| letter from the president | governance | academic ... annual eport 2013 letter from the president...

4

Annual Report 2013


| scholarship program | alumni community | scholarship fund | awards | research centers | academic production | events | history | indicators | financial statements | programs |

6letter from the president

8governance

32

10under graduates

24relationship with the market

28

education and research awards

29scholarship program

27international experience

26entrepreneurship

campus expansion

research centers 33

414244

72

events and media

history

indicators

academic programs

graduate programs

professional masters

1214

executive education 18

vision

mission

To be the leading institution of higher learning in Brazil in our fields and be acknowledged as such.

To be a leading center of education and research in the fields of Business, Economics, Law and Engineering, exploring their complementarities to positively impact organizations and society.

We develop, at all stages of their professional lives, innovative leaders to make a difference, preparing them to deal with the complexities of the real world, by strongly engaging both faculty and students in the teaching and learning process.

We value academic research based on real-world issues, relevant to organizations and to society.

In 2013, Insper was reaccredited by the Association of MBAs (AMBA), an international organization that reviews and accredits MBA programs. Since 2010, the Institution has held the most important international accreditation of business schools granted by the Association to Advance Collegiate Business Schools (AACSB International).

faculty 17

scholarship fund 30

financial statements 48

academic production 34

alumni community 29

6

Annual Report 2013 | scholarship program | alumni community | scholarship fund | awards | research centers | academic production | events | history | indicators | financial statements | programs |


We planted many seeds in our governance, facilities, operations and faculty development that will most certainly bear fruit over the coming years

It’s with a great sense of satisfaction that I report some of the most important events at Insper in 2013.

Last year was a very intense and challenging one for us. We planted many seeds in our governance, facilities, operations and faculty development that will most certainly bear fruit over the coming years. In governance, we changed the composition and duties of our Board of Directors, which this year began to convene more often and to participate more systematically in the Institution’s strategic decisions.

We also created another governance body, the Assembly of Associates, which is formed primarily by members of the families who were responsible for the donation that led to Insper’s transformation into an independent, nonprofit organization. The Assembly of Associates is responsible for approving the nominee for president of Insper and for ensuring that its mission and vision are fulfilled and that sufficient funds are available for this objective.

Also in the area of governance, we had the privilege of welcoming Marcos Lisboa, whose successful career includes positions in the academic world as a full profes-sor, in the federal government as secretary of economic policy and in the financial industry as an executive officer

at Itaú-Unibanco, who joins Insper as our vice-president. Since October, he has been responsible for the greater part of Insper’s operations and for the development of the faculty members dedicated exclusively to our activities. All of these initiatives seek to strengthen the Institution’s governance, make it more independent from its founders and contribute to its perpetuity.

The expansion of our facilities was concluded in July, when construction was completed on the new building located adjacent to our campus. We added 80% more floor space for new classrooms, a professors’ lounge, a restaurant, a space for students and the expansion of our library. To temporarily house our undergraduate program in engineering (which we expect to launch in 2015) on our current campus, we decid-ed to lease the two remaining floors of the building, which allowed us to accommodate our Executive Education and Graduate Program activities as well.

On the operational front, the highlight was the adoption of a new academic system, Lyceum, after many years of plan-ning and a previous unsuccessful experience. This migration involved the dedication of many people on our team and marked an important step forward in improving the manage-ment efficiency of our academic and support activities.

Cordially,Claudio L. S. Haddad

President

In our faculty, the work of professors dedicated exclu-sively to Insper was divided into two vectors: teaching and research. The former will now have more time ded-icated to teaching and a greater emphasis on research focused initially on understanding and solving Brazil’s problems. Meanwhile, the latter will have fewer classes to teach and research activities that necessarily involve publishing in top international journals. We believe that by selecting and developing these two profiles we will give our professors a greater range of possibilities for their professional growth and realization at Insper. Having a well prepared, cohesive and motivated faculty is fundamental for enabling us to fulfill our mission of offering a high-quality education and learning system and generating knowledge that is relevant to organiza-tions and to society.

Lastly I would like to express my great satisfaction with the Scholarship Program, which was created so that undergraduate students approved in our admis-sions process are able to attend our School regardless of their income or wealth. Last year, we made our full scholarships non-refundable, which resulted in an increase of three to fourfold in the number of full scholarship students. We also set a new record for

donations to the Scholarship Fund and surpassed our target by 54%. This effort is key to generating diversi-ty in our student body and fulfilling our social function.

The list of all of the School’s accomplishments in 2013 is long. Everyone worked very hard. The year was chal-lenging, yet extremely satisfying. I’m deeply grateful to the many people, professors, employees, students, alumni, faculty members, advisors and friends who together form our community and whose dedication to Insper made these accomplishments possible.

8



• Claudio L. S. Haddad (President)

• Fábio Barbosa

• João Fernando Gomes de Oliveira

• Luis Norberto Pascoal

• Maurizio Mauro

• Michael Edgar Perlman

• Paulo Guilherme Aguiar Cunha

• Pedro Moreira Salles

• Claudio L. S. Haddad

• Cecilia Sicupira Giusti

• Howard Stevenson

• Jorge Paulo Lemann

• Marcel Herrmann Telles

• Tania Haddad Nobre

board of directors

assembly of associates

In early 2013, we created the Assembly of Associates, a governance body formed primarily by members of the families responsible for the donation that led Insper to become an independent, nonprofit organization. The Assembly of Associates is responsible for ensuring that Insper’s values and mission are upheld and fulfilled and that it has the funds needed for this end.

The Board of Directors was created in 2006 and underwent changes to its composition and duties last year. This body is responsible for selecting the Institution’s president, strategic orientation, monitoring the executive committee, approving and monitoring the budget and orienting political, economic and financial matters, including the funding required for maintaining and expanding strategic activities. The Board of Directors also approves the creation of new academic programs.

Governance bodies at various levels participate in strategic definitions and accompany Insper’s development.

An eye on the future

executive committee

The Executive Committee is charged with managing Insper’s activities in accordance with the guidelines established by the Board of Directors. The Committee is responsible for creating the budget and meeting the goals established in the annual strategic planning.

• Claudio L. S. HaddadPresident

• Carolina da CostaDean of Undergraduate Programs

• Irineu G. N. GianesiDean of New Academic Projects

• Letícia CostaDean of Graduate Programs

• Luca Borroni-BiancastelliDean of Executive Education

• Marcia Nizzo de MouraSenior Director of Institutional Development

• Marcos LisboaVice-President

• Sérgio LazzariniDean of Research Degree Programs

From left to right: Luca Borroni-Biancastelli, Marcos Lisboa, Sérgio Lazzarini, Carolina da Costa, Claudio Haddad, Letícia Costa, Irineu Gianesi and Marcia Moura

We also created another governance body, the Assembly of Associates, which is formed primarily by members of the families responsible for the donation that led Insper to become an independent, nonprofit organizationClaudio Haddad, President

10



Life on campus Undergraduate Programs

Solid and practical development

In response to student demands for a stronger connection between them and the School, in 2013 we created Multi Insper, a space with an open door policy that is designed as a relationship and communication channel dedicated to students and their life on campus. The day-to-day activities of Multi Insper feature academic topics, issues related to life on campus, discussions about innovation and projects and anything related to making the Insper Experience even more intense through dialogue between the School and the student body.

During the year, our students participated in extracurricular activities that exposed them to new experiences and led them to discover new interests and skills. More than 590 of our students actively participated in Student Organizations. The organizations sponsored debates, consulting projects, actions to promote integration with society and sports activities. AIESEC Insper, Atlética, Bateria Imperial, Diretório Acadêmico Grupo de Ação Social, InFinance, Insper Jr. Consulting, Jornal Opinião and Sementes Culturais organized especially dynamic calendars of activities in 2013.

At the end of every semester, students and professors organize an exhibition in the School’s hallways. The campus was taken over by the exhibition and discussions of studies conducted on a wide range of topics: the crisis in Greece, the 2016 Olympics, the real estate market in Rio de Janeiro and hyperinflation in Germany, among many others. Over 200 projects were presented.

For the third straight year, a group of undergraduate students – this year represented by Davih Carvalho, Pedro Campos Carvalho, Rafael Monnerat, Raymond Shayo, Victor Rocha de Assis and professor advisor Michael Viriato – won the national phase of the CFA Institute Research Challenge. The challenge demanded high analytical capacity and a well-honed team during the presentation. The competition continued in 2014 in the Americas phase held in Denver, Colorado, where the team reached the semifinals. In all, the group competed against 3,700 students representing 825 universities from 59 countries.

Applied learning

The job market seeks professionals who are capable of working with complex issues, which is a skill also required by entrepreneurs. It’s critical that they be proficient in iden-tifying and solving problems, thinking critically, presenting arguments, taking decisions and learning how to learn. For this reason, students in Insper’s undergraduate programs are exposed to the real-world problems faced by organiza-tions and society in the courses Effective Problem Solving Program and Problems in Economics. Effective Problem Solving Program is a course taken in the sixth semester of the Business Administration program. Students are prepared for the experience in their first two years of the program, during which they take courses on statistics and learn how to use the tools for applying the Plan, Do, Check, Act method of problem solving. In the course, students go in the field to put theory into practice and address the real problems of partner companies. In 2013, 198 students formed 38 groups and worked on solu-tions to issues at the following organizations:

· Advis Investimentos · Ambev· Amparo Maternal· Amsted Maxion· BIG X Picanha · BRF Brasil Foods· Dpaschoal· Farfetch· General Electric · Grupo Alatur · Insper

· Itaú-Unibanco· Natura · Porto Seguro· Procter & Gamble· Qmágico · Saint Gobain · Ultracargo· VLI Votorantim Cimentos· Whirlpool

The challenges faced by students included enhancing e-commerce performance at Natura, improving water purifier sales at Brastemp and optimizing productivity at the retail stores of Dpaschoal.

Meanwhile, the Problems in Economics course taken by students in the sixth semester of their Economics program encourages them to identify, on their own, contemporary dilemmas that require more in-depth analysis: “How does inflation influence the government’s popularity?” “Is there a real estate bubble in Brazil?” “Which factors affect criminality?” “What determines the formation of political coalitions?” and others. Since 2012, each semester the groups develop projects that assess issues likes these and at the end of the process present their conclusions to a panel formed by the chief economists of renowned financial institutions, such as BTG Pactual, Citibank, HSBC, Itaú-Unibanco and Santander, as well as professionals from prestigious consultancies in Brazil.

Watch testimonials by students who participated in the 4th Undergraduate Exposition in 2013

Watch the video presenting the Effective Problem Solving program with testimonials from students and their mentors at the companies

Watch the testimonials of students and members of the panel of the Problems in Economics course in 2013 commenting on the project

To enrich the debate, the former president and directors of Brazil’s central bank and professors, the president and the vice-president of Insper also participated on the panel.

Many activities (both inside and outside the classroom) expressed the motivation, drive and perseverance of our undergraduate students and their ability to identify problems and analyze and propose solutions that make everyday life on campus more enriching and dynamic.

http://youtu.be/6xyBU1FkRJ8

http://youtu.be/H8xlevvpGXA

http://youtu.be/ex8AvdeET7s

12



In the first year, I had contact with business courses that helped me better understand my clients and gave me more arguments that I could use in my day-to-day routine. In the second year, the experience was extremely valid because of the high caliber of the professors and the seminars

Alexandre FaroLL.M. 2014

Certificates

An important accomplishment in 2013 was the launch of the Certificate in People Management, which is designed for young professionals seeking to develop the competencies they will need to lead results-oriented, multi-functional teams. The initiative was celebrated with the event Challenges and Outlooks in People Management, which included a lecture by Antonio Salvador, chief people officer at Grupo Pão de Açúcar.

In the same year, we introduced the Certificate in Healthcare Management in partnership with Hospital Israelita Albert Einstein (HIAE) for young professionals in the health care industry who aspire to further their knowledge in the area of management. The program expands on our partnership with HIAE for the Executive MBA in Healthcare Management that we have offered since 2004.

During 2013, we had the opportunity to honor the more than 500 students who concluded the programs Certificate in Business Administration (CBA), Certificate in Financial Management (CFM) and Certificate in Marketing Management (CMM) and joined the ranks of the Insper Alumni Community. The students reunited with their classmates in the Steffi and Max Perlman Auditorium and received just honors for their dedication and resilience. All of them will continue to maintain a relationship with Insper, frequent the campus, participate in institutional projects and perhaps even return to the classroom.

Master of Laws

We launched the LL.C. in Corporate Law designed for young law graduates seeking to focus on current legal issues and improving their relationship with clients in the competitive corporate environment. The program offers a comprehensive and practical vision of law.

Our students, alumni and professors published ten books in partnership with the publishing house Editora Almedina Brasil. Two big events were held for family members, friends, professors as well as members of the executive committee to recognize the dedication of these authors and the quality of their work. For 2014, the publication of another 15 works is planned.

Also in 2013, we organized over 50 examining committees formed by professors from Insper Law and various renowned guests who specialize in the topics of the students’ monographs. In the examining committees, students reaffirmed their commitment to the development and dissemination of academic production.

The fruit of international partnerships, five students participated in extension programs at the University of California in the United States and at Duke University in the United States and in Switzerland.

Professor Fábio Soares de Melo participated in the faculty exchange program and lectured on the subject “Taxation, Development and Sporting Events in Brazil” at the University of St. Gallen in Switzerland. As part of the same exchange program, we received Professor Peter Nobel from the University of St. Gallen and Professor Stefan Voigt from the University of Hamburg in Germany.

I chose the program because of its practical approach supported by a strong theoretical foundation. The program also promotes the exchange of experiences among highly qualified professionals who are active in the market

Nelson Tagliaferro Matsuoka CMM 2012

MBAs

In 2013, 20 MBA students and alumni participated in the Darden Insper Program, which is an international extension program that gives participants a rich academic and cultural experience at Darden Business School, one of the most highly respected schools in the United States. Participants took in their baggage the results of their dedication to the program and the desire to learn more about an institution in a region with a rich legacy in U.S. history.

In 2013, more than 300 students in the Executive MBA, Executive MBA in Finance and Executive MBA in Healthcare Management programs participated in the graduation ceremonies and celebrated with classmates, family members, professors and deans. As members of the Alumni Community, they can continue to frequent the campus, participate in projects, such as the Alumni Mentoring Program and the Alumni Godfather Program, donate to the Scholarship Fund and participate in events and seminars.

In the same year, in an article published on the site Estadão.edu entitled “Pós-Graduação e MBA podem ser alternativa para começo de uma nova carreira” (Graduate and MBA programs are potential alternatives to launching a new career), the director of Insper’s Executive MBA programs, Silvio Laban, analyzed the opportunities for enriching the spectrum offered by MBA programs, commenting, “in this case, it ends up being an experience to expand knowledge that imparts greater flexibility.”

To run an architectural design company and make it grow, being creative isn’t enough; you also have to be efficient, think in the long term and plan. Completing the MBA program was very important Maraí Valente MBA 2012

14



Executive Education

Open enrollment programs

Open enrollment programs attracted over 1,300 students to our classrooms in 2013, which represents an increase of 125% from the previous year. Over the year, 15 programs were launched to support professionals in different moments of their careers: · Corporate Governance & Compliance · Governmental Relations in Brazil · Futuring · High-Impact Investments · Financial Planning · Strategic Marketing · Innovation & Strategy · Law & Organizations · Managing Financial Instruments · Derivative Instruments · Money & Capital Markets · Managing Financial Risks · Real Options & Investment Valuation · Executive Program for Managing Real Estate Companies · Managing Services

Academic papers arising from dissertations and accepted in academic publications or receiving awards in 2013:

DISSERTATIONSTUDENT (program)/ ADVISOR

“Common Factors and the Exchange rate: results from the Brazilian Case” Awards: Best Paper Award 2013 na Academy of International Business, Southeast USA Chapter; Best work presented in the Finance Division at the 2013 National Meeting of the National Association of Graduate Studies and Research in Administration (EnANPAD) Published in: Revista Brasileira de Economia (RBE)

Wilson Felício (MPE)/ José Luiz Rossi Júnior

“Impact of macroeconomic surprises on the Brazilian yield curve and expected inflation”Published in: The North American Journal of Economics and Finance

Rafael L. Gaião (MPE)/ Marcelo Moura

“Avaliação do Risco Sistêmico dos Bancos no Brasil” Award: 3rd place in the Febraban V Award in Banking Economics

André NG (MPE)/ Marco Lyrio

Professional Masters

We observed an increase in the demand for Professional Masters programs, particularly in Economics, whose applicant/opening ratio increased by 14% in 2013 compared to 2012.

