Ibmec São Paulo in numbers
Rua Quatá, 300 - Vila Olímpia
São Paulo - SP - Brazil
Total revenue - 2004 to 2007
04546-042
www.ibmecsp.edu.br
[email protected]
Annual Report
Tel 55 11 4504-2400
(thousand reais)
2007
2004
2005
2006
2007
Gross revenue
38,131
47,828
62,601
69,382
Direct expenses
18,360
21,259
24,625
25,952
Operational margin
16,163
21,945
31,988
36,992
Indirect expenses
5,763
7,594
10,580
11,508
General and institutional expenses
5,834
9,669
13,374
15,095
Administrative surplus
4,896
7,666
11,099
14,452
Cash position
5,328
12,305
17,656
32,216
(3)
2,138
2,178
2,260
1,115
10,768
15,028
4,229
Donations - Scholarship fund
-
2,089
314
140
Donations - Other
-
8,725
1,740
-
Donations - Total
-
10,814
2,054
140
(thousand reais)*
69,382
62,601
47,828
38,131
2004
Financial indicators
2005
2006
2007
(end of period)
Scholarship fund
(end of period)
Investiments - Total
Revenues in 2007
(*) Administrative View, not considering accounting adjustments
New group of accounts, adopted in 2006
Monitoring of goals - 2007
47% | Executive Graduate Programs
Description
Goal
Accomplished
% Variation
35% | Undergraduate
Managerial surplus (R$ 000)
9,700
10,272
5.89
Managerial surplus / Total revenues (%)
14.5
14.8
2.10
New students in graduate programs
1,220
1,268
3.93
13% | Executive Education
3% | Professional Masters
2% | Distance Learning
Ibmec São Paulo in numbers
Rua Quatá, 300 - Vila Olímpia
São Paulo - SP - Brazil
Total revenue - 2004 to 2007
04546-042
www.ibmecsp.edu.br
[email protected]
Annual Report
Tel 55 11 4504-2400
(thousand reais)
2007
2004
2005
2006
2007
Gross revenue
38,131
47,828
62,601
69,382
Direct expenses
18,360
21,259
24,625
25,952
Operational margin
16,163
21,945
31,988
36,992
Indirect expenses
5,763
7,594
10,580
11,508
General and institutional expenses
5,834
9,669
13,374
15,095
Administrative surplus
4,896
7,666
11,099
14,452
Cash position
5,328
12,305
17,656
32,216
(3)
2,138
2,178
2,260
1,115
10,768
15,028
4,229
Donations - Scholarship fund
-
2,089
314
140
Donations - Other
-
8,725
1,740
-
Donations - Total
-
10,814
2,054
140
(thousand reais)*
69,382
62,601
47,828
38,131
2004
Financial indicators
2005
2006
2007
(end of period)
Scholarship fund
(end of period)
Investiments - Total
Revenues in 2007
(*) Administrative View, not considering accounting adjustments
New group of accounts, adopted in 2006
Monitoring of goals - 2007
47% | Executive Graduate Programs
Description
Goal
Accomplished
% Variation
35% | Undergraduate
Managerial surplus (R$ 000)
9,700
10,272
5.89
Managerial surplus / Total revenues (%)
14.5
14.8
2.10
New students in graduate programs
1,220
1,268
3.93
13% | Executive Education
3% | Professional Masters
2% | Distance Learning
Ibmec São Paulo in numbers
Scholarship award in 2007
by type of program
Scholarship fund
2004
2005
2006
2007
Starting balance (–) Scholarship awarded
(28)
(3)
2,162
2,550
Scholarship awarded
(85)
(223)
(501)
(943)
Refund
16
49
45
12
Investments
95
2,338
844
641
Ending balance (remunerated)
(3)
2,162
2,550
2,260
Scholarship Program Scholarship Awarded
38% | 1st year students
26% | 2nd academic semester
2004
2005
2006
2007
17
27
49
70
Scholarship students
20% | Financial aid
16% | Full-time
3,505
3,031
751
727
2004
2005
Graduação
Pós Stricto
Professional
Masters
Variation
2006
2007
Variation
2006
2007
Variation
2006
2007
Variation
Applicants
466
499
7%
1,182
1,403
19%
1,532
1,586
4%
3,180
3,488
10%
Applicants
Accepted
188
208
11%
657
704
7%
577
661
15%
1,422
1,573
11%
Percentage
Accepted
40%
42%
4%
56%
50%
-10%
38%
42%
10%
45%
45%
0%
Students Enrolled
157
163
4%
532
623
17%
477
482
1%
1,166
1,268
9%
Yield
(Enrolled/Accepted)
84%
78%
36%
81%
88%
239%
83%
73%
7%
82%
81%
82%
Professional Masters
Number of applicants, admissions and enrollments by admission process
2006
2006
2007
Variation
2006
2007
Variation
Applicants
101
158
56%
-
26
-
Applicants Accepted
61
63
3%
-
11
-
Percentage Accepted
60%
40%
-
-
42%
-
48
50
4%
-
11
-
79%
79%
-
-
100%
-
Students Enrolled
2007
Pós Executive
Lato Total
Graduate
Programs
Professional Masters in
Businnes Administration
Yield (Enrolled/Accepted)
Total
Executive Education - Custom Programs
Highlights
Team
2004
2005
2006
2007
Research professors
15
18
22
22
Full-time professors
49
47
41
37
Teaching assistants
-
27
18
28
Educational professionals
131
114
191
158
Total teaching activities
195
206
272
245
Staff
115
142
160
162
Total teaching and
administrative activities
310
348
432
407
2004
2005
2006
2007
Number of clients
32
49
49
31
Programs delivered
43
106
113
78
Number of students served
1,307
1,566
2,659
2,112
Class hours
3,925
4,545
7,291
5,815
Programs delivered by sector
2004
2005
2006
2007
Financial
26%
27%
41%
35
Services
53%
44%
38%
42
Industry
21%
29%
21%
23
2007
Undergraduate
122
92
61
15
965
Total
2007
2,109
830
EMBA
Professional Masters in Economics
1,330
796
Certificates
2006
2,418
2,187
1,493
LLM
Annual Report
Number of students
Executive Graduate Programs
Number of applicants, admissions and enrollments by admission process
Ibmec São Paulo in numbers
Scholarship award in 2007
by type of program
Scholarship fund
2004
2005
2006
2007
Starting balance (–) Scholarship awarded
(28)
(3)
2,162
2,550
Scholarship awarded
(85)
(223)
(501)
(943)
Refund
16
49
45
12
Investments
95
2,338
844
641
Ending balance (remunerated)
(3)
2,162
2,550
2,260
Scholarship Program Scholarship Awarded
38% | 1st year students
26% | 2nd academic semester
2004
2005
2006
2007
17
27
49
70
Scholarship students
20% | Financial aid
16% | Full-time
3,505
3,031
751
727
2004
2005
Graduação
Pós Stricto
Professional
Masters
Variation
2006
2007
Variation
2006
2007
Variation
2006
2007
Variation
Applicants
466
499
7%
1,182
1,403
19%
1,532
1,586
4%
3,180
3,488
10%
Applicants
Accepted
188
208
11%
657
704
7%
577
661
15%
1,422
1,573
11%
Percentage
Accepted
40%
42%
4%
56%
50%
-10%
38%
42%
10%
45%
45%
0%
Students Enrolled
157
163
4%
532
623
17%
477
482
1%
1,166
1,268
9%
Yield
(Enrolled/Accepted)
84%
78%
36%
81%
88%
239%
83%
73%
7%
82%
81%
82%
Professional Masters
Number of applicants, admissions and enrollments by admission process
2006
2006
2007
Variation
2006
2007
Variation
Applicants
101
158
56%
-
26
-
Applicants Accepted
61
63
3%
-
11
-
Percentage Accepted
60%
40%
-
-
42%
-
48
50
4%
-
11
-
79%
79%
-
-
100%
-
Students Enrolled
2007
Pós Executive
Lato Total
Graduate
Programs
Professional Masters in
Businnes Administration
Yield (Enrolled/Accepted)
Total
Executive Education - Custom Programs
Highlights
Team
2004
2005
2006
2007
Research professors
15
18
22
22
Full-time professors
49
47
41
37
Teaching assistants
-
27
18
28
Educational professionals
131
114
191
158
Total teaching activities
195
206
272
245
Staff
115
142
160
162
Total teaching and
administrative activities
310
348
432
407
2004
2005
2006
2007
Number of clients
32
49
49
31
Programs delivered
43
106
113
78
Number of students served
1,307
1,566
2,659
2,112
Class hours
3,925
4,545
7,291
5,815
Programs delivered by sector
2004
2005
2006
2007
Financial
26%
27%
41%
35
Services
53%
44%
38%
42
Industry
21%
29%
21%
23
2007
Undergraduate
122
92
61
15
965
Total
2007
2,109
830
EMBA
Professional Masters in Economics
1,330
796
Certificates
2006
2,418
2,187
1,493
LLM
Annual Report
Number of students
Executive Graduate Programs
Number of applicants, admissions and enrollments by admission process
Summary
2 | Message from the President
30 | Financial results
30 | Principal indicators
4 | Friends of Ibmec São Paulo and donors
5 | Sponsored facilities
6 | Ibmec São Paulo
6 | Instituto Veris – Board of Trustees
6 | Instituto Veris – Board of Directors
31 | Summarized balance sheet
32 | Income statement
33 | Report of the independent auditors
34 | Research faculty
34 | Position and activity
6 | Instituto Veris – Senior Executives and areas of activity
7 | Programs
8 | 2007 Highlights
36 | Academic and Administrative Staff
38 | Publications
8 | Vision, Mission, Values and Fundamental Principles
38 | Papers published in international
10 | Board of Directors
11 | Building for the future
39 | Papers published in Brazilian
13 | International associations
15 | Awards and recognition
40 | Books
16 | Internal awards
40 | Book chapters
17 | Accreditation
40 | Complete works in conference proceedings
19 | Teaching and Learning Dynamics
43 | Abstracts in conference proceedings
scientific journals
scientific journals
Research Center (DEA)
20 | Academic scholarship programs
23 | Ibmec Carreiras (Careers Services)
26 | Ibmec São Paulo Community
Annual Report 2007
1
Message from the President
The year 2007 was exceptionally busy and profitable for
entrance examination attracted a record number of
Ibmec São Paulo, a year in which we recorded a series
applicants, with 15 candidates for each opening in the
of major achievements, reaping the benefits of past
Business Administration program and 12 candidates for
investments and also laying the groundwork for an even
each opening in the Economics program, and the same
better performance in the future.
could be said for our corporate programs. All of these
The list of our accomplishments is a long one. We did
exceptionally well in the ENADE university assessment
2
achievements constitute an important objective measure
of our success in 2007.
tests, achieving excellent positions in the rankings for both
Less visible but not less important, were various initiatives
the undergraduate and graduate lato sensu programs,
in the academic and support areas. In fact, it is fair to
with one of our business administration undergraduates
say that the teaching and learning support area really
achieving the best mark in the entire country. Seven of
showed significant advancement in 2007 through a series
our students ranked among the top 50 in the exam by the
of important programs, with professors observing each
National Association of Centers for Graduate Studies in
other’s classes as well as implementing laboratories to
Economics (ANPEC) for graduate programs in Economics,
ensure effective learning. The range of undergraduate
and our Professional Masters programs received the
supplementary activities was expanded and more
maximum possible score in the CAPES assessment by the
thoroughly systematized, reinforcing the humanistic aspect
Ministry of Education. Although we only added one more
of our three-pillared educational model; the number of
member to our roster of research professors (22 in all), our
students involved in exchange programs moved up, giving
academic output increased substantially from 673 to 859
our school greater international visibility; and the number
CAPES points, raising the average per researcher from 32
of scholarships, as well as the number of applicants
to 39 points. We also received international accreditation
applying for them, grew substantially, a fact which gives us
from the Association of MBAs (AMBA) for our Executive
enormous satisfaction as it not only increases the diversity
MBA programs. In addition, a survey showed the success
of our student body but moves us further towards our
of our students and alumni in the job market, and our
goal of being able to enroll any student with the requisite
enrollment targets were surpassed in both undergraduate
academic ability, independently of their financial capacity.
and graduate programs. Our end-of-year undergraduate
Many other initiatives were implemented last year, far too
Annual Report 2007
numerous to mention here, although one of them is so
year through numerous activities and the dedication
important that it deserves special mention. That is the
of all those involved. Its implementation, as well as the
process of evaluating the performance of all our support
preceding discussion, planning and preparation stages,
staff, coordinators, directors and other executives, a
greatly enhanced our academic and operational processes
process which we introduced in 2006 and consolidated
and made a significant contribution to improving the
in 2007. We believe this procedure is an excellent
overall quality of the institution. One of its activities was
management tool that will prove crucial in guiding the
the revision of our Mission and Vision, a revision which
career development of our associates.
was accomplished with the involvement and active
As for laying the groundwork for the future, certain
projects and decisions deserve highlighting.
