Annual Report 2006

Transcription

Annual Report 2006

ANNUAL REPORT
2006
EXCELLENCE IN TEACHING AND RESEARCH
Rua Quatá, 300 - Vila Olímpia - 04546-042 - São Paulo - SP - Brazil
Tel.: 55 11 4504-2400 - www.ibmecsp.edu.br
E-mail: [email protected]
Ibmec São Paulo in Numbers
Annual Report 2006
Financial Indicators (in thousand reais)*
2004
2005
2006
Gross Revenue
38,131
47,828
62,601
Direct Expenses
18,360
21,259
24,625
Operational Margin
16,163
21,945
31,988
Indirect Expenses
5,763
7,594
10,580
General and Institutional Expenses
6,834
9,669
13,698
Administrative Surplus
4,896
7,666
9,795
Cash Position
5,328
12,305
17,656
(3)
2,138
2,178
1,115
10,768
15,028
Donations – Scholarship Fund
-
2,089
314
Donations – Other
-
8,725
1,740
Donations – Total
-
10,814
2,054
Scholarship Fund
Investments – Total
* Administrative View, not considering accounting adjustments
New group of accounts, adopted in 2006
Total Revenue per Business
Unit, in R$ million
Revenues in 2006
80,000
62,601
Graduate
35%
Undergraduate
48%
60,000
47,828
40,000
Executive Education
1%
Distance Learning
2%
38,131
20,000
Corporate Programs
14%
0
2004
2005
2006
Monitoring of Goals - 2006
Description
Total Revenues (R$ 000)
Managerial Surplus (R$ 000)
Managerial Surplus / Total Revenues (%)
New Students in Graduate Programs
Goal
Accomplished
% Variation
62,100
62,601
1%
8,200
8,120
-1%
15%
14.3%
-4%
1,080
1,168
8%
Scholarship Fund
2004
2005
2006
Starting Balance (-) Scholarship Awarded
(28)
(1)
2,170
Scholarship Awarded
(85)
(217)
(495)
Refund
16
49
44
Investiments
95
2,307
502
Ending Balance (Remunerated)
(1)
2,170
2,550
2004
2005
2006
17
27
49
Scholarship Program - Scholarship Awarded
Scholarship Students
Information adjusted in 2006
Scholarship Award in 2006 -
Number of Students
by type of Program
3,000
2,684
2,393
Financial Aid
20
Freeshmen
15
Second Academic
Semester
6
2,114
1,862
1,597
2,000
1,387
Full-Time
8
1,000
0
904
796
727
2004
2005
Undergraduate
2006
Executive Graduate
In December, 2006
Team
2004
2005
2006
Research Professors
15
18
21
Full-Time Professors
49
47
62
Teaching Assistants
0
27
8
Educational Professionals
131
114
201
Total Teaching Activities
195
206
292
Staff
115
142
170
Total Teaching and Administrative Activities
310
348
462
Total
Table of Contents
Message from the President
2
Friends of Ibmec São Paulo
4
Sponsored Areas
Ibmec São Paulo
5
6
Instituto Veris – Board of Directors
6
Ibmec São Paulo – Council
6
Ibmec São Paulo – Senior Executives and Areas of Activity
6
Mission
7
Fundamental Principles and Values
7
Programs
8
Alumni Community
9
Important Developments in 2006
10
AACSB International
10
Excellence in Teaching
10
Scholarships
14
CEA - External Evaluation Comission
18
New Campus Operation
19
Executive Education - Corporate Programs
20
EAD - Distance Learning
21
Center for Excellence in Teaching and Research
22
Integrated Education Model
22
New Undergraduate Model
23
Ibmec Cultura
26
Ibmec Carreiras (Careers)
27
Graduate Programs
29
Awards and Recognition
33
Dissemination of Knowledge
34
Faculty - Undergraduate Program
36
Financial Highlights
42
Summarized Balance Sheet
44
Income Statement
45
Independent Auditor’s Opinion
46
Ibmec São Paulo Executives
47
Programs
47
Undergraduate and Masters Area
47
Executive and Corporate Programs Area
48
Organizational Development Area
48
Operations Area
48
Publications
List of Publications by Research Faculty in 2006
49
49
1
Annual Report 2006
Message from the President
The year 2006 was extremely rewarding for us. It
Business, the most prestigious entity for the
was the first year that Ibmec São Paulo operated
accreditation of business schools in the world.
out of our new campus. With new and modern
The plan involved our entire team of associates
facilities we were able to offer to our community
and was concluded and presented in late
working, learning and living conditions that are
November 2006. The exercise of preparing this
much more compatible with our educational
plan allowed for a rigorous analysis of our
mission and proposal.
pedagogical and operational processes, which
resulted in an extensive number of actions to be
In our undergraduate program, for example, the
taken over the next three years, with a view to
new model adopted after our move, with an
obtaining accreditation in 2009. More important
entirely new and revised class schedule, enabled
than the seal of recognition at the end of the
students to effectively spend full time at the
process are all of the measures to be
School, taking advantage of the time between
implemented to improve even further our
classes to study at the Telles Library or
operations
and
participate in extracurricular activities. The ample
Successfully
concluding
space of the Steffi and Max Perlman Auditorium
project is a priority goal for us.
educational
this
programs.
accreditation
made it possible to hold a record number of more
than 300 events, which ranged from theatrical
Another noteworthy event of 2006 was the first
presentations, lectures, and informal discussion
meeting of our External Evaluation Commission -
forums to formal seminars, both local and
CEA, which was created to serve as an integral
international, with simultaneous translation. The
part of our Internal Evaluation Commission,
new amphitheatre-style and fully equipped
created in accordance with the guidelines of the
classrooms made it possible for larger classes to
National Higher Education Evaluation System
learn without any negative impacts on their
(SINAES). Executives, renowned academics and
educational experience or academic benefit. The
businesspeople and also Alumni were invited to
greater availability of common and leisure areas
become members of the CEA. It is a privilege for
allowed for a much more intense level of
us to have in our Commission such a select
communication and socialization between the
group of individuals with recognized competence
members of our community. In short, although
in the sectors in which we operate. This level of
some adjustments are being made to further
competence and commitment to the educational
improve the quality of the educational experience
project of Ibmec São Paulo was extensively
at Ibmec São Paulo, the change fully achieved
demonstrated at the first meeting of the CEA held
the desired objectives, making possible a
on July 13 and 14, when important points were
significant jump in quality in all of our processes.
raised that are already receiving the full attention
of our faculty and administrators.
In parallel to the changes involving our
2
adaptation to the new facilities, we also worked
The fact that we are a non-profit institution does
on various other fronts. One of the most
not prevent us from always seeking the highest
important of these was the plan to achieve
possible level of efficiency in our operations.
accreditation from the AACSB International -
Ensuring that our resources – which are scarce
Association to Advance Collegiate Schools of
by nature – are employed in a way that generates
the maximum return is essential for enabling us
this transparency is fundamental not only for the
to fulfill our mission. This is what we call
community's involvement in and support for our
"Business Like Management". Within this
mission, but also for the sustainability of this
objective, the effective administration of the
mission over time.
human resources of Ibmec São Paulo is
absolutely fundamental. Towards this end, in
The achievements of 2006 described in the main
2006 we launched a management process
body of this report are, however, much too
guided by competencies, for which the first step
extensive to be addressed in this message. It is
was defining those competencies that we
important to state that these achievements would
consider essential and evaluating all of the
have not materialized were it not for the complete
employees in our administrative areas. The
dedication and commitment of our employees,
evaluation process, which included the self
faculty and support professionals, as well as of
evaluation of all associates, sought to provide
our students and Alumni community, which
180-degree coverage. This process will be
always
perfected over this year and aligned with an
collaborated with suggestions and constructive
incentive system, which we consider very
criticism. We are extremely grateful to all.
supported
us
when
needed
and
important for attracting, developing and retaining
talent.
We also received from the members of our
Advisory Council - and also from our CEA, from
Note that last year we held the first meeting of
Friends of Ibmec São Paulo and from various
Friends of Ibmec São Paulo. We plan to repeat
other members of our community - unconditional
this event on an annual basis in order to provide
support for our activities, which was the source
an exclusive account to those that support us in
of much pride and motivated us to continually
our work at the School. In fact, this Report is
improve our proposal and processes. I extend to
another important element of our objective,
all off them my profound gratitude.
