM (student)
Rafael Barbosa Santos Coelho - ADM 2007
Larissa Matilde Salles Cunha Araium - ADM 2008
Rafael Behar - ADM 2006
Leandro Omena Silva - ECO (student)
Raphael Falcioni - ADM 2011
Acir Albino Dybas Junior - ADM 2011
Felix Yen - ADM 2009
Leonardo Vassiliades Martinez - ADM 2008
Raquel Erzinian de Camargo Moreira - ECO 2010
Adriano Ortega Carvalho - ECO 2008
Fernanda Verroni Keidel - ADM 2007
Livia Rizzi Razente - ADM 2008
Ricardo Luiz Coelho Duarte - ECO 2010
Alex Sandro Antunes - MBA (student)
Fernando Castro de Campos Roriz - ECO 2008
Lucas Pogetti Zanetti - ADM 2009
Ricardo Siniscalchi de Souza - MBA 1999
Alexandre Cavalleri do Nascimento - Executive Ed. (student)
Fernando Henrique Folchito Maglioni - ADM 2007
Luciana Szente Fonseca - ADM 2011
Roberta Beatriz Bolognesi Donato - ADM 2005
Alexandre Ferraz de Oliveira - MBA (student)
Fernando Kenji Muramoto - ADM 2005
Luis Rodolfo Cruz e Creuz - LL.M. 2004
Roberta Bornia Romiti - ECO 2010
Amanda Rodrigues Luhmann de Jesuz - ECO 2011
Fernando Luis Abegao Neto - ADM 2006
Luiz Eduardo Rudge Leite - ADM (student)
Roberto Tranchesi Zuccolo - ADM 2006
Andre Luiz de Moura Albuquerque - ADM 2010
Fernando Nicoli - ADM 2008
Luiz Fernando Matsubara - ADM 2007
Rodolpho Rocha Ruiz - ADM 2005
Andrea Martins Flores - CMM 2010
Fernando Ring - ECO 2009
Luiz Henrique Cordeiro Rustiguel - ADM 2004
Rodrigo Kuchauskas Mariano da Silva - ADM 2002
Barbara Diniz Almeida - ADM 2008
Flavia Cerruti - ADM 2008
Marcelo de Castro Ferreira Oliveira - ADM 2005
Rodrigo Lemos da Silva Haenel - MBA 1996
Bruno Amorim Florencio Pereira - ADM 2007
Francisco Mendonça de Toledo Arruda - ADM 2006
Maria Angelica Martins Miranda - ADM 2007
Rodrigo Maldonado Mendonça - ECO 2009
Bruno Oliveira Gonçalves - ADM 2007
Franco Rodrigues Resende Veludo - ADM 2007*
Maria Carolina Dassie - ECO 2006
Ronaldo Zecchin Torres - ADM 2008
Bruno Saliba Laguna - ADM 2010
Frederico de Souza Queiroz Pascowitch - ADM 2005
Maria Neiva Tajra - ADM (student)
Samer Souhail Ghosn - ADM 2008
Caio Gracco Rocha Carbone - ECO
Gabriel de Lima Ramos - ECO 2011
Marina Kairalla Garcia - ADM 2005
Sidney Mendes de Souza - LL.M. (student)
Caio Saliba Laguna - ECO (student)
Gabriel Fongaro de Araujo Pereira - ECO 2010
Mauricio Torres Pinto Bergamaschi - ADM 2006
Taís Novaes Silva - ADM 2011
Camila Paes Buffone - ADM 2008
Gisela Santos de Macedo - ADM 2005
Mauro Francisco de Andrade Filho - CFM 2012
Tatiana Der Haroutiounian - ADM 2011
Claudia Bruschi Martins - ECO 2010
Giuliano de Oliveira Mourao - MBA 2010
Milton Giannelli Neto - ADM 2008
Tatiana Milan - ADM 2003
Claudia Sayuri Fagliari - ADM (student)
Guilherme Bockmann Ferreira - ADM 2007
Nathalia Cristina Sampaio do Valle - ADM 2011
Valter Pujol Ortiz - MBA 1996
Conrado Lima Gonsalez - ECO 2008
Guilherme da Silva Palocci - ADM 2007
Otávio de Medeiros Tranchesi - ECO (student)
Vanessa Lima Gonsalez Pedroso - ADM 2007
Cristina Elza Dora Camiz de Fonseca - ADM 2008
Guilherme Lopes Ferrari - ECO 2009
Paula Marcela Lima Perez - ADM 2010
Vinícius Royo Rággio - ADM (student)
Cynthia Michels - ECO 2012
Guilherme Martinez Del Tedesco - ECO 2011
Paulo Eduardo Albano - ADM 2007
Werther Teixeira de Freitas Vervloet - ECO 2007
Daniel Blinder Somekh - ADM 2008
Guilherme Scotto Sassi - ECO 2006
Daniel Severini - ECO (student)
Gustavo de Paula Ribeiro - ECO 2009
Danilo Cesar Leite de Almeida - ADM 2006
Gustavo Goldenberg - ECO 2011
Diogo Scuta Fagliari - ADM 2009
Henrique Cordeiro Mariano - MBA 2008
Dirceu Delamuta Filho - ADM 2007
Henrique Silva Pires Sana - ADM 2006
Eduardo Montenegro Dotta - LL.M. 2001
Henry Abdo Nakad - ADM 2008
Eduardo Santin Scarpari - ADM 2006
Ivan Akio Itocazo Soida - Mestrado 2012
Emilio Motta Carmona Gerbelli - CBA 2010
João Daniel Azevedo dos Santos - ADM 2008
Fábio da Silva Rodrigues - ECO 2004
João Marcelo de Aguirre Furlan - ADM 2003
Fabio Moreira Vernille - ECO 2007
João Moreira Salles - ECO 2003
Fábio Seabra de Paula - CFM (student)
Jonas Honchie Chen - ECO 2009
“When I donate, I contribute to the perpetuity of Insper and help it to
remain at the forefront, with the best students possible, including, of
course, those students who are unable to pay the tuition.”
Fabio Wrobel Zausner - ADM 2006
Jorge Hideo Tamae - MBA 2008
Franco Veludo –ADM2007
Felipe Martins Bacelar de Rezende - ECO 2011
José Geraldo Setter Filho - MBA 2005
Felipe Trigo Osmo - ECO 2005
José Roberto Ermírio de Moraes Filho - ADM 2007*
*Our special gratitude
“
44
Annual Report
Alumni celebrating the 10th anniversary of the
graduation of Insper’s first undergraduate class
45
Annual Report
2012
Friends of Insper Donors
to the Scholarship Fund
Annual Report
2012
Friends of Insper Sponsors
NEW HONORS ON CAMPUS
BANCO ITAú-UNIBANCO - EUDORO VILLELA ROOM
Alex Harry Haegler
Maria Gorete de Alencar Machado
Alex Ribeiro Pinto da Silva
Maria Lúcia de Fátima Zorzato
André Luis de Castro Moura Duarte
Maurizio Mauro
André Street Aguiar
Piero Paolo Picchioni Minardi
Arthur Mizne
Ricardo José de Almeida
Camila de Souza Queiroz Du Plessis
Rinaldo Artes
Carlos Rebouças Du Plessis
Rita de Cássia Rebollo
Carolina da Costa
Roberto Haberfeld*
Christian Greiffo da Justa Menescal
Rodrigo Lisboa Bonafé
Cynthia de Souza Almeida Serva
Rogerio Ueti Barasioli
Daniel Lucas Geraldeli
Ronei Filgueiras Frigerio
Decio Alexandre
Sean R White
Dirk Michael Boehe
Sérgio Giovanetti Lazzarini
Eduardo Cunha Monnerat Solon de Pontes
Susan Lyons
Eliete Bernal Arellano
Tatiana Beiragrande Ciorniavei
Elisa Peres Novaki
Tiago Fischer Ferreira
Milú Villela - December2012
MEMBER OF THE JEWISH COMMUNITY IN BRAZIL - LUIZ MARTINS DE SOUZA DANTAS ROOM
“In honor of the ambassador
proclaimed. ‘Righteous Among
the Nations’, a title given to
people who risked their lives
to help Jews persecuted by the
Nazi and fascist regimes.”