The first is the transformation of our Advisory Board into
a deliberative Supervisory Board, with a consequent
amendment to the bylaws of Instituto Veris, the controlling
shareholder of Ibmec São Paulo. We believe this is an
important and necessary measure in strengthening
our governance instruments and ensuring the School’s
perpetuity and continuous development along the lines
of the world’s most successful private universities.
When we moved to our new campus at the beginning
of 2006, we trusted we would have sufficient space for
some years of activity. Fortunately, events proved us
wrong. Such has been the increase in the number of
prospective students that our physical capacity will shortly
be exhausted, particularly during night sessions. Measures
to remedy this situation were therefore imperative and
we reached an agreement with investors to construct a
built-to-suit tower, adjacent and connected to our campus,
adding at least 6,000 square meters of usable area to the
school, or 60% more than at present. Work is expected to
begin in the first half of 2008, with inauguration scheduled
for 2009.
Another project we consider essential for the school’s
future is accreditation by the Association to Advance
Collegiate Schools of Business (AACSB), an institution
participation of the various members of our community,
culminating in the two new texts presented in this report.
We believe such texts more accurately reflect who we are
and where we plan to go.
Lastly, we must mention our strategic plan and the revision
of our organizational structure, carried out by external
consultants under the coordination of Maurizio Mauro,
president of our External Evaluation Commission (CEA) and
Luiz Vieira, another CEA member. The planning process
was exceptionally enriching, involving professors, support
staff, the executive committee, and members of the CEA
and the Supervisory Board, culminating in a series of
proposals and strategic priorities, an action schedule and
a structural overhaul, which will be executed in 2008.
None of this would have been possible without the hard
work and dedication of our entire faculty and staff, with
their total involvement and absolute commitment to our
mission; our students, who honored us by choosing our
courses and programs; and the crucial support of the
Friends of Ibmec São Paulo, who invested their time and
made a substantial contribution to the development of
the School through their participation in the Supervisory
Board, the CEA, through donations, or who contributed
in various ways through the many activities held in 2007.
My sincere thanks to all of you.
Claudio L. S. Haddad
based in the United States which accredits business
administration schools around the world. This project,
whose action program was approved at the beginning
of 2007, resulted in considerable progress during the
Annual Report 2007
3
Friends of Ibmec São Paulo
and donors
4
ABS Investment Management LLC
Fred Packard
Marcelo Barbará
Alex Haegler
Fundação Brava
Marcelo Medeiros
André Lara Resende
Fundação Educar DPaschoal
Marcelo Stallone
Andrew Shores
Georg Ehrensperger
Mario Adler
Antonio Carlos de Freitas Valle
Gerdau
Mario Cezar de Andrade
Arminio Fraga Neto
Gilberto Romanato
Maurizio Mauro
Banco Itaú
Grupo Abril
Michael Perlman
Bolsa de Mercadorias & Futuros
Grupo Votorantim
Paulo G. A. Cunha
BOVESPA
Guilherme Amaral Ferraz
Pedro Moreira Salles
Bruno Licht
Jairo Saddi
Peter Graber
Bruno Rocha
João Moreira Salles
Ramiro Lopes de Oliveira
Carlos Alberto Sicupira
Jorge Paulo Lemann
Roberto Civita
Carlos Castanho
José Alexandre Scheinkman
Roberto Egydio Setubal
Carlos Pinheiro Junior
José Antonio Mourão
Roberto Thompson Motta
Claudio L. S. Haddad
José Ermírio Neto
Roger Wright
Clóvis Macedo
José Olympio Pereira
Rogerio Castro Maia
Diniz Ferreira Baptista
José Ricardo de Paulo
Saddi Advogados Associados
Eric Hime
Lina Wurzmann
Suzano Holding
Fernando Moreira Salles
Luis Alberto Rodrigues
Suzano Papel e Celulose
Fernando Prado
Luis Norberto Pascoal
Suzano Petroquímica
Fernando Russo
Marcel Herrmann Telles
Walter Salles
Annual Report 2007
Sponsored Facilities
Steffi and Max Perlman Auditorium
Telles Library
Siegfried Adler Student Wing
Classrooms:
• Alberto Bandeira de Queiroz
• Otto Lara Resende
• BM&F
• Peter Drucker
• BOVESPA
• Roberto Cochrane Simonsen
• Eugênio Gudin
• Vicente Falconi Campos
• João Gerdau
• Victor Civita
• Graber
• Walther Moreira Salles
• José Ermírio de Moraes Filho
• Jorge Paulo Lemann
Faculty Lounge:
• Tufic Oadi Saddi
• Max Feffer
• Octavio Gouvea de Bulhões
“Seção Áurea” Sculpture
• Olavo Setubal
• Lina Wurzmann
Annual Report 2007
5
Ibmec São Paulo
Instituto Veris – Board of Trustees
Instituto Veris – Board of Directors
Claudio Luiz da Silva Haddad – President
Carlos Alberto da Veiga Sicupira
Jorge Paulo Lemann
Marcel Herrmann Telles
Jorge Paulo Lemann
Luis Norberto Pascoal
Michael Edgar Perlman
Paulo Guilherme Aguiar Cunha
Pedro Moreira Salles
Peter Graber
Pedro Wagner Coelho
Instituto Veris – Senior Executives and areas of activity
Claudio Luiz da Silva Haddad – President
Irineu Gustavo Nogueira Gianesi – Academic Dean for Executive Graduate Programs
Sérgio Giovanetti Lazzarini – Academic Dean for Undergraduate, Master Programs and Research
Luca Borroni-Biancastelli – Academic Dean for Executive Education (since April 2008)
Christian G. da J. Menescal – Director of Shared Services
Marcia Maria Nizzo de Moura – Director of Institutional Development
Marcia Moura, Irineu Gianesi, Claudio Haddad, Christian Menescal and Sérgio Lazzarini
6
Annual Report 2007
Programs
Undergraduate
(Bachelor's degree)
Bachelor in Business
Administration
Graduate
(Lato Sensu)
Executive Education
EMBAs
Executive MBA
Bachelor in Economics
Medium and
Short-Term Programs
Customized Programs for
Business Organizations
Executive MBA in Finance
Graduate
(Stricto Sensu)
Executive MBA in
Healthcare Management
Masters
Certificates
Professional Masters
in Business Administration
Professional Masters
in Economics
CBA - Certificate in
Business Administration
CFM - Certificate in
Financial Management
CMM - Certificate in
Marketing Management
LLM - Master of Laws
LLM - Contract Law
LLM - Corporate Law
LLM - Financial and Capital
Market Law
LLM - Tax Law
Find out more about Ibmec São Paulo’s academic programs on the website:
www.ibmecsp.edu.br/english/programs/
Annual Report 2007
7
2007 Highlights
Vision, Mission, Values and Fundamental Principles
Institutions evolve over time, so it is only natural that their vision and mission
are periodically revised. It is now five years since the publication of Ibmec
São Paulo’s first mission statement and we believe this is the right time for
a reappraisal, particularly in light of the school’s rapid progress since then.
It also became apparent from the discussions when we were preparing our
plan for accreditation by the Association to Advance Collegiate Schools of
Business (AACSB) that our original statement, in addition to being somewhat
vague on certain aspects, led to some blurred lines between the concepts of
vision and mission. This led us to develop two texts, with a clear distinction
between the first, which is related to who we are and what we wish to be,
and the second, which defines what we actually do. In order to coordinate
the revision process, we set up a Mission Review Committee, which
Telles Library
established a detailed structure and process, defining those involved and the
frequency with which they would meet, and determining information flows
and communications procedures. The Committee comprised the president
of Ibmec São Paulo, the president of the External Evaluation Commission
(CEA), the director of organizational development, one full professor and
the school’s then marketing manager. One of the underlying premises of
the process was to gather impressions and opinions on our mission from a
variety of different sources, including our team (faculty and staff), Alumni,
the Board of Directors, the Supervisory Board, and the CEA. From the point
of view of the Committee, the process was an exceptionally fruitful one,
giving us an opportunity to hear the views of all these people, whose kind
of involvement with Ibmec São Paulo may differ greatly but who share the
same objective of ensuring the highest quality standards and an exemplary
reputation, helping our school become a benchmark in the fields of Business
Administration and Economics.
The new texts are designed to give a clear idea of our objectives and the
premises underpinning our activities, both in the teaching and learning
8
Annual Report 2007
areas and in the research field, all of which geared to the advancement of
knowledge. The clarity and consistency of the proposals encapsulated in
our Vision and Mission are a fundamental part of our institutional identity
and the perception of that identity by our internal and external public.
Such transparency is absolutely essential if we are to attract people and
institutions that can identify with who we are and what we do and that wish
to become associated with our school and our brand, either as students,
faculty, associates or partners.
Vision
To be a leading center in education and research in the fields of Business
and Economics, combining academic rigor and a practical approach so
as to forge leaders and professionals who will make a difference.
Mission
To develop people who share our educational approach, generating
and disseminating knowledge in the fields of Business and Economics
and fostering its practical application.
Our educational approach centers on the development of students at
all stages of their professional lives and relies on their full commitment
and participation in the learning process.
We value rigorous academic research based on real-world issues, which
contributes to the enhancement of public policy and organizational
practice.
Annual Report 2007
9
2007 Highlights
Fundamental Principles and Values
To fulfill its mission, it is essential for Ibmec São Paulo to foster an
environment in which Honesty and Integrity are essential values to
all of its members, resulting in ethical behavior both in and outside
the School.
The fundamental principles that should guide the day-to-day activities
of the Ibmec São Paulo community include:
Commitment
to meeting the goals set.
Mutual Trust
predicated on honesty and integrity in relationships.
Responsibility
in preserving and developing the institution’s human, material and
cultural capital.
Valuing of Diversity
through encouraging respect for and acceptance of differences.
These are the fundamental values and principles for the exercise of
the mission of Ibmec São Paulo, and it is incumbent upon all of the
community’s members to observe and uphold them.
Board of Directors
The objective behind the transfer in 2004 of all Ibmec São Paulo’s
educational assets and activities to Instituto Veris, a non-profit organization,
was to preserve and perpetuate the institution in the mold of the best private
universities in the world. In order for this to happen, it is essential to build an
effective and transparent system of governance that is understood by everyone
and which shares, defends and continuously refines the ideas and values that
guide Instituto Veris, ensuring its perpetuity from generation to generation.
An important step in this direction was the transformation of Ibmec São
Paulo’s Advisory Board into a deliberative Supervisory Board, with clearly
defined statutory duties. The process also involves formalizing procedures
and attributes, revising and updating the School Code and determining the
composition and functioning of the various internal management committees
and forums. The constitution of an effective and enduring system of
governance is a lengthy process in which the establishment of a Supervisory
Board is only the first step. We still have a long way to go, but the way ahead
is clear and we will do everything needed to achieve our goal.
10 Annual Report 2007
Building for the future
One of last year’s most important events was the creation of our first strategic
plan, guided and coordinated by a group of consultants led by two of our own
faculty members – Maurizio Mauro, president of the CEA, and Luiz Vieira,
also a CEA member. The process included all those involved in coordinating
programs or managing areas within Ibmec São Paulo, as well as members
of the Supervisory Board and the CEA. In line with the school’s Vision and
Mission, certain basic guiding principles of our strategy and activities in the
coming years were defined.