which is to provide total transparency to the
general public about our activities. In our view,
Claudio L. S. Haddad
3
Annual Report 2006
Friends of Ibmec São Paulo
ABS Investment Management LLC
Jorge Paulo Lemann
Alex Haegler
José Alexandre Scheinkman
André Lara Resende
José Antonio Mourão
Andrew Shores
José Ermírio Neto
Antonio Carlos de Freitas Valle
José Olympio Pereira
Arminio Fraga Neto
José Ricardo de Paulo
Banco Itaú
Lina Wurzmann
Bolsa de Mercadorias & Futuros
Luis Alberto Rodrigues
BOVESPA
Luis Norberto Pascoal
Bruno Licht
Marcel Herrmann Telles
Bruno Rocha
Marcelo Barbará
Carlos Alberto Sicupira
Marcelo Medeiros
Carlos Castanho
Marcelo Stallone
Carlos Pinheiro Junior
Mario Adler
Claudio L. S. Haddad
Mario Cezar de Andrade
Clóvis Macedo
Maurizio Mauro
Diniz Ferreira Baptista
Michael Perlman
Eric Hime
Paulo G. A. Cunha
Fernando Moreira Salles
Pedro Moreira Salles
Fernando Prado
Peter Graber
Fernando Russo
Ramiro Lopes de Oliveira
Fred Packard
Roberto Civita
Fundação Brava
Roberto Egydio Setubal
Fundação Educar DPaschoal
Roberto Thompson Motta
Georg Ehrensperger
Roger Wright
Gerdau
Rogerio Castro Maia
Gilberto Romanato
Saddi Advogados Associados
Grupo Abril
Suzano Holding
Grupo Votorantim
Suzano Papel e Celulose
Guilherme Amaral Ferraz
Suzano Petroquímica
Jairo Saddi
Walter Salles
João Moreira Salles
4
Sponsored Areas
Steffi and Max Perlman Auditorium
Telles Library
Siegfried Adler Student Wing
Classrooms:
• Alberto Bandeira de Queiroz
• BM&F
• BOVESPA
• Eugênio Gudin
• João Gerdau
• Graber
• José Ermírio de Moraes Filho
• Jorge Paulo Lemann
• Max Feffer
• Octavio Gouvea de Bulhões
• Olavo Setubal
• Otto Lara Resende
• Peter Drucker
• Roberto Cochrane Simonsen
• Vicente Falconi Campos
• Victor Civita
• Walther Moreira Salles
Faculty Lounge:
• Tufic Oadi Saddi
“Seção Áurea” Sculpture
• Lina Wurzmann
“Seção Áurea”
5
Ibmec São Paulo
Annual Report 2006
Instituto Veris – Board of Directors
Claudio Luiz da Silva Haddad – Chairman
Carlos Alberto da Veiga Sicupira
Jorge Paulo Lemann
Marcel Herrmann Telles
Pedro Wagner Coelho
Ibmec São Paulo – Council
Jorge Paulo Lemann
Michael Edgar Perlman
Paulo Guilherme Aguiar Cunha
Pedro Moreira Salles
Peter Graber
Ibmec São Paulo – Senior Executives and Areas of Activity
Claudio Luiz da Silva Haddad – President
Irineu Gustavo Nogueira Gianesi – Academic Dean for Executive and Corporate Programs
José Antonio Pinto Capito – Director of Operations
Marcelo Leite de Moura e Silva – Academic Dean for Undergraduate and Masters Programs (to September 2006)
Sérgio Giovanetti Lazzarini – Academic Dean for Undergraduate and Masters Programs (as of October 2006)
Marcia Maria Nizzo de Moura – Director of Organizational Development
Irineu Gianesi, José Capito, Claudio Haddad, Sérgio Lazzarini, and Marcia Moura
6
Mission
"To be a center of excellence in business and economics,
by combining academic rigor with a pragmatic market approach,
educating driven people to become successful leaders and working
professionals with solid ethical principles.”
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.
Team Work Ibmec São Paulo
7
Annual Report 2006
Programs
Undergraduate
(Stricto Sensu)
Bachelor in Business
Graduate
(Lato Sensu)
EMBAs
Administration
Executive Education Open Enrollment Programs
Medium- and
Short-Term Programs
Executive MBA
Bachelor in Economics
Executive MBA in Finance
Graduate
(Stricto Sensu)
Masters
Executive MBA in
Healthcare Management
Customized Programs for
Business Organizations
Certificates
Professional Masters
in Economics
CBA - Certificate in
Business Administration
Professional Masters
in Administration
CFM - Certificate in
Financial Management
CMM - Certificate in
Marketing Management
LLM - Master of Laws
LLM - Financial
Market Law
LLM - Corporate Law
LLM - Tributary Law
8
Executive Education Corporate Programs
Distance Learning
Customized Courses
for Business Organizations
and Institutions
Short-Term and
Open Courses
Alumni Community
The Alumni community unites, fulfills and
promotes the integration of students who have
graduated at Ibmec São Paulo. Each passing
year this community has increasingly benefited
the individuals who make up the Institution's
history.
2nd Annual Meeting Alumni Ibmec São Paulo
In 2006, we celebrated the third anniversary of
the Alumni Ibmec São Paulo community, which
Over the course of 2006, 53 members of the Alumni
already boasts 3,120 registered members,
community returned to Ibmec São Paulo to
representing 58% of the 5,407 students that have
continue
earned degrees from long-duration programs
conditions for taking individual courses and/or
since the launch of our operations in São Paulo.
programs. The Alumni community has been actively
their
education,
under
favorable
involved in initiatives promoted by the School,
Important Alumni activities in 2006 include the
holding in December of the 2
nd
exceeding our expectations.
Annual Meeting,
which brought together the community's members
Two former students tell of their experience:
in an event hosted at the Museum of Modern Art
"After accompanying the Alumni initiatives and visiting the
of São Paulo (MAM), and the holding of the
new campus of Ibmec São Paulo, where I am very proud to
"Brazilian Global Alumni Forum", an event in
have a daughter finishing her undergraduate program, I was
partnership with the Alumni community of the
thrilled to see the importance that the institution has gained".
London Business School. Also launched in the
Heraldo Botelho – Earned EMBA in Finance in 1990 and
year was the "Ibmec São Paulo Connection", an
member of the Alumni Ibmec São Paulo.
online service created to connect all of the
community's members within a large relationship
"In addition to providing an excellent opportunity for seeing
network, which registered a high number of visits
again and maintaining contact with friends and other
in less than one month after its launch.
students in the program, the events sponsored by the Ibmec
São Paulo Alumni Community are done in very good taste,
covering very interesting and very diverse issues. I loved
participating in the 2nd Annual Meeting held at the Museum
of Modern Art, and I am already looking forward to next
year's meeting!"
Rosangela Ferro – Earned EMBA in Business Administration
in 2002 and member of the Alumni Ibmec São Paulo
In 2007, we will continue to foster actions
increasingly aligned with the expectations of the
members of the community, helping to further
2 Annual Meeting Alumni Ibmec São Paulo
nd
strengthen their relationship with this Institution.
9
Important Developments in 2006
AACSB International
initiated the process for receiving accreditation from
Annual Report 2006
the Association of MBAs (AMBA), an European
To achieve international accreditation is an
organization that accredits only MBA programs,
essential prerequisite for a business school to be
unlike the AACSB International, which covers the
recognized abroad for the quality of its programs.
School as a whole. The visit of the AMBA
Accreditation opens doors for students seeking
accreditation team is expected in early 2007.
to further their education in a graduate program
abroad, and serves as a parameter of quality for
those students that opt to follow an international
Excellence in Teaching
career.
The main initiative that sought to improve the
The first international accreditation process that
quality of education at Ibmec São Paulo in 2006
Ibmec São Paulo is undertaking is that of the
was the intense effort by the Center for Teaching
Association to Advance Collegiate Schools of
and Learning. The center's objective is to promote
Business (AACSB International), an institution
and coordinate initiatives and processes, guided
that for almost a century has been evaluating and
by the educational vision of Ibmec São Paulo, that
accrediting
seek the development of the school's professors
Business
Administration
and
Accounting schools around the world.
from a pedagogical point of view. Central to this
vision is the principle of Participant-Centered
The accreditation process began officially in
Learning, in which the student is an active
January 2005, and at the end of 2006 the
protagonist in the classroom rather than merely a
Accreditation Plan was finalized and sent to the
spectator. These initiatives comprise the exchange
AACSB International, concluding the first phase
of experiences and best practices among
of the process. Once approved by the AACSB
professors, and the provision of detailed
International, the Accreditation Plan must be
information on their performance in the classroom.
implemented within a three-year period. The
implementation of the plan will mean intense
The initiative that caused the greatest impact in
efforts by practically all areas of Ibmec São Paulo
2006 in terms of the exchange of experiences
on more than 70 proposed actions.
among professors was the program peer
observation and feed back, in which a professor
The Accreditation Plan is the product of a self-
sits in on the classes of colleagues, commenting
evaluation process that focus on continuous
on their performance in accordance with a set of
improvement and the excellence of the School's
pedagogical parameters and objectives. The
actions and educational proposal. The plan was
Center for Teaching and Learning is charged with
formulated with the participation of more than 25
forming the groups of observing professors who
collaborators in an integrated fashion with the
monitor a professor at the start of the academic
strategic planning of Ibmec São Paulo, and was
year and with coordinating the entire process.
established as the principal challenge for the next
Both professors attending the classes and those
years.
having their classes assessed evaluate the
experience as extremely enriching. In all 78
In addition to the AACSB International, in 2006 we
10
professors participated in this initiative in 2006,
which corresponds to practically half of the
administered to larger-sized classes. In the
faculty
second half of 2006, the same process was
of
professors
and
educational
professionals at Ibmec São Paulo.
repeated with the professors of the second
academic semester, allowing them to further the
Another initiative in this area in 2006 was the
work achieved by their colleagues in the previous
establishment of discussion forums addressing
academic semester.
best practices, which has the objective of the
exchange of experiences among the professors
Better prepared to deal with larger class sizes
of the various programs at Ibmec São Paulo.
and drawing on the support of faculty colleagues
Some of the issues discussed were students'
in the second semester, professors from the first
motivation for studying and incentives for
academic
participation, and the development of their
themselves
competencies.
competencies of newly admitted students. In the
semester
to
the
could
also
development
dedicate
of
the
second semester of 2006, this group of
The implementation of the School's new model at
professors was the focal point of a new project
the new campus required greater alignment of
coordinated by the Center for Teaching and
practices among professors within the same
Learning, called the “Cognitive Competencies
academic semester, and this alignment is
Development Laboratory” (critical thinking,
considered fundamental for orienting students
analytical
newly admitted on the School's expectations
systemic and dynamic vision, communication
regarding their attitude both inside and outside of
and expression abilities). The objective of this
the classroom. In late 2005, the Center for
project is to enhance the way in which classroom
Teaching and Learning held discussions with the
activities are able to foster and facilitate the
objective of creating uniform actions among
development of the cognitive competencies of
professors of new classes starting at the School,
newly admitted students, in a process that is
which resulted in behaviors that contributed
consolidated over the entire experience of these
significantly to the effectiveness of the courses
students at Ibmec São Paulo.
and
decision-making
capacity,
11
Annual Report 2006
The area is also responsible for the process of
For 2007, the targets of the Center for Teaching
student evaluations of faculty. This evaluation is
and Learning are to strengthen and enhance the
conducted twice each academic year using a
initiatives that were successful in 2006 and to
special and confidential form, with professors
foster the creation and institution of indicators
able to access their evaluation directly on the
that make it possible to accompany the degree of
School's information system. In 2006, more than
alignment of professor's practices with the
800 evaluations of professors were conducted,
principle of Participant-Centered Learning, and
for a total of approximately 40,000 forms read
measuring its effectiveness.
and processed electronically.