March2013
HADDAD’S FAMILY AND JORGE PAULO LEMANN - PAULO RENATO SOUZA ROOM
Elubian de Moraes Sanchez
Fabio Pelicano Borges Vieira
“Talking about my father
always brings me great pride
and joy! He was a vanguard,
a man ahead of his time.”
*Our special gratitude
Família Haddad*
Fernando Russo
Irineu Gustavo Nogueira Gianesi
“We are extremely honored
to have on our campus a
classroom that pays homage
to a person who has done so
much for education in Brazil.”
Isabel Maria Sobrino Porto Rosas
Jean François Pinto Saghaard
José Alexandre Scheinkman
Claudio Haddad - January2013
Josiane Pereira da Silva
Juliana Maria Salú dos Santos
ACADEMIC PROGRAMS
Leonidas Sandoval Junior
MULTIYEAR PLEDGE MODEL
Letícia Costa
CENTER FOR PUBLIC POLICIES
HADDAD’S FAMILY
Liao Yu Chieh
Marcelo Nakagawa
UNDERGRADUATE FIELD PROGRAM
GROUP OF EXECUTIVES
Luciana Yeung
Luís Norberto Pascoal*
EFFECTIVE PROBLEM SOLVING
ENGINEERING SCHOOL (CLASSES TO START IN 2015)
Marcia Nizzo de Moura
Marcos Costa Santos Carreira
Marcos de Barros Lisboa
46
47
Annual Report
Indicators
2012
Annual Report
2012
FINANCIAL INDICATORS
2010
2011
2012
GROSS REVENUES
86,792
96,893
116,877
COSTS AND EXPENSES
31,936
35,630
42,975
OPERATIONAL MARGIN
48,499
54,074
68,173
INDIRECT EXPENSES
12,666
14,621
16,163
GENERAL AND INSTITUTIONAL EXPENSES
25,636
31,154
32,868
ADMINISTRATIVE SURPLUS
15,436
17,710
22,496
CASH POSITION (END OF PERIOD)
59,129
59,450
57,564
941
1,145
893
16,092
28,514
27,577
715
878
576
DONATIONS - OTHER
1,650
10,690
5,668
DONATIONS - TOTAL
2,365
11,568
6,244
2010
2011
2012
332
496
652
68
79
64
14,393
26,147
25,173
1,538
2,290
2,270
(INTHOUSANDSOFBRAzILIANREAL)1
SCHOLARSHIP FUND (END OF PERIOD)
INVESTMENTS - TOTAL
DONATIONS - SCHOLARSHIP FUND
Managerialview,excludingaccountingadjustments
1
INVESTMENTS
(INTHOUSANDSOFBRAzILIANREAL)1
LIBRARY: COLLECTION AND DATABASE
DEVELOPMENT OF CASE STUDIES
INFRASTRUCTURE2
TECHNOLOGY3
Economicinvestments,notconsideringtheaccountingclassifications
Infrastructure(furniture,fixturesandequipment,laborforexpandingthecurrentcampusandlandacquisitionsforconstructionofthebuildingtohousetheengineeringschool)
3
Technology(acquisitionsofsoftwareandsystems,includingBlackboard)
1
2
REVENUES BY PROGRAM
%
2010
%
2011
%
2012
UNDERGRADUATE PROGRAMS
43%
37,555
45%
43,221
44%
50,943
GRADUATE PROGRAMS (LATO SENSU)
40%
34,463
38%
36,898
36%
42,365
GRADUATE PROGRAMS (STRICTO SENSU)
4%
3,052
3%
3,021
3%
3,812
EXECUTIVE EDUCATION
14%
11,723
14%
13,753
17%
19,757
(INTHOUSANDSOFBRAzILIANREAL)1
Managerialview,excludingaccountingadjustments
1
48
49
2012
Annual Report
Annual Report
UNDERGRADUATE PROGRAMS
APPLICANT/OPENING RATIO
ENTRANCE EXAMINATION – 1ST SEMESTER OF THE YEAR
BUSINESS
APPLICANTS
OPENINGS1 ADMINISTRATION
APPLICANTS OPENINGS1
ECONOMY
GRADUATE PROGRAMS
2010
2011
2012
TOTAL APPLICATIONS
3,446
3,784
4,459
18%
–
2,560
2,698
5%
TOTAL APPLICANTS COMPLETED
CHANGE %
2010
1,218
100
12.2
485
50
9.7
APPLICANTS ACCEPTED
1,226
1,318
1,358
3%
2011
1,136
150
7.6
464
75
6.2
STUDENTS ENROLLED
1,149
1,162
1,214
4%
2012
1,077
150
7.2
513
75
6.8
94%
88%
89%
1%
ENTRANCE EXAMINATION – 2ND SEMESTER OF THE YEAR
BUSINESS
APPLICANTS
OPENINGS1 ADMINISTRATION
APPLICANTS OPENINGS1
YIELD (ACCEPTED/ENROLLED)
ECONOMY
2010
634
150
4.2
175
75
2.3
2011
622
150
4.1
207
75
2.8
2012
544
150
3.6
216
75
2.9
Asofthesecondsemester,thetotalnumberofopeningsintheundergraduateentranceexaminationwasincreasedby50%
(to150openingsinbusinessadministrationand75openingsineconomics)
1
CERTIFICATES
2010
2011
2012
TOTAL APPLICANTS (COMPLETE APPLICATIONS)
92
162
131
APPLICANTS ACCEPTED
33
44
37
STUDENTS ENROLLED
25
32
32
YIELD (ACCEPTED/ENROLLED)
76%
73%
86%
PROFESSIONAL MASTERS IN ECONOMICS
2010
2011
2012
167
128
157
2012
CHANGE %
1,212
1,418
1,632
15%
–
1,032
1,074
4%
TOTAL APPLICANTS (COMPLETE APPLICATIONS)
APPLICANTS ACCEPTED
511
548
589
7%
APPLICANTS ACCEPTED
52
43
52
STUDENTS ENROLLED
482
487
532
9%
STUDENTS ENROLLED
40
42
50
YIELD (ACCEPTED/ENROLLED)
94%
89%
90%
2%
YIELD (ACCEPTED/ENROLLED)
77%
98%
96%
MBAS
2010
2011
2012
1,447
1,670
1,725
3%
EXECUTIVE EDUCATION - OPEN
ENROLLMENT PROGRAMS
–
1,035
1,031
0%
2010
2011
2012
APPLICANTS ACCEPTED
484
501
485
-3%
TOTAL APPLICANTS
634
1,157
1,382
STUDENTS ENROLLED
451
424
441
4%
TOTAL STUDENTS
326
568
652
YIELD (ACCEPTED/ENROLLED)
93%
85%
91%
7%
EXECUTIVE EDUCATION - CUSTOM PROGRAMS
2010
2011
2012
2011
2012
CHANGE %
24
25
26
787
696
1,102
58%
115
96
96
–
493
593
20%
TOTAL STUDENTS
2,547
2,083
2,662
APPLICANTS ACCEPTED
231
269
284
6%
HOURS ADMINISTERED
5,468
6,040
5,461
STUDENTS ENROLLED
216
251
241
-4%
YIELD (ACCEPTED/ENROLLED)
94%
93%
85%
-9%
TOTAL APPLICANTS COMPLETED
TOTAL APPLICATIONS
TOTAL APPLICANTS COMPLETED
LL.M. – MASTER OF LAWS
2010
PROFESSIONAL MASTERS IN BUSINESS ADMINISTRATION
2011
TOTAL APPLICATIONS
2010
CHANGE %
COMPANIES SERVED
TOTAL APPLICATIONS
TOTAL APPLICANTS COMPLETED
50
2012
PROGRAMS ADMINISTERED
51
Annual Report
2012
Independent auditors’
report on the financial
statements
Annual Report
2012
OPINION
In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of
the Institute, as of December 31, 2012, the performance of its operations and its cash flows for the year then ended,
in accordance with the accounting practices adopted in Brazil.