Our main objective, as stated in our Vision, is to become a benchmark in
the fields of business administration and economics, in other words being
the best school in Brazil in all the programs and activities we offer. In order
to achieve this goal, we defined certain fundamental strategic pillars, which,
in order to be feasible, must be built on a solid base, comprising a robust
operational platform and an effective management and organizational model.
These strategic pillars are:
1. Healthy growth: Although Ibmec São Paulo is a non-profit organization,
it has to record operating surpluses so that, together with the funds from
donations, sponsorships and other sources, it can generate the necessary
cash for expansion and the constitution of a strategic reserve.
2. Emphasis on teaching and research: Our Mission includes the education
of skilled professionals and future business leaders as well as the generation
and dissemination of knowledge in our areas of expertise. In both cases,
we aim to ensure the highest possible quality standards, thus becoming a
byword for excellence.
Number of applicants - undergraduate entrance exam*
3,032
2,680
758
660
1,452
1,462
355
403
1,785
1,817
557
572
2,020
1,097
1,059
1,228
1,245
2002
2003
2004
2005
2006
2,274
2007
Economia
Economics
Administração
Business Administration
(*) Data adjusted in accordance with the
redefinition of criteria
Annual Report 2007
11
2007 Highlights
3. Focus on Business Administration and Economics: At least for the
next five years, we will be concentrating almost exclusively on business
administration and economics, the only exception being our graduate law
program. We believe that by maintaining our focus on these areas at this
stage of our development, we will create more synergies between our
faculty and student body, concentrating efforts and adding more value to
our community and our country.
4. Expanding the number of programs: While maintaining this focus, we
intend to increase the number of programs we offer, in both the stricto
and lato sensu areas, within our core fields of study, as well as continuing
to expand into corporate and executive education.
5. Internationalization: We plan to extend Ibmec São Paulo beyond
Brazil’s borders via associations, joint programs, exchange agreements,
research activities and other relationships with top-quality schools in other
countries. Similarly, we also intend to gradually increase the number of
foreign students attending our school in São Paulo. In order to do so,
we believe it is essential to obtain accreditation from such renowned
international organizations as the Association of MBAs (AMBA), achieved
last year, and the Association to Advance Collegiate Schools of Business
(AACSB), currently in progress.
Our institutional goals for 2008 and the coming years will be established in
a consistent manner with the aim of strengthening our operational platform
and management model, as well as reinforcing the five pillars defined above.
Applicant/Opening ratio
7.6
5.6
3.6
6.6
4.0
Economia
Economics
Administração
Business Administration
5.7
11.0
10.6
12.3
10.1
11.4
6.2
2002
12 Annual Report 2007
2003
2004
2005
2006
2007
Retention of students admitted from entrance exam’s first acceptance list*
44%
43%
48%
45%
48%
49%
48%
35%
31%
Administração
Business Administration
Economia
Economics
Total Total
(*) Situation one month after start of classes
2005
2006
2007
International associations
Ibmec São Paulo maintains agreements with prestigious universities abroad,
allowing its students to deepen their studies and broaden their experience by
exposing them to the academic and cultural life of other countries.
In 2007, the school’s various programs formed important ties with several
international institutions of higher learning in order to further opportunities
for academic research and collaboration, the participation of undergraduate
and graduate students, as well as professors, in exchange programs, and the
creation of new programs:
University of Virginia
Darden Graduate School of Business Administration
Ibmec São Paulo’s association with the Darden Graduate School of Business
DARDEN SCHOOL OF BUSINESS
Administration is based on several collaborative fronts, including the sharing
of information with a view to academic production and student exchange.
The two schools will develop initiatives in the following areas: (1) joint
faculty research and case writing; (2) exchange programs for graduate
students; (3) collaborative executive education programs; (4) invitations for
scholars to participate in conferences and give lectures; and (5) the licensing
of published materials.
In September 2007, 15 Executive MBA and Executive MBA in Finance
students took part in Darden’s international short-term program “Global
Business Experience” given specially for Ibmec São Paulo.
Annual Report 2007
13
I N T E Highlights
R N AT I O N A L
2007
MEDICINE
I N T E R N AT I O N A L M E D I C I N E
University of St.Gallen
International Short-Term Program for Executive MBA in
Healthcare Management
Ibmec São Paulo and the Israelita Albert Einstein Hospital promoted an
international short-term program offered by Philadelphia International
Medicine. It was administered by professors from three affiliated hospitals
and was divided into 14 academic sessions and visits to the hospital complex.
The five-day program covered a wide range of subjects including patient
safety, disease management, negotiating skills in healthcare management,
and health system financing. Twenty-six students took part.
University of Saint Gallen and LLM – Master of Laws
Through Ibmec Law, Ibmec São Paulo established an association with the
University of Saint Gallen, in Switzerland, two of whose professors, Christian
Kirchner and Anne van Aaken, came to São Paulo to take part in the program
entitled “The European Union: the legal and economic aspects of integration”.
Geared towards professionals in the legal, foreign trade and finance areas, the
program covered not only the legal framework that made integration among
the various member states feasible, but also the efforts on the economic front,
which were crucial in ensuring that this process took place in an ordered
manner without destabilizing the markets of each member state.
Economics School at New University of Lisbon (FEUNL) and
Ibmec São Paulo’s Professional Masters Programs
Ibmec São Paulo’s Professional Masters Programs in Economics and Business
Administration formed an association with the Economics School at New
University of Lisbon (FEUNL), considered one of Portugal’s leading postsecondary educational institutions. The agreement involves a double
degree program, enabling students to enrich their academic experience
by taking classes in both institutions, with their differing social and cultural
environments. The program will also give its participants an added advantage
in the global job market, since its degrees will be valid in both Brazil and
the European Union.
Arizona State University and Ibmec São Paulo
This was Ibmec São Paulo’s first undergraduate program agreement with
a university in the United States. The association will strengthen ties
between the two schools, encourage the creation of new programs at all
academic levels and promote the exchange of information. It also involves
undergraduate and graduate student exchange and envisages the possibility
of joint research initiatives.
The partnership also calls for the development of programs that will benefit
students in Brazil and the United States, leading to an enriching exchange of
experiences, adding to and enhancing the professional, cultural and personal
experience of all those involved.
14 Annual Report 2007
Awards and recognition
The School and members of the Ibmec São Paulo community received
several important awards in 2007:
• Ibmec São Paulo was ranked among the 42 best schools in the world
in the Financial Times rankings for executive education and corporate
programs, while the América Economia rankings placed our corporate
programs second in Brazil (16th in Latin America).
• Our Executive MBA program was ranked third and the Executive MBA
in Finance program was ranked second among Brazil’s business schools
by the magazine Você S/A.
• The school received accreditation from the Association of MBAs (AMBA),
an international organization that evaluates the quality of graduate
programs worldwide. It was also accepted as a member of the European
Foundation for Management Development (EFMD), responsible for the
international EQUIS accreditation.
EFMD
• Our Business Administration and Economics undergraduate programs
were placed fifth based on the average of students concluding the ENADE
– a national examination held by the Ministry of Education to evaluate
undergraduate programs in different areas of knowledge. César Eduardo da
Silva, who graduated in 2006, received the best mark in the entire country
in the business administration category.
• Our Business Administration and Economics undergraduate programs also
received the top mark (five stars) in the Guia do Estudante rankings.
AMBA Accreditation
Annual Report 2007
15
2007 Highlights
Total CAPES points
859
673
• Professor Fabio Chaddad received the “Best Business Administration
Classroom Case Study” award at the EnANPAD – the country’s leading
business administration academic conference, coordinated by the National
Association of Business Administration Graduate and Research Programs
(ANPAD). “Cooxupé and the World Coffee Industry: Strategies to Increase
Producer Income” is part of Ibmec São Paulo’s series of case studies.
540
413
2004
2005
2006
2007
Pontos
CAPES points per researcher
39.0
29.5
32.0
31.8
• The Professional Masters in Economics (concentration in Applied Finance
and Macroeconomics) received a CAPES rating of 5 – the highest possible
rating for professional masters programs.
• Luiz Storino Filho, an Ibmec São Paulo CBA alumnus and executive
vice-president of EdgeIT, a company which develops management and
technology solutions, competed with the support of the school in the
Global TIC Talentrepreneur Award and Forum, an international business
plan competition, held in Taipei, Taiwan in July. He was awarded a
prize for a new product, EdgeContents, designed to take advantage of
the functionalities of digital TV to broadcast small-business advertising
targeting market niches.
Internal awards
2004
2005
2006
Pontos
2007
Throughout 2007, Ibmec São Paulo continued to recognize the teaching and
research capabilities of its professors through two awards. The first of these,
the George Stigler Research Excellence Award, is given to the best research
papers published by Ibmec São Paulo professors.
The papers are selected by a commission that assesses their contribution to
the advancement of knowledge in business administration, economics and
related fields, and to the understanding of issues that are of importance to
Brazil, as well as for their positive impact on the academic world and society
as a whole. In 2007, the following professors received awards:
George Stigler and Chafi Haddad Awards
16 Annual Report 2007
• Mauricio Soares Bugarin , for the paper entitled “Transferências
Voluntárias e Ciclo Político-Orçamentário no Federalismo Fiscal Brasileiro”
(Revista Brasileira de Economia, Rio de Janeiro, v.61, n.3, p.271-300,
Jul. 2007);
• Sérgio Giovanetti Lazzarini, for the paper entitled “The impact of
membership in competing alliance constellations: evidence on the
operational performance of global airlines” (Strategic Management Journal,
[S.L.] v.28, p.345-367, 2007).
The Chafi Haddad Teaching Excellence Award seeks to recognize
outstanding professors in both the undergraduate and graduate programs,
based on the opinion of the students. This award involves not only the
formal recognition of the professors nominated, but also a monetary sum
equal to that of the research award. In 2007, the following professors
received the award:
• Sérgio Ricardo Martins, nominated by the undergraduate students;
• Nuno Miguel Campos Guapo de Almeida, indicated by the graduate
students and Ibmec São Paulo’s associates, professors included.
Accreditation
In 2007, important advances were made in the international accreditations
sought by Ibmec São Paulo.
The Accreditation Plan submitted to the Association to Advance Collegiate
Schools of Business (AACSB) at the end of last year was approved at the start
of the year, motivating the entire team involved in the project to execute
roughly half of the activities included in the plan, which were scheduled
for 2007. The plan is divided into three groups of activities: Strategic
Management, Participants and Assurance of Learning.
In the first group, the most important activities involve revising the mission
of Ibmec São Paulo, a task which was successfully completed after directly
or indirectly involving the school’s entire community.
In the Participants group, global student admissions and retention policies
were formalized for the entire school, while criteria were established for
the academic and professional qualifications of the faculty members.
This allowed the initiation of the process of adjusting the faculty to meet
the qualification standards required by the AACSB. The partial targets
established for the start of 2008 had already been virtually achieved as of
the close of 2007.
Annual Report 2007
17
2007 Highlights
The Assurance of Learning initiative involving the third group of activities
was by far the most challenging for Ibmec São Paulo. More than ten team
members were sent to seminars offered by the AACSB on the issue, a new
department was created to study teaching and learning dynamics, and a
coordinator with a Ph.D. in education with a focus on the science of thought
was hired to head up the process. The revision of the learning objectives of
the many programs is practically concluded and the process of evaluating
students’ learning in relation to the objectives selected for the first cycle (pilot
project) is scheduled for 2008.
This year we also received a visit from the audit team of the Association of
MBAs, an entity created in 1967 in London with the objective of certifying
the educational quality of MBA programs worldwide, seeking to ensure a
program of excellence for students.
After analyzing the self-evaluation report sent at the end of 2006, inspecting
the school’s facilities, interviewing professors, students and former students,
and querying the directors of the Executive MBA and graduate programs, the
AMBA team gave very high praise to the content of the programs, the faculty
and the rigorousness of the admissions process. The accreditation diploma
was officially delivered to Ibmec São Paulo on October 3, during the Latin
American Deans and Directors Conference of the AMBA.
Also in 2007, Ibmec São Paulo officially began its process to become
accredited by the Equis System of the European Foundation for Management
Development (EFMD). Representatives of the institution are expected to visit
Ibmec São Paulo in the first half of 2008 as part of the accreditation process
which takes from 18 to 24 months.
