An essay on private equity: the history and fundamentals of fundraising in Brazil

O impacto positivo dos investimentos de Private Equity e Venture Capital (PE/VC) na economia e no mercado de capitais est�� amplamente documentado pela literatura acad��mica internacional. Nos ��ltimos 40 anos, diversos autores t��m estudado a influ��ncia desta classe de ativos na cria����o, no desenvolvimento e na transforma����o de milhares de empresas ao redor do mundo, especialmente nos Estados Unidos. Entretanto, os estudos sobre os determinantes da capta����o de recursos de PE/VC t��m se desenvolvido apenas mais recentemente, e seus resultados est��o longe de ser uma unanimidade. No Brasil, a pesquisa sobre a ind��stria de PE/VC ainda �� escassa. Embora a ind��stria local venha crescendo rapidamente desde 2006, tendo alcan��ado US$36,1 bilh��es em capital comprometido em 2009, ainda n��o h�� estudos sobre as vari��veis que influenciam na aloca����o de capital pelos investidores nesta modalidade de investimento no Brazil. Entender esta din��mica �� importante para o equil��brio e a efici��ncia de mercado. Baseado no trabalho de Gompers e Lerner (1998) sobre os determinantes da ind��stria de PE/VC nos Estados Unidos, este trabalho contribui com a literatura de PE/VC ao: (i) revisitar o come��o desta ind��stria no Brasil; e (ii) identificar quais as vari��veis influenciam no desenvolvimento da ind��stria de PE/VC local. Os resultados deste estudo contribuem para o desenvolvimento acad��mico da ind��stria de PE/VC no Brasil. Al��m disso, as discuss��es aqui apresentadas poder��o impactar outras ��reas de estudo que s��o permeadas pelo tema, tais como Gest��o de Investimentos, Governan��a Corporativa, Empreendedorismo e Estrat��gia. Profissionais de mercado tamb��m dever��o se interessar no trabalho. As discuss��es sobre a hist��ria e os fundamentos da ind��stria fornecem aos investidores, empreendedores, gestores de investimentos e formuladores de pol��ticas p��blicas, entre outros, um melhor entendimento sobre como o ecossistema de PE/VC funciona no Brasil.

The social context of entrepreneurship in Brazil and Spain in the late twentieth and early twenty-first centuries

Este trabalho teve o principal objetivo de contribuir para o entendimento do contexto social que circunda empreendedores inovadores brasileiros e espanh��is que emergem em seus pr��prios pa��ses de origem, procurando mapear e entender rela����es sociais relevantes estabelecidas durante o delicado per��odo de emerg��ncia de seus empreendimentos no final do s��culo XX e come��o do XXI. Autores alinhados com o pensamento da sociologia econ��mica foram utilizados como refer��ncia para a determina����o das perguntas de pesquisa, que provocaram a realiza����o de um estudo comparativo entre empreendedores finalistas de um mesmo pr��mio atribu��do a empreendedores inovadores brasileiros e espanh��is. No total, 19 empreendedores oriundos de setores emparelhados em ambos os pa��ses foram entrevistados e documentos sobre eles e seus empreendimentos foram levantados, possibilitando verificar, entre outras coisas, a influ��ncia relativamente homog��nea do contexto social de ambos os pa��ses no per��odo de emerg��ncia de empreendimentos fundados por empreendedores advindos de classes sociais mais elevadas destas sociedades, com especial ��nfase nas complicadas caracter��sticas do padr��o de financiamento dos empreendimentos, no aumento consistente do apoio social e p��blico ao empreendedorismo, no elevado envolvimento emocional que os empreendedores estabelecem com seus empreendimentos e no peculiar papel das rela����es de confian��a constru��dos entre os empreendedores, seus s��cios e funcion��rios

Structural analysis of the place of wine in Brazil

With the constant decrease of the wine consumption in traditional winemaking countries, more and more Brazil is seen as an appealing market. But the country also pretends to become an international player of winemaking in its own right. Both the participants of the Brazilian wine industry and the foreigners trying to get advantage of this promising market are facing new challenges to develop the consumption of wine in the world���s fifth largest country. Among all the possible actions to be taken in that sense, it also is worth taking time for a collective thought on the place of wine in the country, as well as the factors that shape it. What are these factors, which ones really make the difference, and what is their respective impact on the evolution of the place of wine in the country? After drawing the big picture of the wine market situation, this thesis tries to identify the levers of the evolution of the place of wine in Brazil. Using the tools of prospective, it aims at putting into perspective the different driving forces that influence its development, and in particular the relative influence of the political drivers. This paper also intends to be a first step of a prospective study as it constitutes a solid base for scenario planning. This paper is divided in five chapters starting with ���introduction���, followed by chapter 2 ���Theoretical framework���. Chapter 3 is ���Methodology���, followed by chapter 4 ���Description and analysis of the results���. Finally the results are discussed and concluded in the last part ���Conclusions and implications for future studies���.