From among the students who concluded a program last year, 37 dissertations were defended in the Professional Masters in Economics program and 26 in the Professional Masters in Business Administration program.

Given the nature of professional masters programs, the topics covered in dissertations are in general highly applicable to the real needs of companies. This increases the level of interest from the media in the findings of studies. Seven articles based on dissertations defended in recent years were published in the period. The works were also recognized by the academic community. In 2013, 11 academic papers by students co-authored with their advisors were accepted in Brazilian and international journals, and another four dissertations received awards or were presented in economics or business administration congresses in Brazil or abroad.

At the end of last year, CAPES, the federal agency regulating research degree programs, announced the results of its evaluation for the period 2010-12. The Professional Masters in Economics received the highest possible score of five, as in the previous three-year period.

The Professional Masters in Business Administration, which was launched in 2007 and first evaluated in 2012, received a score of four, up from three in the previous evaluation. Every three years, CAPES evaluates the qualifications of the faculty and student body of master’s programs, as well as the academic production of students.

Dissertations that led to the publication of articles in the media in 2013:

DISSERTATION STUDENT (program)/ ADVISOR

“Análise boca a boca negativo sobre valor de mercado das cias telefônicas” O Estado de S. Paulo and CBN Madrugada

Fabio Fragoso (MPA)/ Danny Claro

“The Impact of Central Bank Interventions” Folha de S. Paulo

Fatima Pereira (MPE)/ Marcelo Moura

“What Comes Around, Goes Around” Você S/A

Sean White (MPA)/Gazi Islam

“Demanda por Meios de Transporte na Grande São Paulo: Uma Análise de Políticas Públicas”O Estado de S. Paulo

Carlos Eduardo Lopes (MPE)/ Rodrigo Moita

“Common Factors and the Exchange Rate: Results from the Brazilian Case” Folha de S. Paulo

Wilson Rafael de Oliveira Felício (MPE)/ José Luiz Rossi Júnior

“Performances of Brazilian IPOs backed by private equity”Valor Econômico

Pedro C. A. Tavares (MPE)/ Andrea Minardi

“Projetos de PPPS”O Estado de S. Paulo and Gazeta do Povo (PR)

Rogerio Thamer (MPA)/ Sérgio Lazzarini

16



Custom programs for organizations

Our presence in the corporate market continued to expand last year, with the development of custom programs for 31 organizations, The level of program repurchases reached 80% and we maintained important clients in various industries.

· ABRASCE · AMBEV· ABI Internacional· Brazilian Development Bank (BNDES) · Bradesco · BRF Brasil Foods· CHS· Israelita Confederation of Brazil (CONIB)· Duratex · EMS · Gerdau· Hospital Israelita Albert Einstein · HSBC · ING· Itaú-Unibanco/Itaú-BBA

· JBS· Johnson & Johnson· Jones Lang LaSalle · Klabin · Latapack-Ball· Meio e Mensagem· Odebrecht· Roche · Rodobens· Sanofi· Santander/Santander Financiamentos· Sodexo· Syngenta · TOTVS· Toyota · YPO-WPO

For the seventh straight year, the custom programs figured in the ranking published by the Financial Times. In 2013, our programs ranked 36th and were among the three best in South America.

We maintained our international partnerships and received students from a variety of countries to the program “Brazil: a view from inside,” as well as professors to the programs “Futuring” and “Innovation and Strategy.” We also devel-oped programs jointly with renowned schools, such as Managing Real Estate Companies in partnership with the IE Business School of Madrid.

The open enrollment programs ranked 38th in the global ranking published by the newspaper the Financial Times and figured among the top three in South America. The publica-tion highlighted the growth in revenue from these programs, which was one of the three highest in the ranking.

The faculty has in-depth knowledge, the classes are dynamic with a lot of exchange of ideas and experiences and the applied project combined theoretical knowledge with practice

Mariana Zaher, former student of the Executive Education Financial Planning program

Adalto Barbaceia GonçalvesMBA - University of California, Los Angeles

Adhemar Villani JuniorPh.D. in Economics - University of Pennsylvania

Adrian Kemmer CernevDoctor of Business Administration - FGV-SP

Adriana Bruscato BortoluzzoDoctor of Statistics - USP

Adriano José da Silva NevesMaster of Engineering - IPT

Afonso Carlos BragaMBA - Warwick Business School

Alex ManducaMBA in Marketing - Insper

Alexandre DemetriusDoctor of Commercial Laws - USP

Alexandre Jorge ChaiaMaster of Business Administration - USP

Alexandre SchartzmanDoctor of Economics - Univeristy of California

Aloisio Bueno BuoroMaster of Business Administration - USP

Alvaro Cardoso ArmondMaster of Business Administration - Universidade Presbiteriana Mackenzie

Ana Helena de CamposDoctor of Physics - USP

André Antunes Soares de CamargoDoctor of Commercial Laws - USP

André Luis de Castro Moura DuarteDoctor of Business Administration - FGV-SP

Andrea Maria Accioly Fonseca MinardiDoctor of Business Administration - FGV-SP

Angela de Souza MenezesMaster of Production Engineering - PUC-RJ

Angelo CorsettiBachelor of Economic Sciences - USP

Antonio Carlos Rosso JuniorMaster of Systems Engineering - USP

Antonio Zoratto SanvicentePh.D. in Business Administration - University of Stanford

Faculty

The ranking is becoming more and more global and competitive, with more intense participation by top business schools in Europe and the United States, and more recently in Asia and Africa. Once again, Insper placed among the top schools in Latin America in the Financial Times ranking, which is an international referenceLuca Borroni-Biancastelli, Diretor Acadêmico de Educação Executiva

18



Eduardo Correia de SouzaDoctor of Economics - UFRJ

Eduardo de Carvalho AndradePh.D. in Economics - University of Chicago

Eduardo Franco LuzioPh.D. in Economics University of Illinois at Urbana-Champaign

Eduardo Pozzi LuchezziDoctor of Business Administration - USP

Eduardo Rossit PadilhaSpecialist in Finance - USP

Eric Barreto de OliveiraMaster of Controllership and Accounting - USP

Fabio de BiazziDoctor of Production Engineering - USP

Fábio Matuoka MizumotoDoctor of Business Administration - USP

Fabio OrfaliMaster of Mathematics - USP

Fabio Pelicano Borges VieiraBachelor of Aeronautical Engineering - ITA

Fabio Ribas ChaddadPh.D. in Agricultural Economics – University of Missouri

Fabio Soares de MeloSpecialist in Tax Law - PUC-SP

Fernando Castro de Campos RorizDoctor of Economics - PUC-RJ

Fernando Ribeiro Leite NetoDoctor of Social Sciences - PUC-SP

Flávia Ferreira PiazzaMaster of Business Administration - Ibmec-RJ

Flavio Kezam MalagaDoctor of Finance - USP

Flavio Romero MacauDoctor of Business Administration - FGV-SP

Frederico Augusto Alem BarbieriDoctor of Mechanical Engineering - USP

Artur Rothstein Barreto ParentePh.D. in Economics - University of California, Berkeley

Auro Key HondaMaster of Social Psychology - PUC-SP

Bruno Costa SimõesDoctor of Philosophy - USP

Bruno Silva MartinsDoctor of Economics - FGV-RJ

Camila de Freitas Souza CamposPh.D. in Economics - Yale University

Camila Pereira BoscovDoctor of Controllership and Accounting - USP

Carla RamosPh.D. in Business Administration – University of Bath

Carlos Afonso Caldeira FilhoMaster of Business Administration - FGV-SP

Carlos Alberto Furtado de MeloDoctor of Social Sciences - PUC-SP

Carlos Roberto Francisco BaraMaster of Business Administration - FGV-SP

Carolina da CostaPh.D. in Cognition and Learning Rutgers, The State University of New Jersey

Charles KirschbaumDoctor of Business Administration - FGV-SP

Danny Pimentel ClaroPh.D. in Business Administration - Wageningen University

David KallasMaster of Business Administration - USP

Denise Aparecida ManfrediMaster of Health Psychology - UMESP

Ecléa Zugman HauberSpecialist in Biology - USP

Edélcio Koitiro NisiyamaMBA – University of Chicago

Eduardo Augusto RissiDoctor of Sciences - USP

Gazi IslamPh.D. in Organizational Behavior Tulane University

George OhanianDoctor of Business Administration - USP

George Paulus Pereira DiasMaster of Production Engineering - USP

Giancarlo GrecoMBA – Duke University

Guilherme AthiaSpecialist in Marketing - ESPM

Guilherme de Moraes AttuyDoctor of Economics - USP

Guilherme Fowler A. MonteiroDoctor of Business Administration - USP

Guilherme Silveira MartinsDoctor of Business Administration – FGV-SP

Gustavo Rodrigues OrtegaMaster of Strategic Controllership and Accounting FECAP

Guy Cliquet do Amaral FilhoMaster of Engineering - USP

Hedibert LopesDoctor of Statistics and Decision Theory – Duke University

Heleno Piazentini VieiraMaster of Economics - FGV-SP

Heloísa Maria Domingues NevesDoctor of Design and Architecture - USP

Henrique Machado BarrosPh.D. in Business Administration - University of Warwick

Humberto DantasDoctor of Political Science - USP

Irineu Gustavo Nogueira GianesiMaster of Production Engineering - USP

Ivanildo Dias de LimaMaster of Sciences - USP

Ivo WaisbergDoctor of Laws - PUC-SP

João Luis MascoloDoctor of Economics - PUC-RJ

João Manoel Pinho de MelloPh.D. in Economics - Stanford University

José Carlos A. LuxoDoctor of Business Administration - USP

José Carlos Tiomatsu OyadomariDoctor of Controllership and Accounting - USP

José Heleno FaroDoctor of Mathematic Economics - IMPA

José Luiz Rossi JuniorPh.D. in Economics - Yale University

José Valério MacucciMaster of Business Administration - FGV-SP

Juan Pedro Jensen PerdomoDoctor of Economics - USP

Juliana InhaszDoctor of Economics - USP

Lars Meyer SanchesDoctor of Civil Engineering - UNICAMP

Leni Hidalgo NunesDoctor of Business Administration Université de Pau et dês Pays de L’Adour

Leonardo Fabris LugoboniMaster of Business Administration - USCS

Leonardo PaganoDoctor of Business Economics - FGV-SP

Leonel Molero PereiraDoctor of Business Administration - USP

Leonidas Sandoval JuniorPh.D. in Mathematics - University of London

Leticia CostaMBA – Cornell University

Liao Yu ChiehMBA in Finance - Insper

Luca Borroni-BiancastelliDoctor in Economics Universitá Commerciale Luigi Bocconi

20



Lucia GuilhotoPh.D. in Business Administration (Marketing) Università Commerciale Luigi Bocconi

Luciana Carvalho de Mesquita FerreiraPh.D. in Business Research Erasmus University Rotterdam

Luciana Yeung Luk TaiDoctor of Economics – FGV-SP

Luciano Marques de AraújoDoctor of Business Administration Universid ad Politécnica de Catalunya

Luciano Pereira SoaresDoctor of Electrical Engineering – USP

Luis Claudio Montoro MendesMaster of Laws - Insper

Luis Fernando Longuini CossiBachelor of Production Engineering - USP

Luiz Fernando Andreotti TurattiPh.D. in Business Administration – University of St. Gallen

Luiz Francisco Modenese Vieira Ph.D. in Transport Systems Massachusetts Institute of Technology

Mara BehlauDoctor in Speech and Language Pathology Universidade Federal de São Paulo

Marcelo Hiroshi NakagawaDoctor of Production Engineering - USP

Marcelo José CarbonariDoctor of Nuclear Sciences - USP

Marcelo Leite de Moura e SilvaPh.D. in Economics - University of Chicago

Marcelo Rodrigues dos SantosDoctor of Economics - FGV-RJ

Marco Antonio Leonel CaetanoDoctor of Aeronautical and Mechanical Engineering - ITA

Marco Aurélio Lima de QueirozDoctor of Business Administration - FGV-SP

Marco BonomoPh.D. in Economics - Princeton University

Marco Túlio Pereira LyrioPh.D. in Economics – Katholieke Universiteit Leuven

Marcos LisboaPh.D. in Economics - University of Pennsylvania

Marcos Rodrigues de LaraDoctor of Social Sciences - PUC-SP

Marcos VeçosoMaster of Health Economics and Pharmaeconomics Universitat Pompeu Fabra

Marcus Sousa SoaresBachelor of Psychology

Marcus Vinicius Lopes Ramos GonçalvesMaster of Laws - PUC-SP

Maria Aparecida Rhein SchiratoDoctor of Education - USP

Maria Cristina Nogueira GramaniDoctor of Engineering - UNICAMP

Maria Kelly VenezuelaDoctor of Statistics - USP

Marielza CavallariMaster of Business Administration - FGV-SP

Marilda Peres Camacho AndradeMBA Executivo em Marketing - Insper

Mario Sergio KojimaMBA - University of Southern California

Marisa Villas Bôas DiasMaster of Business Administration - USP

Marta de Campos MaiaDoctor of Business Administration - FGV-SP

Maurício FerreiraDoctor of Mechanical Engineering – USP

Mauricio Rocha Alves de CarvalhoMBA - University of Pennsylvania

Maurizio MauroBachelor of Business Administration - FGV-SP

Michael Viriato AraújoDoctor of Systems Engineering - USP

Ricardo Goulart SerraDoctor of Business Administration - USP

Ricardo José de AlmeidaDoctor of Business Administration - USP

Ricardo MachadoDoctor of Social Sciences - PUC-SP

Ricardo MolloMBA – University of Dallas

Ricardo RochaDoctor of Business Administration - USP

Rinaldo ArtesDoctor of Statistics - USP

Roberta MuramatsuPh.D. in Economics – Erasmus University Rotterdam

Roberto Anis CalfatDoctor of Production Engineering - USP

Roberto Dumas DamasMaster of Economics - University of Birmingham

Rodrigo Menon Simões MoitaPh.D. in Economics - University of Illinois

Rodrigo Takashi OkimuraDoctor of Electrical Engineering - USP

Rogério da Costa MonteiroMaster of Economics - Insper

Romeo Deon BusarelloMaster of Business Administration - PUC-SP

Ronnie MaschkSpecialist in Project Management Fundação Vanzolini - USP

Roseli Morena PortoDoctor of Business Administration - FGV-SP

Sandra GioffiSpecialist in Psychology - Universidade Gama Filho `Sandro Magalhães ManteigaMaster of Mathematical Modeling in Finance - USP

Sérgio Giovanetti LazzariniPh.D. in Business Administration Washington University, St. Louis

Naercio Aquino Menezes FilhoPh.D. in Economics - University of London

Nelson Mendes CantarinoDoctor of Social History - USP

Nilton Deodoro Moreira Cardoso JuniorDoctor of Economics - Universidade de Paris I