Impact of Ibmec São Paulo’s brand recognition on
applicants’ choice
21.0%
18.1%
16.9%
39.0%
Very positive
Positive
No impact
0.1%
0.2%
6.6%
48.5%
49.5%
28.8%
33.4%
33.6%
2004
2005
2006
50.2%
Negative
Very negative
18 Annual Report 2007
54.1%
2007
Teaching and Learning Dynamics Research Center (DEA)
Aware of the importance of consolidating its vision of becoming a reference
in teaching and education in Brazil, Ibmec São Paulo created the Teaching
and Learning Dynamics Research Center (DEA), effectively expanding its
faculty-support initiatives. The mission of the DEA is to contribute to the
development of analytical, critical and ethical thinking in students and ensure
that the learning objective of each program is effectively achieved. Given the
inherent complexity, the process of continuous improvement in teaching and
learning must be structured, evaluated and perfected systematically. Three
fundamental issues permeate this process:
1. What are the learning objectives;
2. Which teaching practices and innovations reinforce and promote these
objectives;
3. How do we measure if our students are in fact learning the objectives.
The activities of the DEA are focused on answering these three important
questions through continuous efforts to achieve coherence, consistency
and integration among the teaching materials, practices, innovations,
course contents, classroom dynamics and evaluation processes. Lastly, it is
imperative to stress the importance of the partnership between professors
and students and of the focus on research into the science of learning to gain
the knowledge needed to effectively guide these actions.
Students’ overall evaluation
0.7%
6.4%
4.3
2.2%
4.4
53.0%
0.4%
2.6%
4.5
0.2%
0.4%
3.7%
4.5
5.0
42.3%
40.3%
4.0
56.5%
Ruim
Good
3.0
36.4%
Péssimo
Excellent
44.8%
54.7%
55.4%
2006
2007
2.0
Regular
Fair
Bom
Poor
Ótimo
Very poor
Média
Average
1.0
2004
2005
Annual Report 2007
19
2007 Highlights
Academic Scholarship Programs
In 2007, the Academic Scholarship Programs registered significant
improvement in many important aspects, seeking to increase awareness and
knowledge among the school’s internal and external publics of the various
types of academic scholarships offered by Ibmec São Paulo. In one year,
there was a dramatic increase (from 2 requests to 38) in demand for full
scholarships (which target youth from low-income households earning less
than 1.5 minimum wages per household member), as well as in the number
of scholarship requests made over the internet (from 54 to 317), while the
volume of complete sets of the documentation required for scholarship
requests, which we believe shows effective interest in studying at Ibmec São
Paulo, grew by 588% (from 17 to 117). In late 2007, we were very pleased to
surpass the target for the year of 7% of new students enrolled as scholarship
students. We began 2008 with 84 scholarship students (approximately 8%
of the student body).
This quantitative result is the product of a team effort achieved by involving
all areas of the school directly with the Scholarship Board, such as the
Program Director, Marketing, Information Technology, Entrance Examination
Commission, Customer Service and Reception areas, which has led to more
effective actions and better results in terms of the applicants and quality of
the documentation submitted. The launch in 2008 of a new area responsible
for raising funds for Ibmec São Paulo’s Institutional Projects will provide
important support, and the Academic Scholarship Programs are an essential
component and focus of this effort, given their importance in fulfilling the
school’s mission.
2nd Scholarship Students’ Annual Meeting
20 Annual Report 2007
Growth in scholarship students
Type of scholarship
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008*
Full
0
0
0
0
0
2
5
8
11
11
First-year students
0
0
0
0
0
0
10
15
27
36
2nd academic semester
0
0
0
0
0
0
0
6
18
18
Financial aid
1
5
8
11
13
15
12
20
14
19
Total
1
5
8
11
13
17
27
49
70
84
(*) Includes scholarships granted for 2008-1, as of 12/20/2007
Growth in scholarships (1999 – 2008): 8,300%
84
70
49
27
1
1999
8
5
2000
2001
11
13
2002
2003
17
2004
2005
2006
2007
2008
Donors in 2007
• Claudio L. S. Haddad
• Danute Gardziulis
• Fabiana e Jairo Saddi
• Florian Bartunek
• Martha de Carvalho Magalhães
• Guilherme Amaral Ferraz
Annual Report 2007
21
2007 Highlights
Former scholarships students that are repaying or have already repaid
their scholarships, helping to strengthen the program
22 Annual Report 2007
Name
Course
Alexandre Rostworowski
Economics
Ameli Cervantes Piantino
Economics
Carolina de Lacerda Abreu
Business Administration
Carolina Ferreira de Camargo
Business Administration
Danilo Aleixo Caffaro
Business Administration
Guilherme Bannwart Elias
Business Administration
Guilherme Caltabiano Monteiro
Business Administration
Guilherme Parente Martins Ferreira
Economics
Guilherme Scotto Sassi
Economics
João Paulo Burihamn Faria
Business Administration
Leonardo Serrano Giunchetti
Business Administration
Lygia de Salles Freire Cesar
Economics
Lucas Rabechini Amaral
Business Administration
Maria Fernanda Poblacion da Fonseca
Business Administration
Maristella Pereira Azem
Economics
Rafael de Oliveira Ferraz
Business Administration
Rafael Kominich de Mattos
Business Administration
Roberto Pilnik
Business Administration
Theo Sabio Leopardi
Business Administration
Thiago Guarisi Rodrigues
Economics
Victor Pen Li Lo
Business Administration
Ibmec Carreiras (Careers Services)
Undergraduate Program
Exposing students to issues and projects related to work and the corporate
environment fosters the debate on the reality that awaits them, and in turn
Faculty degrees
Undergraduate program 2007
expands their understanding and level of maturity vis-à-vis the professional
choices they will face.
Drawing on the joint effort of Ibmec Carreiras (Careers), the faculty and
various academic areas that involved classroom activities and extracurricular
courses, the Career Development Program was developed over the course
of 2007. It recorded the following results:
• 479 consultations for students seeking individual orientation;
64% | Doctorate
34% | Masters
• 695 participants in at least one development activity organized by Ibmec
2% | Specialization
Carreiras (Careers). Of these participants, 91% attributed scores above 4
(scale from 1 to 5) to the content and quality of the activities;
• 266 participants in the informal discussion sessions called “Talking about
Careers”;
• 443 participants in two large “Job Fair” events, featuring presentations by
senior executives from various different companies commenting on the
activities of the executives or economists in the areas in which they work.
Career Development Program
Introduction
Preparation
Guidance
1st academic semester:
3rd academic semester:
5th academic semester:
• Management of
Learning Processes
• Personnel and Career
Development
• Diagnosis of Capacities
and Attitudes (MEP)
2nd academic semester:
4th academic semester:
• Networking and
Recruiting Processes
• Diagnosis of
Professional Identity
(career anchors)
• Effective Communication
and Presentations
• Effective Business
Writing
• Market Vision and
Recruiting Orientation
Consolidation
7th and 8th academic
semester:
• Supervised Internship
6th academic semester:
• Interpersonal
Relationships and
Responsibilities
Conversations on career opportunities
Individual follow-up and orientation
Development of professional competencies
Annual Report 2007
23
2007 Highlights
Career placement
By serving as a bridge between the academic and corporate worlds, Ibmec
Carreiras (Careers Services) establishes relationships with companies to
support their respective recruiting processes. In 2007, 754 new trainee and
intern opportunities in 418 different companies and market segments were
made available to students in the Undergraduate Program at Ibmec São
Paulo, an increase of 35% in relation to 2006.
Internships and vacation internships
In addition to regular internships, which target students in the final year
of the undergraduate program, students in any year of the program have
the opportunity to gain practical experience working in special vacation
internships during class vacation or recess periods.
Talking about Careers
Regular Internships - 2007 Results
Period
Interested
Companies
Companies
Hiring Interns
Number of
Opportunities
Total Applicants
in the Selection
Process
2006
237
73
403
4,562
2007
336
100
566
5,670
New Opportunities Announced - Internship and Trainee Positions
562
406
201
193
154
67
Internship
Trainee
2005
2005
24 Annual Report 2007
2006 2007 2007
2006
Vacation Internships - 2007 Results
Period
Interested
Companies
Companies
Hiring Interns
Number of
Opportunities
Students Registered
in the Selection
Process
Dec.05
to Jan.06
+ Jul.06
2
2
5
14
Dec.06
to Jan.07
+ Jul.07
21
6
17
70
Dec.07
to Jan.08
40
9
17
77
Executive Programs
Job Fair
Ibmec Carreiras (Careers Services) seeks to support and guide students
enrolled in executive programs to help fulfill their professional objectives
through Career Development Programs prepared specifically for students
in the Executive MBA Program and the Certificate Program (CBA, CMM
and CFM). These programs offer both onsite and distance learning
activities and feature group workshop sessions and individual counseling
and coaching sessions.
In 2007, 385 students in the executive programs (MBAs and Certificates)
took part in workshops conducted by the Ibmec Carreiras team, and
182 students participated in individual career counseling and coaching
sessions. Of these participants, 97% attributed scores above 4 (scale from
1 to 5) to the content and quality of the activities.
Careers Panel
Annual Report 2007
25
2007 Highlights
Number of research professors
21
22
18
15
11
2002
12
2003
2004
2005
2006
2007
Ibmec São Paulo Community
Students and the Alumni Community
Students at Ibmec São Paulo enjoy a broad array of activities and services
that, when combined with the program content, provide a unique and
enriching learning experience.
A total of 78 events for students and the alumni community were held over
the course of the year and covered a vast range of issues. Such events were
always guided by the goal of complementing and enriching the community’s
experience at Ibmec São Paulo.
3rd Alumni Annual Meeting
One of the most important initiatives in the year was the Extracurricular
Activity Program for undergraduate students, which will become mandatory
for students entering an Ibmec São Paulo program as of 2007, becoming an
integral part of the basic academic curriculum. The Extracurricular Programs
aim to improve students’ curriculum with knowledge and experiences that
help expand their competence as professionals as well as citizens. In all,
238 students participated in the Extracurricular Activities Program, taking
courses such as “Preparation of Case Studies” and “Managing Cultural and
Social Projects”.
The relationship between students and the school continues after they
conclude their program, and is achieved through participation in the Ibmec
São Paulo Alumni Community, which brings together former students. The
community offers former students the opportunity to continue receiving the
School’s support in their academic and professional endeavors, while also
becoming involved in the institution’s projects and initiatives.
26 Annual Report 2007
The Alumni community closed its fourth year of activities with more than
3,700 members, which at the time represented 59% of the School’s total
graduates. During 2007, 94 Alumni returned to Ibmec São Paulo to continue
their studies, an increase of 77% in relation to 2006.
One of the many activities offered exclusively to Alumni members was the
3rd Annual Meeting, which brought together former classmates and adopted
“Japan” as a theme, giving participants the opportunity to learn more about
the country’s culture and anticipating the 2008 centennial celebration of the
wave of Japanese immigration to Brazil.
Many students and Alumni also participated in important projects sponsored
by the school, such as the advancement of the Entrepreneurship Center and
the Strategy Research Center, the process of revision of the Vision and the
Mission, and even in the school’s administration, as was the case of Fabio
Renato Fukuda, Fernando Kenji Muramoto, Guilherme de Araújo Loureiro
and Patrícia da Silvia H. Palomo, all undergraduate Alumni who participated
in the discussions of the External Evaluation Committee (CEA), which made
important contributions to outlining the school’s future path.
3rd Alumni Annual Meeting
New projects in 2008 include the Career Development Program, which is
currently offered to students, but now will be offered free of charge to all
members of the Alumni Community, and the Mentoring Program, through
which former students are invited and provided with orientation to serve as
mentors to undergraduate students, helping the school guide and develop
these young professionals.
Research Production
19
17
16
13
12
10
10
ArtigosInternational
internacionais
papers
10
ArtigosBrazilian
nacionaispapers
Livros Books
Capítulos
Books Chapters
6
5
4
2
2
2
2
0
2004
2005
2006
2007
Annual Report 2007
27
2007 Highlights
Ibmec Pessoas (Human Resources)
In 2007, the Human Resources department, known as Ibmec Pessoas, made
an important effort to quickly and effectively respond to the needs imposed
by the school’s growth.