The professor is evaluated on various items that
make up the topics shown in the following chart.
When filling out the forms, students report the
frequency with which the professor presents
each of the items in the classroom. These
frequencies are converted into a scale from 1 to
4, and averages of greater than 3 are considered
"within or above expectation". The charts below
show the trajectory of professors from the
undergraduate and executive programs over the
past three years.
Undergraduate program
professors with evaluations within or above expectations
100%
80%
2004
60%
2005
40%
2006
20%
12
Average
Motivation of
students for studying
Interaction with
students
Pragmatic
vision
Academic content
and rigor
Evaluation
and grading
Organization
and clarity
Communication
ability
0%
Executive Programs
professors with evaluations within or above expectations
100%
80%
2004
60%
2005
40%
2006
20%
Average
Motivation of students
for studying
Interaction with
students
Pragmatic
vision
Academic content
and rigor
Evaluation
and grading
Organization
and clarity
Communication
ability
0%
Another important initiative seeking to value and foster the quality of education at Ibmec São Paulo was
the creation of the Chafi Haddad Teaching Excellence Award. The award seeks to recognize the
professors that stood out the most in both the undergraduate and graduate programs, based on the
opinions of students. Like the George Stigler Award, which seeks to recognize the best research papers
published by professors at Ibmec São Paulo, the Chafi Haddad Award involves not only the formal
recognition of the professors nominated, but also a monetary sum in an amount equal to that of the
research award. In this way, education and research are equally recognized as fundamental for the
fulfillment of our mission.
With the objective of fostering the continuous improvement of the programs and services, the School
conducts on an annual basis a satisfaction survey that seeks to gauge students’ general evaluation of
Ibmec São Paulo. For the third straight year, the evaluation registered even higher levels, as shown in the
table below.
Survey of Student Satisfaction Overall Evaluation
100
2
3
6
4.29
4.43
4.51
5
4.5
4
57
53
42
3.5
55
3
2.5
2
50
36
45
excellent
good
fair
poor
very poor
don’t know
average
1.5
1
0
2004
2005
2006
13
Annual Report 2006
Scholarships
Scholarship Programs are essential in enabling
Ibmec São Paulo offers four types of
Ibmec São Paulo to fulfill its mission, given that
academic scholarships:
many students with academic capacity and
disposition that identify with the educational
proposal of the school do not have the financial
• Scholarships for Freshmen, with discounts of
up to 80% of the monthly tuition payment;
means to cover the costs involved, which include
not only the monthly tuition fee but also
educational materials and the opportunity cost of
• Second Academic Semester Scholarship also
with a discount of up to 80%;
not working, given the full-time nature of the
undergraduate program. Accordingly, the school
• Full Scholarship, aimed at candidates that
offers various types of scholarships for students
demonstrate gross household income equal to
in undergraduate programs. We believe diversity
or less than one and a half a minimum wage
is a fundamental and essential value for the
per household member, and that were enrolled
development of our students, through interaction
for their entire secondary education in public
between people of different cultures, beliefs and
schools or in private institutions paid for by
social and economic realities. Our end objective is
scholarships; and
to have a Scholarship Fund capitalized with the
funds required to finance every young adult with
• Financial Aid, which covers students regularly
academic talent and capacity who is approved by
enrolled in an Undergraduate Program who
our selection process and chooses to study at our
demonstrate financial problems during the
School.
program.
The Scholarship Fund is formed by donations
The detailed conditions of each program are
from individuals and legal entities and by financial
described on our website. The following timeline
resources from the Ibmec São Paulo School,
and table of scholarships awarded show the main
which allocates to the Fund 1% of its gross
advances of the past few years.
revenue from undergraduate programs. The
Scholarship Programs seek the repayment of the
funds previously disbursed (starting one year
after the conclusion of the program, with no
interest charged), which helps to foster a sense of
commitment to and responsibility for the
education
of
future
generations.
Through
repayment, former students who received
scholarships help to strengthen the Scholarship
Fund and consequently extend to other students
the same opportunity that they enjoyed.
14
1999
2004
2005
2006
Awarding of some
financial support
or discounts
Creation of
Scholarship
for Freshmen
1 scholarship
17 scholarship
27 scholarship
student
students
students
2007
1 Semester:
1 Semester:
Full Scholarship
Creation of Full Creation of Second Academic
begins to be
Scholarship
Semester Scholarship
offered each
semester
2 Semester:
Holding of 1 Meeting
of Scholarship Students
59%
49 scholarship
students
81%
Evolution of Scholarships 1999-2006
Number of Scholarships Granted by Year
Type of Scholarship
1999-2002
2003*
2004*
2005*
2006
Full Scholarship
0
0
0
5
8
Scholarships for Freshmen
0
0
2
10
15
16
13
15
12
20
0
0
0
0
6
16
13
17
27
49
Financial Aid
Second Academic Semester
Total
* Information adjusted in 2006
We would like to emphasize our special gratitude to
São Paulo community. Given the rapid growth in
all of those that contributed to the Scholarship Fund
scholarships awarded and also the target
in 2006. As important as the funds raised is the
established for 2007, we expect the group, shown
confidence that all donors have demonstrated on
in the following photo, to experience rapid growth.
the Ibmec São Paulo team. We are fully aware of our
commitment to maximizing the value of the
resources invested in the Scholarship Fund,
employing meticulous analyses of awards and
accompanying the young students. In November
2006, the 1st Annual Meeting of Scholarship
Students was held, which was a source of great
pride for all of the people who make up the Ibmec
1st Annual Meeting of Scholarship Students
15
Annual Report 2006
Donors in 2006
16
Alexandre Mathews Sturm Coutinho
GMF Livraria e Papelaria Ltda
Álvaro Antônio Cardoso Souza
Gradiente Eletrônica S/A
Américo Matiello Junior
Guilherme do Amaral Ferraz
André Rocha Molinari
Gustavo Berg Ioschpe
Angelo Pio Mendes Correa Junior
Heloisa Wald
Arnaldo José Ganc
Igor Cornelsen
Arnaldo Valdir Zumiotti
Jack Sun Chu Huang
Benjamin Joel Couri
Jairo Sampaio Saddi
Bernard C. P. Mencier
José de Menezes Berenguer Neto
Brigida Monica Kleine
José Luiz Rego Glaser
Bruno Licht
José Roberto G. Meirelles Filho
Candido Botelho Bracher
Laila Ganme Cotait
Carlos Alberto Suslik
Luciano Almendary
Carlos Eduardo Soares Castanho
Carlos Mendes Pinheiro Junior
Luiz Felipe da Silva Haddad
Cecília Paula Machado Sicupira
Luiz Roberto de Andrade Novaes
Celia Franco de Campos Pinto
Luiz Savio Viegas Barros
Célio Sacramento
Marcelo Benchimol Saad
Charles Joseph Sieh
Marcelo Leite de Moura e Silva
David Jacques Elwing
Marcelo Santos Barbosa
Eduardo de Carvalho Andrade
Marcia Maria Nizzo de Moura
Eduardo Luiz Wurzmann
Maria de Lourdes Egydio Villela
Emilia Aun Ganme
Mario Arthur Adler
Eurilton Alves Araujo Junior
Mario Cezar de Andrade
Fabíola Rodrigues
Maurizio Mauro
Fátima Zorzato
Maximo Pinheiro Lima Junior
Fernando Almeida
Melissa Pi
Fernando Antônio P. Andrade
Michael Perlman
Fernando Barreira Sotelino
Nahtan Shor
Fernando Carramaschi
Norberto Antonio Freddi
Fernando Roberto Moreira Salles
Norman Puginna
Fernando Russo
Paula Vasconcelos da Costa
Fernando Xavier Ferreira
Paulo Guilherme Aguiar Cunha
Fersen Lamas Lambranho
Paulo R. Vasconcellos
Flávio Uchoa Teles de Menezes
Paulo Sérgio Coutinho Galvão Filho
Frederico Augusto Andrade Pena
Paulo Veras
Gerald Dinu Reiss
Pedro Wagner Coelho
Gilberto Nobre
Phylis Clemensen
Renato Grecco Wanderley
Roger Ibrahim Karam
Ricardo Dias de Oliveira Brito
Ruy Kameyama
Ricardo Oliver Mizne
Sergio Alair Barroso
Riccardo Arduini
Sergio Ribeiro da Costa Werlang
Roberto Civita
Thomas Benes Felsberg
Roberto Egydio Setubal
Tony Kai Nen Yang
Rodrigo Lisboa Bonafé
Valdemir Chicarelli
Rodrigo Osmo
Vandyck Oliveira da Silveira
Former scholarships students that are repaying or have already
repaid their scholarships, helping to strengthen the Program
Name
Program
Alexandre Rostworowski
Economics
Ameli Cervantes Piantino
Economics
Carolina de Lacerda Abreu
Carolina Ferreira de Camargo
Danilo Aleixo Caffaro
Guilherme Parente Martins Ferreira
Economics
João Paulo Burihan Faria
Leonardo Serrano Giunchetti
Lucas Rabechini Amaral
Lygia de Salles Freire Cesar
Economics
Maria Fernanda Poblacion da Fonseca
Maristella Pereira Azem
Economics
Rafael de Oliveira Ferraz
Rafael Kominich de Mattos
Roberto Pilnik
Theo Sabio Leopardi
Thiago Guarisi Rodrigues
Economics
Victor Pen Li Lo
17
Annual Report 2006
CEA - External Evaluation Commission
The SINAES - National Higher Education
The agenda of the meeting sourght to address
Evaluation System, which is administrated by
five main topics:
the Ministry of Education and regulated by the
Brazilian Law 10,861 of April 14, 2004, requires
• The School's educational mission
institutions of higher education to create and
• Economic and financial sustainability and
maintain an Internal Evaluation Commission
feasibility
(CPA). The CPA must, in principle, also include
• The faculty
members from outside of the institution. Instituto
• The student body
Veris, the controller of Ibmec São Paulo,
• The perpetuation of the Ibmec São Paulo project
considered this an excellent opportunity to carry
out a comprehensive analysis of the strategy,
An open conversation with a group of five
objectives and functioning of the School and
undergraduate
assembled an External Evaluation Commission
complemented the efforts.