OTHER MATTERS
TO
BOARD MEMBERS OF
INSPER INSTITUTO DE ENSINO E PESQUISA
SÃO PAULO - SP
We have examined the financial statements of Insper Instituto de Ensino e Pesquisa (“Institute”), comprising
the balance sheet as of December 31, 2012 and the related statements of income, comprehensive income,
changes in shareholders’ equity and cash flows for the year then ended, as well as the summary of the
significant accounting practices and other explanatory notes.
The examination of the financial statements for the year ended December 31, 2011, originally prepared before the
deriving adjustments described in Note 2.e, was the responsibility of other independent auditors, who issued an
unchanged audit report dated March 12, 2012. As part of our examination of the 2012 financial statements, we also
examined the adjustments described in Note 2e which were performed to amend the information as of December 31,
2011. In our opinion, those adjustments are fair and were correctly performed. We have not been engaged to audit,
review or apply any other procedures on the Company’s financial statements for the year 2011 and, therefore, we
do not express an opinion or any other form of assurance on such procedures taken as a whole. Our opinion remains
unchanged with respect to the aforementioned matter.
São Paulo, April 3, 2013
KPMG Auditores Independentes
CRC 2SP014428/O-6
RESPONSIBILITY OF MANAGEMENT FOR THE FINANCIAL STATEMENTS
The management of the Institute is responsible for the preparation and adequate presentation of these financial
statements in accordance with the accounting practices adopted in Brazil, applicable to small and medium-size
enterprises (NBC TG 1000), and the internal controls it deemed necessary to enable the preparation of these financial
statements free of significant distortions, regardless of whether the latter were caused by fraud or error.
RESPONSIBILITY OF THE INDEPENDENT AUDITORS
Our responsibility is to express an opinion on these financial statements based on our auditing, carried out in accordance
with the Brazilian auditing and international accounting standards. These standards require the fulfillment of ethical
requirements by the auditors and that the audit be planned and performed for the purpose of obtaining reasonable
assurance that the financial statements are free of significant distortions.
Marcos Antonio Boscolo
Accountant CRC - 1SP198789/O-0
An audit involves the carrying out of procedures selected to obtain evidence related to the amounts and disclosures
presented in the financial statements. The procedures selected depend on the auditor’s judgment, including an
assessment of the risks of significant distortion in the financial statements, regardless of whether the latter are caused
by fraud or error. In this risk assessment, the auditor considers relevant internal controls for the preparation and
adequate presentation of the financial statements of the Institute, to plan the audit procedures that are appropriate
in the circumstances, but not for purposes of expressing an opinion on the efficacy of these internal controls of the
Institute. An audit also includes the evaluation of the adequacy of adopted accounting practices and reasonability of
accounting estimates made by Management, as well as an assessment of the presentation of financial statements taken
as a whole.
We believe that the audit evidence obtained is sufficient and appropriate to support our opinion.
52
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Annual Report
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Annual Report
2012
BALANCE SHEETS AT DECEMBER 31, 2012 AND 2011
(In thousands of Reais)
ASSETS
CURRENT ASSETS
NOTE
2012
2011
(Restated)
LIABILITIES
NOTE
2012
Current liabilities
2011
(Restated)
CASH AND CASH EQUIVALENTS
5
57,320
56,946
SUPPLIERS
12
5,677
5,224
ACCOUNTS RECEIVABLE FROM STUDENTS
6
9,667
10,152
SALARIES, VACATION AND SOCIAL SECURITY CHARGES
13
6,215
4,963
REFUNDABLE EXCHANGES
7
836
1,063
1,688
1,093
OTHER ACCOUNTS RECEIVABLE
8
1328
1,508
7,404
11,325
252
24
TAXES PAYABLE
522
639
69,423
69,693
OTHER ACCOUNTS PAYABLE
414
361
21,920
23,605
2012
2011
PREPAID EXPENSES
Non-current assets
LONG-TERM ASSETS
NOTE
2012
2011
(Restated)
INTEREST EARNING BANK DEPOSITS
5
5,041
4,649
REFUNDABLE EXCHANGES
7
6,314
7,383
-
815
9
80,680
55,941
INTANGIBLE ASSETS
10
3,069
2,977
DEFERRED ASSETS
11
3,637
4,007
98,741
75,772
OTHER ACCOUNTS RECEIVABLE
PROPERTY, PLANT AND EQUIPMENT
2012
BILLED SERVICES NOT RENDERED - DEFERRED REVENUE
14
NOTE
Non-current assets
(Restated)
48
67
48
67
27
27
STATUTORY RESERVE
13,658
13,658
SURPLUS (DEFICIT) FOR THE YEAR
24,403
26,836
108,108
81,272
146,196
121,793
2012
2011
PROVISION FOR CONTINGENCIES
SHAREHOLDERS’ EQUITY
15
16
NET ASSETS
ACCUMULATED SURPLUS
2011
(Restated)
TOTAL
168,164
(Restated)
145,465
TOTAL
168,164
145,465
See the accompanying notes to the financial statements.
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Annual Report
2012
Annual Report
2012
STATEMENTS OF INCOME
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Years ended December 31, 2012 and 2011
Years ended December 31, 2012 and 2011
(In thousands of Reais)
(In thousands of Reais)
NOTE
2012
CAPITAL
2011
(Restated)
NET OPERATING INCOME
18
112,099
94,398
TEACHING LABOR COSTS AND DIRECT COSTS
19
(70,696)
(60,738)
41,403
33,660
GROSS SURPLUS
OPERATING EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES
EXPENSES WITH DOUBTFUL ACCOUNTS
OTHER OPERATING INCOME, NET
94,962
-
-
-
(5)
(5)
27
13,658
-
81,272
94,957
SURPLUS FOR THE YEAR (ADJUSTED)
-
-
26,554
-
26,554
PRIOR YEAR ADJUSTMENTS
-
-
282
-
282
27
13,658
26,836
81,272
121,793
TRANSFER TO ACCUMULATED SURPLUS
-
-
(26,836)
26,836
-
-
-
24,403
24,403
24,403
27
13,658
24,403
132,511
146,196
PRIOR YEAR ADJUSTMENTS
BALANCES AT JANUARY 1, 2011 (ADJUSTED)
7
(3,728)
(244)
21
7,133
10,626
SURPLUS (DEFICIT) FOR THE YEAR
18,668
18,104
BALANCES AT DECEMBER 31, 2012
22
5,998
9,177
FINANCIAL EXPENSES
22
(263)
(445)
5,735
8,732
24,403
26,836
SURPLUS (DEFICIT) FOR THE YEAR
81,277
(3,310)
FINANCIAL INCOME
FINANCIAL INCOME, NET
-
(3,221)
SURPLUS BEFORE FINANCIAL INCOME (EXPENSES)
TOTAL
13,658
(22,628)
DEPRECIATION
SURPLUS FOR ACCUMULATED
THE YEAR
SURPLUS
27
BALANCES AT JANUARY 01, 2011
(22,919)
20
STATUTORY
RESERVE
BALANCE AT DECEMBER 31, 2011 (ADJUSTED)
See the accompanying notes to the financial statements.
STATEMENTS OF CASH FLOWS - INDIRECT METHOD
Years ended December 31, 2012 and 2011
See the accompanying notes to the financial statements.