The department’s annual Leadership Development program involved
supervisors and new executives as well as more experienced ones, such
as executive directors and program directors, who participated in the first
edition of the program in 2006. As a result of this initiative, Ibmec Pessoas
worked closely with a large number of Ibmec São Paulo team members
holding leadership positions, who, conscious of their role in the organization,
have demonstrated intense commitment and motivation when it comes to
doing the right thing in the right way so as to manage people. Today we
can say that our executives recognize the need for continuous learning and
development as leaders because they know that their actions and decisions
directly impact other team members. They also know that they can add value
to the team as a whole – in other words, they promote and strengthen the
institutional culture by example.
The annual and individual processes of setting targets, defining a
development plan, evaluating performance (analysis of results) and providing
orientation on career advancement and on the actions needed to achieve
the institution’s objectives are examples of improving the ability of our
leaders to turn their attention to colleagues and impact and inspire people
towards common goals.
The tables below show the important investments made in Ibmec São Paulo’s
human capital.
Amount Invested in Scholarships and Training (thousand reais)
2004
2005
2006
2007
Total
Undergraduate
Scholarships
-
1
92
116
209
English
Scholarships
-
3
18
42
63
130
183
120
264
697
6
33
124
101
264
136
220
354
523
1,233
Other Training
Programs
Institutional
Training Programs
Total
28 Annual Report 2007
Number of Ibmec São Paulo Team Members Involved
2006
2007
Undergraduate
Scholarships
31
39
English
Scholarships
32
57
Institutional Training Programs
(Participations)
174
212
In 2007, we matured significantly and raised awareness to the factors that bear
considerable influence on organizational culture. The careers in the school’s
support areas were designed based on a specific body of knowledge and on
a set of fundamental concepts, which are considered points of intersection
between areas common to all team members and the exercising of their
respective functions. Such areas greatly facilitate internal mobility and the
valuing of our people.
Furthermore, when we formulated the institution’s long-term strategy, the
essential set of competencies that all team members are expected to hold was
enhanced, serving as the backbone for the execution of our Mission.
In 2008, Ibmec Pessoas will face the new challenge of reflecting on the
careers of our professors.
We are very conscious of the risks and are deeply committed to turning
Ibmec São Paulo into a reference point for management practices as well.
The path before us is long, but we know in which direction to go.
Ibmec São Paulo team members
Annual Report 2007
29
Financial results
Revenues in 2007
Principal indicators
Financial indicators (thousand reais)*
47% | Executive Graduate Programs
35% | Undergraduate
13% | Executive Education
3% | Professional Masters
2% | Distance Learning
2004
2005
2006
2007
Gross revenue
38,131
47,828
62,601
69,382
Direct expenses
18,360
21,259
24,625
25,952
Operational margin
16,163
21,945
31,988
36,992
Indirect expenses
5,763
7,594
10,580
11,508
General and institutional
expenses
5,834
9,669
13,374
15,095
Administrative surplus
4,896
7,666
11,099
14,452
Cash position
(end of period)
5,328
12,305
17,656
32,216
(3)
2,138
2,178
2,260
1,115
10,768
15,028
4,229
Donations Scholarship fund
-
2,089
314
140
Donations - Other
-
8,725
1,740
-
Donations - Total
-
10,814
2,054
140
Scholarship fund
(end of period)
Investments - Total
(*) Administrative View, not considering accounting adjustments
New group of accounts, adopted in 2006
30 Annual Report 2007
Summarized Balance Sheet
Instituto Veris
Balance sheet at December 31 (in thousand reais)
The explanatory notes are an integral part of the financial statements.
2007
2006
ASSETS
87,114
72,442
55,097
24,626
Current assets
56,662
41,488
34,485
16,967
31,710
18,011
14,655
5,366
Cash
2005
2004
April to December
Accounts receivable
25,749
23,750
20,419
11,933
Provision for uncertain debt
(1,664)
(1,452)
(808)
(589)
Other accounts receivable
Total long-term assets
Long-term receivables
Legal deposits
Accounts receivable
867
1,179
219
257
30,452
30,954
20,612
7,659
7,262
9,290
4,401
2,385
692
736
782
782
6,570
8,554
3,619
1,603
23,190
21,664
16,211
5,274
16,749
15,411
11,967
5,036
6,441
6,253
4,244
238
LIABILITIES AND SHAREHOLDERS’ EQUITY
87,114
72,442
55,097
24,626
Current liabilities
33,181
31,211
26,139
17,246
Suppliers
1,657
2,765
4,316
924
Payroll charges
Provision for payroll charges
Tax payable
Services to be rendered
Fixed assets
Property, plant and equipment
Deferred assets
617
663
366
347
1,781
1,551
1,128
700
244
326
430
239
28,451
25,906
19,899
15,036
Other obligations
431
-
-
-
Long-term liabilities
5,930
5,896
3,967
2,871
5,930
5,896
3,967
2,871
5,268
5,234
3,305
2,209
662
662
662
662
48,003
35,335
24,991
4,509
27
27
27
27
Long-term liabilities
Long-term services to be rendered
Provision for contingencies
Shareholders’ equity
Capital shares
Capital reserves
13,658
13,523
11,469
655
Accrued surplus
34,318
21,785
13,495
3,827
Annual Report 2007
31
Financial Results
Income Statement
Instituto Veris
Statement of surplus in the Fiscal Year ended December 31 (in thousand reais)
The explanatory notes are an integral part of the financial statements.
2007
2006
2005
2004
Gross revenue
68,942
60,878
50,369
30,024
Deductions from services rendered
(2,870)
(2,776)
(2,419)
(1,135)
Net revenue
66,072
58,102
47,950
28,889
(31,235)
(23,044)
(22,721)
(14,169)
April to December
REVENUE
Programs
EXPENSES
Payroll charges
Third-party services
(6,421)
(12,185)
(6,284)
(3,672)
Depreciation and amortization
(3,025)
(1,839)
(1,977)
(956)
Other expenses
(14,679)
(13,457)
(8,355)
(5,714)
Extraordinary items
Taxes
-
-
-
(763)
(337)
(282)
(260)
(145)
Total expenses
(55,697)
(50,807)
(39,597)
(25,419)
Operating Surplus
10,375
7,295
8,353
3,470
2,175
1,859
1,309
354
(17)
(865)
6
2
12,533
8,289
9,668
3,826
Net financial revenue/expenses
Non-operating revenue/expenses
2006 impacted significantly by income from the
sale of fixed assets (former facilities)
Surplus in fiscal year
32 Annual Report 2007
Report of the independent auditors
To the Board Members and Senior Executives
INSTITUTO VERIS
1. We have examined the balance sheets of INSTITUTO VERIS dated December
31, 2007 and 2006, and the corresponding income statements, statements of
changes in shareholders’ equity, and statement of sources and uses of funds
for the fiscal years ending on these dates, which were prepared under the
responsibility of the Company’s senior executives. Our responsibility is to give
an opinion on these financial statements.
2. Except for the remarks in Paragraph 3, our examination was conducted in
accordance with Brazilian accounting standards and comprises: (a) planning
of the work, taking into consideration the significance of the balances, the
volume of transactions and the accounting and internal control systems of the
company; (b) checking, on a test basis, the evidence and records that support
the amounts and accounting information disclosed; and (c) evaluating the most
relevant accounting practices and estimates adopted by the senior executives,
as well as the presentation of the financial statements taken as a whole.
3. As mentioned in Explanatory Note No. 1, at the end of fiscal year 2007, the
entity initiated the process of substituting its provider of accounting processing
and registration services. As a result of the process of transition between service
providers, delays occurred in the organization and filing of certain documents,
including documents proving payment. As a result of this situation, certain
documents selected by us for examination have not been presented as of the
present date.
4. In our opinion, except for the effects of any adjustments that may arise from
the application of auditing procedures that could not be concluded described
in the third paragraph, the financial statements referred to in the first paragraph
adequately present, in all material respects, the equity and financial situation
of INSTITUTO VERIS, the surpluse of its operations, the changes in its
shareholders’ equity, and the sources and uses of its funds for the fiscal year
ended on December 31, 2007, in accordance with the accounting practices
adopted in Brazil.
5. The accounting statements for the fiscal year ended on December 31, 2006
were examined by us and we issued a report with no reservations dated
March 7, 2007.
São Paulo, May 5, 2008.
Eduardo Affonso de Vasconcelos
CRC 1 SP 166.001/O-3
NEXIA AUDITORES INDEPENDENTES
CRC 2 SP 019.098/O-1
Nexia International
Annual Report 2007
33
Research faculty
Position and activity
Composition of team as of January 2008
André Luís de Castro Moura Duarte
Clinical Professor / Director of Undergraduate Program in
Business Administration (as of January 2008)
Doctorate, Business Administration – EAESP-FGV/SP
Operations Management. Supply Chain Management
Andrea Maria Accioly Fonseca Minardi
Assistant Professor
Doctorate, Business Administration – EAESP-FGV/SP
Finance
Antonio Zoratto Sanvicente
Full Professor
Ph.D., Business Administration – Stanford University
Finance
Eduardo Giannetti da Fonseca
Full Professor
Ph.D., Economics – University of Cambridge
Economic Thought. Philosophy
Eurilton Alves Araújo Júnior
Assistant Professor / Director of the Professional Masters
Program in Economics (as of August 2007)
Ph.D., Economics – Northwestern University
Macroeconomics. Econometrics
Fábio Augusto Reis Gomes
Assistant Professor
Doctorate, Economics – EPGE-FGV/RJ
Applied Econometrics.