students
during
lunch
(CEA). The objective of the CEA is to support the
CPA, contributing to the preparation of the
The meeting of the CEA was received with
legally mandated report.
enthusiasm and commitment by all interested
parties at Ibmec São Paulo. The discussions
The members invited to become part of the CEA
were frank, intense and comprehensive. Some
are entrepreneurs, business leaders, academics,
critical points raised at the meeting are being
renowned professionals, heads of NGOs,
analyzed by our faculty and administrators and a
educators, and Ibmec São Paulo Alumni – all
reply to the CEA regarding the progress on these
with demonstrated interest in issues involving
points will be given at the next meeting already
higher education in Brazil. The list of CEA
scheduled for July 2007. According to the CEA
members follows below. The CEA meets on an
report, a higher standard was established for the
annual basis, and the first meeting was held on
meeting, which is expected to be maintained or
July 13 and 14, 2006.
even exceeded at subsequent meetings.
Members of the CEA
Affonso Celso Pastore
Fernando Kenji Muramoto*
Marcos Lisboa
Antonio Marcos Duarte Júnior
Guilherme de Araújo Loureiro*
Maria Helena G. de Castro
Claudio de Moura e Castro
Gustavo Herrero
Marília Rocca
Demosthenes Pinho
Ilan Goldfajn
Maurizio Mauro (CEA President)
Eduardo Wurzmann
Ilona Becskeházy
Patricia da Silva H. Palomo*
Eliana Cardoso
José Alexandre Scheinkman
Pedro Luiz Passos
Fabio C. Barbosa
José Ernesto Bologna
Sula Vasconcellos Steiner
Fabio Renato Fukuda*
José Fernando Perez
Vandyck da Silveira
Fátima Zorzato
Luiz Francisco Modenese Vieira
* Alumni
18
New Campus Operation
However, in the new survey conducted in 2006,
after the move, we surpassed all of the targets
related
to
administrative
services
and
infrastructure that had been established at the
start of the year. Our overall satisfaction indices
were all higher than 4 on a scale from 1 to 5. As
would be expected, the evaluation of the
infrastructure of the new campus (physical and
technological) improved significantly, rising to
4.60, up from 3.74 in 2005, showing that the new
campus was very well received by our students.
The survey also indicated areas in which we need
The year 2006 was marked by a considerable
amount of learning in the management and
logistics of the operation of the new campus. With
70% more room than the previous campus, the
main objective was to make the utilization of the
new space as pleasant and efficient as possible
within the shortest period of time for all members
of the Ibmec São Paulo community. Accordingly,
final adjustments to the systems and processes
to improve, some of which were already adjusted
at the end of the year, and others that will be duly
addressed over the course of 2007. For this year
the objective is to further increase the indicator of
satisfaction and involvement of our community,
expanding the school's common and leisure
areas with a multi-purpose sports court and
finalizing plans for a new physical expansion,
scheduled for mid 2008.
were made over the course of the first half of the
year to make the campus 100% operational and
functional, with the main focus on the classrooms
and study areas.
As mentioned above, with the move to the new
campus the class schedule model for the
undergraduate program was completely revised. A
description of this new model is provided later on.
With the new campus we enjoyed a significant
increase in the size of the public visiting our
facilities, which exceeded 2,100 people per day.
This was due to the increase in the number of
students, programs, extracurricular activities and
the new undergraduate model described ahead
in this report.
The limitations of the previous facilities, which led
to our move to the new campus, were the object
of criticism in the student satisfaction surveys
conducted in 2004 and 2005.
19
Annual Report 2006
Executive Education - Corporate Programs
One of the highlights of 2006 was the sharp
both individuals and their culture.
growth in our corporate programs area. These are
The table below shows some highlights from the
programs especially designed and offered to
corporate program operations in 2006 and a
meet the specific needs of companies. The
comparison with the two previous years. Note the
strategic focus was maintained, which is to
sharp growth, of roughly 60%, versus the
expand partnerships with companies that value
previous year in terms of hours offered, attesting
the capability of Ibmec São Paulo in customizing
to the excellent reception of the value proposal of
corporate educational programs aimed mainly at
Ibmec São Paulo in this market.
middle and senior management. These are
partnerships that seek to foster long-term
The next table shows in which sectors the clients
relationships with clients, enabling Ibmec São
served in the corporate programs operate,
Paulo to acquire in-depth knowledge of their
providing data for the past three years.
strategic needs in terms of the development of
Highlights
20
2004
2005
2006
Number of Clients
32
49
49
Programs Delivered
43
106
113
Number of Students Served
1,307
1,566
2,659
Class Hours
3,925
4,545
7,291
Programs Completed by Sector
2004
2005
2006
Financial
26%
27%
41%
Services
53%
44%
38%
Manufacturing
21%
29%
21%
EAD - Distance Learning
The EAD - Distance Learning area of Ibmec São
corporate market as yet another quality option for
Paulo posted growth of 237% in 2006. In the year
organizational training and development. In 2006,
more than 4,700 students enrolled in distance
a total of 18 partnerships were formed with
learning courses, up from 1,412 in the previous
leading companies in the market. The services
year. More than half of the students came from
offered range from the development of new
our internal public, among which the Distance
content and content customization to the
Learning unit registered an increase of 220% in
acquisition of licenses to access the distance-
relation to 2005. More than 2,600 courses were
learning courses.
offered to students in the EMBA and Certificate
programs, with the objective of homogenizing
The general evaluation of the EAD courses
students' level of knowledge in terms of the
measured in the last satisfaction survey in 2006
quantitative content considered essential for
was 4.19 on a scale from 1 to 5, with 92% of
taking full advantage of our classroom-based
students stating that they would recommend the
programs.
courses to other students. This result is
consistent with the other indicators that also
As for the external public, high-quality academic
attest to the quality of the EAD programs,
content, state-of-the-art technology and the
including the low average failure rate in the
forming of strategic partnerships were the main
courses (3%), the dropout rate of only 1%, and
factors that drove demand for the courses, with
the high average performance of students (75%).
distance learning gaining recognition in the
Number of Students Enrolled in Distance-Learning
Courses at Ibmec São Paulo
Students Enrolled
5,000
4,761
4,000
3,000
2,000
1,412
913
1,000
317
0
2003
2004
2005
2006
21
Center for Excellence in Teaching and Research
Annual Report 2006
Integrated Education Model
The basic proposal guiding the educational
One of our priorities in these past two years,
programs of Ibmec São Paulo is for an integrated
particularly last year, has been to integrate these
educational model that stresses not only the
three dimensions, complementing the class
academic component, but also a humanistic one
program and academic content with activities and
comprising culture, citizenship and ethics, and a
initiatives that seek to develop and enhance the
third component involving the development of
other
professional competencies.
professional competencies.
Academic
Development
two
components:
humanistic
and
Theoretical content
and its application
Development of
competencies
Professional
Humanistic
Development Development
Valuing of ethics
and citizenship
The move to the new campus produced an excellent opportunity to refine our educational model and
further integrate these three components. The main initiatives to capitalize on this opportunity are
described below.
