Fostering innovation and entrepreneurship in Brazil through private equity and venture capital public policies

It is well documented the positive impact of the Private Equity and Venture Capital (PE/VC) industry on the creation and development of highly successful innovative companies in a few countries, mainly in the United States. PE/VC firms provide not only capital to startups and small and medium enterprises (SMEs) that usually have financing gap, especially in emerging markets, but also strategic resources that enable these enterprises to commercialize innovation. As consequence, government incentive and nurture of local PE/VC industries would be expected in emerging economies due to innovation‟s importance to economic growth. This paper aims to identify if the Brazilian government has supported local PE/VC industry throughout the years in order to foster favorable conditions to creating and developing successful innovative businesses. It also analyzes Brazil‟s main public policies towards PE/VC and if they encompass all the three stages of its cycle – fundraising, investing and exiting. I conducted an empirical research which collected primary data from a sample of 127 PE/VC firms (90% of the population) operating in Brazil as of June, 2008. All firms answered a webbased questionnaire that collected quantitative data regarding their investment vehicles, portfolio companies, investments and exits. I compared the data obtained from the survey with the main local governmental PE/VC support programs. First, I confirmed the hypothesis that the Brazilian government has been using the PE/VC industry as a public policy towards entrepreneurship and innovation. Second, I identified that although PE/VC public policies in Brazil are mostly concentrated in fundraising phase, they have been able to positively impact the whole cycle. Third, it became clear that the Brazilian government became more concerned about Seed and Venture Capital (VC) Early stages due to their importance to the entire PE/VC value chain. As consequence, I conclude that those public policies have been very important to build a dynamic and strong local PE/VC industry, whose committed capital grew 50% per year between 2005 and 2008 to achieve US$27 billion, which invested US$ 11 billion, which employs 1,400 professionals (75% with postgraduate degrees) and maintains 482 portfolio companies, mostly SMEs. In addition, PE/VCbacked companies represented one third of the Initial Public Offerings (IPOs) that occurred in Brazil between 2004 and 2008 (approximately US$15 billion).

Share bidding auctions, sliding scale royalty rates and the new brazilian regulatory framework for the pre-salt areas

O governo brasileiro recentemente aprovou uma legislação instituindo um novo marco regulatório para as reservas petrolíferas do pré-sal. Segundo as novas regras, estas áreas deverão ser licitadas mediante um leilão de partilha de lucro. Motivado por esta mudança, apresentamos um modelo de leilão de partilha sob afiliação, demonstrando a existência de um equilíbrio monótono em estratégias puras e caracterizando a solução. Alem disso, provamos que este mecanismo gera receita esperada maior ou igual a um leilão de primeiro preço usual. Em seguida, introduzimos no modelo uma função representando taxas de royalties que dependem do valor do objeto. Este instrumento permite uma elevação na receita esperada de ambos os modelos, fazendo com que a diferença entre eles encolha. Finalmente, analisando o novo marco regulatório sob o ponto de vista dos resultados obtidos, concluímos que o antigo modelo de concessão utilizado pelo governo brasileiro é mais adequado e lucrativo.

Federalismo e descentralização do SUS : formação de um regime polarizado de relações intergovernamentais na década de 1990

A presente tese teve como objetivo explicar a dinâmica político-institucional que produziu um quadro de relações intergovernamentais polarizado na política de saúde no âmbito do SUS ao final da década de 1990. Tal polarização ocorreu em virtude da presença simultânea de expressivo grau de municipalização e elevada capacidade indutiva e regulatória do Ministério da Saúde. As abordagens anteriores presentes na literatura sobre a descentralização do SUS produziam explicações parciais em virtude de apontarem como fatores explicativos da polarização um conjunto de razões específicas, em especial o escopo expressivamente descentralizador da Constituição de 1988, as preferências municipalistas do Movimento da Reforma Sanitária, o conteúdo das normas operacionais, o legado centralizador da trajetória da política de saúde no Brasil, a agenda centralizadora das reformas econômicas realizadas a partir da implementação do Plano Real, entre outros. Com base no arcabouço teórico do NeoInstitucionalismo Histórico, essa tese propõe uma abordagem que integra os diversos fatores condicionantes do jogo federativo setorial em torno de uma explicação sequencial das decisões que marcaram a trajetória da descentralização do SUS. Nessa abordagem, a trajetória das relações intergovernamentais é o resultado cumulativo de uma longa cadeia de decisões tomadas em contextos singulares que marcaram os governos Collor, Itamar e FHC, onde a escolha de um governo afetou o leque de opções disponíveis ao governo seguinte, deixando-lhe menos margem de mudança. Nessa lógica, a polarização federativa é vista como o produto não intencional de uma sequência de decisões que, acumuladas ao longo da década, concentraram poder, atribuições e recursos na União e nos municípios.