Otto NogamiMaster of Economics Universidade Presbiteriana Mackenzie

Patricia da Cunha TavaresDoctor of Business Administration - FGV-SP

Patricia Portella Prado GalhanoDoctor of Business Administration - USP

Paulina Alejandra Achurra BurgosPh.D. in Chemical Engineering - Stanford University

Paulo Beltrão FralettiDoctor of Business Administration - USP

Paulo José de AzevedoMaster of Economics - Insper

Paulo Vieira de Campos Master of Educational Psychology - PUC-SP

Priscila Borin de Oliveira ClaroDoctor of Business Administration - UFL

Priscila Fernandes RibeiroMaster of Business Economics - FGV-SP

Rafael Paschoarelli VeigaDoctor of Business Administration - USP

Raul Amaral RegoDoctor of Business Administration - USP

Raul Ikeda Gomes da SilvaMaster of Electronic and Computer Engineering - ITA

Regina Carla MadalozzoPh.D. in Economics - University of Illinois

Regis Fernando de Ribeiro BragaMaster of Accounting and Actuarial Sciences - USP

Ricardo Dias de Oliveira BritoDoctor of Economics - FGV-RJ

22



Sergio Ricardo MartinsMaster of Statistics - USP

Silvia Antonio SfeirMaster of Business Administration - FECAP

Silvio Abrahão Laban NetoDoctor of Business Administration - FGV-SP

Silvio PossaMBA - FIA

Tadeu Aparecido Pereira da PonteMaster of Mathematics - USP

Tatiana IwaiDoctor of Business Administration - FGV-SP

Tatiana Terabayashi MelhadoDoctor of Statistics - USP

Tiago Fischer FerreiraDoctor of Business Administration - USP

Timothy AltafferMBA – New York University

Vinícius de Bragança Müller e Oliveira Master of Economics - UNESP

Vinicius LicksDoctor of Electrical Engineering University of New Mexico

Vitoria Cristina Cardoso SaddiPh.D. in Economics University of Southern California

Vivian Iara StrehlauDoctor of Business Administration - FGV-SP

Andréia Cristina BezerraDoctor of Commercial Law - USP

Camila Vergueiro Master of Laws - PUC-SP

Daniel KalanskyDoctor of Commercial Laws - USP

Daniel Martins BoulosDoctor of Civil Law - PUC-SP

Donald Mac NicolBachelor of Business Administration - FGV-SP

Douglas YamashitaDoctor of Tax Laws - USP

Eduardo Montenegro DottaBachelor of Laws - PUC-USP

Fabiano Del MassoDoctor of Laws - PUC-SP

Fabio Eduardo de Pieri SpinaMaster of Laws (U.S. law) Columbia University

German Alejandro San Martins FernandezMaster of Tax Law - PUC-SP

José Dutra Vieira SobrinhoSpecialist in Accounting Sciences - USP

José Luiz Conrado VieiraDoctor of Laws - USP

José Romeu AmaralMaster of Laws – Northwestern University

José Virgílio EneiMaster of Commercial Laws - USP

Kleber Luiz ZanchimDoctor of Laws - USP

Lior PinskyMaster of Laws - London School of Economics

Luis Fernando CamargoBachelor of Accounting Sciences - Faculdade Tibiriçá

Luis Gustavo HaddadMaster of Civil Laws - USP

Luiz Fernando Mussolini JuniorMaster of Public Law - PUC-SP

Marcel Gomes Bragança RettoMaster of Commercial Laws - USP

Marcelo Vieira Von AdamekMaster of Commercial Laws - USP

Marcelo Godke VeigaMaster of Laws - Columbia University

Marco Antonio BevilaquaMaster of Civil Law - PUC-SP

Marcos Cavalcante de OliveiraMBA – University of Pennsylvania

Maria Rita FerragutDoctor of Tax Law - PUC-SP

Marina AnselmoMaster of Laws (Banking and Capital Markets) University College London

Miguel TornovskyMaster of Laws - Columbia University

Paulo Jorge ScartezziniDoctor of Civil Laws - USP

Pedro Whitaker de Souza DiasMaster of Laws - University of Pennsylvania

Plinio José Lopes ShiguematsuMaster of international Law - USP

Renato NunesDoctor of Tax Laws - PUC-SP

Ricardo HiroshiExecutive MBA - Insper

Rodrigo Fernandes RebouçasMaster of Social Relations Law - PUC-SP

Rogério Garcia PeresMaster of Tax Laws - PUC-SP

Rubens Carmo Elias FilhoDoctor of Social Relations Law - PUC-SP

Sergio Freitas da CostaMaster of Laws - University of Michigan

Taimi HaenselMaster of Laws - Insper

Thiago SandimBachelor of Laws - PUC-USP

Valdir Carlos Pereira FilhoMaster of Laws - University of London

Wilson R. OmettoSpecialist in Controllership - FIPECAFI/USP

Guest Professors / Executive Education

Alejandro PinedoPursuing a Masters in Sustainable Business University of Cambridge

Ana Paula Pinho CandeloroPursuing a Masters in Sustainable Leadership University of Cambridge

Daniella Giavina BianchiBachelor of Advertising and Marketing - ESPM

Fabio Schenberg FrascinoMBA in Finance - Insper

Hélio Mariz de CarvalhoBachelor of Architecture and Urbanism - USP

Marina Pinhão Coelho AraújoDoctor of Criminal Law - USP

Rodrigo Amantea de Andrade PintoMaster of Business Administration - FGV-SP

List of active professors in the first semester of 2014.

Guest Professors / Lecturers

Alberto MacedoDoctor of Economic, Financial and Tax Law - USP

Alvaro TaiarBachelor of Laws - USP

Ana Luiza Salles LourençoSpecialist in Tax Law - FGV-SP and IBET

André Franco de MoraesExecutive MBA in Finance - Insper

24



Relationship with the market Students are constantly exposed to the opportunities and challenges of the labor market through the Career Center, which maintains partnerships with over 3,000 organizations. This contact begins when students join the School and continues after they graduate and become part of the Alumni Community.

guid

ance

guid

ance

recruitment fairsIn 2013, Insper’s Recruitment Fairs attracted 52 companies to present their trainee and internship programs to 860 students. As in every edition, graduates from our undergraduate programs participate in these events as employers, seeking to share their experiences with those who are about to embark on their careers.

career in focus Students and alumni met with professors and experts to debate the professional challenges posed by various sectors of the economy. The fields are selected by students and last year comprised: Financial Market, Entrepreneurship, Agribusiness, Corporate Finance, Leadership and Decision-making, Pharmaceutical, Personal Care and Cosmetics, Channels, Distribution and Trade Marketing.

Adriana Barreta • Adriana de Campos Leal Andreoli • Adriano Ammirati • André Chamadoira Carracedo • Antonio Carlos Derani • Ana Lucia Frony de Macedo • Alexandre Hideo Yoda • Alexis Pizzinari Campos • Anderson Nogueira Borges • Antônio Carlos Rodi • Arnaldo José Mamede Inácio • Beatriz de Toledo Cullen • Camilo H. de Syllos • Carla Peron Meirelles • Celia Pizzi • Celso dos Santos • Celso H. Maehata • Christiane Cobas Pedreira • Clarisse Barreto • Claudia C. Primo • Claudio Kassab • Christian Timotti • Christiane Cobas Pedreira • Cristiane M.G. Mondaini • Daniel Panico Gorayeb • Daniel Pini Nader • Dario Almeida Albagli • Denis Fernando Botini Batista • Edson Gomes Ribeiro • Eduardo Melchert Grell • Eliane Aparecida S. Laurelli • Emilia M.Y. Cheung • Fabricio de Moura • Fatima M. M. N. Renzetti • Fernando Lucio da Fonseca • Gabriel A. M. de Barros • Gabriel Severino da Silva • Gedival M. Silva Jr • Giuliano de Oliveira Mourão • Graciela Civolani Cordts • Henrique C. Mariano • Henrique Lewi • Humberto José Carneiro • Ivar Nantes Tagara • João Gilberto Pinheiro • João Marcelo de Melo Teles • José Antonio Maluf de Carvalho • Jose Geraldo Setter Filho • José Valmir da Silva • Katia Korovin • Lourdes Aparecida Sangiuliano • Luis F.G.Rodrigues • Manoel P. de Queiroz • Marcelo do Amaral Ferro • Marcelo Limaverde Figueiredo • Márcia de Almeida Fernandes • Marcio Alexandre Corazza • Marcio R. Lisa • Marco A. R. Azevedo Garcia • Marco Oliver Anton • Maria Cristina Marinho de Moraes • Maria Helena Simões Vargas • Mario Sergio Tampellini • Martin Klos Rahal • Patricia da Silva Herbas Palomo • Paulo C. Freitas • Raquel B. B. Sore • Reinaldo Mauricio Cunha • Renato Skaf dos Santos • Ricardo Siniscalchi de Souza • Roberta Oliveira Zara • Rodrigo Cesar Santoro • Rodrigo Messias Ventura • Ronaldo Ricioli • Rosangela Colella Ferro • Rosanne C. Jorge • Sara Martins • Solange Barbosa Pinheiro de Almeida • Thiago Passone • Wellington L. Souza

meeting with employersPartner companies and Insper professors gather over the course of the year to discuss labor market trends and research studies related to the topic. Three of these events were held in 2013 and attracted the participation of companies such as: Booz & Company, BRMalls, Bunge, Career Center, Gardz, Itaú-Unibanco, Magazine Luiza, Mariaca, Michael Page, Natura, Page Talent, Rio Bravo Investimentos, Santander, Standard Chartered Bank, Stern Stewart & Co., SulAmérica, UBS, Unilever and Votorantim.

alumni mentoring program In the sixth edition of the Program, 25 alumni served as volunteer mentors to undergraduate students nearing graduation. The students were able to learn more about the job market, while the mentors had an opportunity to enhance their leadership, negotiation and communication skills.

even

ts

Companies recruiting Opportunities announced

2011882

20119.389

2012992

201211.607

20131.228

201312.235

career opportunities board

directory of Insper graduates A database of résumés of Insper graduates, the Directory is an important relationship channel between these former students and the job market.

tool

s

Professional opportunities for undergraduate students over 4.200 openings

11 openings per student

Students graduating in 2013 had on average 3 professional experiences during their program

Opportunities in management positionsratio of other positions

24%

2011

30%

2012

39%

2013

Watch testimonials by students who participated in the 14th Recruiting Fair in 2013

Watch students and alumni who participated in the program recount their experiences

talent network fair Insper’s alumni participated in the 1st Talent Network Fair along with headhunters, HR consulting firms and coaches to discuss market trends and opportunities, plan their careers and activate their relationship networks.

Watch testimonials by students who participated in the 14th Recruiting Fair in 2013

orientation sessions The Career Center also offers orientation sessions to students and alumni to discuss professional dilemmas and opportunities.

acknowledgements Since the program’s creation in 2008, 80 alumni have shared their knowledge and career experiences with undergraduate students entering the labor market:

http://youtu.be/RXlPN-0pnIs

http://youtu.be/mKTVQ7Axvn8

http://www.youtube.com/watch?v=Y4PbewF9mZE

26



Entrepreneurship in action Entrepreneurship actions at Insper are included in the classroom, in extracurricular activities and in an extensive calendar of events. In 2013, the Center for Entrepreneurship expanded its focus, with its name changing to the Center for Entrepreneurship and Innovation. One of the highlights of the year was the 7th edition of Empreenda Insper, a competition of business plans in which 97 undergraduate students, graduate students and alumni participated.

For the second straight year we participated in Movimento Empreenda in partnership with Editora Globo. The initiative provides orientation to those who dream of starting their own business or who already run their own business. As educational partner, Insper acted as the curator of two major projects: Find an Angel, a contest that identifies business ideas in their preliminary stages to present them to angel investors, and the Successful Entrepreneur Awards, which recognizes exceptional entrepreneurs. The award was featured in the cover article of the December edition of the magazine Pequenas Empresas, Grandes Negócios.

Creating innovative professionals, as our mission states, requires an entrepreneurship learning model based on experience that doesn’t just focus on creating new business, but also on developing the skills needed to transform ideas into action in any organizational environment

Students who won the Empreenda Insper competition in 2013

Carolina da Costa, Dean of Undergraduate Programs

Visits and extension programs at Insper

299 students from partner schools participated in extension programs or custom academic activities.

International Experience Our students who participated in exchange programs, international stu-dents from 14 countries and representatives from eight partner institutions gathered at the 1st Insper International Fair to present exchange programs to undergraduate students.

Students also had an opportunity to participate in the Ibero-Americanas Santander Universidades Scholarship Progam, which helps undergraduate students from universities in the Iberian Peninsula and the Americas to study abroad. To encourage scholarship students to join international exchange programs, Insper offered them an added benefit. Of the five students se-lected, three received scholarships and are currently studying in six-month programs in Mexico and Spain.

New partnerships for summer programs were forged to offer undergraduate and graduate students experiences in short-term study programs at international universities.

• United States: University of Columbia, University of California – Berkeley, Stanford University • Canadá: Canada: University of Victoria (English Language Programs) • France: IESEG School of Management • Israel: The Hebrew University of Jerusalem

The School currently maintains 45 cooperation agreements with universities in 18 countries. 31

35

45

2012

2011

2013

Evolution in partnerships:

partnerships in 18 countries



UNDERGRADUATE International Exchange Programs

GRADUATE PROGRAMS Six-month Exchange and International Extension Programs

90 students attended 29 schools in 17 countries

36 students attended 8 schools in 5 countries

53 students from 15 schools coming from 12 countries

11 students from 5 schools coming from 4 countries

55 students participated in the program “Brazil: a view from inside,” of whom 25 were from ESCP Europe in France and 30 were from the Lagos Business School in Nigeria.

EXECUTIVE EDUCATION

28



To meet the growing demand for new academic programs and expand the activities of our Research Cen-ters, the campus was expanded by 8,000 square meters, which increased its effective space by 80%.

The expansion project brought new rooms and common areas and allowed the Telles Library to be expanded. Now a restaurant, multi-sport game court, new rooms for Student Organizations, the Career Center and the Multi Insper space are all on the same floor. A new lounge was designed for professors as well as new offices exclusively for full-time professors.

We ended 2013 occupying eight of the building’s 11 floors. The other floors are being renovated in accordance with a design developed for the specific needs of Executive Education programs.

Friends of Insper Sponsors

Of the new classrooms, three were sponsored: the Paulo Renato Souza Room was sponsored by the Haddad family and Jorge Paulo Lemann; the Luiz Martins de Souza Dantas Room was sponsored by the Brazilian Jewish Community; and the Eudoro Villela Room was sponsored by Itaú-Unibanco.

In 2013, we completed the first phase of the process to raise funds for our new Engineering programs, for which we received support from the following institutions: BTG Pactual, Camargo Corrêa, Fundação Bradesco, Fundação Brava, Fundação Lemann, Gerdau, Grupo Ultra, Itaú-Unibanco and Votorantim. Together they donated R$84.5 million, with this figure surpassing the target of R$80 million. Part of the funds raised was used to purchase the lot located adjacent to the School’s campus where the new building will be erected.

Campus expansion

1% of the revenue from undergra-duate programs

R$555,000

Repayment of scholarships

R$997,000

Donations

R$1.08 million

The relationship that students share with their colleagues and professors does not end once they graduate. Participating in the Alumni Community means staying in contact with your colleagues and professors and keeping up to date on events at Insper. In 2013, the Alumni Community surpassed the mark of 10,000 members. Over the course of the year, former students joined the Visiting Committee and participated in the Alumni Mentoring Program and Godfather Program and also contributed to the process to select new scholarship students. Many alumni also multiplied their experiences through interviews to the media and Insper’s communication vehicles, events at Insper and visits to promote the institution.