22
New Undergraduate Model
In this new model, issues related to the class
the intuition or critical thinking of students
schedule, the students and the professors were
through
addressed, seeking three objectives: to apply
simulations. Learning centered on the participant
the pedagogical model focused on participant-
means making students responsible, both inside
centered learning, to foster greater integration
and outside of the classroom, for retaining the
between students of different classes and
knowledge presented by the professor, who
between students and professors, and to
should help the class to reach conclusions and
expand
form concepts in a group fashion.
the
model
of
complete
student
examples,
questions,
cases
or
dedication. These objectives were addressed as
follows:
The new physical facilities have rooms especially
designed
for
applying
the
principle
of
a) Apply the pedagogical model focused on
participant-centered learning. These classrooms
participant-centered learning
have an auditorium format and technology to
support the professor. Each student receives an
The principle of participant-centered learning
identification card with his or her name printed
seeks to create the conditions to enable
on it already in the first week of classes. The use
students to reach conclusions or form certain
of the card has become mandatory in all
concepts on their own. Before presenting a
classrooms, and many professors have begun to
theory or concept, professors should stimulate
include a score for participation in their courses.
23
Annual Report 2006
b) Foster greater integration between students of
c) Expand the model of complete student
different classes and between students and
dedication
professors
The orientation of Ibmec São Paulo is that
Measures were taken to foster greater integration
undergraduate students remain at the School on
between classes. Starting in the first semester of
a full-time basis. However, in the old campus
the year, students from the first academic periods
facilities, this was very hard to implement in
were allocated into two classes, denominated
practice. With the new campus, all students from
"A" and "B", in accordance with their academic
the first to sixth academic semesters began to
achievement in the program to which they
have classes in both the morning and afternoon,
belong, seeking to equalize them similar in terms
bolstering the profile of Ibmec São Paulo of
of this criteria. Thus, each class began to
complete dedication. The student is encouraged
present, in the initial semesters, a mix of roughly
to remain at the School not only during class time
50 Business Administration students and 25
but also during breaks to study, whether
Economics students, with basically the same
individually or as part of a group, taking
average academic performance as measured by
advantage of monitors and professors' time
their ranking in the entrance examination. For
allocated for assisting students, participating in
using large classes, with 75 students or more, the
lectures, seminars, cultural events and other
new campus has especially designed classrooms
extracurricular activities (such as administrating
with high levels of technology and excellent
student organizations and participating in
acoustics, providing excellent infrastructure
projects of a scientific nature).
conditions for both students and professors.
Number of applicants - Undergraduate entrance examination
Number of applicants
3,000
694
2,000
616
364
463
616
1,063
1,162
1,153
1,718
2,226
2002
2003
2004
2005
2006
1,000
1.078
0
Economics
Each year Ibmec São Paulo offers 200 openings in Business Administration and 100 openings in Economics.
24
Evolution of Applicants/Opening Ratio
Applicants/Opening Ratio
20
15
5.57
3.55
4.03
6.60
10
5.72
5
0
10.97
10.59
12.28
6.23
10.10
2002
2003
2004
2005
2006
Economics
% Retention in the Entrance Examination’s First Acceptance List*
60%
40%
20%
0%
2004
2005
2006
Economics
Average
* Students that remain at Ibmec São Paulo after first acceptance list. Information adjusted in 2006
Faculty Degrees – Undergraduate Program 2006
1%
38%
Doctorate
61%
Masters
Specialization
25
Annual Report 2006
Ibmec Cultura
26
In 2006, Ibmec Cultura, which is charged with the
Ibmec
Cultura
also
initiatives under the humanistic component of our
institutional events aimed at the entire Ibmec
model of integrated education, reorganized its
São Paulo community. The first edition of the
activities. In conjunction with student organizations,
"Ibmec Cultura Debates on Politics in Brazil"
which enjoyed its continued support, Ibmec Cultura
brought
held various events in which students, professors
sociologists and economists for a broad
and guests participated. The Society Under Debate
discussion on media and politics, the current
group sponsored several cinema showings
political conjuncture, the role of Brazil's
accompanied by comments and lectures on issues
Congress and the culture of politics in Brazil.
on Brazil's current affairs. On the social action front,
Some other activities that marked the year were
Ibmec Cultura supported the Social Action Group
the holding of a panel on diversity, the
(GAS) in the development of the "Ibmec São Paulo
presentation of films accompanied by debates,
Challenge" (a competition of social projects
monitored visits to art exhibits, the presentation
executed by students) and in the organization of
of theater pieces in the school auditorium and
various social campaigns. Other events that marked
the participation of professors and students in
2006 were related to activities seeking the
the "Global Classroom". This latter activity is an
integration of students, such as drama classes,
initiative of the World Bank Institute, Wharton
"philosophical cafés" (chats with professionals on
School
philosophy and current affairs) and "solidarity week"
education, the objective of which is to debate
(mobilizing student organizations and the School on
topics involving business ethics, leadership and
social issues).
corporate social responsibility.
together
and
other
began
politicians,
institutions
to
develop
journalists,
of
higher
Ibmec Carreira (Careers)
The initiatives of Ibmec Carreiras in the
classroom activities but also courses such as Time
undergraduate program seek the development
Management, Effective Communication and
and
The
Presentations, and Effective Business Writing.
exposure of students to issues and projects
Individual orientation is an essential part of the
related to work and the corporate environment
Program, given that it allows for helping students in
seek to foster debate on the real world, and in
reflecting on, reaffirming and reviewing their
turn expand the understanding and level of
choices in gathering information on the job market
maturity of their professional choices.
and in the development of their careers.
Grounded in the model of integrated education,
In 2006, the participation of students in the
the objective of Ibmec Carreiras is for students,
activities of Ibmec Carreiras was very significant,
upon completing four years of the program, to
with 755 students participating in at least one
have an education that combines extensive
training and development activity sponsored by
theory with essential competencies developed
Ibmec Carreiras and 155 students seeking
over the course of their experience at the School.
individual orientation. The participation was very
With this aim we plan to contribute significantly to
highly evaluated, with 96% of participants giving
students becoming capable of adequately dealing
scores of more than 4 (scale from 1 to 5) to the
with an extremely wide range of situations once
content and quality of the events.
improvement
of
competencies.
they launch their professional careers.
Serving as a bridge between the academic and
To this end, eight competencies were selected to
be developed by the Business Administration and
Economics students during their undergraduate
program:
corporate worlds, Ibmec Carreiras establishes
relationships with companies, supporting their
respective selection processes. In 2006, with
growth of 95% in relation to the previous year,
533 new opportunities in various different
1. Analytical and Decision-Making Capacities
companies
and
2. Systemic and Dynamic Vision
disseminated to students in the Undergraduate
3. Critical Thinking
Program at Ibmec São Paulo. As a result, more
4. Leadership and Mobilization of Others
than 250 different companies made use of the
5. Collaboration and Coordination
services of Ibmec Carreiras to prospect young
6. Ability to Present and Communicate
talent for internship and trainee positions.
7. Results-Based Orientation
Furthermore, 277 students participated in the
8. Boldness and Initiative
informal
sessions
market
entitled
segments
"Talking
were
about
Careers", which enjoyed the special participation
The development of these competencies takes
of
nine
executives
representing
different
place through a set of actions executed by the
segments and areas of activity, and 341 students
faculty, the academic administration and Ibmec
who participated in two meetings entitled
Carreiras within the context of a Competency
"Special Talk about Careers". The first of these
Development Plan, and involves not only
was the "Job Fair", in which senior executives
27
Annual Report 2006
from Accenture, Itaú, Procter & Gamble,
"Meeting with Entrepreneurs", in which three
Santander and Whirlpool gave presentations,
entrepreneurs participated, one of which was a
commenting on the activities of the administrator
student who graduated from Ibmec São Paulo,
or the economist in their work. The second was
together with two "Endeavor Entrepreneurs".
Evolution of Opportunities Announced
Internships and Trainee Positions
600
533
500
400
300
273
200
100
0
2005
28
2006
Graduate Programs
Executive Graduate Programs
with three years of experience in the market, from
diverse educational backgrounds, who seeks to
In 2006, Ibmec São Paulo offered three
get better prepared to start a managerial career.
categories of executive programs: Executive
Master of Business Administration (EMBA),
In the area of Law, three LLM programs are
Certificates and Master of Laws (LLM).
offered: one with a focus on Law in the Financial
Market, another on Corporate Law, and the third
Three Executive MBA programs are offered: one
on Tax Law. The average profile of a LLM student
with a more general focus and two specialized
is of a professional in the field of law with
programs, one in the field of Finance, and the
approximately
other in Healthcare. The average profile of EMBA
experience.
four
years
of
professional
students is of a professional, from diverse
educational backgrounds, roughly nine years of
Demand
professional experience and four years of
managerial experience, and whose objective is
preparing himself to hold senior executive
The table below shows, for each of the three
positions.
categories of executive programs offered by
Ibmec São Paulo, the number of applicants that
In the case of Certificates, there are also three
participated in the selection process, the number
programs on offer: one aimed at managing
of applicants accepted (with the percentage
businesses, one with a focus on finance, and
accepted out of the total) and the number of
another focusing on marketing. The average
students enrolled (with the percentage enrolled out
profile of students in Certificate programs, in
of the total number accepted), including a
contrast to EMBA students, is of a professional
comparison of 2006 with the previous year.