(In thousands of Reais)
STATEMENTS OF COMPREHENSIVE INCOME
CASH FLOWS FROM OPERATING ACTIVITIES
Years ended December 31, 2012 and 2011
SURPLUS (DEFICIT) FOR THE YEAR
(In thousands of Reais)
2012
2011
(Restated)
24,403
26,227
3,221
3,310
-
793
3,728
244
31,352
30,574
ADJUSTMENTS DUE TO:
2012
2011
(Restated)
DEPRECIATION AND AMORTIZATION
SURPLUS (DEFICIT) FOR THE YEAR
24,403
26,836
RESIDUAL VALUE OF WRITE-OFFS OF PROPERTY, PLANT AND EQUIPMENT
TOTAL COMPREHENSIVE INCOME
24,403
26,836
ALLOWANCE FOR DOUBTFUL ACCOUNTS
See the accompanying notes to the financial statements.
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Annual Report
2012
(INCREASE) / DECREASE IN ASSETS
Annual Report
2012
2011
(Restated)
LONG-TERM FINANCIAL INVESTMENTS
(392)
(5,103)
(3,287)
(4,360)
OTHER ACCOUNTS RECEIVABLE
2,087
(969)
INCREASE / (DECREASE) IN ASSETS
2012
ACCOUNTS RECEIVABLE AND SCHOLARSHIPS
SUPPLIERS
SALARIES, VACATIONS AND PREMIUMS PAYABLE
OTHER ACCOUNTS PAYABLE
SERVICES TO BE BILLED
PROVISION FOR CONTINGENCIES
NET CASH FROM OPERATING ACTIVITIES
3,627
1,847
1,201
(64)
361
(3,922)
1,326
(18)
(10)
26,647
(In thousands of Reais)
1- OPERATIONS
Insper is a not-for-profit civil association engaged in educating and generating knowledge in the fields of business
administration, economics, law and engineering, exploring their complementarities to add value to organizations and
the society.
Initially established with the name Instituto Fiesole on October 20, 2003, the name was changed to Instituto Veris on
April 1, 2004, continued its activities in the branch of São Paulo, Ibmec Educacional S.A, when received, as a donation,
net assets calculated based on an appraisal report.
In 2009, the School changed its name to Insper Instituto de Ensino e Pesquisa, remaining as a not-for-profit institution.
Among main educational developed activities, degree, post-degree and executive education are the highlights. In
activities of research, knowledge generation and dissemination, highlights are the Public Policies Center (CPP), the
Researches in Strategy Center (CPE) and the Finance Center (CeFi). The Institution has a university campus at Rua
Quatá, 300, in the district of Vila Olímpia in São Paulo, São Paulo State (SP).
During these years, Insper has sought the highest governance and quality standards in its activities. Recently,
nationally, Insper is at the 7th position in MEC’s (Ministry of Education) national ranking of educational institutions. In
the international scope, Insper is certified by AACSB, The Association to Advance Collegiate Schools of Business, since
2010, and is one of the two Brazilian institutions accredited by the main certification association of business schools
in the world.
The Institution is exempt from income tax and social contribution, in accordance with the Federal Constitution and Law
9532/97, which establishes in its Article 15, that the Institute should cumulatively meet the following conditions to be
entitled to this exemption:
CASH FLOWS FROM INVESTMENT ACTIVITIES
ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
NOTES TO THE FINANCIAL STATEMENTS
2011
(Restated)
453
28,056
2012
(27,682)
(30,471)
A Do not remunerate, in any form, its managing officers for services provided;
B Fully apply funds in the maintenance and development of its social projects;
NET CASH USED IN INVESTMENT ACTIVITIES
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(27,682)
(30,471)
374
(3,824)
C Maintain bookkeeping of revenues and expenses in books that comply with formalities intended to ensure accuracy;
D Maintain in good condition, over five years counted as of issuance date, documents that prove revenues origin and
expenses, as well as performance of any other actions or transactions that change its equity situation; and
E Present income tax return on an annual basis.
In compliance with its not-for-profit entity definition in the Bylaws, all funds generated by Insper are invested for the
purpose of teaching and education.
STATEMENT OF CHANGES IN CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF THE YEAR
56,946
60,770
AT THE END OF THE YEAR
57,320
56,946
374
(3,824)
2- PREPARATION BASIS
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
See the accompanying notes to the financial statements.
A Statement of conformity - Regarding the Accountant Statements Committee (CPC) standards
The consolidated financial statements were prepared in accordance with accounting practices adopted in Brazil, and
more specifically the CPC SMEs - Accounting for small and medium-size enterprises.
The issue of financial statements was authorized by the Management on March 27, 2013.
58
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Annual Report
2012
Annual Report
B Basis of measurement
The financial statements were prepared based on the historical cost, except for financial instruments measured at fair
value through profit or loss.
NON-CURRENT ASSETS
Long-term assets
2011
ADJUSTMENTS
(Previous)
2011
(Restated)
-
i 4,649
4,649
7,383
-
7,383
786
vi 29
815
52,688
vii 3,254
55,941
INTANGIBLE ASSETS
2,977
-
2,977
The preparation of financial statements according to CPC standards requires Management to make judgments, estimates
and assumptions that affect the application of accounting policies and the reported values of assets, liabilities, income
and expenses. Results may differ from these estimates.
DEFERRED ASSETS
4,007
-
4,007
67,841
7,932
75,772
Estimates and assumptions are reviewed in a continuous manner. Reviews in relation to accounting estimates are
recognized in the period in which the estimates are reviewed and in any future periods affected.
TOTAL ASSETS
142,210
3,254
145,465
Information on uncertainties as to assumptions and estimates that pose a high risk of resulting in a material adjustment
within the next financial year and critical judgments regarding accounting policies showing effect on the amounts
recognized in the financial statements are included in the following notes:
LIABILITIES
Current liabilities
INTEREST EARNING BANK DEPOSITS
C Functional currency and presentation currency
REFUNDABLE EXCHANGES
These financial statements are being presented in Brazilian Real, the functional currency of the Institute. All financial
information presented in Brazilian Reais has been rounded to the nearest value, except otherwise indicated.
OTHER ACCOUNTS RECEIVABLE
D Use of estimates and judgments
• Determination of the useful life of fixed assets (note 3h);
• Determination of the adjustment for doubtful accounts (notes 6 and 7);
PROPERTY, PLANT AND EQUIPMENT
TOTAL NON-CURRENT ASSETS
E Correction of error of the prior year
The financial statements for the year ended December 31, 2011, originally issued on March 12, 2012, are being
restated in conformity with CPC PME- Accounting of Small and Medium-sized Companies, section 10, as a result of the
following adjustments and reclassifications:
Provided below is a summary of the originally presented financial statements for comparison with the ones now being
presented again, as of December 31, 2011:
ASSETS
Current assets
2011
ADJUSTMENTS
(Previous)
SALARIES, VACATION AND SOCIAL SECURITY PAYABLE
4,963
-
4,963
-
viii 1,093
1,093
8,292
v ix 3,033
11,325
TAXES PAYABLE
639
-
639
OTHER ACCOUNTS PAYABLE
361
-
361
TOTAL CURRENT LIABILITIES
19,479
4,126
23,650
67
-
67
BILLED SERVICES NOT RENDERED - DEFERRED REVENUE
1,149
v (1,149)
-
TOTAL NON-CURRENT LIABILITIES
1,216
(1,149)
67
PROVISION FOR CONTINGENCIES
2011
Shareholders’ equity
61,594
i (4,648)
56,946
NET ASSETS
ACCOUNTS RECEIVABLE FROM STUDENTS
10,152
-
10,152
-
ii 1,063
2,623
OTHER ACCOUNTS RECEIVABLE
PREPAID EXPENSES
TOTAL CURRENT ASSETS
(Restated)
5,224
CASH AND CASH EQUIVALENTS
REFUNDABLE EXCHANGES
(Previous)
2011
-
2011
(Restated)
ADJUSTMENTS
5,224
BILLED SERVICES NOT RENDERED - DEFERRED REVENUE
Actual transaction and information realization results may differ from estimates.
2011
SUPPLIERS
PROVISION FOR EMPLOYEE AWARD
• Determination of provisions for contingencies (note 15).