Scholarship program Supported by the Scholarship Fund, the Scholarship Program offers opportunities to young students with high academic capacity who require financial assistance to pursue their undergraduate studies at Insper. The program’s sustainability is guaranteed by three funding sources:

Alumni community

11,120 members 18 alumni godfathers 80 alumni mentors 113 donors to the Scholarship Fund R$275,000donated to the Scholarship Fund 163 enrollments in new programs

Last year, Insper’s full scholarships became non-repayable, which means that current and future students, as well as scholarship students who have already graduated, no longer have to repay their scholarships.

Types of scholarships Non-repayable full scholarships 100% tuition subsidy for students with household income of up to 1.5 times the minimum wage who studied in the public school system or received scholarships to study at private schools.

Non-repayable partial scholarships Tuition subsidy of 30% to 80% for students with household income of up to eight minimum wages.

116 scholarship students

14 full

102 partial

Average subsidy: 65%

Program’s impact in 2013:

235 students supported

127 graduates

40% repaid their scholarships

Impact since its creation in 2004:

R$2,777,218.00 repaid

R$6,896,000.00 donated

R$2,962,000.00 transferred from the revenue of undergraduate programs

“I serve as a mentor because I believe that the potential of Insper and its students should be extended to as many people as possible. I want to give back what I got from the School in some way, even though I wasn’t a scholarship student”

Rafael Coelho – ADM 2007 is a godfather alumnus and donor to the Scholarship Fund.

Launched in 2013, the Alumni Godfather Program encourages alumni to act as counselors and contribute to the housing and food costs of full scholarship students.

30

Annual Report 2013



Acir Albino Dybas Junior – ADM 2011Adriano Ortega Carvalho – ECO 2008Alex Sandro Antunes – MBA (student)Alexandre Ferraz de Oliveira – MBA (student)Amanda Rodrigues Luhmann de Jesuz – ECO 2011André da Silva Palocci – ECO 2003Andre Luiz de Moura Albuquerque – ADM 2010Andre Takeshi Fujii – ECO 2010Andrea Martins Flores – CMM 2010Andrea Monsó Antonio – ADM 2010Ary Cera Zanetta Neto – ECO 2005*Barbara Diniz Almeida – ADM 2008Bruno Amorim Florencio Pereira – ADM 2007Bruno Igel – ADM 2005Bruno Oliveira Gonçalves – ADM 2007Bruno Saliba Laguna – ADM 2010Caio Gracco Rocha Carbone – ECOCaio Saliba Laguna – ECO 2012Clara Roorda – ECO 2008Claudia Bruschi Martins – ECO 2010Claudia Sayuri Fagliari – ADM (student)Cynthia Michels – ECO 2012Danilo Cesar Leite de Almeida – ADM 2006Dirceu Delamuta Filho – ADM 2007Eduardo Montenegro Dotta – LL.M. 2001Elder Jascolka dos Santos – CBA 2012Fábio José Santos – CBA 2013Fabio Moreira Vernille – ECO 2007Fábio Seabra de Paula – CFM (student)Fabio Wrobel Zausner – ADM 2006Felipe Afonso Ferreira Ribeiro do Val – CFM (student)Felipe Trigo Osmo – ECO 2005Felix Yen – ADM 2009Fernanda Verroni Keidel – ADM 2007Fernando Castro de Campos Roriz – ECO 2008Fernando Dizero Senise – LL.M. (student)Fernando Henrique Folchito Maglioni – ADM 2007Fernando Kenji Muramoto – ADM 2005Fernando Luis Abegao Neto – ADM 2006Fernando Nicoli – ADM 2008Flavia Cerruti – ADM 2008Francisco Mendonça de Toledo Arruda – ADM 2006Franco Rodrigues Resende Veludo – ADM 2007*Frederico de Souza Queiroz Pascowitch – ADM 2005Gabriel de Lima Ramos – ECO 2011Gabriel Fongaro de Araujo Pereira – ECO 2010Gisela Santos de Macedo – ADM 2005

Giuliano de Oliveira Mourao – MBA 2010Guilherme Bockmann Ferreira – ADM 2007Guilherme da Silva Palocci – ADM 2007Guilherme Lopes Ferrari – ECO 2009Guilherme Martinez Del Tedesco – ECO 2011Gustavo de Paula Ribeiro – ECO 2009Gustavo Goldenberg – ECO 2011Henrique Cordeiro Mariano – MBA2008Henry Abdo Nakad – ADM 2008Ivan Akio Itocazo Soida – Master 2011João Marcelo de Aguirre Furlan – ADM 2003João Moreira Salles – ECO 2003Jonas Honchie Chen – ECO 2009Jorge Hideo Tamae – MBA 2008José Geraldo Setter Filho – MBA 2005José Roberto Ermírio de Moraes Filho – ADM 2007*Josedir Barreto – LL.M. (student)Julia dos Santos Ribeiro – ECO (student)Laís Yazbek de Oliveira e Silva – ADM 2008Larissa Furletti Bomfim – ADM (student)Larissa Matilde Salles Cunha Araium – ADM 2008Leandro Omena Silva – ECO (student)Leandro Paulussi – ADM 2003Leonardo Laranjeira Gomes – MBA 2012Livia Rizzi Razente – ADM 2008Luciana Amorim da Silva Haddad – MBA (student)Luciana Szente Fonseca – ADM 2011Luis Rodolfo Cruz e Creuz – LL.M. 2004Luiz Eduardo Rudge Leite – ADM (student)Luiz Henrique Cordeiro Rustiguel – ADM 2004Marcelo de Castro Ferreira Oliveira – ADM 2005Marcelo Moreira Maluf Homsi – LL.M. (student)Maria Angelica Martins Miranda – ADM 2007Maria Carolina Dassie – ECO 2006Maria Neiva Tajra – ADM (student)Mariana de Campos Freire e Almeida – MBA (student)Marina Kairalla Garcia – ADM 2005Mateus Polking – ECO 2013Mathias Pastor Wagner – ECO 2003Mauricio Torres Pinto Bergamaschi – ADM 2006Mauro Francisco de Andrade Filho – CFM 2012Milton Giannelli Neto – ADM 2008Murilo Furtado de Mendonça Junior – MBA 2004Nathalia Cristina Sampaio Do Valle – ADM 2011Paula Marcela Lima Perez – ADM 2010Paulo Bertolucci Belliboni – ECO 2010Paulo Eduardo Albano – ADM 2007

Scholarship Fund Alumni and students who made donations

Companies and organizations that made donations

Pedro Henrique Braga Lobo – ADM 2006Pedro Henrique Lemgruber Vilela – ADM 2005Pedro Vieira Lima de Albuquerque – ECO 2009Philippe Lemes Ribeiro – ECO 2009Rafael Barbosa Santos Coelho – ADM 2007Rafael Behar – ADM 2006Raquel Erzinian de Camargo Moreira – ECO 2010Rebeca Nicolas Pinheiro – ADM (student)Ricardo Luiz Coelho Duarte – ECO 2010Ricardo Ramos Pereira de Souza – ADM 2005Ricardo Siniscalchi de Souza – MBA 1999Roberta Beatriz Bolognesi Donato – ADM 2005Roberta Bornia Romiti – ECO 2010Roberto Tranchesi Zuccolo – ADM 2006Rodolpho Rocha Ruiz – ADM 2005Rodrigo Comim Canela – ADM 2011Rodrigo Guedes Nunes – ECO 2008Rodrigo Lemos da Silva Haenel – MBA 1996Ronaldo Zecchin Torres – ADM 2008Rogerio Chiari Trevisan – ECO 2009Samer Souhail Ghosn – ADM 2008Sidney Mendes de Souza – LL.M. (student)Taís Novaes Silva – ADM 2011Tatiana Der Haroutiounian – ADM 2011Tatiana Milan – ADM 2003Thiago Simões Maffra – ADM 2006Valter Pujol Ortiz – MBA 1996Vinícius Royo Rággio – ADM (student)Werther Teixeira de Freitas Vervloet – ECO 2007

André Luis de Castro Moura DuarteAndrea Maria Accioly Fonseca MinardiAndrea MinardiArthur Mizne *Beatriz Ogura HanashiroBruno LichtCamila de Souza Queiroz Du PlessisCarlos Rebouças Du PlessisClayton Cardozo da SilvaCynthia de Souza Almeida ServaDaniel Lucas GeraldeliEliete Bernal ArellanoElisa Peres NovakiElubian de Moraes SanchezFabio Pelicano Borges VieiraFamília Haddad *Fernando Russo *Gabriel Rocha Affonso FerreiraGuilherme MartinsGuy Cliquet do Amaral FilhoIrineu Gustavo Nogueira GianesiIsabel Maria Sobrino Porto RosasJean François Pinto SaghaardJosé Alexandre ScheinkmanJosé Carlos OyadomariLars Meyer SanchesLuca BorroniLucia de Fátima Martins GuilhotoLuciana YeungLuis Norberto PascoalMarcelo Hiroshi NakagawaMarcelo StalloneMarcia Maria Nizzo de MouraMarco Aurélio Lima de QueirozMaria Carolina Sanches da CostaMichael Viriato AraújoPriscila Borin de Oliveira ClaroRenata Martins CorrêaRenice Aparecida PombaniRicardo José de AlmeidaRoberto Haberfeld *Rodrigo Lisboa BonaféRonei Filgueiras FrigerioSean R WhiteSérgio Giovanetti LazzariniSusan LyonsTatiana Beiragrande CiorniaveiTiago Fischer Ferreira

*Our special gratitude

Friends of Insper who made donations

32

Annual Report 2013



Chafi Haddad AwardUndergraduate and graduate students who graduated in 2013 were invited to name the professors who most contributed to their academic, humanistic and professional development.

Undergraduate 1st place Fabio Orfali2nd place Artur Parente e Carlos MeloHonorable mention Eduardo de Carvalho Andrade e Sérgio Martins

Graduate Certificates

1st place Liao Yu Chieh2nd place Giancarlo Greco e Ricardo Mollo Honorable mention :Luiz Fernando Turatti e Ricardo Serra

MBAs1st place Auro Honda2nd place Maurizio Mauro e Otto NogamiHonorable mention João Luiz Mascolo

LL.M.1st place Kleber ZanchimHonorable mention José Dutra Vieira Sobrinho

Mestrados1st place Marco Lyrio Honorable mention Regina Madalozzo

Excellence Awards in Education and Research

The award recognizes the best research papers published by Insper professors, based on the publication’s contribution to advancing knowledge and its relevance to the academic community, organizations and society.

1st place Marcelo Rodrigues dos Santosfor the paper “The effect of social security, health, demography and technology on retirement” published in the journal Review of Economic Dynamics (Vol. 16, Issue 2, April 2013). The paper was co-written by Pedro Cavalcanti Ferreira.

2nd place Adriana Bruscatto Bortoluzzo, Antonio Zoratto Sanvicente e Sérgio Martins for the paper “Inter-temporal CAPM: an empirical test with Brazilian Market Data” published in the journal Revista Brasileira de Finanças (Vol. 11, no. 2, June 2013). The paper was co-written by Octávio Portolano Machado.

George Stigler Award

geração e difusão de conhecimento

Generating and disseminating knowledge

Professors honored at the awards ceremony

Upon completing ten years, the Center for Strategy welcomed a new coordinator, Professor Luiz Fernando Turatti, who is charged with the mission of encouraging the production of applied academic papers and finding new sources of funding for projects.

This led the Center for Strategy to refine its operational model by establishing four main themes for projects: strategies for growing and accelerating businesses; management practices for high performance; market intelligence and competitive strategy; and strategies in regulated sectors. Still in 2013, the unit published the first edition of a series of Insper-Spectra studies, in partnership with the asset management company Spectra Investments, which will analyze new information on Brazil’s private equity market.

In its first year of operation, the Center for Finance established a partnership with MSCI Inc. to make the risk and portfolio management tools developed by the company available on campus.

The director of the Center for Finance, Professor Antonio Zoratto Sanvicente, received the title of honorary member from the CFA Society of Brazil as recognition of his contribution to the advancement and growth of Brazil’s capital markets.

At the Finance Lab, a unit of the Center for Finance dedicated to empirical studies conducted by students,

the undergraduate team was the winner of the national phase of the CFA Institute Research Challenge, a competition organized by the CFA Institute, the leading accrediting body of investment professionals. Under the supervision of their advisor professor, Michael Viriato, the students Davih Carvalho, Pedro Campos Carvalho, Rafael Monnerat, Raymond Shayo and Victor Rocha de Assis participated in the Americas phase of the competition in the United States.

The Center for Public Policy welcomed Professor Edward Glaeser from Harvard University in the seminar Managing a Megacity: São Paulo in the 21st Century, which discussed the main challenges faced by the metropolis: education, transportation and public safety. The event was attended by the city’s mayor, Fernando Haddad. The 3rd Insper Forum for Public Policy announced the results of the survey on victimization in the city of São Paulo, which featured data from 2013 and comparisons with the surveys conducted in 2003 and 2008.

In 2013, the research centers also strengthened their relationship with undergraduate students through scientific initiation projects. The three scholarships funded by Insper were granted to projects related to the themes studied by the centers, two of which were for research projects associated with the Center for Public Policy and the third for a project linked to the Center for Finance.

Research centers

José Alexandre Scheinkman, economist, and Naercio Menezes Filho, director of the Center for Public Policy, at the seminar “Productivity and Competitiveness.”

34

Annual Report 2013



PROFESSOR TITLE OF PAPER AND JOURNAL

Adrian Kemmer Cernev“Mobile Payments in Brazil: how to make it happen?”The European Financial Review

Adriana Bruscato Bortoluzzo“Effect of Enthesitis on 1505 Brazilian Patients with Spondyloarthritis”Journal of Rheumatology

Adriana Bruscato Bortoluzzo“Impact of Trade Credit on Firm inventory Investment during Financial Crisis”Emerging Markets Finance & Trade

Andrea Maria Accioly Fonseca Minardi

“Performances of Brazilian IPOs Backed by Private Equity”Journal of Business Research

Antonio Zoratto Sanvicente“Quality of Corporate Governance and the Cost of Equity in Brazil”Journal of Applied Corporate Finance

Carla Sofia Dias Moreira Ramos“(Re)Organising for Interaction within Innovation Networks: An Exploratory Study in the Public Sector”IMP Journal

Carla Sofia Dias Moreira Ramos“Análise de processos e modelos coexistentes de Open-Innovation: O caso Galp Energia”Revista Portuguesa de Marketing (Porto)

Carla Sofia Dias Moreira Ramos“Business service networks and their process of emergence: The case of the Health Cluster Portugal”Industrial Marketing Management

Carla Sofia Dias Moreira Ramos“Network dynamics in the UK pharmaceutical network - A network-as-practice perspective”Industrial Marketing Management

Danny Pimentel ClaroPriscila Borin de Oliveira ClaroSilvio Abrahão Laban Neto

“Sustainability drivers in food retail”Journal of Retailing and Consumer Services

Fabio Ribas Chaddad“Control Rights, Governance, and the Costs of Ownership in Agricultural Cooperatives”Agribusiness (New York, N.Y. Print)

Fabio Ribas Chaddad“Sources of Firm Performance Differences in the US Food Economy”Journal of Agricultural Economics

Academic production by faculty members in 2013

International journals

Fabio Ribas Chaddad“The Determinants of Ownership Structure: Evidence from Brazilian Agricultural Cooperatives”Agribusiness

Gustavo Henrique de Araujo Pereira“A regression model for special proportions”Statistical Modelling

Hedibert Freitas Lopes“Sequential parameter learning and filtering in structured autoregressive state-space models”Statistics and Computing (Online)

Jose Carlos Tiomatsu Oyadomari“Criação de conhecimento em práticas de controle gerencial: análise dos estudos internacionais”Advances in Scientific and Applied Accounting