LLM
2005 2006
No. of Applicants
No. of Applicants Accepted
Percentage Accepted
No. of Students Enrolled
Yield (Enrolled/Accepted)
256
84
466
Variation
%
80%
188 121%
33% 40%
72
Certificates
-
157 118%
86% 84%
-
2005 2006
Variation
%
EMBA
2005 2006
Total
Variation
%
2005 2006
Variation
%
991 1,182 17% 1,441 1,532
5% 2,688 3,180 17%
492
9% 1,144 1,422 24%
50%
410
83%
657 25%
56%
-
532 30%
81%
-
568
577
39%
38%
-
458
477
4%
81%
77%
-
43%
45%
-
940 1,166 24%
82%
82%
-
29
for students in the Executive MBA and Executive
Highlights of 2006
Annual Report 2006
MBA in Finance programs. This optional program
• The demand for executive graduate programs
draws on a set of both live and distance activities,
grew 17% in terms of the number of candidates
and is structured to include group work sessions
and 24% in the number of students enrolled. The
and individual orientation sessions. The sessions
sharpest growth was in the LLM and Certificates
are conducted by specialists in career and
programs.
competency development and cover aspects such
• Ibmec São Paulo, in partnership with five other
as the responsibilities, consequences, advantages
business schools in Brazil, with the support of the
and disadvantages of the choices made over the
Instituto Empreender Endeavor and under the
course of a person's career.
coordination of HBS - Harvard Business School,
re-offered the program Building Ventures in Latin
In 2006, a total of 358 students participated in
America (BVLA) in July 2006. The program, this
workshops, and 97% of these gave maximum
time administered by professors from HBS and
scores (9 and 10) in the reaction survey after the
from five Brazilian schools, one of which was
work sessions. Over the course of the year, 160
Ibmec São Paulo, prioritized the issues of business
students from the EMBA, Certificates and LLM
development and entrepreneurship during one
programs requested individual orientation to
week of immersion. More than 80 participants
expand their reflections on their careers. This
from small, medium and large-sized companies
effort,
attended the course.
characterized by a differentiated approach in
headed
by
Ibmec
Carreiras
and
• A new satisfaction survey conducted in
supporting the career development of executive
September of our students in the executive
students, was presented at the 2006 Annual
programs involving 20% of the total showed a
Conference of the Executive MBA Council, held in
significant increase in the general average in
October in the city of Baltimore, United States in
relation
which the leading international business schools
to
2005
in
various
aspects
surveyed for the EMBA and the Certificates
that offer Executive MBA programs participated.
programs, with no change for the LLM program.
In this latest survey, 95% of EMBA students and
For 2007, we have several actions planned to
97% of Certificate students would recommend
support the professional development of the Ibmec
the program, up from the levels registered in
São Paulo student community, including the Career
2005. Although partial, all of these indicators
Development Program for Certificate students.
attest to the continued improvement in the quality
This career orientation effort initiated in 2006
of the programs.
comprises three meetings in a workshop format
that are supported by individual orientation, in
Activities of Ibmec Carreiras
which we work on the four dimensions drafted by
Unesco: learning to know, learning to do, learning
30
The objective of Ibmec Carreiras is to orient
to live together and learning to be, as a metaphor
students to help them move closer towards their
for the development of competencies, which are so
professional goals. In line with this objective, Ibmec
important for both personal and professional
Carreiras created a Career Development Program
growth.
Career Development Plan Focus on personal
development and/or professional career
Workshop 1
Career Management
Workshop 3
Development Plan
Workshop 2
Self-Knowledge
Individual Assistance / Coaching
Professional Masters in Economics
Launched in 2004, the demand for this stricto
the program in less than two years. The
sensu graduate program continues to grow, as
dissertations covered various topics, such as the
shown in the following chart. Note that all of the
pricing of energy assets, market risk, credit risk,
students from the first class of the masters
cooperative
program completed their dissertations in 2006
currency exchange rates, asset allocation and
within the deadlines established in the program,
analysis of fund performance.
finance,
macroeconometrics,
with one student from the second class finishing
Masters Programs Trajectory of No. of Applicants,
Admissions and Enrollments by admission process
250
234
209
200
150
112
100
50
104
93
85
50
50
50
28 24 20
0
2004
Applicants
2005
Admitted
2006
2007
Enrolled
31
Annual Report 2006
In 2006, Ibmec Carreiras supported the Director
well as the preparation of the members of the
of the Professional Masters in Economics
admission
program in the creation of a structured process of
competency interviews. This initiative sought to
admission interviews of new students.
This
standardize the candidate-selection process, and
consisted of the establishment of a set of criteria
ensure the proper alignment and quality of the
and characteristics essential to admission, as
evaluation.
committee
for
the
holding
of
Executive Education - Open Enrollment Programs
In 2006, Ibmec São Paulo offered six medium-
agreement signed between Ibmec São Paulo and
duration Executive Education programs. Of these,
the European Community. The first module, with a
four
management:
duration of 30 hours, was sponsored by Valor
Management of Teams and Individuals, Supply
Econômico, FIESP – Federation of Manufacturing
Chain Management, Personal Asset Management
Companies in São Paulo State, Perdigão and
and
Rede de Hotéis Accor.
were
in
Strategy
the
field
Management
of
with
Balanced
Scorecard; and two in the area of Ibmec Law:
Legal Risks in the Use of Information Technology,
Due to the sharp growth in the area of executive
and European Union – Legal and Economic
education in open enrollment programs, shown in
Aspects of Integration. This latter program was
the following table, new programs will be launched
part of the Jean Monnet Project, which is the
in 2007.
Executive Education - Open Enrollment
2005
2006
Variation %
No. of Total Applicants
203
695
242%
No. of Applicants Accepted
110
369
235%
54%
53%
-
No. of Students Enrolled
99
280
183%
Yield (Enrolled/Accepted)
90%
76%
-
Percentage Accepted
32
Awards and Recognition
In 2006, important awards were bestowed upon
three best dissertations of undergraduate
several members of our community, as described
programs in Economics. The recipient of the
below:
award competed with the dissertation “The
• The
Haralambos
Simeonidis
Award,
administrated by ANPEC – National Association
of Centers for Graduate Studies in Economics,
which seeks to foster reflection and research on
Economics in Brazil, presented each year to the
best works in the categories of papers, books
and doctorate dissertations. In 2006, the award
was presented to Full Professor Naercio
Menezes Filho, for the work “Trade liberalization
and the evolution of skill earning differentials in
Brazil”, in conjunction with two coauthors.
• Professor Gazi Islam received the award for
best paper from the Critical Studies division of
the Academy of Management, on the occasion
of its annual meeting, for the work "The
Sweetest Dreams that Labor Knows: Robert
Frost and the Poetics of Work", in conjunction
with his coauthor.
Mechanism of Monetary Transmission in Brazil:
An SVAR Model with Inflationary Expectations",
oriented by professor Ana Beatriz Galvão.
• Our new campus was awarded the 3rd Grand
Prix of Corporate Architecture, one of the
principle awards in the field in Latin America,
which seeks to recognize the best projects in
corporate architecture and their authors,
investors and administrators. The award was
given to the Ibmec São Paulo School and to
the
architectural
firm
Athié
Wohnrath
Associados.
• In 2006, the Distance Learning area of Ibmec
São Paulo won the title of Outstanding
Business Model, conferred by the commission
of the e-Learning Brasil Award, for using
technological
resources
for
promoting
continuous learning.
• Full Professor Pedro Valls, in conjunction with
his thesis student Cícero Augusto Vieira Neto,
received HonorableMention from the periodical
Revista Brasileira de Finanças, for the work
“Modeling the term structure of interest:
dynamic
and
evaluation
of
derivative
contracts”.
• Paulo Eduardo Mateus, who earned a
bachelor's degree in Economics in 2005,
received the Corecon-SP Award of Excellence
in Economics. The award, which is presented
annually by the Regional Economics Council –
São Paulo, seeks to recognize the authors of the
33
Annual Report 2006
Dissemination of Knowledge
An integral part of our mission is to contribute to
generating and disseminating knowledge in the
fields in which we work. This is performed in
several ways, as described below.
Academic Research
The production and dissemination of knowledge
in our fields of activity are an important part of our
mission. To achieve this we have a growing body
of
full-time
professors
with
research
responsibilities. In 2006, three new professors
were hired for this team, increasing to our faculty
so defined to 21.
As the following charts show, there was an
increase in the total number of points alloted
according to the classification for academic
research of the Ministry of Education (CAPES), and
which is positive, since international journals have
also a slight increase in the number of points per
higher rates of rejection of papers and longer
researcher. Fluctuations in points per researcher
maturation periods.
are normal given the considerable time lag that
may exist between the conclusion of an academic
A list of the academic production in 2006 can be
work and its publication. The number of
found at the end of this report.
publications in international periodicals also rose,
Total CAPES Points*
673
700
600
500
540
413
400
300
200
100
0
2004
2005
* Points adjusted in accordance with the redefinition of criteria
34
2006
CAPES Points per Researcher*
32
32.0
31.8
29.5
24
16
8
0
2004
2005
2006
* Points adjusted in accordance with the redefinition of criteria
Research Production – Ibmec São Paulo
18
17
14
12
10
international papers
16
16
Brazilian papers
12
10
10
10
books
8
6
4
2
4
2
6
5
chapters
2
0
0
2004
2005
2006
35
Annual Report 2006
Faculty – Undergraduate Program
Full-Time Research Faculty
Title and Specialization Areas
Full Professors
Sérgio Giovanetti Lazzarini
Associate Professor / Academic Dean
Antonio Zoratto Sanvicente
Ph.D., Business Administration – Washington
Full Professor
University, St. Louis
Ph.D., Business Administration – Stanford
Strategy. Organization of Companies
University
Finance
Assistant Professors
Eduardo Giannetti da Fonseca
Andrea Maria Accioly Fonseca Minardi
Full Professor
Assistant Professor
Ph.D., Economics – University of Cambridge
Doctor, Business Administration – EAESP-
Economic Thought. Philosophy
FGV/SP
Finance
Naercio Aquino Menezes Filho
Full Professor / Coordinator of Research
Carlos Alberto Furtado de Melo
Ph.D., Economics – University of London
Assistant Professor
Human Capital. Labor Market
Doctor, Political Science – PUC/SP
Brazilian Culture. Brazilian Politics
Pedro Valls
Full Professor / Professional Masters Degree
Danny Pimentel Claro
Program in Economics Director
Assistant Professor
Ph.D., Economics (Statistics) – London School
Ph.D., Business Administration – Wageningen
of Economics
University
Econometrics. Finance
Marketing
Associate Professors
Eduardo Andrade
Assistant Professor
Mauricio Soares Bugarin
Ph.D., Economics – University of Chicago
Associate Professor / Undergraduate Program in
Macroeconomics. Economic Growth
Economics Director
Ph.D., Economics – University of Illinois
Eurilton Alves Araújo Júnior
Game Theory
Assistant Professor
Ph.D., Economics – Northwestern University
Macroeconomics. Econometrics
36
Fábio Augusto Reis Gomes
Marcelo Leite de Moura e Silva
Assistant Professor
Assistant Professor
Doctor in Economics – EPGE-FGV/RJ
Ph.D., Economics – University of Chicago
Consumption theory. Applied Econometrics.