Localization strategies of multinationals in Brazil which characteristics of the Brazilian market force multinational companies to localize their marketing activities?

Uma vez que as perspectivas de crescimento econ��mico nos pa��ses mais desenvolvidos, como a Europa, os EUA eo Jap��o est��o diminuindo, os mercados emergentes t��m se tornado cada vez mais importante para muitas empresas multinacionais. Brasil, R��ssia, ��ndia e China (BRICs) s��o agora os principais mercados em crescimento em todo o mundo e as empresas est��o buscando estrat��gias para explorar ao m��ximo o potencial de consumo promissor nessas regi��es. Um dos modos mais elaborados de prosseguir essa estrat��gia �� conhecida como "localiza����o" - uma adapta����o das pr��ticas de neg��cios (ao longo de toda a cadeia de suprimentos) com as prefer��ncias e condi����es locais. Este artigo �� projetado para analisar as atividades de localiza����o de empresas multinacionais no Brasil. O foco da an��lise �� o de investigar as caracter��sticas do mercado brasileiro, que induzem as multinacionais a localizar o seu marketing mix (composto de produto, pre��o, coloca����o e promo����o). Em dois estudos de casos com a empresa Sui��a Nestl�� e a empresa Alem�� Volkswagen v��rios padr��es de localiza����o foram no mercado consumidor brasileiro. Os quatro resultados mais significativos da an��lise s��o os diferentes padr��es sociais o Brasil, que for��ar as empresas a reformular certas fun����es do seu mix de marketing (por exemplo, a coloca����o no caso da Nestl��), a aceita����o dos consumidores brasileiros a pagar pre��os relativamente elevados (por exemplo, taxas de Volkswagen at�� 100% mais por seus produtos em rela����o �� Alemanha); o enorme tamanho do Brasil ea infra-estrutura deficiente, que exigem uma abordagem de distribui����o localizada; eo car��ter atualmente ainda menos exigente dos estratos de consumidores brasileiros emergentes, que permitem ��s empresas oferecer produtos menos sofisticados em compara����o aos mercados europeus.

Compliance to law and effectiveness of the rule of law in Brazil

The goal of this paper is to debate the degree of effectiveness of the rule of law in Brazil, through a survey measuring perceptions, attitudes and habits of Brazilians in regard to compliance to law. The survey conducted in Brazil is based on the study conducted by Tom R. Tyler in the United States, entitled Why People Obey the Law? (New Haven, CT: Yale University Press, 1990). The main argument of Tyler��s study is that people obey the law when they believe it���s legitimate, and not because they fear punishment. We test the same argument in Brazil, relying on five indicators: (i) behavior, which depicts the frequency with which respondents declared to have engaged in conducts in disobedience to the law; (ii) instrumentality, measuring perception of losses associated with the violation of the law, specially fear of punishment; (iii) morality, measuring perception of how much is right or wrong to engage in certain conducts in violation of the law; (iv) social control, which measures perception of social disapproval of certain types of behavior in violation of the law, and (v) legitimacy, which measures the perception of respect to the law and to some authorities. Results indicate that fear of sanctions is not the strongest drive in compliance to law, but more than legitimacy, indicators of morality and social control are the strongest in explaining why people obey the law in Brazil.