60
2012
ADJUSTMENTS
(Previous)
2011
(Restated)
27
-
27
STATUTORY RESERVE
13,658
-
13,658
1,063
SURPLUS (DEFICIT) FOR THE YEAR
26,554
282
26,836
ii vi (1,115)
1,508
ACCUMULATED SURPLUS
81,277
(5)
81,272
-
24
24
TOTAL SHAREHOLDERS’ EQUITY
121,516
277
121,793
74,369
(4,676)
69,693
TOTAL LIABILITIES
142,211
3,254
145,465
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Annual Report
STATEMENTS OF INCOME FOR THE YEARS
2012
Annual Report
2011
ADJUSTMENTS
(Previous)
NET OPERATING INCOME
TEACHING LABOR COSTS AND DIRECT COSTS
GROSS SURPLUS
3- SIGNIFICANT ACCOUNTING POLICIES
2011
(Restated)
104,485
ix iii (10,087)
94,398
-
iv viii (60,738)
(60,738)
104,485
(70,825)
33,660
(81,786)
viii iv 59,158
(22,628)
(3,826)
vii 516
(3,310)
(211)
(33)
(244)
(19)
iii 10,645
10,626
18,643
(539)
18,104
8,732
-
8,732
(821)
821
-
26,554
282
26,836
OPERATING EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES
DEPRECIATION
EXPENSES WITH DOUBTFUL ACCOUNTS
OTHER OPERATING INCOME AND EXPENSES
SURPLUS BEFORE FINANCIAL INCOME (EXPENSES)
FINANCIAL INCOME, NET
NON-OPERATING INCOME (LOSS)
SURPLUS (DEFICIT) FOR THE YEAR
2012
RECLASSIFICATIONS:
i- Reclassification of the non-current portion of the interest earning bank deposits with long-term maturity and
settlement intention, which were previously presented as current;
ii- Reclassification of the current portion of refundable scholarships that were classified under “other accounts
receivable” in prior year;
iii- Reclassification of the donation revenue balance to other operating income, which were previously classified as net
income;
iv- Reclassification of administrative expenses to teaching labor costs and direct costs;
v- Reclassification of the current portion of the balance of services invoiced not yet rendered (deferred revenue),
previously stated as non-current;
vi- Reclassification of the non-current portion of other accounts receivable which are due in the long term.
ADJUSTMENTS:
vii- Recording of leasehold and facilities improvement amortization over rent contract term of 18 years that had been
recognized by the Institute considering useful life of 10 years;
viii- Recognition of the provision for employee awards at the accrual regime, recognized at the cash basis in prior year;
ix- Recording of billed and not provided services balance (deferred income) at the accrual regime, not recognized in
prior years.
The accounting policies described in detail below have been consistently applied to the periods presented in these
financial statements, except for the aforementioned corrections.
A Foreign currency transactions
Transactions in foreign currency are translated into the respective functional currencies of the Institute’s entities at the
exchange rates on the dates of the transactions. Monetary assets and liabilities denominated and calculated in foreign
currencies on the date of presentation are converted into the functional currency at the exchange rate determined
on that date. Exchange gain or loss in monetary items is the difference between the amortized cost of the functional
currency at the beginning of the period, adjusted by interest and effective payments during the period, and the
amortized cost in foreign currency at the exchange rate at the end of the presentation period.
B Financial instruments
Non-derivative financial assets
The Institute recognizes receivables and deposits initially at the date of the transaction that originated them. All other
financial assets are initially recognized on the date of the negotiation under which the Institute becomes a party to the
contractual provisions of the instrument.
The Institute fails to recognize a financial asset when the contractual rights to the cash flow of the asset expire, or when
the Institute transfers the rights to the reception of contractual cash flows over a financial asset in a transaction in
which essentially all the risks and benefits of ownership of the financial asset are transferred. Any interest in transferred
financial assets that is created or retained by the Institute is recognized as a separate asset or liability.
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is a legally
enforceable right of the Institute to set off and there is intention to settle on a net basis, or to realize the asset and
settle the liability simultaneously.
The non-derivative financial assets of the Institute are financial assets recorded at fair value through profit or loss and
receivables.
Financial assets recorded at fair value through profit or loss
A financial asset is classified at fair value through profit or loss if it is held for trading, or stated as such when initially
recognized. Financial assets are stated at fair value through profit or loss if, and only if, the Institute manages these
investments and makes decisions on investment and redemption based on fair value according to the risk management
and strategy of investment documented by the Institute. The transaction costs, after initial recognition, are recognized
in income (loss) as incurred. Financial assets recorded at fair value through profit or loss are measured at fair value and
changes in the fair value of these assets are recognized in net income for the year.
Receivables
Receivables are financial assets with fixed or determinable payments, but not quoted on any active market. Such
assets are initially recognized at fair value plus any transaction costs directly assignable. After their initial recognition,
receivables are measured at amortized cost using the effective interest rate method, reduced by any impairment
losses. Receivables comprise cash and cash equivalents, accounts receivable from students, refundable exchanges
and other credits from rendering of service.
Cash and cash equivalents
Cash and cash equivalents include balances of cash and banks checking account and interest earning bank deposits
with original maturities of three months or less as of the contracting date, which are subject to an insignificant risk of
change in value and are used to settle short-term obligations.
C Non-derivative financial liabilities
The Institute recognizes debt securities issued and subordinated liabilities on the date that they are originated. All
other financial liabilities are recognized initially on the negotiation date on which the Institute becomes a party to the
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2012
Annual Report
2012
contractual provisions of the instrument. The Institute writes-off a financial liability when its contractual obligations are
discharged or canceled or expire.
The Institute has the following non-derivative financial liabilities: suppliers and other accounts payable.
Such financial liabilities are initially recognized at fair value plus any transaction costs directly assignable. After their
initial recognition, these financial liabilities are measured at amortized cost using the effective interest rate method.
Derivative financial instruments
As of December 31, 2012 and 2011, the Institute had no derivative transactions or hedging transactions.
D Accounts receivable from students
Machinery and equipment
10 years
Furniture and fixtures
10 years
IT equipment
5 years
Library
10 anos
Facilities
18 years
Leasehold improvements
18 years
Represent, basically, monthly fees issued but not received, in addition to agreements entered into with students with
overdue monthly fees.
Recognition of the allowance for doubtful accounts was carried out at an amount considered sufficient by Management
to cover possible losses on realization of monthly fees, negotiations receivable and other assets receivable and is
calculated taking into consideration historical recovery rates at different types. These rates are reviewed on a half
annual basis aiming at obtaining better estimates to measure these values.
The amortization and depreciation methods, useful lives and residual values will be reviewed at each reporting date
and potential adjustments will be recognized as a change in accounting estimates.
E Current and non-current liabilities
Payments for operating leasing are charged to income on a straight-line basis over the lease period. Lease incentives
received are recognized as an integral part of total lease expenses, over the lease agreement period.
Current and non-current liabilities are stated at known or calculable amounts, plus, when applicable, the corresponding
charges, monetary and/or exchange variations incurred through the balance sheet preparation date.
F Billed services not rendered - Deferred revenue
As business practice of the Institute’s industry, there are advanced billings and payments for customized courses
and post-graduation courses. Accordingly, monthly fees referring to subsequent periods and received in advance
in current year by the Institute are recognized as deferred revenues in current liabilities; these will be recognized in
income for the year in accordance with the accrual regime.
G Provisions
A provision is recognized in the balance sheet when the Institute has a legal liability or one created as a result of a
past event, and it is likely that funds will be required to settle the liability. Provisions are recorded considering the best
estimates of the risk involved.
I
Leases
J Intangible assets
Intangible assets refer to investments in software and computerized application systems of the Institute. These assets
are amortized on a straight-line basis for the period of five years.
K Analysis of recoverable amount of assets
Management reviews the net book value of assets annually in order to assess events or changes in economic, operating,
or technological circumstances likely to point out impairment or loss of their recoverable value. When these evidences
are detected and the net book value exceeds recoverable value, a deterioration asset adjustment is created to adjust
net book value to recoverable value.