José Heleno Faro“Cobb-Douglas preferences under uncertainty”Economic Theory

José Luiz Rossi Junior“An analysis of nonlinearity of the Brazilian Central Bank reaction function” Applied Financial Economics (online)

José Luiz Rossi Junior“Hedging, Selective Hedging, or Speculation? Evidence of the use of derivatives by Brazilian firms during the financial crisis”Journal of Multinational Financial Management

Lucia de Fatima Martins Guilhoto“An identity approach to prosumption - A case of bacalhau prosumption in Brazil”Qualitative Market Research Journal

Marcelo Leite de Moura e Silva“Taylor Rules and Exchange Rate Predictability in Emerging Economies”Journal of International Money and Finance

Marcelo Rodrigues dos Santos“The Effect of Social Security, Health, Demography and Technology on Retirement Behavior”Review of Economic Dynamics

Marco Antonio Leonel Caetano“A constraint satisfaction method applied to the problem of controlling the CO2 emission in the Legal Brazilian Amazon”Physica A

Rodrigo Menon Simões Moita“Political Price Cycles In Regulated Industries: Theory And Evidence”American Economic Journal: Economic Policy

Sérgio Giovanetti Lazzarini“Private Entrepreneurs In Public Services: A Longitudinal Examination Of Outsourcing And Statization Of Prisons” Strategic Entrepreneurship Journal

36

Annual Report 2013



Brazilian journals

PROFESSOR TITLE OF PAPER AND JOURNAL

Adriana Bruscato Bortoluzzo“Allocation of Foreign Direct Investment Across Brazilian States”Estudos Econômicos

Adriana Bruscato Bortoluzzo“Impacto da Estrutura de Propriedade e do Nível de Governança Corporativa no Ajuste Parcial de Preços em um Ipo”Revista de Economia e Administração (Impresso)

Adriana Bruscato Bortoluzzo“Inter-temporal CAPM: An Empirical Test with Brazilian Market Data”Revista Brasileira de Finanças

André Luis de Castro Moura Duarte“Incerteza na Cadeia de Exportação de Açúcar”Pretexto (Belo Horizonte. Impresso)

Andrea Maria Accioly Fonseca Minardi

“The Impact of Credit Rating Changes in Latin American Stock Markets”BAR. Brazilian Administration Review

Antonio Zoratto Sanvicente“Inter-temporal CAPM: an empirical test with Brazilian market data”Revista Brasileira de Finanças

Carlos Alberto Furtado de Melo“Dilma: do desafio histórico à tecnocracia”Interesse Nacional

Charles Kirschbaum“Conflito e Improvisação por design: a metáfora do Repente”Organizações & Sociedade (Impresso)

Charles Kirschbaum“Decisões entre quali e quanti sob a perspectiva de mecanismos causais”Revista Brasileira de Ciências Sociais (Impresso)

Charles Kirschbaum“Downloads legais versus ilegais: como aumentar a legalidade no consumo de música?”READ – Revista de Administração da EA/UFRGS

Charles Kirschbaum“How do institutions and organizations matter? Bridging levels and orientations in institutional research”Revista de Economia e Administração (Impresso)

Danny Pimentel Claro “Impacto do Marketing de Relacionamento sobre a Recomendação: Evidência do Varejo de Materiais de Construção Brasileiro”Revista Brasileira de Marketing

Danny Pimentel Claro“The enhancing impact of friendship networks on sales managers performance” BAR. Brazilian Administration Review

Eduardo Correia de Souza“FDI, licensing, e crescimento da produtividade total de fatores”Revista Brasileira de Economia (Impresso)

Fabio Ribas Chaddad“Conduits Of Innovation Or Imitation?Assessing The Effect Of Alliances On The Persistence Of Profits In U.S. firms”BAR. Brazilian Administration Review

Fernando Ribeiro Leite Neto“Friedman, monetarismo e keynesianismo: um itinerário pela história do pensamento econômico em meados do Século XX”Revista de Economia Mackenzie (Impresso)

Fernando Ribeiro Leite Neto“Poder Executivo, Legislativo e estabilidade democrática: um survey dos estudos empíricos”Cadernos da Escola do Legislativo

George Paulus Pereira Dias“Estilos de aprendizagem Felder-Silverman e o aprendizado com jogos de empresa”RAE (Impresso)

Guilherme Fowler de Avila Monteiro“Economic Governance of Property Rights: A Comparative Analysis on the Collection of Royalties in Genetically Modified Soybean Seeds”Revista de Economia e Sociologia Rural (Impresso)

Guilherme Fowler de Avila Monteiro“Framing sustainability in agro food chains: from mysticism to actual practice”Revista de Economia e Administração (Impresso)

Guilherme Fowler de Avila Monteiro“Should I go to court? An assessment on the role of the Judiciary in disputes between cattle raisers and meatpackers in Brazil”Revista de Administração (FEA-USP)

Hsia Hua Sheng “Desafio para a produção agrícola”Agroanalysis (FGV)

Hsia Hua Sheng “O Impacto da Liquidez nos Retornos Esperados das Debêntures Brasileiras”Revista de Administração (FEA-USP)

Hsia Hua Sheng “Organização da Fazenda familiar”Agroanalysis (FGV)

Humberto Dantas de Mizuca“Cultura, arte e teatro: quando a política ocupa o palco”Revista A(L)BERTO

Humberto Dantas de Mizuca“Eleições municipais 2012 e o padrão de coligação entre os partidos para a disputa de prefeituras”Cadernos ADENAUER (São Paulo)

Ilan Avrichir“A prática da replicação em pesquisa do tipo survey em Administração de Empresas”Revista ANGRAD

José Carlos Augusto Luxo“Estudo Comparativo dos Custos Operacionais e Tributários da Securitização e dos FIDCs”Revista de Finanças Aplicadas

José Carlos Tiomatsu Oyadomari“Fatores indutores de inovação e manutenção de práticas de controle gerencial: um estudo exploratório”Revista Universo Contábil

José Carlos Tiomatsu Oyadomari“Relacionamentos entre controle gerencial, aprendizagem organizacional e decisões”Revista Contemporânea de Contabilidade (UFSC)

José Luiz Rossi Junior“Swap, Futuro e Opções: Impacto do Uso de Instrumentos Derivativos sobre o Valor das Firmas Brasileiras”RAM - Revista de Administração Mackenzie

Leonardo PaganoRicardo Humberto Rocha

“Covered Bonds: uma alternativa viável?”Revista Brasileira de Casos de Ensino em Administração

Luiz Ferraz de Mesquita“Estruturas de governança interna e a capacidade de inovação em pequenas firmas brasileiras de torrefação e moagem de café”Revista de Administração da Universidade de São Paulo (RAUSP)

Marco Tulio Pereira Lyrio“Previsão dos preços de commodities por meio das taxas de câmbio”Estudos Econômicos (São Paulo. Impresso)

38

Annual Report 2013



Naercio Aquino Menezes Filho“Mensalidade escolar, background familiar e os resultados do exame nacional do ensino médio (ENEM)”Pesquisa e Planejamento Econômico (Rio de Janeiro)

Priscila Borin de Oliveira Claro“The enhancing impact of friendship networks on sales managers performance”BAR. Brazilian Administration Review

Rinaldo Artes“Spatial Correlation of Corporate Defaults”Tecnologia de Crédito (Serasa-Experian)

Sérgio Giovanetti Lazzarini“Conduits of Innovation or Imitation? Assessing the Effect of Alliances on the Persistence of Profits in U.S. Firms”BAR. Brazilian Administration Review

Sérgio Giovanetti Lazzarini“How do institutions and organizations matter? Bridging levels and orientations in institutional research”Revista de Economia e Administração (Impresso)

Sérgio Ricardo Martins“Inter-temporal CAPM: An Empirical Test with Brazilian Market Data”Revista Brasileira de Finanças

Silvio Abrahão Laban Neto“The Enhancing Impact of Friendship Networks on Sales Managers”Brazilian Adminitration Review

Vivian Iara Strehlau“Influência de estilos de vida associados a hábitos alimentares no consumo de pratos prontos: estudo comparativo entre São Paulo e Roma”Revista Brasileira de Gestão de Negócios

Vivian Iara Strehlau“Proposta de Segmentação para Usuárias de Bolsas de Marcas de Luxo Falsificadas”MKT: Revista Brasileira de Pesquisas de Marketing, Opinião e Mídia

Book chapters

PROFESSOR TITLE AND WORK, PUBLISHER

Antonio Zoratto Sanvicente

“Mercado à Vista e Mercado Futuro de Índice Bovespa: Análise da Contribuição do Mercado Futuro em Termos de Eficiência Social”Estudos Avançados de Direito Empresarial: Contratos Direito Societário e Bancário, Campus Jurídico

Carla Sofia Dias Moreira Ramos“How Do Managers See It? Capturing Practitioner Theories Via Network Pictures”Advances in Business Marketing and Purchasing, Emerald Group Publishing

Fabio Matuoka Mizumoto“Strategy in family businesses: the analysis of human capita and social capital”Handbook of Research on Family Business, Edward Elgar Publishing

Fábio Soares de Melo“ICMS. Crédito Outorgado. Tomate In Natura e Polpa de Tomate”Aspectos Polêmicos do Agronegócio. Uma Visão Através do Contencioso, Editora Castro Lopes

Hedibert Freitas Lopes“Online Bayesian learning in dynamic models: an illustrative introduction to particle methods”Bayesian Theory and Applications, Oxford University Press

Humberto Dantas de Mizuca“Avaliando mandatos parlamentares - debates e critérios”De olho no Legislativo: um método para acompanhar mandatos parlamentares, Fundação Konrad Adenauer

Humberto Dantas de Mizuca“O projeto e nossos desafios”De olho no Legislativo: um método para acompanhar mandatos parlamentares, Fundação Konrad Adenauer

Humberto Dantas de Mizuca“O sistema operacional para avaliação”De olho no Legislativo: um método para acompanhar mandatos parlamentares, Fundação Konrad Adenauer

Lars Meyer Sanches“Metodologia de implementação de um processo de planejamento da demanda”Inovação em Logísitca, LALT/UNICAMP e Nanquim1000

Lars Meyer Sanches“Resenha: Projetos de melhoria para a formação do novo profissional em Logística”Inovação em Logística, LALT/UNICAMP e Nanquim1000

Leonidas Sandoval Junior“Correlation and network structure of international financial markets in times of crisis”Financial Crises: Identification, Forecasting and Effects on Transition Economies, Nova Science Pub Inc

Leonidas Sandoval Junior“The position of emerging stock markets in a global network of stocks”Emerging Markets and the Global Economy: A Handbook, Academic Press

Luciana Yeung Luk Tai“Direito, economia e empirismo”Direito e Economia em Dois Mundos - Doutrina jurídica e pesquisa empírica, Editora FGV

Mara Suzana Behlau“Speech Language Pathology and the Voice Specialist in Brazil: An Overview”International Perspectives on Voice Disorders, Multilingual Matters

Mara Suzana Behlau“Using a Semi-Occluded Vocal Tract Combined Rigid and Flexible Straw Phonation Sequence”Exercises for Voice Therapy, Plural Publishing

Mara Suzana Behlau“Hand-Over-Mouth”Exercises for Voice Therapy, Plural Publishing

Marcos Rodrigues de Lara“Gênese da pesquisa, os primeiros passos e a redefinilção do instrumento”Reflexões sobre práticas docentes de qualidade no ensino superior, Editora CRV

Sérgio Giovanetti Lazzarini“Commodities no Brasil: Maldição ou Bênção?”O Futuro da Indústria no Brasil, Civilização Brasileira

40

Annual Report 2013



Books

PROFESSOR TITLE AND PUBLISHER

André Antunes Soares de Camargo“Transações entre partes relacionadas - um desafio regulatório complexo e multidisciplinar”Almedina

Fabiano Del Masso“Direito Econômico Esquematizado”Método

Humberto Dantas de Mizuca“De olho no Legislativo: um método para acompanhar mandatos parlamentares”Fundação Konrad Adenauer

Humberto Dantas de Mizuca“O jovem e seu projeto de vida”Ação Comunitária

Marco Antonio Leonel Caetano“Mudanças Abruptas no Mercado Financeiro - Modelos, Métodos e Previsões”Érica

Evolution in academic production

Works published in conference proceedings

22 papers or abstracts were published in Brazilian conference proceedings and 28 in international conference proceedings.

Dialogue and the dissemination of knowledge as a process of transformation

When a new crisis hits, the reaction is always to expand the government’s involvement in the economy, when the response should be the opposite

Sérgio Lazzarini, dean of research degree programs, in an interview to Veja magazine

Knowledge evolves when we discuss and even contest established ideas. In 2013, we welcomed hundreds of peo-ple to debate current issues and the results of surveys on the economy, politics, management, entrepreneurship and the labor market, among many other topics.

Given the repercussions of the mass protests held across the country last year, the event #Mobilizações – a socie-dade vai às ruas (Mobilizations – society hits the streets) brought together the political scientist Professor Car-los Melo, the alumni Plinio Ribeiro and Caio Tendolini and students Samuel Veloso and Mauricio Schwartsman. They discussed the main aspects driving this movement, such as the inefficiency and high cost of public services, government spending on major sports events, corruption and the lack of political legitimacy of the main political parties in power.

At the event Innovation in Engineering Education, we assessed the current educational model and debated the limited scope of curricula focused essentially on the program’s technical dimension, to the detriment of the development of humanistic and interpersonal skills. Rich-ard Miller, president of the Olin College of Engineering, an institution that signed an agreement with Insper for the development of its engineering programs, presented the innovations developed by the college in the U.S. context.

In the seminar Productivity and Competitiveness, the economist José Alexandre Scheinkman, a member of the Visiting Committee, together with researchers from Insper and market experts, discussed the obstacles to growth faced by the Brazilian economy and the lessons from agri-business, an example of a competitive sector in the country.

Our spokespeople also shared knowledge with society and spurred reflection through the media. In 2013, these representatives appeared in over 4,300 articles in the Brazilian media and 54 in the international media.

Sérgio Lazzarini, dean of research degree programs, was interviewed by the magazine Veja and analyzed govern-ment intervention in the Brazilian economy.

The British newspaper the Financial Times highlighted Insper’s entrepreneurial spirit and its founder, Claudio Haddad. The article assessed the importance of innovative initiatives for creating a more dynamic economy.

The magazine Exame published an article on the under-graduate programs in Engineering to be launched, empha-sizing the importance of the entrepreneurial development and management skills contemplated by the programs.

The Effective Problem Solving Program, a practical course in the undergraduate curricula in which students suggest solutions to actual problems at organizations, was the highlight of the program “Mundo S.A.” on the network Globo News.

International papers Brazilian papers Book chapters Books

2010 2011 2012 2013

20

20

32

25

4331

15

9

29

4

31

12

19

18

5

42

Annual Report 2013



In 2014, Insper celebrates its tenth anniversary as a nonprofit Institution and, over these years, its education and research activities have evolved significantly. We are constantly innovating our programs and operations, with three new engineer-ing programs to be launched in 2015, new research centers currently being dis-cussed and the Alumni Community already surpassing 10,000 graduates. Since the donation made in 2004 that enabled Insper to be transformed into a nonprofit institution, much has been done to keep the School on a path of excellence.

In these first ten years, Insper has expanded its offering of graduate and exec-utive education programs, which now encompass a wide range of areas in the fields of business and economics. Supported by donations, the undergraduate programs gained a Scholarship Program to fulfill the School’s commitment to offering opportunities to young talent without the necessary financial resources. The faculty was strengthened with full-time professors and new research centers were created, which consolidated the School’s participation in relevant debates and in the production of academic research. A new campus with 10,000 square meters of floor space was inaugurated in 2006, with the facilities designed especially for educational activities. In 2013, the campus was expanded to 18,000 square meters, with new classrooms added and more space for the Telles Library and common areas.