Corporate diplomacy in action: diplomatic ties of Maersk in Brazil

Durante as ��ltimas tr��s d��cadas, a globaliza����o tem empurrado empresas em dire����o a internacionaliza����o, e consequentemente essas mesmas corpora����es tem se tornada institui����es independentes parecidas com estados. Estes ���estados independentes��� precisam de estrat��gias internacionais coerentes e rela����es diplom��ticas com funcion��rios da administra����o p��blica a fim de acompanhar as demandas desses mercados, criar estrat��gias para minimizar riscos, e ganhar legitimidade. O objetivo desta disserta����o foi explorer a complexa rela����o entre o Grupo Maersk e o governo brasileiro e outros atores involvidos no Mercado de olio e gas controllado pelo estado. Afim de compreender o processo de diplomacia corporativa da empresa ,entrevistas semi-estruturadas foram realizadas com os indiv��duos presentes na cadeia da diplomacia corporativa da empresa . A descoberta revelou a import��ncia de diplomacia corporativa para a Maersk. Rela����es diplom��ticas pessoais forjadas com entidades representativas e brasileiras s��o a chave para a Maersk impulsionar seus objetivos. Tamb��m mostra a import��ncia das miss��o diplom��ticas dinamarquesa ajudando a empresa a ter acesso a autoridades governamentais.

Analytical analysis of consumption in Brazil

This thesis is an analytical analysis of consumption in Brazil, based on data from the Consumer Expenditure Survey, years 2008 to 2009, collected by the Brazilian Institute of Geography and Statistics. The main aim of the thesis was to identify differences and similarities in consumption among Brazilian households, and estimate the importance of demographic and geographic characteristics. Initially, households belonging to different social classes and geographical regions were compared based on their consumption. For further insights, two cluster analyses were conducted. Firstly, households were grouped according to the absolute values of expenditures. Five clusters were discovered; cluster membership showed larger spending in all of the expense categories for households having higher income, and a substantial association with particular demographic variables, including as region, neighborhood, race and education. Secondly, cluster analysis was performed on proportionate distribution of total spending by every household. Five groups of households were revealed: Basic Consumers, the largest group that spends only on fundamental goods, Limited Spenders, which additionally purchase alcohol, tobacco, literature and telecommunication technologies, Mainstream Buyers, characterized by spending on clothing, personal care, entertainment and transport, Advanced Consumers, which have high relative expenses on financial and legal services, healthcare and education, and Exclusive Spenders, households distinguished by spending on vehicles, real estate and travelling.

Past and future of the bankruptcy law in Brazil and Latin America

This paper studies the Bankruptcy Law in Latin America, focusing on the Brazilian reform. We start with a review of the international literature and its evolution on this subject. Next, we examine the economic incentives associated with several aspects of bankruptcy laws and insolvency procedures in general, as well as the trade-offs involved. After this theoretical discussion, we evaluate empirically the current stage of the quality of insolvency procedures in Latin America using data from Doing Business and World Development Indicators, both from World Bank and International Financial Statistics from IMF. We find that the region is governed by an inefficient law, even when compared with regions of lower per capita income. As theoretical and econometric models predict, this inefficiency has severe consequences for credit markets and the cost of capital. Next, we focus on the recent Brazilian bankruptcy reform, analyzing its main changes and possible effects over the economic environment. The appendix describes difficulties of this process of reform in Brazil, and what other Latin American countries can possibly learn from it.

The value of local partners in Brazil: the effects of ownership clusters and business group membership on firm value in emerging markets

Este estudo analisa como a classe de acionistas afeta o valor das empresas brasileiras listadas na bolsa de valores no ponto de vista da governan��a corporativa. O trabalho examina a intera����o entre o valor das empresas e cinco tipos de concentra����es acion��rias comumente presente em mercados emergentes: fam��lias, agentes p��blicos, investidores estrangeiros, executivos e investidores financeiros nacionais. A an��lise emp��rica demonstra que o mix e a concentra����o de participa����o acion��ria afeta significativamente o valor das empresas. Utilizando uma compila����o ��nica de dados em painel de 2004 a 2008, a presente pesquisa tamb��m desenvolve hip��teses sobre o efeito da participa����o em grupos econ��micos para o valor das empresas. A investiga����o encontra evid��ncias de que, apesar de sua import��ncia para o desenvolvimento de empresas brasileiras, o capital familiar, institui����es p��blicas, e investidores estrangeiros est��o cedendo lugar a monitores mais especializados e menos concentrados, como executivos e institui����es financeiras nacionais. Estes resultados indicam que a governan��a corporativa no Brasil pode estar alcan��ando n��veis de maturidade mais elevados. Adicionalmente, apesar de n��o haver indica����o da exist��ncia de correla����o entre a participa����o em grupos econ��micos e o valor das empresas, os resultados indicam que a presen��a de um tipo espec��fico de acionista em uma empresa do grupo facilita investimentos futuros desta classe de acionista em outras empresas do mesmo grupo, sinalizando que os interesses acion��rios s��o provavelmente perpetuados dentro de uma mesma rede de empresas. Finalmente, a pesquisa demonstra que enquanto o capital familiar prefere investir em empresas com ativa mobilidade do capital, investidores internacionais e institui����es p��blicas procuram investimentos em equity com menor mobilidade de capital, o que lhes garante mais transpar��ncia com rela����o ao uso dos recursos e fundos das empresas.