Fabio Ribas Chaddad
Assistant Professor (joint appointment, University of Missouri) /
Director of Undergraduate Program in Business Administration
(to December 2007)
Carlos Alberto Furtado de Melo
Ph.D., Agricultural Economics – University of Missouri
Assistant Professor / Community Relations Coordinator
Strategy. Agribusiness
Doctor, Political Science – PUC/SP
Brazilian Culture. Brazilian Politics
Gazi Islam
Assistant Professor
Danny Pimentel Claro
Ph.D., Business Administration – Toulane University
Assistant Professor / Strategy Research Center Coordinator
Organizational Behavior. Leadership. Organizational Culture
Ph.D., Business Administration – Wageningen University
Marketing
Henrique Machado Barros
Assistant Professor / Director of the Professional Masters Program in
Eduardo de Carvalho Andrade
Business Administration
Assistant Professor
Ph.D., Business Administration – Warwick Business School
Ph.D., Economics – University of Chicago
Innovation
Economics of Education
34 Annual Report 2007
José Luiz Rossi Júnior
Pedro Valls
Assistant Professor
Full Professor / Director of the Professional Masters Program
Ph.D., Economics – Yale University
in Economics (to July 2007)
International Finance. Corporate Finance. Monetary Economics
Ph.D., Economics (Statistics) – London School of Economics
Econometrics. Finance
Marcelo Leite de Moura e Silva
Assistant Professor
Regina Carla Madalozzo
Ph.D., Economics – University of Chicago
Assistant Professor
Monetary Economics. Finance
Ph.D., Economics - University of Illinois at Urbana-Champaign
Labor Market. Microeconometrics
Maria Cristina Nogueira Gramani
Assistant Professor
Ricardo Dias de Oliveira Brito
Doctorate, Engineering – UNICAMP
Assistant Professor
Operational Research. Operations Management
Doctorate, Economics – EPGE-FGV/RJ
Finance. Monetary Economics
Mauricio Soares Bugarin
Full Professor / Director of the Undergraduate Program
Rinaldo Artes
in Economics
Assistant Professor
Ph.D., Economics – University of Illinois
Doctorate, Statistics – USP
Game Theory
Statistics
Naercio Aquino Menezes Filho
Rodrigo Menon Simões Moita
Full Professor / Research Center Coordinator
Assistant Professor
Ph.D., Economics – University of London
Ph.D., Economics – University of Illinois
Education. Inequality. Labor Market
Industrial Organization
Paulo Barelli
Sérgio Giovanetti Lazzarini
Assistant Professor (joint appointment, University of Rochester)
Associate Professor / Academic Dean of
Ph.D., Economics – Columbia University
Undergraduate and Masters Programs
Game Theory
Ph.D., Business Administration – Washington University, St. Louis
Strategy. Organization of Companies
Research faculty
Annual Report 2007
35
Academic and Administrative Staff
Undergraduate
Stricto Sensu Graduate
and Research
Lato Sensu Graduate
André Luís de Castro
Moura Duarte
Program Director –
Undergraduate Business
Administration
Henrique Machado
Barros
Program Director –
Professional Master in
Business Administration
Fábio de Biazzi
Associate Dean for
Executive MBA Programs
Mauricio Soares Bugarin
Program Director –
Undergraduate
Economics
Eurilton Alves Araújo
Júnior
Program Director –
Professional Master in
Economics
Otto Nogami
Deputy Associate Dean
for Executive MBA
Programs
Ana Helena Campos
Academic Support
Coordinator
Naercio Aquino
Menezes Filho
Associate Dean for
Academic Research
Carlos Alberto Suslik
Program Director –
Executive MBA in
Healthcare Management
Andréa Tissenbaum
Extracurricular Activities
and Exchange Programs
Coordinator
Danny Pimentel Claro
Strategy Research Center
Director
Guy Cliquet do Amaral
Filho
Associate Dean for the
Certificate Programs
Carlos Alberto Furtado
de Melo
Community Relations
Coordinator
Bruno Sestokas Filho
Assistant to the Associate
Dean for the Certificate
Programs
Luciana de Paula Arjona
Library Manager
Jairo Saddi
Ibmec Law Director
Meiry Tregier
Academic Registrar
André Antunes Soares
de Camargo
Assistant to the
Ibmec Law Director
Marcos Hashimoto
Entrepreneurship Center
Director
36 Annual Report 2007
Executive Education
Institutional Development
Business Intelligence
Luca BorroniBiancastelli
Associate Dean for
Executive Education
Camila de Souza
Queiroz Du Plessis
Institutional Projects –
Institucional Relations
Manager
Silvia Meirelles Ethel
New Businesses
Development
Coordinator
Carolina da Costa
Teaching and Learning
Dynamics Research
Center Manager
Fernanda Bonafini
Custom Executive
Education Programs
Director
Maria Ester Pires
da Cruz
Career Services Manager
Alessandro Neves
Batista dos Santos
Infrastructure Manager
Galo Lopez Noriega
Custom Executive
Education Programs
Director
Márcia Maria Deotto
Interactive Learning
Technologies Manager
Daniel Penna Kagaya
IT Manager
Mariana Hauer
Custom Executive
Education Programs
Director
Priscila Borin Claro
Custom Executive
Education Programs
Director
Sonia Marin
Executive Education
Operations Coordinator
Rita de Cássia Marques
Lima de Castro
Institutional Projects –
International Accreditation
and Academic Scholarship
Programs Manager
Vilma Santos
Human Resources
Manager
Milena Soares de
Oliveira
Business Intelligence
Manager
Shared Services
Genival de Souza Junior
Finance Manager
Joênio Neves Sousa
Service Desk Manager
Karin Lucia Obertopp
Marketing of Education
Programs Manager
Silvia Regina Bassaglia
Customer Services
Manager
Annual Report 2007
37
Publications
Papers published in international
scientific journals
GOMES, F. A. R. Convergence in income inequality: the case of
Brazilian Municipalities. Economics Bulletin, [S.L.], v. 15,
p. 1-9, 2007.
GOMES, F. A. R.; GALVÃO JUNIOR, A. F. Convergence or
divergence in Latin America? a time series analysis. Applied
Economics, [S.L.], v. 39, p. 1353-1360, 2007.
ISLAM, G. Review of “Anthropology through a double lens: Public
and personal worlds in human theory”. Ethos, v. 35, n. 2, 2007.
Available in: <http://www.anthro.uiuc.edu/ethos>
Last access: 2007.
ISLAM, G. Virtue ethics and multiculturalism: the paradox of
cultural dialogue. American Psychologist, [S. L.]. 2007, p. 704-705,
Oct. 2007.
ISLAM, G.; ZYPHUR, M. Critical industrial psychology: what is it
and where is it? Psychology in Society, [S.L.], v. 34, p. 17-30, 2007.
ISLAM, G.; ZYPHUR, M. Ways of interacting: the standardization
of communication in medical training. Human Relations, New
York, v. 60, p. 769-792, 2007.
LAZZARINI, S. G. The impact of membership in competing
alliance constellations: evidence on the operational performance of
global airlines. Strategic Management Journal, [S.L.] v. 28,
p. 345-367, 2007.
MENEZES FILHO, N. A.; PAZELLO, E. Do teachers’ wages
matter for proficiency? Evidence from a funding reform in Brazil.
Economics of Education Review, [S.L.], v. 26, n. 6,
p. 660-672, 2007.
38 Annual Report 2007
MESQUITA, L.; LAZZARINI, S. G.; CRONIN, P. Determinants
of firm competitiveness in Latin American emerging economies:
evidence from Brazil’s auto-parts industry. International Journal of
Operations & Production Management, [S.L.], v. 27,
p. 501-523, 2007.
PAULA, R. S.; ANTELMI, I.; VINCENZI, M. A.; ANDRÉ, C. D. S.;
ARTES, R.; GRUPI, C. J.; MANSUR, A. J. Cardiac arrhythmias and
atrioventricular block in a cohort of asymptomatic individuals
without heart disease. Cardiology, [S.L.], v. 108, p. 111-116, 2007.
VALLS PEREIRA, P. L.; HWANG, S.; STACHELL, S. E. How
persistent is volatility? An answer with stochastic volatility models
with markov regime switching state equations. Journal of Business
Finance & Accounting, [S.L.] v. 34, p. 1002-1024, 2007.
ZYPHUR, M.; ISLAM, G.; LANDIS, R. The personality of repeat:
SAT test takers and their testing outcomes. Journal of Research in
Personality, [S.L.], v. 41, p. 715-722, 2007.
ZYPHUR, M.; ISLAM, G.; Franklin, M. The synthetic unity of
valuation: Saussure, Marx, Simmel, and Kant on money and
valuation. Applied Semiotics, [S.L.], v. 18, p. 43-54, 2007.
Papers published in Brazilian
scientific journals
ANDRADE, E. C. Effects of the Brazilian University Policy of
Targeting the Poor. Estudos Econômicos, São Paulo, v. 37, n. 3, p.
663-683, jul. 2007.
ANTIQUEIRA, J. R.; SAES, M. S. M.; LAZZARINI, S. G.
Comportamento oportunista em negociações envolvendo
investimentos específicos: um estudo com metodologia
experimental. RAUSP - Revista de Administração, São Paulo, v. 42,
n.4, p. 393-404, out. 2007.
BARTALOTTI, O.; MENEZES FILHO, N. A. A Relação entre o
Desempenho da Carreira no Mercado de Trabalho e a Escolha
Profissional dos Jovens. Revista de Economia Aplicada, v. 11,
p. 487-506, 2007.
Ferreira I.F.S.; BUAGARIN, M. Transferências Voluntárias e Ciclo
Político-Orçamentário no Federalismo Fiscal Brasileiro.
Revista Brasileira de Economia, Rio de Janeiro, v. 61, n.3,
p.271-300, jul. 2007.
CHADDAD, F. R. Cooperativas no agronegócio do leite: mudanças
organizacionais e estratégicas em resposta à globalização.
Organizações Rurais e Agroindustriais, [S.L.], v. 9, p. 69-78, 2007.
CHADDAD, F. R. Desequilíbrio dos contratos. Agroanalysis (FGV),
v. 27, p. 16-17, 2007.
FREGUGLIA, R.; MENEZES FILHO, N. A.; SOUZA, D. B. Diferenciais
Salariais Inter-regionais, Interindustriais e Efeitos Fixos Individuais:
Uma Análise a Partir de Minas Gerais. Estudos Econômicos. Instituto
de Pesquisas Econômicas, v. 37,
p. 129-150, 2007.
GOMES, F. A. R. “Dê-me segurança ou lhe dou um não”: em busca
MADALOZZO, R. C. Gender wage gaps: comparing the 80s, 90s
and 00s in Brazil. Revista de Economia e Administração, São
Paulo, v. 6, n. 2, abr./jun. 2007. (Magazine not published yet)
MARÇAL, E .F.; VALLS PEREIRA, P. L. A Estrutura a Termo das taxas
de juros no Brasil: Testando a hipótese de expectativas racionais.
Pesquisa e Planejamento Econômico, Rio de Janeiro, v. 37,
p. 113-147, 2007.
MINARDI, A. M. A. F.; SANVICENTE, A. Z.; ARTES, R.
Determinação de rating de crédito de unidades de negócios
visando a estimação de custo de capital de terceiros. RPA Brasil,
Maringá, v. 3, p. 63-74, 2007.
MINARDI, A. M. A. F.; SANVICENTE, A. Z.; MONTEIRO, R.
Mercado Acionário Brasileiro. GV Executivo - Getúlio Vargas
Executivo, [S.L.], v. 6, p. 24-30, 2007.
MINARDI, A. M. A. F.; SAITO, R. Orçamento de Capital.
RAE - Revista de Administração de Empresas, [S.L.], v. 47,
p. 79-83, 2007.
ROSSI Jr., J. L.; VASCONCELOS, L. Determinantes da classificação
de risco de países. Revista de Economia e Administração, [S.L.],
v. 6, p. 1, 2007.
ROSSI Jr., J. L. O Endividamento das empresas em moeda
estrangeira e o regime cambial. Pesquisa e Planejamento
Econômico, Rio de Janeiro, v. 37, p. 1-19, 2007.
ROSSI Jr., J. L. The use of currency derivatives by Brazilian
companies: an empirical investigation. Revista Brasileira de
Finanças, Rio de Janeiro, v. 5, p. 205-232, 2007.
SCORZAFAVE, L. G.; MENEZES FILHO, N. A. Famílias com
trabalho e famílias sem trabalho: evidências de polarização para o
Brasil. Estudos Econômicos, [S.L.], v. 37, p. 563-584, 2007.
do eleitor mediano no referendo das armas. Revista Brasileira de
Economia, Rio de Janeiro, v. 2007.
HAGLER, C. E. M.; BRITO, R. D. de O. Sobre a eficiência dos
índices de ações brasileiros. RAUSP- Revista de Administração,
São Paulo, v. 42, n.1, p. 74-85, jan./mar. 2007.
LAZZARINI, S. G. Mudar tudo para não mudar nada: análise
da dinâmica de redes de proprietários no Brasil como “mundos
pequenos”. RAE Eletrônica, v. 6, n. 1, 2007. Available in:
<http://www.rae.com.br/eletronica/index.cfm?FuseAction=Artigo&ID=
3991&Secao=F%C3%93RUM&Volume=6&Numero=1&Ano=2007>.
Last access: 25 mar. 2008.
Annual Report 2007
39
Publications
Books
BUAINAIN, A. M.; GUANZIROLI, C.; MELO, C. H.; NEDER, H.;
Complete works in conference
proceedings
SOUZA FILHO, H. M.; SILVEIRA, J. M. J. ; BATALHA, M. O.;
ANDRADE, E. C.; BUGARIN, M. S.; ROCHA, B.; MIESSI, F. Free-
ARRETCHE, M.; ARTES, R. Ações de combate à pobreza rural:
Rider and gaming in the distribution of revenues across schools. In:
metodologia para avaliação de impactos. Brasília: IICA, 2007. 225 p.
ENCONTRO BRASILEIRO DE ECONOMETRIA, 29., 2007. Anais...
MELO, C. A. F. Collor: o ator e suas circunstâncias. São Paulo:
Novo Conceito, 2007. 223 p.
[S.L.]: [s.n], 2007.
ANDRADE, E. C. Higher Education: (Almost) free tuition vs: quotas
vs. Targeted Vouchers. In: PROCEEDINGS OF THE LACEA’S
ANNUAL MEETING, 12., 2007, Bogotá. Anais... [S.L.]: [s.n.], 2007.
Book chapters
CHADDAD, F. R.; COOK, M. L. Conversions and other forms
of exit in U.S. agricultural cooperatives. In: KARANTININIS, K.;
ARAÚJO Jr., E. A. Macroeconomic Shocks and the Co-Movement
of Stock Returns in Latin America. In: ENCONTRO BRASILEIRO DE
ECONOMETRIA, 29., Recife. Anais… [S.L.]: [s.n.], 2007.