Macroeconomics. Finance
Time Series
Paulo Barelli (joint appointment - University of
Fabio Ribas Chaddad
Rochester)
Assistant Professor / Undergraduate Program in
Assistant Professor
Business Administration Director
Ph.D., Economics – Columbia University
Ph.D., Agricultural Economics – University of
Game Theory
Missouri
Strategy. Agribusiness
Regina Carla Madalozzo
Assistant Professor
Gazi Islam
Assistant Professor
Labor Market. Microeconometrics
Ph.D., Business Administration – Tulane
University
Organizational Behavior. Leadership.
Assistant Professor
Organizational Culture
Doctor in Economics – EPGE-FGV/RJ
Finance. Monetary Economics
Henrique Machado Barros
Assistant Professor
Rinaldo Artes
Ph.D., Business Administration – Warwick
Assistant Professor
Business School
Doctor in Statistics – USP
Innovation
Statistics
José Luiz Rossi Júnior
Rodrigo Menon Simões Moita
Assistant Professor
Assistant Professor
Ph.D., Economics – Yale University
International Economics. International Finance
Industrial Organization
Number of Full-Time Research Professors
25
21
20
18
15
15
11
12
10
5
0
2002
2003
2004
2005
2006
37
Annual Report 2006
Part-Time Professors
38
Adriana Bruscato
Leonardo Pagano
Aloísio Bueno Buoro
Leonidas Sandoval Junior
Amyris Fernandez
Luciana Yeung
Ana Carla Abrão Costa
Marcio Poletti Laurini
Ana Maria Roux V. Coelho César
Marco Antonio Leonel Caetano
André Luís de Castro Moura Duarte
Marcos Hashimoto
Arthur Carbonare de Avila
Marcus Vinicius L. Ramos Gonçalves
Artur Rothstein Barreto Parente
Maria Cecília Leonel Gomes dos Reis
Claudia Maria Costin
Patrícia da Cunha Tavares
Daniel Keller de Almeida
Paulo Beltrão Fraletti
David Kallás
Pedro Carvalho de Mello
Edilene Santana Santos
Priscila Borin de Oliveira Claro
Eduardo Correia de Souza
Ricardo Humberto Rocha da Silva
Fabio Orfali
Ricardo José de Almeida
Fernando Barreira Sotelino
Roberta Muramatsu
Heleno Piazentini Vieira
Roberto Anis Calfat
Humberto Francisco Silva Spolador
Robinson Guitarrari
Irineu Gustavo Nogueira Gianesi
Robson Ribeiro Gonçalves
Jaqueline Giordano
Rogério Monteiro
João Luiz Mascolo
Sergio Ricardo Martins
José Carlos Tiomatsu Oyadomari
Tadeu Aparecido Pereira da Ponte
Juan Pedro Jensen Perdomo
Vivian Iara Strehlau
Lars Meyer Sanches
Wilson Toshiro Nakamura
Academic Seminars
Strategy Research Center
In 2006, a total of 26 academic seminars were
The Strategy Research Center, now in its third year
held
various
of existence, continued to form partnerships with
institutions in Brazil and abroad, who presented
companies, with the goal of generating research in
cutting-edge research papers and discussed the
the area of business strategy. One of these studies
results of their work with the team of researchers
sought to discuss the criteria employed for the
from Ibmec São Paulo. Many of these seminars
allocation of resources in corporations, in
were also used for the purpose of evaluating
particular assessing ways to measure the capital
possible candidates for joining our team of full-
employed in each business unit, for use in guiding
time professors.
investment decisions. Another study sought to
involving
researchers
from
develop methodologies to segment business
In addition, support was provided for "brown
clients, with the aim of improving the type of
bag" seminars, bringing together the researchers
relationship with and the retention of these clients.
from Ibmec São Paulo for discussions to
exchange ideas on research, with a view to
The Center also coordinated the first effort made
helping to enhance individual projects.
by Ibmec São Paulo to produce a series of case
studies with selection and evaluation criteria. In
the first semester of the year, case studies were
carried out of companies such as Gol Linhas
International Seminars
Aéreas, CESAR – Center for Advanced Research
Four international seminars were held in 2006,
and Systems of Recife (information technology
which provided the Ibmec São Paulo community,
research center), Bolsa de Mercadorias de São
as well as their supporters and partners, the
Paulo and SoluCia (a division of Basf). In the
opportunity to enjoy direct contact and discuss
second semester, case studies were developed
current issues and issues of broad importance.
with
the
companies
Suzano,
Mextra
(an
entrepreneurial company, based on a referral
The seminars also served to strengthen Ibmec
from Instituto Endeavor) and Cooxupé (a coffee
São
cooperative), in addition to a case study on a
Paulo's
partnerships
with
renowned
to
change in trading criteria in a trading session in
consolidate our school's standing in the national
the financial market. Building on the three other
and international scenarios. They were:
previously developed cases (Banco Garantia,
institutions
and
professionals,
helping
McDonald’s and Ibmec São Paulo), these studies
• Which Educational Policies actually work?
are now part of the series of case studies used by
• Economic Innovation and Growth
the School.
• New Technologies and the Performance of
Companies in Brazil and India
Lastly, the Center continued to organize
• Brazilian Global Forum for Alumni: Managing
discussion events. In partnership with the School
yourself: making your commitments match
of Business Administration and Economics of the
your convictions
University of São Paulo (FEA-USP) and the
Getúlio Vargas Foundation (FGV), in July the
39
Annual Report 2006
Center's team organized the first "Workshop on
stations, 17 group study rooms and a room for
Institutions
an
showing videos. The Telles Library also has a
interdisciplinary event hosted at Ibmec São
multimedia station with 20 computers equipped
Paulo,
with Internet access, the Office suite of
and
which
sought
Organizations",
to
bring
together
researchers in the fields of economics, business
programs, a database and statistical software.
administration, sociology and political science.
The objective of the event was to analyze the
The library's archive grew 20% in 2006 in relation
issue of how institutions and organizations
to the previous year, and now has a total of 23,354
become established and evolve over time. The
documents. A new database was also acquired,
Strategy Center also organized a sector-specific
with growth of 45% in relation to 2005, and more
debate on agribusiness in the first half of the year.
than 130 people, including students, professors
and employees, were trained by specialists on its
operation. The access to international electronic
Telles Library
periodicals was unified to facilitate connection
with the various databases of periodicals made
40
The Telles Library specializes in Economics,
available by the school, which facilitated
Business Administration and other related fields.
consultation and research by students and
With the inauguration of the new campus the
professors, in addition to providing support for the
library gained much more room especially
documental treatment of the 172 dissertations of
designed for reading and study. The library now
students from the Undergraduate, Executive and
has 920 square meters of floor space, 317 study
Masters programs.
Center for Entrepreneurship
an independent entity dedicated to fostering
entrepreneurship. The fact that Endeavor also
We consider as part of our mission to stimulate
held a series of meetings, lectures and debates
and develop the entrepreneurial spirit of our
on the issue of the facilities of Ibmec São Paulo
students, both in the undergraduate and
provided a high degree of synergy to our Center.
graduate programs. To strengthen and expand
The school offers part of its space for the
our activities in this area, in the middle of last year
activities sponsored by Endeavor.
we hired a full-time coordinator for our Center for
Entrepreneurship. The results were already
The first semester of activities carried out by the
reflected in the second half of the year, with a
Center for Entrepreneurship was very valuable.
strong increase in the activities carried out. These
Many volunteers have joined the Center to enable
consisted of orientation for business plans,
us to achieve even better results in 2007, and
offering of elective courses, lectures, meetings,
much work is expected this year. One of the
individual orientation, participation in forums,
Center's main objectives is to show our students
competitions, research and the compilation of a
that entrepreneurship can in fact be a career
series of business case studies on the subject.
option, and that Ibmec São Paulo offers the best
Some of these activities were carried out in
conditions to educate good entrepreneurs. This
conjunction with Instituto Empreender Endeavor,
is our challenge.
Acknowledgement of the Faculty
The evolution of the programs of Ibmec São Paulo and the growing recognition of the School's quality
would not be possible without the extensive involvement of its professors. With solid dedication and
professionalism, these professionals have helped to solidify the School's educational vision not only in
the classroom, but in many cases also suggesting and executing projects that are essential to the
continuous improvement of the programs and processes of Ibmec São Paulo. We extend our profound
recognition and gratitude to all of our professors.