In May 2009, the Institution changed its name to Insper to give the project a clear identity and distinguish it from institutions with the same name. In the following year, Insper received the most important international accredita-tion of business schools granted by AACSB International. The School is also accredited by the Association of MBAs (AMBA), an international organiza-tion that reviews MBA programs. Insper also has more than 40 international agreements with educational institutions for the development of academic programs, exchange programs, research and other initiatives.

Insper’s origin as a nonprofit institution

Insper has offered MBA programs in São Paulo since 1987, but it was the arrival of its current president, Claudio Haddad, in 1999, that led the School to embark on its innovative new path. At the time, in conjunction with a group of partners, the acquisition was made of all the educational activities of the Brazilian Capital Markets Institute (IBMEC), which comprised the units in the cities of Rio de Janeiro, Belo Horizonte and São Paulo.

Claudio Haddad’s arrival led to a process of transformation at Insper that involved the creation of the first undergraduate programs in Business Admin-istration and Economics in São Paulo. Unlike the institutions that existed at the time, the new School was not divided into departments, but instead integrated these two fields of knowledge. The School also innovated by adopting a full-time curriculum in the first three years of its programs and the implementing long-term internships in students’ senior year after having dedicated years to their academic experience.

In 2004, as part of an ownership reorganization, Claudio Haddad and his closest partners assumed control of the group and, with the support of their respective families, decided to donate the São Paulo unit to an independent, nonprofit institute.

Insper’s creation was inspired by the model of the world’s best private universities

In 2014, Insper celebrates its tenth anniversary as a nonprofit Institution

Inauguration of the new campus in Vila Olímpia and creation of the Board of Directors

and Visiting Committee

Insper is accredited by the Association of MBAs (AMBA) and the Executive Education

programs figure for the first time in the Financial Times Ranking

1970Creation of the Brazilian Capital

Markets Institute (IBMEC)

Launch of activities in São Paulo with the creation of the MBA in Finance program

1987

Creation of IBMEC Educacional S.A. with the acquisition of the educational activities of IBMEC

1999

2006

2004

2007

2009

Insper receives the world's most important accreditation for business schools: AACSB International

2010

Celebration of the 10th anniversary of the graduation

of the first undergraduate class and the 25th anniversary

of the first MBA class

2012

�e Alumni Community reaches 10,000 graduates and the campus is

expanded by 8,000 square meters

2013

Brand change that results in the new name Insper

IBMEC São Paulo becomes a nonprofit institution and independent from IBMEC Educacional S.A.

44

Annual Report 2013



Indicators FINANCIAL INDICATORS thousands of reais 1 2011 2012 2013

gross revenue 96,893 116,877 125,985

costs and direct expenses 35,630 42,975 47,456

operational margin 54,074 68,173 72,970

indirect expenses 14,621 16,163 18,962

general and institutional expenses 31,154 32,868 40,699

administrative surplus 17,710 22,496 17,985

cash position (end of period) 59,450 57,564 60,169

scholarship fund (end of period) 1,145 893 1,393

investments - total 28,514 27,577 13,287

donations - scholarship fund 878 576 1,080

donations - other 10,690 5,668 18,520

donations - total 11,568 6,244 19,600

1 Managerial figures, not considering accounting adjustments

INVESTMENTS thousands of reais1 2011 2012 2013

library 496 652 179

case studies 79 64 27

infrastructure2 26,147 25,173 11,341

technology3 2,290 2,270 1,765

1 Economic investments, not considering accounting classifications2 Infrastructure (furniture, labor for the current campus expansion and geographic expansion for the construction of the building for the engineering program)3Technology (acquisition of software and systems, including Blackboard)

REVENUE By PROGRAM thousands of reais1 % 2011 % 2012 % 2013

undergraduate 45% 43,221 44% 50,943 45% 56,268

graduate 38% 36,898 36% 42,365 36% 45,191

professional masters 3% 3,021 3% 3,812 3% 4,211

executive education 14% 13,753 17% 19,757 16% 20,316

1 Managerial figures, not considering accounting adjustments

UNDERGRADUATE PROGRAMS

APPLICANT/OPENING RATIO

ADMISSIONS EXAMINATION - FIRST SEMESTER

APPLICANTS OPENINGS1 BUSINESS ADMINISTRATION APPLICANTS OPENINGS1 ECONOMICS

2011 1,136 150 7.6 464 75 6.2

2012 1,077 150 7.2 513 75 6.8

2013 1,056 150 7.0 487 75 6.5

ADMISSIONS EXAMINATION - SECOND SEMESTER

APPLICANTS OPENINGS1 BUSINESS ADMINISTRATION APPLICANTS OPENINGS1 ECONOMICS

2011 622 150 4.1 207 75 2.8

2012 544 150 3.6 216 75 2.9

2013 608 150 4.1 207 75 2.81 As of the second semester of 2010, the total number of openings in the undergraduate entrance examination was increased by 50% (150 openings in the Business Administration program and 75 openings in the Economics program)

CERTIFICATES 2011 2012 2013 CHANGE %

total applications 1,418 1,632 1,597 -2%

applicants 1,032 1,074 1,286 20%

applicants accepted 548 589 671 14%

students enrolled 487 532 582 9%

yield (enrolled/accepted) 89% 90% 87% -4%

MBAs 2011 2012 2013 CHANGE %


applicants 1,035 1,031 1,207 17%




46

Annual Report 2013



ExECUTIVE EDUCATION - OPEN ENROLLMENT PROGRAMS 2011 2012 2013

total applicants 1,157 1,382 2,514

total students 568 652 1,327

ExECUTIVE EDUCATION - CUSTOM PROGRAMS 2011 2012 2013

clients 25 26 31

programs delivered 96 96 99

students served 2,083 2,662 2,220

classroom hours 6,040 5,461 5,910

PROFESSIONAL MASTER IN ECONOMICS 2011 2012 2013 CHANGE %

total applications 226 331 205 -38%

applicants 128 157 142 -10%


students enrolled 42 50 49 -2%


PROFESSIONAL MASTER IN BUSINESS ADMINISTRATION 2011 2012 2013 CHANGE %

total applications 222 186 371 99%

applicants 162 131 269 105%




GRADUATE PROGRAMS 2011 2012 2013 CHANGE %


applicants 2,560 2,698 3,255 21%

applicants accepted 1,318 1,358 1,421 5%

students enrolled 1,162 1,214 1,240 2%


LL.M. - MASTER OF LAWS 2011 2012 2013 CHANGE %

total applications 696 1,102 1,044 -5%

applicants 493 593 762 28%

applicants accepted 269 284 259 -9%

students enrolled 251 241 217 -10%


48

Annual Report 2013



ToBoard Members of the Insper Instituto de Ensino e PesquisaSão Paulo - SP

We have examined the financial statements of Insper Instituto de Ensino e Pesquisa (“Institute”), com-prising the balance sheet as of December 31, 2013 and the related statements of income, compre-hensive income, changes in shareholders’ equity and cash flows for the year then ended, as well as the summary of the significant accounting practices and other explanatory notes.

Responsibility of management for the financial statementsThe management of the Institute is responsible for the preparation and adequate presentation of these financial statements in accordance with the accounting practices adopted in Brazil, applicable to small and medium-size enterprises (NBC TG 1000), and the internal controls it deemed neces-sary to enable the preparation of these financial statements free of significant distortions, regard-less of whether the latter were caused by fraud or error.`

Responsibility of the Independent auditors

Our responsibility is to express an opinion on these financial statements based on our auditing, carried out in accordance with the Brazilian auditing and international accounting standards.These standards require the fulfillment of ethical requirements by the auditors and that the audit be planned and performed for the purpose of obtaining reasonable assurance that the financial statements are free of significant distortions.

An audit involves the carrying out of procedures selected to obtain evidence related to the amounts and disclosures presented in the financial statements. The procedures selected depend on the au-ditor’s judgment, including an assessment of the risks of significant distortion in the financial state-ments, regardless of whether the latter are caused by fraud or error. In this risk assessment, the auditor considers relevant internal controls for the preparation and adequate presentation of the financial statements of the Institute, to plan the audit procedures that are appropriate in the circum-stances, but not for purposes of expressing an opinion on the efficacy of these internal controls of the Institute. An audit also includes the evaluation of the adequacy of adopted accounting practices and reasonability of accounting estimates made by Management, as well as an assessment of the presentation of financial statements taken as a whole.

Financial Statements at December 31, 2013 and 2012

Independent auditor’s report on the financial statements

We believe that the audit evidence obtained is sufficient and appropriate to support our opinion.

Opinion

In our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of Instituto, as of December 31, 2013, the performance of its operations and its cash flows for the year then ended, in accordance with the accounting practices ad-opted in Brazil.

Sao Paulo, March, 20, 2014

KPMG Auditores IndependentesCRC 2SP014428/0-6

Marcos Antonio BoscoloAccountant CRC 1SP198789/0-0

50

Annual Report 2013



BALANCE SHEETS ON DECEMBER 31, 2013 AND 2012 in thousands of Brazilian reais – R$

Assets Note 2012 2013

Current assets

Cash and cash equivalents 4 66,652 57,320

Accounts receivable from students 5 11,119 9,667

Refundable scholarships 6 373 856

Other accounts receivable 859 1,328

Prepaid expenses 290 252

79,293 69,423

Non-current assets - Long-term assets

Marketable securities - 5,041

Refundable scholarships 6 7,312 6,314

Other accounts receivable 27 -

Property, plant and equipment 7 105,570 80,680

Intangible Assets 2,227 3,069

Deferred Assets 3,303 3,637

118,439 98,741

197,732 168,164

Liabilities Notas 2012 2013

Current liabilities

Trade accounts payable 8 4,087 5,677

Salaries, vacation and social security payable 9 6,784 6,215

Provision for employee bonus 1,200 1,688

Billed services not rendered - deferred revenue 10 4,276 7,404

Taxes 498 522

Other accounts payable 1,762 414

18,607 21,920

Non-current liabilities

Provision for contingencies 11 220 48

Shareholder’ Equity 12

Net Assets 27 27

Bylaws reserve 13,658 13,658

Retained surplus 165,220 132,511

178,905 146,196

197,732 168,164

STATEMENT OF INCOMEFiscal years ended December 31, 2013 and 2012in thousands of Brazilian reais – R$

Note 2013 2012

Operating revenue 14 117,245 112,099

Teaching labor costs and direct costs 15 (81,262) (70,696)

Gross surplus 35,983 41,403

Operating expenses

General and administrative expenses 16 (27,362) (22,919)

Depreciation and amortization (4,883) (3,221)

Income (loss) with doubtful accounts 1,505 (3,728)

Other operating income 17 20,498 7,133

Surplus before financial income (expenses)

Financial income 18 7,211 5,998

Financial expenses 18 (243) (263)

Financial income, net 6,968 5,735

Net income for the year 32,709 24,403

STATEMENT OF COMPREHENSIVE INCOMEFiscal years ended December 31, 2013 and 2012in thousands of Brazilian reais – R$

2013 2012

Surplus in the year 32,709 24,403

Total comprehensive income 32,709 24,403

STATEMENT OF CHANGES IN NET ASSETSFiscal years ended December 31, 2013 and 2012

in thousands of Brazilian reais – R$

Capital stock

Bylaws reserve

Retained surplus Total

Balance on January 1, 2012 27 13,658 108,108 121,793

Surplus in the year - - 24,403 24,403

Balance on December 31, 2013 27 13,658 132,511 146,196

Surplus in the year - - 32,709 32,709

Balance on December 31, 2013 27 13,658 165,220 178,905

52

Annual Report 2013



STATEMENT OF CASH FLOW – INDIRECT METHOD Fiscal years ended December 31, 2013 and 2012 in Reais

2013 2012

Cash flow from operations

Net income for the year 32,709 24,403

Adjusted by:

Depreciation and amortization 4,883 3,221

Residual value of write-offs to property, plant and equipment (27) -

Provision for contingencies 172 (18)

Allowance for doubtful accounts (1,505) 3,728

36,232 31,352

(Increase) / decrease in assets

Long-term marketable securities 5,041 (392)

Accounts receivable and scholarships (461) (3,287)

Other accounts receivable 430 2,087

Increase / (decrease) in liabilities

Trade accounts payable (1,590) 453

Payroll, vacation and bonus payable 81 1,847

Other accounts payable 1,296 (64)

Services to be billed (3,128) (3,922)

Net cash from operations 37,901 28,056

Net cash from financing activities

Acquisition of fixed and intangible assets (28,569) (27,682)

Net cash used in investing activities (28,569) (27,682)

Increase in cash and cash equivalents 9,332 374

Statement of changes in cash and cash equivalents

At the beginning of the year 57,320 56,946

At the end of the year 66,652 57,320

Increase in cash and cash equivalents 9,332 374

Notes to the financial statements in thousands of Brazilian reais – R$

1. Operational context

Insper is a private nonprofit organization engaged in education and knowledge generation in the fields of business administration, economics, law and engineering that explores the complementarities among these fields to add value to organizations and to society.

Initially established under the name Instituto Fiesole on October 20, 2003, which was changed to Instituto Veris on April 1, 2004, Insper was the successor of the operations of the São Paulo branch of Ibmec Educacional S.A. when it received, in the form of a donation, the remaining assets calculat-ed based on the valuation report.

In 2009, the School changed its name to Insper Instituto de Ensino e Pesquisa and remained a non-profit institution.

Insper’s main educational activities include offering academic programs at the undergraduate and graduate levels and executive education programs. Its efforts in the areas of research and generat-ing and disseminating knowledge include the activities of its Center for Public Policy, Strategy Cen-ter, Finance Center and Center for Entrepreneurship. The Institution has a university campus located at Rua Quatá, 300 in the Vila Olímpia district of São Paulo, SP.

Over these years, Insper has sought to attain the highest standards of governance and quality in its activities. Insper has been accredited by the Association to Advance Collegiate Schools of Busi-ness (AACSB) since 2010 and is one of only two Brazilian institutions accredited by this association, which is the world’s leading accrediting body of business schools. The School’s MBA programs are also accredited by the Association of MBAs (AMBA).

In 2013, with the execution of a lease agreement, Insper expanded the total floor space of its campus by more than 9,600 square meters, which brought its total floor space to over 20,000 and made the school the sole lessor of the property. With this expansion, seven new classrooms started operations in August to meet the demand for academic programs. For the first semester of 2014, more than 15 new classrooms are expected to start operations.

In October 2013, Insper filed a request at the Ministry of Justice to receive certification as a Federal Public Interest Entity (Certificação de Entidade de Utilidade Pública Federal). The certification confers prestige and credibility since it represents proof of official recognition of the services provided by the entity to society. At the close of the fiscal year, the request was still in its initial phase (technical-opera-tional assessment) and awaiting submission to the second instance of the process.

The Institution is exempt from income tax and social contribution tax, in accordance with the Federal Constitution and with Federal Law 9532/97, the latter establishing in its Article 15 that the Institute should cumulatively meet the following conditions to be entitled to such exemption:

(a) Does not compensate, in any form, its managers for the services rendered;(b) Fully invests its resources in maintaining and developing its corporate purposes;(c) Maintains complete recordkeeping of its revenues and expenses in books that adopt the formalities and procedures required to ensure their accuracy;(d) Maintains in good condition, for a period of five years as from their issue date, all documents that substantiate the origins of its revenues and the effective payment of its expenses, as well as the performance of any other acts or transactions that change its equity position; and(e) Files income tax returns on an annual basis.

In accordance with its formation as a nonprofit entity, all resources generated by Insper are invested in its purpose of teaching and education.

54

Annual Report 2013



2. Preparation basis

a. Declaration of conformity (with the standards of the Accounting Pronouncements Committee - CPC)

The financial statements were prepared in accordance with the accounting practices adopted in Brazil.