L Impairment
H Property, plant and equipment
Financial assets
The Institute assesses the property, plant and equipment assets when there is no objective evidence of impairment loss.
Recognition and measurement
Property, plant and equipment items are stated at historical acquisition or construction cost, net of accumulated
depreciation and impairment losses.
An asset is impaired when there is objective evidence that a loss event has occurred after the initial recognition of
the asset, and that such loss event had a negative effect on the projected future cash flows of that asset that can be
reliably estimated.
Gains and losses on disposal of a property, plant and equipment item are determined by comparing the proceeds
from disposal with the carrying amount of Property, plant and equipment and are recognized within “other operating
income/expenses” in the statement of income.
Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of
the amount due to the Institute on terms that the Institute would not consider otherwise, indication that the debtor or
issuer will file for bankruptcy, or disappearance of an active market for a security.
Amortization and depreciation
Leasehold improvements are amortized according to the lease agreement for the period of 18 years. Depreciation
is calculated by straight-line method over the depreciable amount, which is the acquisition cost of an asset, less its
residual value throughout its estimated useful life.
When applying the impairment test, the book value of an asset or cash generating unit is compared to its recoverable
value. The recoverable value is the higher of the asset net sales value and its value in use. Considering the particularities
of the Institute’s assets, the recoverable value used to evaluate the test for impairment is the value in use, except when
specifically indicated. This value in use is estimated based on future cash flows present value, according to the best
Institute’s estimates.
The useful estimated lives for the current period and comparative period are as follows:
64
65
Annual Report
2012
Annual Report
Non-financial assets
The carrying amounts of non-financial assets of the Institute are reviewed at each financial statement reporting date for
indication of impairment. If such indication exists, the asset’s recoverable amount is determined. In 2011 and 2012,
there was no indication of impairment losses on the non-financial assets.
M Short-term employee benefits
Obligations for short-term employee benefits are measured on a non-discounted basis and incurred as expenses as the
related service is rendered.
The liability is recognized at the amount expected to be paid, if the Institute has a legal or constructive obligation to
pay this amount as a result of prior service rendered by the employee, and the obligation can be reliably estimated.
N Income from services
Revenues are formed primarily by monthly tuition payments for the higher education programs (undergraduate and
graduate), monthly tuition payments for the university specialization and extension programs, other education services
rendered and entrance examination registration fees. Revenues are booked in the month in which the services are rendered.
INTEREST EARNINGS BANK
DEPOSITS
YIELD
2012
MATURITY
2012
2011
(Restated)
ITAÚ
Investment Fund
without maturity
33,389
35,712
CITIBANK
Investment Fund
without maturity
11,256
10,357
SANTANDER
Investment Fund
without maturity
7,604
4,185
SANTANDER
CDB
03/20/2014
3,421
3,156
BRADESCO
Automatic Investments
without maturity
2,284
1,489
BRADESCO
Investment Fund
without maturity
2,590
5,193
ITAÚ
CDB
04/26/2014
1,620
1,493
ITAÚ
Automatic Inv.
without maturity
19
-
62,183
61,585
62,361
61,595
O Financial income and expenses
Financial revenues comprise income from interest on cash investments and interest on accounts receivable by monthly
fees renegotiated. Interest income is recognized in income (loss) under the effective interest method.
Financial expenses include bank expenses, fines and interest.
CASH AND CASH EQUIVALENTS
4- DETERMINATION OF FAIR VALUE
FINANCIAL INVESTMENTS - NON-CURRENT PORTION
A number of the Institute’s accounting policies and disclosures require the determination of fair value, for both financial
and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes
based on the following methods described in note 22. When applicable, additional information about the assumptions
made in determining fair values is disclosed in the notes specific to that asset or liability.
2012
4,649
62,361
61,595
Short-term highly-liquid investments are readily convertible into a known cash amount and are performed in low-risk
investment.
(Restated)
4
6
BANCO REAL
-
2
BANCO ITAÚ
1
1
173
1
178
10
Financial investments classified in non-current assets refer to Bank Deposit Certificates (CDB) remunerated at fixed
rates that vary from 100% to 101% of CDI for periods referred to in these financial statements.
6- ACCOUNTS RECEIVABLE FROM STUDENTS
2012
2011
(Restated)
10,102
9,341
CUSTOMIZED TRADE ACCOUNTS RECEIVABLE
760
1,151
OTHER ACCOUNTS RECEIVABLE
166
461
11,028
10,953
(1,361)
(801)
9,667
10,152
SCHOOL FEES
ALLOWANCE FOR DOUBTFUL ACCOUNTS
66
5,041
2011
CASH
BRADESCO
56,946
Funds classified as cash and cash equivalents basically include financial investments that are remunerated at 98% to
104% of CDI (Interbank Deposit Certificate) contracted by the Institute from prime financial institutions.
5- CASH AND CASH EQUIVALENTS
CASH AND BANKS
57,320
67
Annual Report
2012
Annual Report
CRITERIA FOR RECOGNIZING THE ALLOWANCE FOR DOUBTFUL ACCOUNTS
2012
Changes in the allowance for doubtful accounts in the period from December 31, 2011 to December 31, 2012 are
as follows:
In 2012, the Institute maintained the same criteria of prior years for the recognition of the provision for losses on credit
realization on overdue balances.
Changes in the allowance for doubtful accounts in the period from December 31, 2011 to December 31, 2012 are as
follows:
BALANCE AT DECEMBER 31, 2011
(801)
SUPPLEMENT TO ALLOWANCE FOR THE YEAR
(560)
(1,361)
BALANCE AT DECEMBER 31, 2012
-
BALANCE AT DECEMBER 31, 2011 (RESTATED)
SUPPLEMENT TO ALLOWANCE FOR THE YEAR
(3.168)
BALANCE AT DECEMBER 31, 2012
(3.168)
The provision for losses on realization of refundable scholarships was determined based on last three years history
of losses. The amount of the allowance for doubtful accounts recognized in the year was R$3,728 (R$244 in 2011),
of which R$560 under students accounts receivable and R$3,168 under refundable scholarships.
The aging list of maturity dates for the amounts receivable are as follows:
Balances shown in non-current assets have the following maturity schedule:
2012
2011
(Restated)
FALLING DUE
6,738
7,837
1 - 30 DAYS
1,361
1,336
FROM 91 TO 180 DAYS
1,572
972
OVER 181 DAYS
1,357
807
11,028
10,952
2014
1,802
2015
1,912
2016
1,893
2017
1,473
2018
1,076
After 2018
759
8,915
7- REFUNDABLE EXCHANGES
2012
ACCOUNTS RECEIVABLE
2011
(Restated)
PROVISION
NET
NET
10,338
(3,168)
7,170
8,446
CURRENT
1,423
(567)
856
1,063
NON-CURRENT
8,915
(2,601)
6,314
7,383
REFUNDABLE EXCHANGES
8- OTHER ACCOUNTS RECEIVABLE
2012
2011
ADVANCES TO SUPPLIERS
631
494
RECOVERABLE TAXES
508
823
-
12
172
159
17
20
1,328
1,508
TRAVEL ADVANCES
Refundable scholarships refer to scholarships granted to active students that assumed the commitment of returning
monthly fees financed by Institute within the average period of 5 years, counted as of one year after course conclusion.
Payments will be required to update the extended consumer price index.
The Institute, considering indexation of debt payments at payment slip values prevailing on estimated settlement dates
calculated present value of long-term installments, and did not calculate significant differences with amounts currently
recognized, net of the provision for realization.
VACATION ADVANCE PAY
OTHER
As provided for in Institute Bylaws, scholarships are granted to talented young students with good academic records
and proven low income that chose a degree course offered by Institute.
68
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2012
Annual Report
9- PROPERTY, PLANT AND EQUIPMENT
COST MOVEMENT
Rent period of the first tower started on December 1, 2005 for the period of 216 months - 18 years, which are
prevailing at the moment. The second tower, after completed and having received the occupancy permit by São Paulo
municipal authorities, will have its rent period extended to 24 years (288 months).