International civil society actors in Genetically Modificied Organisms as a field of struggle: a neo-gramscian study in Brazil and the United Kingdom

Since the international financial and food crisis that started in 2008, strong emphasis has been made on the importance of Genetically Modified Organisms (GMOs) (or ���transgenics���) under the claim that they could contribute to increase food productivity at a global level, as the world population is predicted to reach 9.1 billion in the year 2050 and food demand is predicted to increase by as much as 50% by 2030. GMOs are now at the forefront of the debates and struggles of different actors. Within civil society actors, it is possible to observe multiple, and sometime, conflicting roles. The role of international social movements and international NGOs in the GMO field of struggle is increasingly relevant. However, while many of these international civil society actors oppose this type of technological developments (alleging, for instance, environmental, health and even social harms), others have been reportedly cooperating with multinational corporations, retailers, and the biotechnology industry to promote GMOs. In this thesis research, I focus on analysing the role of ���international civil society��� in the GMO field of struggle by asking: ���what are the organizing strategies of international civil society actors, such as NGOs and social movements, in GMO governance as a field of struggle?��� To do so, I adopt a neo-Gramscian discourse approach based on the studies of Laclau and Mouffe. This theoretical approach affirms that in a particular hegemonic regime there are contingent alliances and forces that overpass the spheres of the state and the economy, while civil society actors can be seen as a ���glue��� to the way hegemony functions. Civil society is then the site where hegemony is consented, reproduced, sustained, channelled, but also where counter-hegemonic and emancipatory forces can emerge. Considering the importance of civil society actors in the construction of hegemony, I also discuss some important theories around them. The research combines, on the one hand, 36 in-depth interviews with a range of key civil society actors and scientists representing the GMO field of struggle in Brazil (19) and the UK (17), and, on the other hand, direct observations of two events: Rio+20 in Rio de Janeiro in 2012, and the first March Against Monsanto in London in 2013. A brief overview of the GMO field of struggle, from its beginning and especially focusing in the 1990s when the process of hegemonic formation became clearer, serves as the basis to map who are the main actors in this field, how resource mobilization works, how political opportunities (���historical contingencies���) are discovered and exploited, which are the main discourses (���science��� and ���sustainability��� - articulated by ���biodiversity preservation���, ���food security��� and ���ecological agriculture���) articulated among the actors to construct a collective identity in order to attract new potential allies around ���GMOs��� (���nodal point���), and which are the institutions and international regulations within these processes that enable hegemony to emerge in meaningful and durable hegemonic links. This mapping indicates that that the main strategies applied by the international civil society actors are influenced by two central historical contingencies in the GMO field of struggle: 1) First Multi-stakeholder Historical Contingency; and 2) ���Supposed��� Hegemony Stability. These two types of historical contingency in the GMO field of struggle encompass deeper hegemonic articulations and, because of that, they induce international civil society actors to rethink the way they articulate and position themselves within the field. Therefore, depending on one of those moments, they will apply one specific strategy of discourse articulation, such as: introducing a new discourse in hegemony articulation to capture the attention of the public and of institutions; endorsing new plural demands; increasing collective visibility; facilitating material articulations; sharing a common enemy identity; or spreading new ideological elements among the actors in the field of struggle.