41
Annual Report 2006
Financial Highlights
Ibmec São Paulo ended 2006 with gross revenue
of the service, while the purchase of software use
of R$ 62.6 million, exceeding the estimates made
licenses began to be recorded as current
at the start of the year, mainly due to the excellent
expenditure. As a result, the differences in revenue
demand for our executive and corporate
and surplus between the managerial and the
programs. As a result, the organization's end-of-
accounting procedures, the latter reflected in our
period final surplus,
balance sheet - R$ 1.7 million and R$ 1.5 million
rose to roughly R$ 9.8
million, exceeding by 31% the figure for 2005.
more, respectively (see table below) - are explained
by the difference in the criteria between 2005 and
There had been some changes in the accounting
2006.
criteria for 2006. For 2005, revenues received in
advance were computed within the same
Our yearend cash position rose to R$ 17.6
accounting period and the allocation of software
million, up R$ 5.3 million or 43.5% from the
use licenses were booked as investments. As of
position at yearend 2005.
2006 we began to adopt the criteria used in our
managerial statements, which consider revenues
The table below presents the main financial and
received in advance as services to be rendered
managerial indicators of Ibmec São Paulo for
and, thus, computed within the respective period
2006.
Financial Indicators - in thousands of R$*
2004
2005
2006
Gross Revenue
38,131
47,828
62,601
Direct Expenses
18,360
21,259
24,625
Operational Margin
16,163
21,945
31,988
Indirect Expenses
5,763
7,594
10,580
General and Institutional Expenses
6,834
9,669
13,698
End-of-period Surplus
4,896
7,666
9,795
Cash Position
5,328
12,305
17,656
(3)
2,138
2,178
1,115
10,768
9,738
Scholarship Fund
Investments
Donations - Scholarship Fund
-
2,089
314
Donations - Other
-
8,725
1,740
Donations - Total
-
10,814
2,054
*Administrative View, not considering accounting adjustments.
42
In 2006, the bulk of our investments (70.5%)
Graduate and Undergraduate areas combined
continued to involve the infrastructure and
accounted for 83% of the overall revenue of
operational projects related to the New Campus.
Ibmec São Paulo. The highlight in 2006 was the
In 2007, we plan to concentrate investment in
Corporate Programs unit, with a contribution of
maintenance and improving the day-to-day
14% to overall revenue, posting an increase of
operations of the school.
four percentage points versus the unit's
contribution in 2005, and improving the balance
The breakdown of the contribution of the various
across our portfolio of programs. The Executive
programs at Ibmec São Paulo - Graduate,
Education and Distance Learning units combined
Undergraduate, Corporate, Executive Education
accounted for 3% of the school's overall
and Distance Learning - to the school's overall
revenue.
revenue is shown in the chart below. The
Revenue in 2006
Undergraduate
48%
Graduate
35%
Executive Education
1%
Distance Learning
2%
Corporate Programs
14%
43
Annual Report 2006
Summarized Balance Sheet
Instituto Veris
Balance Sheet as of December 31
in thousand reais
2006
2005
2004
April to December
Assets
Current Assets
Cash
18,012
14,655
5,366
Accounts receivable
23,750
20,419
11,933
Provision for uncertain debts
(1,452)
(808)
(589)
Other accounts receivable
1,179
41,488
219
34,485
257
16,967
8,554
3,619
1,603
736
782
782
9,290
4,401
2,385
15,411
11,967
5,036
6,253
4,244
238
21,664
16,211
5,274
72,442
55,097
24,626
2,765
4,316
924
663
366
347
1,551
1,128
700
Services to be rendered
326
430
239
Services to be provided
25,906
31,211
19,899
26,139
15,036
17,908
5,234
3,305
2,209
662
662
662
5,896
3,967
2,871
27
27
27
Capital reserves
13,523
11,469
655
Accumulated surplus
21,785
13,495
3,827
35,335
24,991
4,509
72,442
55,097
24,626
Long Term Assets
Long term receivables
Legal deposits
Permanent Assets
Property, plant and equipment
Deferred assets
Total Assets
Liabilities and Shareholders' Equity
Current Liabilities
Suppliers
Payroll charges
Tax liabilities
Long Term Liabilities
Long Term Services to be rendered
Provision for contigencies
Shareholders' Equity
Capital shares
Total Liabilities and Shareholders'
44
Income Statement
Instituto Veris
Income Statement, Period ended on December
In thousand reais
2006
2005
2004
April to December
Gross Revenues
Revenues from services
60,878
50,369
30,024
Deductions from services rendered
(2,776)
(2,419)
(1,135)
58,102
47,950
28,889
Labor
(23,044)
(22,721)
(14,169)
Professional and Third party services
(12,185)
(6,284)
(3,672)
(1,839)
(1,977)
(956)
(13,457)
(8,355)
(5,714)
-
-
(763)
(282)
(260)
(145)
(50,807)
(39,595)
(25,419)
Operating Surplus
7,295
8,355
3,471
Net financial revenue/expenses
1,859
1,309
354
Net non-operating revenues/expenses
(865)
6
2
8,289
9,670
3,827
Net Revenue from Services
Operating Expenses
Depreciation and Amortization
Other expenses
Extraordinary itens
Taxes
(2006 impacted significantly by the proceeds from the sale of the former facilities)
Surplus for the Year
45
Annual Report 2006
Independent Auditor’s Opinion
To the Directors and Executives
INSTITUTO VERIS
1. We have examined the balance sheets for INSTITUTO VERIS as of December 31, 2006 and 2005, as
well as the surplus, net worth changes and sources and uses of funds statements for the periods
ending on those dates, as prepared by INSTITUTO VERIS managers. We are charged with the
responsibility of issuing an opinion regarding those accounting statements.
2. Our examination was conducted according to the applicable auditing guidelines in Brazil, and
involved: a) the planning of the auditing work on the basis of the relevance of account balances,
transaction amounts, and the organization’s accounting and internal control systems; b) the
identification, on the basis of tests, of evidence and records in support of the amounts and the
accounting information reported; and c) the evaluation of the most representative practices and
accounting estimates used by the organization’s management, as well as the disclosure of all
accounting statements as a whole.
3. In our opinion, the accounting statements mentioned in paragraph 1 adequately represent, in all
relevant aspects, the assets, liabilities and the financial condition of INSTITUTO VERIS, including its
operating surplus, the changes in its net worth, and the sources and uses of funds for the periods
ended on those dates, in accordance with accounting practices adopted in Brazil.
São Paulo, March 7th, 2007.
Eduardo Affonso de Vasconcelos
CRC 1 SP 166.001/O-3
NEXIA AUDITORES INDEPENDENTES
CRC 2 SP 019.098/O-1
Nexia International
46
Ibmec São Paulo Executives
Programs
Undergraduate Program in
Business Administration Director
Fabio Ribas Chaddad
(as of January 2007)
Distance Learning
Camila de Souza Queiroz Du Plessis
Sérgio Giovanetti Lazzarini
(to December 2006)
Márcia Maria Deotto
Undergraduate Program in
Economics Director
Mauricio Soares Bugarin
(as of January 2007)
Undergraduate and Masters
Area
(to December 2006)
Academic Support
Ana Helena Campos
Professional Masters Degree
Program in Economics Director
Pedro Valls
Library
Silvia Novaes
Associate Dean for
Executive MBA Programs
Fábio de Biazzi
Strategy Research Center
Danny Pimentel Claro
Executive MBA in Healthcare
Management Program Director
Carlos Alberto Suslik
Ibmec Cultura, Extracurricular
Activities and Exchange
Programs
Andréa Tissenbaum
Associate Dean for Certificates
Marco Antônio Quége
Associate Dean for Academic
Research
Naercio Aquino Menezes Filho
Ibmec Law Director
Jairo Saddi
Community Relations
Carlos Alberto Furtado de Melo
Associate Dean for
Corporate Programs
Luca Borroni-Biancastelli
Academic Administration
Meiry Tregier
and Executive Education
47
Annual Report 2006
Executive and Corporate
Programs Area
Center for Entrepreneurship
Marcos Hashimoto
Administrative-Financial
Fabio Vagner Ribeiro
Customer Service
Silvia Regina Bassaglia
Organizational Development
Area
Center for Teaching and
Learning
Tadeu Aparecido Pereira da Ponte
Ibmec Carreiras (Careers)
Jaqueline Giordano
Ibmec Pessoas (Human
Resources)
Vilma Santos
48
Operations Area
Marketing
Martha Magalhães
Planning and Control
Milena Soares de Oliveira
Information Technology and
Infrastructure
Christian Greiffo da Justa Menescal
Publications
List of Publications by Research Faculty in 2006
Papers Published in International Scientific Journals
1. AZEVEDO, P. F. de; CHADDAD, F. R.
pathological
Redesigning the Food Chain: Trade, Investment
International Neuropsychological Society: JINS,
and Strategic Alliances in the Orange Juice
v. 12, n. 6, p. 1-6, 2006.
gambling.
Journal
of
the
Industry. International Food and Agribusiness
Management Review, Estados Unidos, v. 9, n. 1,
8. GALVÃO, A. B. Structural Break Threshold
p. 18-32, 2006.
VARs for Predicting US Recessions using the
Spread. Journal Of Applied Econometrics, v. 21,
2. BURKE, M. J.; SARPY, S. A.; SMITH-CROWE,
n. 4, p. 463-487, 2006.
K.; CHAN, S.; SALVADOR, R.; ISLAM, G. The
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Annual Report 2006

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