12/31/2011
ADDITION
12/31/2012
CONSTRUCTION IN PROGRESS
28,374
16,166
44,540
LAND
12,515
9,006
21,521
FURNITURE AND FIXTURES
3,119
11
3,130
IT EQUIPMENT
3,337
915
4,252
852
655
1.507
1,251
121
1,372
12,395
7
12,402
1,314
-
1,314
63,157
26,881
90,038
(Restated)
MACHINERY AND EQUIPMENT
LIBRARY
FACILITIES
LEASEHOLD IMPROVEMENTS
DEPRECIATION MOVEMENT
10- INTANGIBLE ASSETS
COST MOVEMENT
TRADEMARKS AND PATENTS
SYSTEMS, APPLICATIONS AND SOFTWARE
MOVEMENT OF AMORTIZATION
SYSTEMS, APPLICATIONS AND SOFTWARE
12/31/2011
ADDITION
12/31/2012
160
-
160
6,689
801
7,490
6,849
801
7,650
12/31/2011
ADDITION
12/31/2012
(3,872)
(709)
(4,581)
FURNITURE AND FIXTURES
(1,079)
(391)
(1,470)
(3,872)
(709)
(4,581)
IT EQUIPMENT
(1,962)
(771)
(2,733)
2,977
92
3,069
MACHINERY AND EQUIPMENT
(160)
(94)
(254)
LIBRARY
(615)
(115)
(730)
(3,175)
(684)
(3,859)
(225)
(87)
(312)
(7,216)
(2,142)
(9,358)
55,941
24,739
80,680
FACILITIES
LEASEHOLD IMPROVEMENTS
PROPERTY, PLANT AND EQUIPMENT (NET)
BUILD-TO-SUIT CONTRACT
In 2006, the Institute entered into an agreement of the Build-to-suit type. This type of agreement provides for the
construction of a building on demand; in this case, the Institute will occupy the property for a period of 18 years.
Investors contributed capital for the construction and remain the owners of the building, while the Institute assumes
the commitment of occupying the building pursuant to a long-term contract.
The Institute has the responsibility of paying for costs related to property occupation (fitting-out), such as internal
layout - classified above as leasehold, furniture and equipment improvements. These costs were supported almost
entirely by donations made by third parties, both individuals and legal entities.
In 2010, construction work of the second head office building started under the same construction type adopted for
the first stage.
70
2012
11- DEFERRED ASSETS
MOVEMENT OF AMORTIZATION
2011
PREPARATION OF THE INTERNAL LAYOUT PROJECT
TO OCCUPY THE NEW HEAD OFFICE - 1ST BUILDING
4,007
(334)
3,673
4,007
(334)
3,673
AMORTIZATION
2012
In the transition to CPC, Management chose to maintain deferred balance prior to application of new standards.
This account does not receive additions, only amortization.
12- SUPPLIERS
2012
2011
(Restated)
DOMESTIC SUPPLIERS - PROPERTY, PLANT AND EQUIPMENT
1,622
2,237
DOMESTIC SUPPLIERS - OTHERS
4,055
2,987
5,677
5,224
71
Annual Report
2012
Annual Report
13- SALARIES, VACATION AND SOCIAL SECURITY PAYABLE
2012
2011
VACATION PAYABLE AND CHARGES PAYABLE
3,685
3,022
INSS PAYABLE ON PAYROLL
1,006
757
IRRF ON PAYROLL
1,013
844
FGTS PAYABLE ON PAYROLL
370
296
OTHER LIABILITIES WITH STAFF
141
44
6,215
4,963
• Labor - provisions were formed based on the Institute’s legal advisors’ opinion regarding the probability of losing
lawsuits, also considering already made judicial deposits; no other lawsuit losses are expected. The Institute adopts
evaluation mechanisms for amounts indicated by legal advisors. There are other labor lawsuits that have been assessed
by the legal advisors as being a possible risk in the amount of R$ 2,669 (R$ 2,071 in 2011), for which no provision has
been recorded in view of the fact that the accounting practices adopted in Brazil do not require that they be recorded.
16- SHAREHOLDERS’ EQUITY
Revenues from donations and cost contributions received by the Institute are fully invested in its activities, as mentioned
in note 1.
In case of Insper wind up, its remaining assets will be assigned to another not-for-profit entity with equal or similar
purposes, as indicated by the Annual Shareholders’ Meeting (Bylaws article 45).
According to the Bylaws, income for the year will be retained to be invested in developing Insper’s engagements and
activities, and: (i) the distribution of earnings, under any title, and (ii) the assignment of profit sharing to the Executive
Board’s members are expressly prohibited.
These obligations refer basically to short-term liabilities with the Institute’s employees.
17- RELATED PARTY TRANSACTIONS
14- BILLED SERVICES NOT RENDERED - DEFERRED REVENUE
2012
2011
CUSTOM CLIENTS
1,086
187
CUSTOM PROGRAMS
6,318
11,138
7,404
11,325
The Institute has no related parties and Board of Directors’ members and Supervisory Board’s members are not
remunerated.
18- OPERATING INCOME
GROSS INCOME FROM SERVICES RENDERED
Refer to advance payments made for custom and graduate programs that will be recognized in income for the year
at the accrual basis.
15- PROVISIONS FOR CONTINGENCIES
The Institute is party to administrative proceedings in various courts, arising from the normal course of operations,
involving labor, civil and other issues.
Based on information from its legal advisors, an analysis of the outstanding legal proceedings, and in respect of
labor claims previous expectation with regards to amounts claimed, management recorded provisions for amounts
considered sufficient to cover potential losses from the current actions, as follows:
MOVEMENT OF PROVISION FOR CONTINGENCY
72
ADDITION OF
PROVISION FOR
CONTINGENCIES
REVERSAL
OF PROVISION OF
CONTINGENCIES
LABOR
67
68
(87)
48
TOTAL
67
68
(87)
48
2011
(Restated)
50,512
42,900
CUSTOM CLIENTS
17,414
12,418
GRADUATION
48,423
41,221
1,340
2,147
117,689
98,686
OTHER OPERATING INCOME
DEDUCTIONS
REBATES GRANTED ON MONTHLY FEES
2012
2012
UNDERGRADUATE MONTHLY FEE
CANCELED SERVICES PROVIDED - MONTHLY FEES
2011
2012
TAXES
TOTAL NET INCOME
2012
2011
(Restated)
(1,509)
(1,037)
(269)
-
(3,812)
(3,251)
(5,590)
(4,288)
112,099
94,398
73
Annual Report
2012
Annual Report
19- TEACHING LABOR COSTS AND DIRECT COSTS
22- FINANCIAL INCOME (LOSS)
2012
2011
(Restated)
FINANCIAL INCOME
(59,015)
(51,212)
RENT
(8,203)
(7,175)
REVENUE FROM LATE FINES AND INTEREST
TEACHING MATERIALS AND OTHERS
(2,707)
(1,510)
DISCOUNTS OBTAINED
(771)
(841)
(70,696)
(60,738)
PERSONNEL EXPENSES
OTHER EXPENSES
2012
2012
2011
(Restated)
(11,064)
(9,279)
DISCLOSURE AND MARKETING
(3,872)
(4,209)
MAINTENANCE AND PRESERVATION
(3,062)
(2,647)
PUBLIC SERVICES
(1,739)
(1,383)
TRAVEL AND ACCOMMODATION
(807)
(467)
MEAL COSTS IN COURSES
(625)
(249)
(1,750)
(4,394)
(22,919)
(22,628)
OUTSOURCED SERVICES
OTHER EXPENSES
7,820
452
1,252
23
105
5,998
9,177
(149)
(274)
FINES AND INTEREST
(72)
(153)
DISCOUNTS GRANTED
(27)
(15)
OTHER FINANCIAL EXPENSES
(15)
(3)
(263)
(445)
FINANCIAL EXPENSES
2012
2011
(Restated)
6,331
10,645
802
49
7,133
10,694
LOSS IN THE SALE OF PROPERTY, PLANT AND EQUIPMENT
-
(65)
OTHER OPERATING EXPENSES
-
(2)
-
(68)
7,133
10,626
DONATIONS AND SPONSORSHIPS
OTHER OPERATING INCOME
OTHER OPERATING EXPENSES
74
23- FINANCIAL INSTRUMENTS
FINANCIAL RISK MANAGEMENT
OVERVIEW
The Institute is exposed to the following risks resulting from financial instruments:
• Credit risk;
• Liquidity risk;
21- OTHER OPERATING INCOME AND EXPENSES
OTHER OPERATING INCOME
2011
5,523
INCOME FROM INTEREST-EARNING BANK DEPOSITS
BANK EXPENSES
20- GENERAL AND ADMINISTRATIVE EXPENSES
2012
This note presents information on the Institute’s exposure to each of the risks above, the Institute’s objectives,
measurement policies, and the Institute’s risk and capital management proceedings.