NILSSON, J. (orgs.). Vertical markets and cooperative hierarchies:
BARROS, H. M. The impact of the distribution of R&D expenses
the role of cooperatives in the agri-food industry. Dordrecht:
on firms motivations to patent. In: ENCONTRO DA ASSOCIAÇÃO
Springer Academic Publishers, 2007, p. 61-72.
NACIONAL DOS PROGRAMAS DE PÓS-GRADUAÇÃO EM
CLARO, P. B. O.; CLARO, D. P.; AMANCIO, R. Sustentabilidade
e indicadores: um estudo de caso com torrefadoras de café. In:
ADMINISTRAÇÃO, 31., 2007, Rio de Janeiro. Anais... [S.L.]: [s.n.],
2007. p. GCT-B 1382.
FERNANDEZ, M.; SANTOS, A.C. (orgs.). Por detrás de uma xícara
BOIANAIN, P. G.; VALLS PEREIRA, P. L. Ombro-Cabeça-Ombro:
de café. São Paulo: Atlas, 2007.
testando a lucratividade do padrão gráfico de análise técnica no
mercado de ações brasileiro. In: ENCONTRO BRASILEIRO DE
FINANÇAS, 7., 2007, São Paulo. Anais... São Paulo: SBFin, 2007.
BUGARIN, M. S.; CARVALHO, F. A. Central Banker heterogeneity and
inflationary pressure. In: THE INTERNATIONAL CONFERENCE ON
GAME THEORY, 18., 2007, Stony Brook. Anais… [S.L.]: [s.n.], 2007.
BUGARIN, M. S.; CARVALHO, F. A. Heterogeneity of Central
Bankers and inflationary pressure. In: ANNUAL CONGRESS
OF THE EUROPEAN ECONOMIC ASSOCIATION, 22., 2007,
Budapest. Anais… [S.L.]: [s.n.], 2007.
BUGARIN, M. S.; PORTUGAL, A. C.; SAKURAI, S. Inequality
and costs of electoral campaign in Latin America. In: FORD
OBSERVATORY WORKSHOP: THE SOCIAL AND POLITICAL
IMPACTS OF SOCIO-ECONOMIC INEQUALITY, 2007, Miami.
Anais... [S.L.]: [s.n.], 2007.
BUGARIN, M. S.; PORTUGAL, A. C. Public and private financing
of electoral campaigns: the social welfare effects of voters’
participation. In: LACEA-LAMES 2007 ANNUAL MEETING, 2007,
Bogotá. Anais… [S.L.]: [s.n.], 2007.
CHADDAD, F. R. Cooxupé and the world coffee industry: strategies
to increase producer income. In: ENCONTRO NACIONAL DA
ANPAD, 31., 2007, Rio de Janeiro. Anais… [S.L.]: [s.n.], 2007.
40 Annual Report 2007
CHADDAD, F. R. The evolution of Brazilian dairy cooperatives:
GOMES, F. A. R.; GUTIÉRREZ, C. E. C. Consumo no Brasil:
a life cycle approach. In: CONGRESSO DA SOCIEDADE
comportamento otimizador, restrição de crédito ou miopia?.
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CHADDAD, F. R. Networking for competitive advantage: the case
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business cycles. In: ENCONTRO BRASILEIRO DE ECONOMETRIA,
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CHADDAD, F.R. Visão internacional: um só agronegócio. In:
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POLÍTICA, 12., 2007, São Paulo. Anais... [S.L.]: [s.n.], 2007.
CLARO, D. P.; CLARO, P. B. O. Developing joint action with
GOMES, F. A. R.; SILVA, C. G. Measuring unemployment persistence
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of different labor force groups in the São Paulo metropolitan area.
THE AMERICAN MARKETING ASSOCIATION EDUCATORS’
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MEETING, 2007, Washington. Anais… [S.L.]: [s.n.], 2007.
Gramado. Anais... São Paulo: ABE, 2007.
CLARO, D. P.; CLARO, P. B. O. Managing trust relationships:
GRAMANI, M. C. N. Otimização combinada no planejamento de
evidence of the purchasing perspective of agrochemical
um processo produtivo. In: SIMPÓSIO BRASILEIRO DE PESQUISA
distributors. In: ANNUAL CONFERENCE OF THE INTERNATIONAL
OPERACIONAL - SOBRAPO, 39., 2007, Fortaleza. Anais… [S.L.]:
SOCIETY FOR NEW INSTITUTIONAL ECONOMICS ISNIE, 11.,
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2007, Reykjavik. Anais… [S.L.]: [s.n.], 2007.
ISLAM, G. Language and Organizing: Towards a discursive view of
CLARO, D. P.; CLARO, P. B. O. Managing trust relationships in the
organizations. In: ENCONTRO DA ANPAD – ENANPAD, 31., Rio
Brazilian agrochemical chain. In: INTERNATIONAL PENSA ON AGRI-
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FOOD CHAIN/NETWORKS ECONOMICS AND MANAGEMENT, 6.,
2007, Ribeirão Preto. Anais… [S.L.]: [s.n.], 2007.
KLUPPEL, L.; BUGARIN, M. S. Competição eleitoral e aversão
à adoção de reformas. In: RESEARCH WORKSHOP IN
CLARO, D. P.; CLARO, P. B. O.; LAZZARINNI, S. G. Networking
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and developing collaborative alliances: the impact of the network
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on joint action. In: ENCONTRO DA ANPAD, 31., 2007, Rio de
Janeiro. Anais… [S.L.]: [s.n.], 2007.
LAZZARINNI, S. G.; CLARO, D. P.; MESQUITA, L. Buyer-supplier
and supplier-supplier alliances: do they reinforce or undermine one
CLARO, D. P.; CLARO, P. B. O. Trust in channel relationships:
another?. In: Knowledge, Action and public concern. In: Academy
calculative, affective, belief and performance. In: ENCONTRO DA
of Management Meeting, 2006, Atlanta. Anais… [S.L.]: [s.n.], 2007.
ANPAD, 31., 2007, Rio de Janeiro. Anais... [S.L.]: [s.n.], 2007.
LIMA, A. R. S.; MOURA, M. L. Empirical exchange rate models
CLARO, D. P. Why the American west was not as wild as the
fit: the case of Brazil. In: GLOBAL CONFERENCE ON BUSINESS E
Brazilian Amazon forest?: the development of institutions. In:
ECONOMICS, 7., 2007, Roma. Anais… [S.L.]: [s.n.], 2007.
CONFERENCE OF THE INTERNATIONAL SOCIETY FOR NEW
INSTITUTIONAL ECONOMICS – ISNIE, 11., [S.L.]. Anais… [S.L.]:
MADALOZZO, R. C.; MARTINS, S. R. Gender wage gaps:
[s.n.], 2007.
comparing the 80s, 90s, and 00s in Brazil. In: GLOBAL
CONFERENCE ON BUSINESS E ECONOMICS, 7., 2007, Roma.
GOMES, F. A. R.; BARROS, L. C. Desigualdade e desenvolvimento:
Anais… [S.L.]: [s.n.], 2007.
a hipótese de Kuznets é válida para os municípios brasileiros?. In:
ENCONTRO CAEN-UFC/EPGE-FGV DE POLÍTICAS PÚBLICAS E
MADALOZZO, R. C. New evidence on the determinants of the
CRESCIMENTO ECONÔMICO, 3., 2007, Fortaleza. Anais... [S.L.]:
gap between child support awards and child support receipts. In:
[s.n.], 2007.
GLOBAL CONFERENCE ON BUSINESS E ECONOMICS, 2007,
Roma. Anais... [S.L.]: [s.n.], 2007.
Annual Report 2007
41
Publications
MADALOZZO, R. C.; FURTADO, G. M. Um estudo sobre a
MINARDI, A. M. A. F.; SANVICENTE, A. Z.; ARTES, R. A methodology
vitimização na cidade de São Paulo. In: ENCONTRO NACIONAL DE
for estimating credit ratings and the cost of debt for business units
ECONOMIA, 35., 2007, São Paulo. Anais... São Paulo: ANPEC, 2007.
and privately-held companies. In: CREDIT SCORING AND CREDIT
CONTROL, 10., 2007, Edinburgh. Anais… [S.L.]: [s.n.], 2007.
MADALOZZO, R.; VILLAR, R. Um modelo para demanda
de público em jogos do campeonato brasileiro de futebol. In:
MINARDI, A. M. A. F.; PAIXÃO, M. R. Opções reais existentes em
ENCONTRO BRASILEIRO DE ECONOMETRIA, 29., 2007. Recife.
empreendimentos de tecnologia. In: ENCONTRO BRASILEIRO DE
Anais... [S. L.]: [s.n.], 2007.
FINANÇAS, 7., 2007, São Paulo. Anais… São Paulo: [S.L.], 2007. v.
7. p. 918-934.
MARÇAL, E. F.; VALLS PEREIRA, P. L.; MARTIN, D.; NAKAMURA,
W. Evaluation of contagion or interdependence in the financial
MOITA, R. M. S. Entry and externality: hydroelectric generators
crises of Asia and Latin America, considering the macroeconomic
in Brazil. In: NORTH AMERICAN SUMMER MEETING OF THE
fundamental. In: ESCOLA DE SÉRIES TEMPORAIS E
ECONOMETRIC SOCIETY, 2007. [S.L.]. Anais… [S.L.]: [s.n.], 2007.
ECONOMETRIA, 12., 2007, Gramado.
Anais... São Paulo: ABE, 2007.
MOITA, R. M. S. The political price cycle in regulated industries: theory
and evidence. In: INTERNATIONAL INDUSTRIAL ORGANIZATION
MARÇAL, E. F.; VALLS PEREIRA, P. L.; ABBARA, O. Testando a
CONFERENCE, 2007, [S.L.]. Anais… [S.L.]: [s.n.], 2007.
existência de quebra estrutural na estrutura a termo das taxas
de juros brasileiras utilizando regressão de posto reduzido
MOITA, R. M. S. The political price cycle in regulated industries:
generalizada. In: ENCONTRO BRASILEIRO DE FINANÇAS, 7.,
theory and evidence. In: NORTH AMERICAN SUMMER MEETING
2007, São Paulo. Anais... São Paulo: SBFin, 2007.
OF THE ECONOMETRIC SOCIETY, 2007 [S.L.]. Anais… [S.L.]:
[s.n.], 2007.
MELO, C. A. F. The Political Crisis of 2005: structural and
conjunctural causes that explain it. In: INTERNATIONAL
MOURA, M. L.; ARTES, R.; CAETANO, M. A. L.; FUKUDA, F. R.;
CONGRESS OF THE LATIN AMERICAN STUDIES ASSOCIATION,
GOLDBERG, M. B.; LAZZARINI, S. G. Does it pay to anticipate
27., Montréal. Anais… [S.L.]: [s.n.], 2007.
competitor reactions?. In: GLOBAL CONFERENCE ON BUSINESS E
ECONOMIA, 7., 2007, Roma. Anais… [S.L.]: [s.n.], 2007.
MENEGUIN, F. B.; BUGARIN, M. S. A game theoretic analysis of
informality in the labor market and the role of courts. In: ANNUAL
MOURA, M. L.; LAZZARINI, S. G.; CAETANO, M. A. L.; ARTES,
ALACDE CONFERENCE, 2007, Brasília. Anais… [S.L.]: [s.n.], 2007.
R.; GOLDBERG, M. B.; SILVA, C. E. Strategic pricing incorporating
an anticipation of competitors’ reactions: a study in the auto
MENEGUIN, F. B.; BUGARIN, M. S. A game theoretic analysis
insurance industry. In: ENANPAD, 31., Rio de Janeiro. Anais…
of informality in the labor market and the role of institutions.
[S.L.]: [s.n.], 2007.
In: ENCONTRO BRASILEIRO DE ECONOMETRIA, 29., Recife.
Anais... Recife: SBE, 2007.