The issue of the financial statements was authorized by the Management on March 19, 2014.

b. Measurement base

The financial statements were prepared based on historical cost, except for the financial instruments measured at fair value through profit or loss.

c. Functional currency and presentation currency

These financial statements are presented in Brazilian reais, which is the functional currency of the Institute. All financial information presented in Brazilian reais has been rounded to the nearest thou-sandth, except where stated otherwise.

d. Use of estimates and judgments

The preparation of the financial statements in accordance with CPC standards requires Manage-ment to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates.

Estimates and assumptions are revised on a continuous basis. Revisions of accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Information on the uncertainties involved in assumptions and estimates that pose a significant risk of resulting in a material adjustment within the subsequent fiscal year and critical judgments regarding the accounting policies adopted that produce effects on the amounts recognized in the financial statements are included in the following notes:

• Determination of the useful life of property, plant and equipment (note 2h); • Determination of the adjustment of doubtful accounts (notes 5 and 6); • Determination of the provisions for contingencies (note 11).

The actual results of transactions and information may differ from these estimates.

3. Main accounting policies

The accounting policies described in detail below have been consistently applied to the periods presented in these financial statements, except for the aforementioned corrections.

a. Transactions in foreign currency

Transactions in foreign currency are translated into the respective functional currencies of the Insti-tute at the exchange rates on the dates of the transactions. Monetary assets and liabilities denom-inated and calculated in foreign currencies on the presentation date are converted into the func-tional currency at the exchange rate determined on that date. Currency translation gains or losses in monetary items are the difference between the amortized cost of the functional currency at the start of the period, adjusted by the interest and payments made during the period and the amor-tized cost in foreign currency at the exchange rate at the end of the presentation period.

b. Financial instruments

Non-derivative financial assets

The Institute recognizes receivables and deposits initially on the date of the transaction that origi-nated them. All other financial assets are recognized initially on the date of the transaction in which the Institute becomes a party to the contractual provisions of the instrument.

The Institute does not recognize a financial asset when the contractual rights to the cash flows of the asset expire or when it transfers the rights to the receipt of its contractual cash flows in a trans-action in which all the risks and benefits of ownership of the financial asset are essentially trans-ferred. Any interests created or retained by the Institute in the financial assets are recognized as a separate asset or liability.

Financial assets and liabilities are set off and the net amount reported in the balance sheet when, and only when, the Institute has a legal right to set off the amounts and an intent exists to settle on a net basis or to realize the asset and settle the liability simultaneously.

The Institute holds the following non-derivative financial assets: financial assets recorded at fair value through profit or loss and loans and receivables.

Financial assets recorded at fair value through profit or loss

A financial asset is classified at fair value through profit or loss if it is held for sale and is designated as such when initially recognized. Financial assets are stated at fair value through profit or loss if, and only if, the Institute manages these investments and makes investment and redemption decisions based on their fair value in accordance with the documented risk management and the investment strate-gy of the Institute. Transaction costs, after initial recognition, are recognized through profit or loss as incurred. Financial assets recorded at fair value through profit or loss are measured at fair value and the changes in the fair value of these assets are recognized through profit or loss for the fiscal year.

Receivables

Receivables are financial assets with fixed or determinable payments that are not quoted on any active market. Such assets are initially recognized at fair value plus any directly attributable transaction costs. After their initial recognition, receivables are measured at amortized cost using the effective interest method, less any impairment losses. Receivables comprise cash and cash equivalents, accounts re-ceivable from students, refundable scholarships and other credits from the rendering of services.

56

Annual Report 2013



Cash and cash equivalents

Cash and cash equivalents comprise the balances of cash, banks checking accounts and interest- bearing bank deposits with original maturities of three months or less as from the contracting date that are subject to insignificant risk of change in value and are used to settle short-term obligations

c. Non-derivative financial liabilities

The Institute recognizes debt securities issued and subordinated liabilities on the date on which they are originated. All other financial liabilities are recognized initially on the transaction date on which the Institute becomes a party to the contractual provisions of the instrument. The Institute writes-off a financial liability when its contractual obligations are discharged, canceled or expire.

The Institute holds the following non-derivative financial liabilities: suppliers and other accounts payable.

Such financial liabilities are initially recognized at fair value plus any directly attributable transaction costs. After their initial recognition, these financial liabilities are measured at amortized cost using the effective interest method.

Derivative financial instruments

As of December 31, 2013 and 2012, the Institute held no transactions involving derivative financial in-struments, including hedge transactions.

d. Accounts receivable from students

Represent basically the monthly tuition fees billed but not received and the agreements entered into with students with overdue monthly tuition fees.

The provision for doubtful accounts was accrued in an amount considered sufficient by Management to cover any losses from the realization of monthly tuition fees, negotiations receivable and other as-sets receivable and is calculated taking into consideration the historical recovery rates of the different types of receivables. These rates are reviewed on a semiannual basis to better estimate the measure-ment of these amounts.

e. Current and non-current liabilities

Current and non-current liabilities are stated at known or determinable amounts plus, when applica-ble, the corresponding charges, monetary variation and/or currency translation gains or losses in-curred through the balance sheet base date.

f. Services billed and not rendered - Deferred revenue

As common practice in the business and market of the Institute, the billing and payment of custom programs and graduate programs are made in advance. Consequently, monthly tuition fees refer-ring to subsequent periods and received in advance in the current fiscal year by the Institute are recognized as deferred revenues in current liabilities and are recognized on an accrual basis through profit or loss for the fiscal year.

h. Property, plant and equipment

Recognition and measurement

Property, plant and equipment items are stated at historical acquisition or construction cost, net of accumulated depreciation and impairment losses.

Gains and losses on the disposal of property, plant and equipment item are determined by comparing the proceeds from the disposal with the carrying value of property, plant and equipment and are rec-ognized in “other operating income/expenses” on the statement of income.

Amortization and depreciation

Leasehold improvements are amortized based on the duration of the lease agreement of 24 years.

Depreciation is calculated by applying the straight-line method to the depreciable amount, which is the acquisition cost of an asset, less its residual value over its estimated useful life.

The useful life estimates adopted for the current and comparison periods are as follows:

Machinery and equipment 10 years

Furniture and fixtures 10 years

IT equipment 5 years

Library 10 years

Facilities 24 years

Leasehold improvements 24 years

The amortization and depreciation methods, useful lives and residual values are reviewed at the end of the fiscal year and any adjustments are recognized as changes in accounting estimates.

g. Provisions

A provision is recognized on the balance sheet when the Institute has a legal liability or one created as a result of a past event and it is likely that economic resources will be required to settle the liabil-ity. Provisions are recorded based on the best estimates of the risk involved.

58

Annual Report 2013



The liability is recognized at the amount expected to be paid if the Institute has a legal or constructive obligation to pay this amount as a result of prior service rendered by the employee and the obligation can be reliably estimated.

n. Revenue from services

Revenues are formed primarily by the monthly tuition fees charged for the post-secondary academic programs (undergraduate and graduate), the monthly tuition fees charged for post- secondary non-degree and extension programs, the fees charged for other education services rendered and the registration fees charged for admissions examinations. Revenues are booked in the month in which the services are rendered.

o. Revenue from donations

Revenues from donations are funds received from third parties and are booked in the month in which they are effectively received.

p. Financial income and expenses

Financial income comprises interest income on cash investments and the interest on accounts receiv-able arising from the renegotiation of monthly tuition fees. Interest income is recognized through prof-it or loss by the effective interest method.

Financial expenses comprise expenses with banking services, fines and interest.

q. Present value adjustment of assets and liabilities

The Institute does not significantly adopt the use of transactions involving installment sales with set amounts. Therefore, the balances of the rights and obligations are measured at the close of the fiscal year at amounts similar to the respective present values.

r. Calculation of surplus

The revenues, costs and expenses of the operations are recognized on an accrual basis.

The revenues are recognized in accordance with the rendering of services when their value can be measured reliably, net of discounts, credits, deductions and estimated potential disallowances. Reve-nue is not recognized if there is any significant uncertainty with regard to its realization.

s. Revenues from volunteer work

Revenues from volunteer work are measured at their fair value taking into consideration the amounts that the Organization would have to pay if it were to contract such services in a similar market. On De-cember 31, 2013 and 2012, the Institute did not record any revenues or expenses related to volunteer work due to the fact that they did not have a material effect on its financial statements.

t. Financial instruments

Non-derivative financial assets

The Organization recognizes receivables and deposits initially on the date of the transaction that orig-inated them. All other financial assets are recognized initially on the date of the transaction through which the Organization becomes a party to the contractual provisions of the instrument.

i. Leases

Payments for operating leases are charged to income on a straight-line basis over the lease pe-riod. The lease incentives received are recognized as an integral part of total lease expenses over the lease agreement period.

j. Intangible assets

Intangible assets refer mostly to investments in the software and computer application systems of the Institute. These assets are amortized on a straight-line basis for a period of five years.

k. Impairment testingManagement reviews annually the net carrying value of assets in order to assess events or changes in economic, operating, or technological circumstances that could indicate deterioration or impairment. When such evidence is detected and the net carrying value exceeds the recoverable value, the asset is adjusted for deterioration by adjusting the net carrying value to the recoverable value.

l. Impairment

Financial assets

The Institute assesses property, plant and equipment assets when there is objective evidence of im-pairment loss.

An asset is impaired if there is objective evidence that a loss event has occurred after the initial recog-nition of the asset and that such loss event had a negative effect on projected future cash flows that can be reliably estimated.

Objective evidence that financial assets have been impaired may include default or delinquency by a debtor, the restructuring of the amount owed to the Institute under conditions that the Institute would not consider in other transactions, indications that the debtor or issuer will file for bankruptcy or the disappearance of an active market for a security.

When applying impairment testing, the carrying value of an asset or cash generating unit is compared to its recoverable value. The recoverable value is the higher of the net sales value of an asset and its value in use. Considering the particularities of the Institute’s assets, the recoverable value used for impairment testing is the value in use, except when otherwise stated. This value in use is estimated based on the present value of future cash flows based on the best estimates of the Institute.

Non-financial assets

The carrying values of the non-financial assets of the Institute are reviewed at each reporting date of the financial statements to determine if there are any indications of impairment. If such indication exists, the recoverable value of the asset is determined. In fiscal year 2013, there was no indication of impairment losses on non-financial assets.

m. Short-term employee benefits

Obligations for short-term employee benefits are measured on a non-discounted basis and incurred as expenses as the related service is rendered.

60

Annual Report 2013



Loans and receivables

Loans and receivables are financial assets with fixed or determinable payments that are not quoted on any active market. Such assets are initially recognized at fair value plus any attributable transac-tion costs. After their initial recognition, receivables are measured at amortized cost using the effec-tive interest method, less any impairment losses. Receivables comprise cash and cash equivalents, cash investments, accounts receivable from educational services and other accounts receivable.

Non-derivative financial liabilities

The Institute recognizes debt securities issued and subordinated liabilities initially on the date on which they are originated. All other financial liabilities are recognized initially on the trans-action date on which the Organization becomes a party to the contractual provisions of the instrument. The Organization writes off a financial liability when its contractual obligations are discharged or canceled or when they expire.

The Organization holds the following non-derivative financial liabilities: suppliers and other accounts payable.

Such financial liabilities are initially recognized at fair value plus any directly attributable transaction costs. After their initial recognition, these financial liabilities are measured at amortized cost using the effective interest method.

Derivative financial instruments

Derivative financial instruments are classified in accordance with whether or not Management plans to use them as instruments designated as hedge. Transactions that do not meet the criteria of hedge accounting are booked at fair value, with realized and unrealized gains and losses recog-nized through profit of loss.

The Organization does not recognize a financial asset when the contractual rights to the cash flows of the asset expire or when it transfers the rights to the receipt of its contractual cash flows in a transaction in which all the risks and benefits of ownership of the financial asset are essentially transferred. Any interests created or retained by the Organization in the financial assets are recog-nized as a separate asset or liability.

Financial assets and liabilities are set off and the net amount reported on the balance sheet when, and only when, the Organization has a legal right to set off the amounts and an intent exists to settle on a net basis or to realize the asset and settle the liability simultaneously.

The Organization holds the following non-derivative financial assets: financial assets recorded at fair value through profit or loss and loans and receivables.


A financial asset is classified at fair value through profit or loss if it is held for sale and is designated as such when initially recognized. Financial assets are stated at fair value through profit or loss if, and only if, the Organization manages these investments and makes investment and redemption decisions based on their fair value in accordance with the documented risk management and the investment strategy of the Organization. Transaction costs, after initial recognition, are recognized through profit or loss as they are incurred. Financial assets recorded at fair value through profit or loss are measured at fair value and the changes in the fair value of these assets are recognized through profit or loss for the fiscal year.

4. Cash and cash equivalents

Cash and Banks 2013 2012

Caixa 3 4

Santander - -

Itaú-Unibanco - 1

Bradesco 13 173

16 178

Marketable securities

Yield Maturity

Itaú-Unibanco Investment fund Investment fund 13,721 33,389

Citibank Investment fund Investment fund 12,166 11,256

Santander Investment fund Investment fund 9,604 7,604

Santander Certificates of deposit 20/03/2014 3,697 3,421

Bradesco Automatic investments sem vencimento 10,109 2,284

Bradesco Certificates of deposit sem vencimento 12,065 2,590

Itaú-Unibanco Certificates of deposit 26/04/2014 5,263 1,620

Itaú-Unibanco Automatic investments sem vencimento 10 19

66,635 62,183

66,652 62,361

Cash and cash equivalents 66,652 57,320

Marketable securities - non-current portion - 5,041

66,652 62,361

These are highly liquid short-term investments that are readily convertible into known cash amounts and made in low-risk instruments.

Funds classified as cash and cash equivalents basically comprise financial investments, which are remunerated at 98% to 101% of the CDI interbank overnight rate (98% to 104% of the CDI in 2012) and which the Institute contracts from prime financial institutions.

62

Annual Report 2013



6. Refundable scholarships 2013 2012

Accounts

receivable Provision Net Net

Refundable scholarships 9,478 (1,793) 7,685 7,170

Current 1,423 (1,050) 373 856

Non-current 8,055 (743) 7,312 6,314

5. Accounts receivable from students

2013 2012

Monthly tuition fees 10,655 10,268

Trade accounts receivable from custom programs 1,696 760

12,351 11,028

Provision for doubtful accounts (1,232) (1,361)

11,119 9,667

Criteria for accruing the provision for doubtful accounts

In 2013, the Institute maintained the same criteria as in prior years for recognizing the provisioning for losses on the realization of credits on overdue balances. The changes in the provision for doubt-ful accounts in the period from December 31, 2012 to December 31, 2013 are presented below:

Balance on December 31, 2012 (1,361)

Reversal of the provision in the fiscal year 129


The aging list of maturity dates for the amounts receivable are as follows:

2013 2012

Falling due 8,161 6,738

Overdue 1 to 30 days 926 1,361

Overdue 31 to 180 days 2,032 1,572

Overdue more than 181 days 1,232 1,357

12,351 11,028

Refundable scholarships refer to scholarships granted to active students who assumed a commit-ment to repay the monthly tuition fees financed by the Institute within an average term of 5 years beginning one year after the conclusion of the academic program. The repayments are restated by the IPCA consumer price index.

The Institute, based on the indexation of debt payments by the payment slip values prevailing on the settlement dates of the obligations, calculated the present value of long-term installments and did not observe any significant differences from the amounts currently recognized, net of the provision for realization.

As provided for in the bylaws of the Institute, scholarships are granted to talented young students who present good academic records and proven low income and who opt to study in an undergrad-uate program offered by Institute.

In the meeting of the Board of Directors held in August 2013, amnesty was granted to students with full scholarships. Amnesty was granted to students already in the repayment period as well as those in the grant or grace periods, with the total value of this amnesty amounting to R$2,948.