The Institute is exposed to the following risks from the use of financial instruments:
A Credit risk
Credit risk is the possibility of the Institute incurring a financial loss if a client or a counterpart of a financial instrument
fails to fulfill its contractual obligations arising mainly from trade accounts receivable and investments of the Institute,
represented, specially by cash and cash equivalents, financial investments, and accounts receivable from students,
refundable exchanges, and others credits from services.
Credit risk exposure
The carrying amounts of financial assets classified as loans and receivables represent the maximum credit exposure.
The maximum credit risk exposure on the date of the financial statements was:
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Annual Report
2012
Annual Report
ASSETS MEASURED BY THE AMORTIZED COST
NOTE
2012
CASH AND CASH EQUIVALENTS
5
57,320
56,946
FINANCIAL INVESTMENTS - NON-CURRENT PORTION
5
5,041
4,649
ACCOUNTS RECEIVABLE
6
9,667
10,152
REFUNDABLE EXCHANGES
7
7,170
7,354
79,198
79,101
TOTAL
2012
2011
31/12/2011 (Restated)
31/12/2012
NOTE
BOOK
VALUE
FAIR
VALUE
BOOK
VALUE
FAIR
VALUE
ACCOUNTS RECEIVABLE FROM STUDENTS
6
9,667
9,667
10,152
10,152
REFUNDABLE EXCHANGES
7
7,170
7,354
7,354
7,354
3,132
3,132
2,967
2,967
19,969
20,153
20,473
20,473
5,677
5,677
5,224
5,224
5,677
5,677
5,224
5,224
OTHER ACCOUNTS RECEIVABLE
LIABILITIES MEASURED BY THE AMORTIZED COST
• Cash and cash equivalents and financial investments - The corporate risk management policy establishes that the
Institute shall regularly determine the risk associated to its cash flow, as well as risk mitigation proposals. Risk mitigation
strategies are performed with the purpose of reducing risks with respect to compliance of commitments assumed by
the Institute. The Institute has financial investments in short- and long-term fixed securities that are contracted from
traditional financial institutions and considered of low risk.
SUPPLIERS
• Student accounts receivable and refundable scholarships - Credit risk is, mainly, managed at the half-annual renewal
of enrollments, on which occasion debts are settled and/or renegotiated. Credit risk of this business model is not
concentrated and the portfolio is highly dispersed and mainly comprised of individuals. The Institute had an allowance
for doubtful accounts in the amount of R$3,169 representing 31% of total students accounts receivable and refundable
scholarships balance to cover credit risk.
C2 Fair value hierarchy
The table below presents financial instruments recorded at fair value, using a valuation method.
The different levels were defined as follows:
B Liquidity risk
• Level 1 - Prices quoted (not adjusted) in active markets for identical assets and liabilities;
• Level 2 - Inputs, except for quoted prices, included in Level 1 which are observable for assets or liabilities,
directly (prices) or indirectly (derived from prices);
• Level 3 - Assumptions, for assets or liabilities, which are not based on observable market data
(non-observable inputs).
It is the risk of the Institute encountering difficulties in performing the obligations associated with its financial liabilities
that are settled with cash payments or with another financial asset. The Institute’s approach in liquidity management is
to guarantee, as much as possible, that it always has sufficient liquidity to perform its obligations upon maturity, under
normal and stress conditions, without causing unacceptable losses or with a risk of sullying the Institute’s reputation.
All financial instruments recorded or disclosed at fair value were measured using level 2 appraisal method.
Cash and cash equivalent balances as of December 31, 2012 exceed the value of current liabilities at R$ 36,691
(R$ 33,340 in 2011).
C Fair value estimate
24- INSURANCE COVERAGE
The Institute discloses its assets and liabilities at fair value, based on relevant accounting pronouncements that define
fair value, and the structure for determining fair value, which refers to evaluation criteria and practices and requires
certain disclosures about fair value.
The Institute adopts the policy of contracting insurance coverage for assets subject to risks for amounts considered
to be sufficient to cover eventual claims, considering the nature of its activity. The assumptions adopted, given their
nature, are not part of the scope of an audit of financial statements and, accordingly, they were not examined by our
independent auditors.
C1 Fair value vs. book value
On December 31, 2012, the insurance coverage against risks was composed as follows:
The fair value of the financial assets and liabilities, together with the book values presented in the
financial statement, is as follows:
ASSETS MEASURED AT FAIR VALUE
FINANCIAL ASSETS RECORDED AT FAIR VALUE
THROUGH PROFIT OR LOSS
76
12/31/2012
12/31/2011 (Restated)
EDUCATIONAL ESTABLISHMENT
Civil liability
Property
9,600
-
NOTE
BOOK
VALUE
FAIR
VALUE
BOOK
VALUE
FAIR
VALUE
BUILDING, MACHINERY, FURNITURE, FIXTURES AND FACILITIES.
-
55,100
CASH AND CASH EQUIVALENTS
5
57,320
57,320
56,946
56,946
LOSS OF PROFIT
-
113,000
FINANCIAL INVESTMENTS - NON-CURRENT PORTION
5
5,041
5,041
4,649
4,649
9,600
168,100
62,361
62,361
61,595
61,595
TOTAL
77
Annual Report
2012
Annual Report
2012
Portfolio of Academic Programs
Developing innovative leaders and professionals from undergraduate studies to the other stages of their lives
UNDERGRADUATE (BACHELOR)
GRADUATE(STRICTOSENSU)
• Business Administration
PROFESSIONAL MASTERS
• Economics
• Business Administration
• Economics
GRADUATE PROGRAMS (LATOSENSU)
CERTIFICATES
CLAUDIO LUIZ DA SILVA HADDAD
President
• CBA - Certificate in Business Administration
• CBP - Certificate in Business Project
• CFM - Certificate in Financial Management
LUIZ FERNANDO KIRCHNER DE MAGALHÃES
Financial Office Manager
• CMM - Certificate in Marketing Management
EXECUTIVE EDUCATION
OPEN ENROLLMENT PROGRAMS
• Finance
• International
• Leadership
• Marketing and Innovation
• Negotiation
MBAS
• Operations
• Executive MBA
ADILSON ERNESTO DA SILVA
Accountant - CRC1SP 266387/O-7
• Executive MBA in Finance
EXECUTIVE EDUCATION
• Executive MBA in Healthcare Management
Einstein - Insper
CUSTOM PROGRAMS FOR COMPANIES
Programs and courses developed exclusively for
organizations
LL.M. – MASTER OF LAWS
• LL.M. - Contract Law
• LL.M. - Financial and Capital Market Law
• LL.M. - Corporate Law
• LL.M. - Tax Law
78
79
Annual Report
2012
www.insper.edu.br/en
Insper Institute of Education and Research
Rua Quatá, 300 - Vila Olímpia | 04546-042 | São Paulo | Brazil | Phone: + 55 (11) 4504-2400
[email protected]