MOURA, M. L.; LIMA, A. R. S. Empirical exchange rate models
fit: evidence from the Brazilian economy. In: ENCONTRO
MENEZES FILHO, N.; CURI, A. Z. As Causas de Estagnação
BRASILEIRO DE FINANAÇAS, 7., 2007, São Paulo. Anais... [S.L.]:
Educacional Recente no Brasil. In: ENCONTRO NACIONAL DE
[s.n.], 2007.
ECONOMIA, 35., São Paulo. Anais... São Paulo: ANPEC, 2007.
MOURA, M. L.; LIMA, A.; MENDONÇA, R. Exchange rate
MENEZES FILHO, N.; VASCONCELLOS, L. Ação Jovem: avaliando
determination: an empirical study for emerging economies with
o impacto de um programa de transferência de renda condicional
independently floating and inflation targeting. In: ENCONTRO
em São Paulo. In: ENCONTRO NACIONAL DE ECONOMIA, 35.,
BRASILEIRO DE ECONOMETRIA, 29., Recife. Anais… [S.L.]:
São Paulo. Anais... São Paulo: ANPEC, 2007.
[s.n.], 2007.
MENEZES FILHO, N.; SAKURAI, S. N. Política Fiscal e Reeleição
PEREIRA, D. E.; VALLS PEREIRA, P. L. Cópulas: uma alternativa para
nos Municípios Brasileiros: uma análise via dados em painel para o
a estimação de modelos de risco multivariados. In: ENCONTRO
período 1988-2000. In: ENCONTRO NACIONAL DE ECONOMIA,
BRASILEIRO DE FINANÇAS, 7., 2007, São Paulo. Anais... São
35., São Paulo. Anais... São Paulo: ANPEC, 2007.
Paulo: SBFin, 2007.
42 Annual Report 2007
PLUNKETT, B.; CHADDAD, F. R.; COOK, Michael Lee. Pay as
you go: two dual structured irrigation cooperatives in Australia. In:
Abstracts in conference proceedings
INTERNATIONAL PENSA CONFERENCE, 6., 2007, Ribeirão Preto.
ARTES, R. Análise de covariância para dados circulares:
Anais… [S.L.]: [s.n.], 2007.
modelagem da média circular e do parâmetro de concentração.
PORTUGAL, A. C.; BUGARIN, M. S. Electoral Campaign
Financing: the role of public contributions and party ideology. In:
In: CONGRESSO ANUAL DA SOCIEDADE PORTUGUESA DE
ESTATÍSITICA, 25., 2007, Lisboa. Resumos... [S.L.]: [s.n.], 2007.
ECONOMIA PANEL MEETING, 15., 2007, New Haven. Anais…
ARTES, R.; TOLOI, C. M. C. An autoregressive model for circular
[S.L.]: [s.n.], 2007.
time series. In: SESSION OF THE INTERNATIONAL STATISTICAL
PORTUGAL, A. C.; BUGARIN, M. S. Public and Private Financing
INSTITUTE, 56., 2007, Lisboa. Resumos... [S.L.]: [s.n.], 2007.
of Electoral Campaigns: the social welfare effect of voters
ARTES, R. Modelagem e testes de hipóteses para o parâmetro de
participation. In: ENCONTRO BRASILEIRO DE ECONOMETRIA,
concentração de um modelo de análise de covariância circular
29., Recife, Anais... Recife: SBE, 2007.
para dados circulares. In: ESCOLA DE MODELOS DE REGRESSÃO,
ROSSI Jr., J. L. Corporate foreign vulnerability, financial policies and
10., 2007, Salvador. Resumos... [S.L.]: [s.n.], 2007. p. 76.
the exchange rate regime: evidence from Brazil. In: EUROPEAN
BARROS, H. M. R&D Distribution and Patent Portfolios: a
ECONOMIC ASSOCIATION MEETING, 2007, Budapeste. Anais…
survey-based investigation of UK manufacturing. In: ACADEMY
[S.L.]: [s.n.], 2007.
OF MANAGEMENT ANNUAL MEETING, 2007, Philadelphia.
ROSSI Jr., J. L.; CÉSPEDES, I. Testes empíricos da teoria de market
Resumos… [S.L.]: [s.n.], 2007.
timing no Brasil. In: ENCONTRO BRASILEIRO DE ECONOMETRIA,
GOMES, F. A. R.; PAZ, L. S. The determinant of criminal
29., 2007, Recife. Anais... [S.L.]: [s.n.], 2007.
victimization in São Paulo state. In: ESCOLA DE SÉRIES
ROSSI Jr., J. L. The use of currency derivatives by Brazilian
companies: an empirical investigation. In: ENANPAD ENCONTRO
TEMPORAIS E ECONOMETRIA, 12.., 2007, Gramado. Resumos...
[S.L.]: [s.n.], 2007.
DA ASSOCIAÇÃO NACIONAL DE PÓS-GRADUAÇÃO E
GOMES, F. A. R.; SILVA, C. G. Hysteresis vs NAIRU and
PESQUISA EM ADMINISTRAÇÃO, 31., 2007, Rio de Janeiro.
convergence vs divergence: the behavior of regional
Anais..., 2007.
unemployment rates in Brazil. In: ESCOLAS DE SÉRIES
VALLS PEREIRA, P. L. Simulação de variáveis econômicas com
modelos VAR. In: ENCONTRO NACIONAL DE GESTÃO DE
RISCOS, 2007, São Paulo. Anais... São Paulo: FCE, 2007.
TEMPORAIS E ECONOMETRIA 12., 2007, Gramado. Resumos...
[S.L.]: [s.n.], 2007.
LAURINI, M. P.; MOURA, M. L. Constrained smoothing splines
for the term structure of interest rates. In: ESCOLA DE SÉRIES
TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos...
[S.L.]: [s.n.], 2007.
LAURINI, M. P.; MOURA, M. L. A dynamic non-parametric model
for the term structure of interest rates. In: ESCOLA DE SÉRIES
TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos...
[S.L.]: [s.n.], 2007.
MADALOZZO, R. C.; MARTINS, S. R. Diferencial de salários por
gêneros: um estudo comparativo entre os anos de 1981, 1992 e
2004. In: ESCOLA DE MODELOS DE REGRESSÃO, 10., 2007,
Salvador. Resumos... [S.L.]: [s.n.], 2007.
MADALOZZO, R. C.; MARTINS, S. R. Gender wage gaps:
comparing the 80s, 90s and 00s in Brazil. In: ESCOLA DE SÉRIES
TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos…
[S.L.]: [s.n], 2007.
Annual Report 2007
43
Publications
MADALOZZO, R. C. New evidence on the determinants of the
gap between child support awards and child support receipts. In:
ESCOLA DE SÉRIES TEMPORAIS E ECONOMETRIA, 12., 2007,
Gramado. Resumos... [S.L.]: [s.n.], 2007.
MOURA, M. L.; LIMA, A. R. S. Empirical exchange rate models
fit: evidence from the Brazilian economy. In: ESCOLA DE SÉRIES
TEMPORAIS E ECONOMETRIA, 12., 2007, Gramado. Resumos...
[S.L.]: [s.n.], 2007.
VENEZUELA, M. K.; BOTTER, D. A.; SANDOVAL, M. C.; ARTES,
R. Longitudinal data estimating equations for beta regression
models. In: SESSION OF THE INTERNATIONAL STATISTICAL
INSTITUTE, 56., 2007, Lisboa. Resumos… [S.L.]: [s.n.], 2007.
VENEZUELA, M. K.; SANDOVAL, M. C.; BOTTER, D. A.; ARTES,
R. Modelagem dos parâmetros de posição e dispersão em modelos
de regressão beta com medidas repetidas. In: ESCOLA DE
MODELOS DE REGRESSÃO, 10., 2007, Salvador. Resumos... [S.L.]:
[s.n], 2007. p. 128.
44 Annual Report 2007
Ibmec São Paulo in numbers
Scholarship award in 2007
by type of program
Scholarship fund
2004
2005
2006
2007
Starting balance (–) Scholarship awarded
(28)
(3)
2,162
2,550
Scholarship awarded
(85)
(223)
(501)
(943)
Refund
16
49
45
12
Investments
95
2,338
844
641
Ending balance (remunerated)
(3)
2,162
2,550
2,260
Scholarship Program Scholarship Awarded
38% | 1st year students
26% | 2nd academic semester
2004
2005
2006
2007
17
27
49
70
Scholarship students
20% | Financial aid
16% | Full-time
3,505
3,031
751
727
2004
2005
Graduação
Pós Stricto
Professional
Masters
Variation
2006
2007
Variation
2006
2007
Variation
2006
2007
Variation
Applicants
466
499
7%
1,182
1,403
19%
1,532
1,586
4%
3,180
3,488
10%
Applicants
Accepted
188
208
11%
657
704
7%
577
661
15%
1,422
1,573
11%
Percentage
Accepted
40%
42%
4%
56%
50%
-10%
38%
42%
10%
45%
45%
0%
Students Enrolled
157
163
4%
532
623
17%
477
482
1%
1,166
1,268
9%
Yield
(Enrolled/Accepted)
84%
78%
36%
81%
88%
239%
83%
73%
7%
82%
81%
82%
Professional Masters
Number of applicants, admissions and enrollments by admission process
2006
2006
2007
Variation
2006
2007
Variation
Applicants
101
158
56%
-
26
-
Applicants Accepted
61
63
3%
-
11
-
Percentage Accepted
60%
40%
-
-
42%
-
48
50
4%
-
11
-
79%
79%
-
-
100%
-
Students Enrolled
2007
Pós Executive
Lato Total
Graduate
Programs
Professional Masters in
Businnes Administration
Yield (Enrolled/Accepted)
Total
Executive Education - Custom Programs
Highlights
Team
2004
2005
2006
2007
Research professors
15
18
22
22
Full-time professors
49
47
41
37
Teaching assistants
-
27
18
28
Educational professionals
131
114
191
158
Total teaching activities
195
206
272
245
Staff
115
142
160
162
Total teaching and
administrative activities
310
348
432
407
2004
2005
2006
2007
Number of clients
32
49
49
31
Programs delivered
43
106
113
78
Number of students served
1,307
1,566
2,659
2,112
Class hours
3,925
4,545
7,291
5,815
Programs delivered by sector
2004
2005
2006
2007
Financial
26%
27%
41%
35
Services
53%
44%
38%
42
Industry
21%
29%
21%
23
2007
Undergraduate
122
92
61
15
965
Total
2007
2,109
830
EMBA
Professional Masters in Economics
1,330
796
Certificates
2006
2,418
2,187
1,493
LLM
Annual Report
Number of students
Executive Graduate Programs
Number of applicants, admissions and enrollments by admission process
Ibmec São Paulo in numbers
Rua Quatá, 300 - Vila Olímpia
São Paulo - SP - Brazil
Total revenue - 2004 to 2007
04546-042
www.ibmecsp.edu.br
[email protected]
Annual Report
Tel 55 11 4504-2400
(thousand reais)
2007
2004
2005
2006
2007
Gross revenue
38,131
47,828
62,601
69,382
Direct expenses
18,360
21,259
24,625
25,952
Operational margin
16,163
21,945
31,988
36,992
Indirect expenses
5,763
7,594
10,580
11,508
General and institutional expenses
5,834
9,669
13,374
15,095
Administrative surplus
4,896
7,666
11,099
14,452
Cash position
5,328
12,305
17,656
32,216
(3)
2,138
2,178
2,260
1,115
10,768
15,028
4,229
Donations - Scholarship fund
-
2,089
314
140
Donations - Other
-
8,725
1,740
-
Donations - Total
-
10,814
2,054
140
(thousand reais)*
69,382
62,601
47,828
38,131
2004
Financial indicators
2005
2006
2007
(end of period)
Scholarship fund
(end of period)
Investiments - Total
Revenues in 2007
(*) Administrative View, not considering accounting adjustments
New group of accounts, adopted in 2006
Monitoring of goals - 2007
47% | Executive Graduate Programs
Description
Goal
Accomplished
% Variation
35% | Undergraduate
Managerial surplus (R$ 000)
9,700
10,272
5.89
Managerial surplus / Total revenues (%)
14.5
14.8
2.10
New students in graduate programs
1,220
1,268
3.93
13% | Executive Education
3% | Professional Masters
2% | Distance Learning