Agenda power in Brazil's C��mara dos Deputados , 1989 to 1999

This paper examines the structure of agenda power in the Brazilian C��mara dos Deputados (Chamber of Deputies). Our main question concerns when consistent agenda control by a single majority coalition, as opposed to agenda control by shifting majorities, has emerged in the post-1988 C��mara. Consistent agenda control emerges routinely in parliamentary regimes: the government commands a majority in the assembly; the legislative agenda is negotiated among the governing parties, typically with each able to ���veto��� the placement of bills on the agenda. However, the C��mara faces an external executive, the president, with substantial formal powers to set its agenda. Consistent agenda control thus can emerge only if the president chooses to ally with a majority coalition in the assembly. If the president always chose to form such an alliance���a presidentially-led agenda cartel���then one would expect some consistently parliamentary patterns in Brazil: the appointment of legislative party leaders to the cabinet; the use of statutes rather than decrees to achieve policy goals; the avoidance of bills that would pass and split the governing coalition. We find that only the Cardoso presidency displays consistent evidence of such a presidentiallyled agenda cartel. In this sense, our argument differs from that of Figueiredo and Limongi (1999; 2000), who argue that presidents have consistently pursued a parliamentary mode of governance in Brazil. Yet it also differs from those who argue that presidents have consistently pursued a shifting-coalitions strategy. Our results suggest that presidents make a strategic choice, with much hinging on that choice.

Projeto para a cria����o do Centro de Mem��ria do Instituto de Matem��tica Pura e Aplicada: uma hist��ria de compet��ncia, paix��o e perseveran��a

O Instituto Nacional de Matem��tica Pura e Aplicada (IMPA) foi o primeiro ��rg��o de pesquisa criado pelo Conselho Nacional de Pesquisas (CNPq), em 1952. Desde seu in��cio o IMPA dedicou-se �� pesquisa cient��fica em matem��tica do mais alto n��vel e promoveu a forma����o de novos pesquisadores, promovendo tamb��m a difus��o e aprimoramento da cultura matem��tica no pa��s. Mais recentemente, passou a dedicar-se tamb��m ��s aplica����es da matem��tica em outras ��reas do conhecimento e em setores tecnol��gicos. Ao longo de mais de cinq��enta anos de trabalho, consolidou-se como o centro de refer��ncia em pesquisa matem��tica e forma����o de novos pesquisadores no Brasil e na Am��rica Latina. Tendo em vista a relev��ncia da institui����o para os rumos da pesquisa na ��rea no pa��s, este trabalho de conclus��o de curso tem como objetivo estabelecer as diretrizes para a cria����o do Centro de Mem��ria do Instituto Nacional de Matem��tica Pura e Aplicada (CEMIMPA), que seria um espa��o para produ����o e re-elabora����o de identidade e mem��ria institucional ��� seguindo uma tend��ncia que se afirma, no Brasil, desde a d��cada de 1970. Discute-se aqui a trajet��ria do IMPA, os conceitos sobre mem��ria, acervo e identidade para conseguir demarcar as linhas gerais do CEMIMPA e precisar sua import��ncia para a institui����o. A cria����o de um centro de mem��ria como o que propomos, ajudaria a dar visibilidade �� hist��ria do IMPA, de seus pesquisadores, suas ��reas de atua����o para al��m dos limites do cen��rio da pesquisa matem��tica, alcan��ando um p��blico cada vez mais amplo e diverso. Isto poderia influenciar de forma ainda mais vigorosa a forma����o de jovens em geral, e em particular, de futuros matem��ticos. Tamb��m poder�� incrementar as pesquisas sobre a hist��ria da matem��tica no Brasil e a trajet��ria dos pesquisadores que a fizerem e dela fazem parte.

A descontinuidade em banco comercial privado nacional: um estudo de caso: o COMIND

O objetivo deste estudo busca identificar e descrever fatos indicadores da causa de descontinuidade do Banco Com��rcio e Ind��stria de s��o Paulo S.A. - COMIND. Aos 31 de dezembro de 1974, o COMIND assumira a posi����o do 6�� maior banco privado do pa��s e, aos 19 de novembro de 1985, transformou-se na maior fal��ncia da hist��ria banc��ria brasileira. A descri����o delinear�� o perfil da sua trajet��ria de exist��ncia, enfatizando o per��odo da sua ��ltima gest��o. Utilizando-se de documenta����o indireta, tais como relat��rios de Comiss��o de Inqu��rito, de auditoria e de CPI da c��mara, procurou-se a consist��ncia das informa����es pertinentes ao caso em estudo. Os resultados obtidos propiciaram ordenar os fatos e proceder um cruzamento com causas de fal��ncias banc��rias ocorridas, preponderantemente, nos E.U.A. As conclus��es da pesquisa se basearam nas evid��ncias resultantes de an��lise comparativa, culminando com o entendimento de que houve uma administra����o banc��ria fr��gil, inepta e centralizadora, al��m de omiss��o por parte da auditoria independente.