The changes in the provision for doubtful accounts in the period from December 31, 2012 to December 31, 2013 are presented below:


Reversal of the provision in the fiscal year 1,375


The provision for losses on the realization of refundable scholarships was determined based on historical losses in the last three years. The provision for doubtful accounts accrued in the year amounted to R$1,793 (R$3,168 in 2012).

The balances recognized in non-current assets have the following maturity schedule:

2015 1,666

2016 1,644

2017 1,682

2018 1,403

2019 889

2019 onwars 771

Total 8,055

64

Annual Report 2013



Build-to-suit agreement

In 2006, the Institute entered into a build-to-suit agreement. This type of agreement provides for the construction of a building customized to the specific needs of a user, in this case the Institute, which will occupy the property for the period of the agreement, which initially was 18 years and in 2013 was revised to 24 years. The investors made a capital injection for the construction project and will remain the owners of the building, while the Institute assumed a commitment to occupy the building through a long-term agreement. The Institute became responsible for paying all costs related to occupying the building (fitting-out), such as internal layout, which are classified above as leasehold improvements, furniture and equipment. These costs were supported almost entirely by donations made by third par-ties, which included both individuals and legal entities.

In 2010, construction began on the second tower of the head office under the same type of construc-tion adopted for the first phase, which was delivered in June 2013.

The lease period for the first tower of 216 months (18 years) began on December 1, 2005 and, with the delivery of the new tower on June 1, 2013, was amended to 288 months (24 years), which is the same period as the new tower. Given the need to expand its space for classrooms, the Institute decided to lease the remaining floors of the building that it occupies (i.e., the 9th to 12th floors of the new tower), which is a typical lease agreement and not a build-to-suit agreement. In this context, the Institute assumed responsibility to lease the entire building and now has more than 20,000 square meters of floor space for its teaching and research activities.

Cost 31/12/2011 Addition 31/12/2012

Construction in progress 28,374 16,166 44,540

Land 12,515 9,006 21,521

Furniture and fixtures 3,119 11 3,130

IT equipment 3,337 915 4,252

Machinery and equipment 852 655 1,507

Library 1,251 121 1,372

Facilities 12,395 7 12,402

Leasehold improvements 1,314 - 1,314

63,157 26,881 90,038

Depreciation

Furniture and fixtures (1,079) (391) (1,470)

IT equipment (1,962) (771) (2,733)

Machinery and equipment (160) (94) (254)

Library (615) (115) (730)

Facilities (3,175) (684) (3,859)

Leasehold improvements (225) (87) (312)

(7,216) (2,142) (9,358)

Property, plant and equipment, net 55,941 24,739 80,680

Cost 31/12/2012 Acquisitions Write-offs Transfers 31/12/2013

Construction in progress 44,540 4,811 - (47,013) 2,338

Land 21,521 5,404 - - 26,925

Certificates of Additional Construction Potential (CEPACs)

- 15,000 - - 15,000

Furniture and fixtures 3,130 78 - 1,798 5,006

IT equipment 4,252 578 (91) 2,921 7,660

Machinery and equipment 1,507 1,333 - 5,725 8,565

Library 1,372 413 - 353 2,138

Facilities 12,402 571 - 12,973

Leasehold improvements 1,314 381 - 36,216 37,911

- -

90,038 28,569 (91) - 118,516

Depreciation

Furniture and fixtures (1,470) (502) - - (1,972)

IT equipment (2,733) (937) 103 (3,567)

Machinery and equipment (254) (570) (824)

Library (730) (115) (885)

Facilities (3,859) (602) 13 (4,448)

Leasehold improvements (312) (940) 2 (1,250)

(9,358) (3,706) 118 (12,946)

Property, plant and equipment, net 80,680 24,863 27 105,570

7. Property, plant and equipment

66

Annual Report 2013



10. Billed services not rendered - deferred revenue

2013 2012

Custom program clients 1,463 1,086

Graduate programs 2,813 6,318

4,276 7,404

Refer to the advance payments made for custom programs and graduate programs that will be recognized through profit or loss for the fiscal year on an accrual basis upon the effective render-ing of services.

11. Provision for contingencies

The Institute is party to lawsuits and administrative proceedings in various courts arising from the normal course of its operations that involve matters of a labor and civil nature and other issues.

Management, based on information from its legal advisors, on analysis of pending legal matters and, in the case of labor claims, on prior expectations with regard to the amounts claimed, has accrued provisions in amounts deemed sufficient to cover the estimated losses from pending lawsuits and proceedings, as follows:

Changes in the provision for contingencies

2012Additions to

the provision for contingencies

Reversals of the provisions for

contingencies2013

Labor 48 237 (65) 48Total 48 237 (65) 48

• Labor - provisions were accrued based on the opinions of the legal advisors of the Institute regarding the probability of losing the lawsuits, which also considered the amounts already deposited into court, with no losses expected upon the closure of these lawsuits other than the amounts already provisioned. The Institute adopts mechanisms for evaluating the amounts indicated by its legal advisors.

There are other labor lawsuits whose risk of loss has been assessed by the legal advisors as possible in the amount of R$ 4,090 (R$ 2,669 in 2012) for which no provisions were accrued, since they are not required by the accounting practices adopted in Brazil.

12. Shareholders’ equity

Revenues from donations and cost contributions received by the Institute are fully invested in its ac-tivities, as mentioned in note 1.

In the event of the dissolution of the Institute, its remaining assets will be assigned to another non-profit entity with an identical or similar purpose, as indicated by the Meeting of Shareholders (Article 45 of the Bylaws).

In accordance with the bylaws, the profit or loss for the fiscal year will be retained for investment in developing the purpose and activities of the Institute, with the following expressly prohibited: (i) the distribution of profits for any reason, and (ii) the attribution of a share in the profit to the members of the Board of Directors.

8. Trade accounts payable

2013 2012

Domestic trade accounts payable - property, plant and equipment - 1,622

Domestic trade accounts payable - other 4,087 4,055

4,087 5,677

9. Salaries, vacations and social security payable

2013 2012

Vacation and charges payable 4,271 3,685

INSS charges on payroll 962 1,006

Withholding income tax on payroll 1,090 1,013

FGTS charges on payroll 382 370

Other personnel liabilities 79 141

6,784 6,215

These obligations refer basically to short-term liabilities with the employees of the Institute.

The Institute effected calculations for the build-to-suit agreement based on the instructions in CPC 06 - Leasing and based on these analyses concluded that the agreement is characterized as an oper-ational lease agreement, i.e., the amounts paid as rent are recognized through profit or loss using the straight-line method over the lease period.

The operational lease will be paid as follows:

2013

Under one year 17,277

One to five years 103,660

Over five years 285,065

406,002

Acquisition of Certificates of Additional Construction Potential (CEPACs)

In 2013, Insper acquired in the financial market 2,000 Certificates of Additional Construction Potential (CEPACs) at a unitary cost of seven thousand five hundred reais (R$7,500.00) issued by the Municipal Government of São Paulo, which are used as means of payment for the granting of Additional Urban Development Rights during the period of the Faria Lima Urban Operations Consortium. Each certifi-cate has an amount in Brazilian reais that corresponds to each square meter for use in expanding the construction area or in modifying the uses and parameters of a lot or project The issuance of these certificates is governed by Instruction 401 issued by the Securities and Exchange Commission of Bra-zil (CVM), which regulates the issue of these securities, oversees the Urban Operations Consortium and indicates the form in which the rights assured by the CEPACs are exercised.

These securities will be used to expand the potential construction area of the building that will house the engineering school, whose lot has already been acquired by the Institute.

68

Annual Report 2013



17. Other operating income

Other operating revenues 2013 2012

Donations and sponsorships 19,763 6,331

Other operating revenues 735 802

20,498 7,133

18. Financial income (expense)

Financial income 2013 2012

Interest income 6,252

Income from fines and interest on arrears 479 5,523

Discounts received 224 452

Income from cancelation fees 256 23

7,211 5,998

Financial expenses

Bank expenses (179) (149)

Fines and interest expenses (29) (72)

Discounts granted (7) (27)

Other financial expenses (28) (15)

(243) (263)

19. Financial instruments

Management of financial risks

Overview

The Institute is exposed to the following risks arising from financial instruments

• Credit risk; • Liquidity risk

This note presents information on the exposure of the Institute to each of the aforementioned risks, the objectives of the Institute, and the policies and processes for measuring and managing the risks and capital of the Institute.

The Institute is exposed to the following risks arising from the use of financial instruments:

a. Credit risk

Credit risk is the risk of the Institute incurring a financial loss if a debtor or counterparty to a financial instrument fails to fulfill its contractual obligations, which arise primarily from the trade accounts receivable of the Institute, which are represented mainly by cash and cash equivalents, financial investments, accounts receivable from students, refundable scholarships and others credits from the rendering of services.

13. Related party transactions

The Institute has no related parties and the members of the board of directors and of the board of auditors do not receive compensation.

14. Operating revenue

Gross service revenue 2013 2012

Undergraduate tuition fees 55,733 50,512

Custom programs 15,057 17,414

Graduate programs 54,727 48,423

Other operating revenues 1,671 1,340

127,188 117,689

Deductions

Canceled services - monthly tuition fees (1,301) (1,509)

Discount on monthly tuition fees (4,631) (269)

Taxes (4,011) (3,812)

(9,943) (5,590)

Total net revenue 117,245 112,099

15. Teaching labor costs and direct costs

2013 2012

Personnel expenses (65,135) (59,015)

Rent (12,503) (8,203)

Teaching materials and other (3,451) (2,707)

Other expenses (174) (771)

(81,262) (70,696)

16. General and administrative expenses

2013 2012

Outsourced services (11,018) (11,064)

Advertising and marketing (4,961) (3,872)

Maintenance and conservation (3,997) (3,062)

Utilities (2,457) (1,739)

Travel and accommodation (1,016) (807)

Costs with meals in programs (713) (625)

Other expenses (3,200) (1,750)

(27,362) (22,919)

70

Annual Report 2013



31/12/2013 31/12/2012

Nota Carrying value Fair value Carrying value Fair value

Assets measured at fair value


Cash and cash equivalents 4 66,652 66,652 57,320 57,320

Marketable securities - non-current portion 4 - - 5,041 5,041

66,652 66,652 62,361 62,361

Assets measured at amortized cost

Accounts receivable from students 5 11,119 11,119 9,667 9,667

Refundable scholarships 6 7,685 7,685 7,170 7,354

Other accounts receivable 859 886 3,132 3,132

19,663 19,663 19,969 19,969

Liabilities measured at amortized cost

Trade accounts payable 4,087 4,087 5,677 5,677

4,087 4,087 5,677 5,677

c.2 - Fair value hierarchy

The following table presents the financial instruments recorded at fair value using the valuation method.

The different levels were defined as follows:

• Level 1 - Prices quoted (not adjusted) in active markets for identical assets and liabilities; • Level 2 - Inputs, except for quoted prices, included in Level 1 that are observable for assets or lia-

bilities either directly (prices) or indirectly (derived from prices); • Level 3 - Assumptions for assets or liabilities that are not based on observable market data (non-

observable inputs).

All financial instruments recorded or disclosed at fair value were measured using the Level 2 valu-ation method.

Exposure to credit risk

The maximum credit exposure is represented by the carrying values of the financial assets. The max-imum credit risk exposure on the date of the financial statements was:

Note 2013 2012

Cash and cash equivalents 4 66,652 57,320

Marketable securities - non-current portion 4 - 5,041

Accounts receivable 5 11,119 9,667

Refundable scholarships 6 7,685 7,170

Total 85,456 79,198

• Cash and cash equivalents and financial investments - The Financial Management and Corporate Risks Policy establishes that the Institute must regularly assess the risks associated with its cash flow as well as proposals to mitigate these risks. Risk mitigation strategies are executed with the purpose of reducing the risks related to the fulfillment of the commitments undertaken by the In-stitute. The Institute holds financial investments in short- and long-term fixed-rate securities con-tracted from traditional financial institutions and considered to be low-risk.

• Accounts receivable from students and refundable scholarships - Credit risk is mainly managed on the occasion of the semiannual re-enrollments, when debits are settled and/or renegotiated. There is no concentration of credit risk in the business model, with the client portfolio highly dis-persed and formed primarily by individuals. The Institute has accrued a provision for doubtful ac-counts amounting to R$3,025, which corresponds to 14% of the outstanding balance of accounts receivable from students and refundable scholarships in order to cover this credit risk.

b. Liquidity risk

Is the risk of the Institute encountering difficulties in fulfilling the obligations associated with its finan-cial liabilities, which are settled with payments in cash or with other financial assets. The approach of the Institute in managing its liquidity is to guarantee as much as possible that it always has sufficient liquidity to fulfill its obligations upon maturity, under both normal and stress conditions, without causing unacceptable losses or posing the risk of adversely affecting the reputation of the Institute.

The balances of cash and cash equivalents on December 31, 2013 exceeded the value of current liabili-ties by R$ 48,044 (R$ 35,400 in 2012).

c. Fair value estimate

The Institute discloses its assets and liabilities at fair value, based on the relevant accounting pro-nouncements that define fair value and the structure for determining fair value, which refer to the evaluation criteria and practices and require certain disclosures about fair value

c.1 - Fair value versus carrying value

The fair value of the financial assets and liabilities together with the carrying values presented in the financial statements are as follows:

72

Annual Report 2013



Academic Programs

UNDERGRADUATE PROGRAMS • Business Administration

• Economics

GRADUATE PROGRAMS Lato SenSuCertificates• Certificate in Business Administration (CBA)

• Certificate in Business Project (CBP)

• Certificate in Financial Management (CFM)

• Certificate in Healthcare Management (CHM)

• Certificate in Marketing Management (CMM)

• Certificate in People Management (CPM)

MBAs• Executive MBA

• Executive MBA in Finance

• Executive MBA in Healthcare

Management Einstein - Insper

MASTER OF LAWS• LL.C. - Corporate Law

• LL.M. - Contract Law

• LL.M. - Corporate Law

• LL.M. - Financial and Capital Market Law

• LL.M. - Tax Law

GRADUATE PROGRAMS Stricto SenSuProfessional Masters• Business Administration

• Economics

ExECUTIVE EDUCATION Open Enrollment Programs• Finance

•Internacional

• Leadership

• Learning Journeys

• Marketing & Innovation

• Negotiation

• Operations

• Strategy & Business

Custom Programs for CompaniesPrograms and courses developed exclusively for organizations

20. Tax breaks

In accordance with ITG 2002 - Nonprofit organizations approved by CFC Resolution 1,409/12, the Organization presents below a calculation of its tax breaks for fiscal year 2013. The presentation shows the taxes and contributions and their respective tax rates. Note that these are estimates of the tax breaks involving the main taxes and contributions since the Institute does not have tax recordkeeping, such as a taxable income journal, due to its nature as a nonprofit organization.Incidentes sobre a receita de graduação e pós, exceto customizados (ISS 5%)Incidentes sobre o superávit do exercício (IRPJ e CSSL 34%).

Based on the study conducted using the above estimates, the amount of the main tax breaks are:

2013 2012

Levied on revenue

Revenue from undergraduate and graduate pro-grams and deductions (excluding custom programs) 1,040,663 856,291

ISS service tax 5% 5,310 4,925

Levied on the Surplus

Surplus for the fiscal year 32,709 24,403

Corporate income tax and social contribution tax 34% 11121 8,297

Total 16,431 13,222

Claudio Luiz da Silva HaddadPresident

Luiz Fernando Kirchner de MagalhãesAdministrative-Financial Manager

Adilson Ernesto da SilvaAccountant – CRC1SP 266387/O-7

| letter from the president | governance | academic ... annual eport 2013 letter from the president...

Documents