Cyclicality of SME Lending and Government Involvement in Banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Governança de TI: o caso do m-government do estado de São Paulo

Este trabalho tem como objetivo explorar como a governança de TI tem implicações no atendimento ao cidadão por meio de serviços de governo disponibilizados em dispositivos móveis, conhecido como m-government. Foi estudada a forma como os órgãos envolvidos no desenvolvimento de aplicativos para o cidadão se organizam, tanto em termos da legislação que define suas competências quanto em termos da dinâmica deste desenvolvimento, por meio de entrevistas com atores de papel relevante neste cenário. Também foi realizada a análise da governança de m-government no Estado usando uma matriz de arranjos de governança. A conclusão foi que a governança que a legislação indica que se pretende para o Estado, como políticas emanadas de um órgão central, ainda está em estágio embrionário e que por enquanto as Secretarias e órgãos praticam m-government para atender objetivos que são específicos de suas pastas, indicando que há um longo caminho para se alcançar o objetivo de um governo único para um cidadão único

Cyclicality of SME lending and government involvement in banks

Recent regulatory efforts aim at lowering the cyclicality of bank lending because of its potential detrimental effects on financial stability and the real economy. We investigate the cyclicality of SME lending by local banks with vs. without a public mandate, controlling for location, size, loan maturity, funding structure, liquidity, profitability, and credit demand-side factors. The public mandate is set by local governments and stipulates a deviation from strict profit maximization and a sustainable provision of financial services to local customers. We find that banks with a public mandate are 25 percent less cyclical than other local banks. The result is credit supply-side driven and especially strong for savings banks with high liquidity and stable deposit funding. Our findings have implications for the banking structure, financial stability and the finance-growth nexus in a local context.

Capital misallocation and mitigating policies

The purpose of this work is to study the role for government in mitigating capital misallocation. We develop an entrepreneurship model in which heterogeneous producers face collateral constraints on production, but can hedge idiosyncratic shocks. Hedging works as a tool for reallocating resources to states in which they are more productively deployed, and can alleviate the effect of the financial frictions and be a counteracting force to capital misallocation. Government incentives to hedging improve workers’ welfare in steady state through an increase in TFP and wages. The intervention leads to a reduction in the rate of return of entrepreneurs and an increase in wealth dispersion. These two effects cause entrepreneurial welfare to decrease.

Leadership of portuguese community schools in the East Coast of the United States and the public policies of education: a multiple case studies

The Portuguese community schools of the United States located in the areas of larger Portuguese population concentration are social organizations that come materializing throughout decades the designs of the educative policies of the Portuguese government in relation to the expansion and preservation of the language, the culture and the history of Portugal. These designs of the educative policies are enrolled in the Constitution of the Republic (1976), in the Basic Law of Educative System (1986) and, over all, in the successive legislative norms (Decree-laws and ordinances) of the successive governments. Portuguese community schools in the United States are structuralized in analogous way to schools of the Portuguese geographic space. For this qualitative study (multiple case), four directors of Portuguese schools of the East Coast of the United States were interviewed; two schools are in the state of Rhode Island and the other two are in the state of Massachusetts. Also, it was administered the questionnaire on practices of leadership “Leadership Practices Inventory” (LPI) of Kouzes and Posner (2002) to collect additional data about practices of leadership on the directors of the schools. The LPI evaluates practices of leadership classifying them in five domains: (a) Model the way; (b) Inspire a shared vision; (c) Challenge the process; (d) Enable others to act; and, (e) Encourage the heart. Results of this qualitative research indicate that the Portuguese Government has not had an educative policy stimulant, coherent and consistent of support, incentive, maintenance and diffusion of the Portuguese language and culture and the directors of the studied schools they have a proactive and serving leadership style in conducting the management of Portuguese community schools. The five practices of leadership are highly practiced by the directors of the studied schools above all the practices “Enable others to act” and “Encourage the heart”.

SINAES: as diferentes faces da avaliação na UFRN

This thesis entitled SINAES: the different faces of the evaluation at UFRN, aims to analyze the configuration that the national policy for assessment in higher education has taken on UFRN. We assume that in recent years there are an oscillation between the concepts of evaluation, according with the logic of public administration it has preferred an approach that presents itself as a promoter of quality, sometimes with regulatory aspects, sometimes with educational ones. The text discusses the use of the new assessment tools for higher education placing them under the new demands on state reform context in which this is to promote and measure quality based on the values of excellence and competitiveness. This movement arises from the redefinition of the role of the State that has been taking features of Evaluator State. From a historical review of government initiatives in the field of evaluation, we analyze the characteristics of assessment policies outlined over the past decades. We are based on the theoretical method that aims to examine the multiple determinants that shape a particular reality from the larger movement of totality. To identify, in this case, connections and ruptures that have emerged over the history of assessment policies aimed at higher education by checking their determinants in order to better explain the reality. To investigate the object of this study we used as instruments: the research literature and research documents, the semi-structured interviews and non-participant observation. The study revealed that there are different practices of evaluation and that before to establishment the SINAES program, the UFRN already had a culture of an institutional assessment, more participatory and democratic, opposing to the rigidity of the self-assessment in SINAES program that it was instituted by the Commission for assessment (CPA). We also noticed that the implementation of the SINAES at URFN has been performed very slowly and the breadth and complexity of the evaluation process has contributed to hinder its implementation in all dimensions provided by MEC. Although it was observed that in its operationalization the SINAES has assumed a more normative assessment and directed to establish rankings between courses and higher education schools than to establish a more qualitative assessment in this system. As regards the evaluation of the undergraduate course studied on this research and subjected to the three dimensions of evaluation proposed by SINAES (self-assessment, Evaluation of Courses and ENADE) it was not possible to verify an effective integration between the methods of assessing conducted. The results are considered separately, in only a partial view of the course evaluated the proposal what pits the SINAES as a system that involves the totality

Investment and economic reform in Latin America

Includes bibliography

Regulation, worker protection and active labour-market policies in Latin America

Includes bibliography

White book of e-government interoperability for Latin America and the Caribbean: version 3.0

Includes bibliography

Natural resources within the Union of South American Nations: status and trends for a regional development agenda

Includes bibliography

A preliminary assessment of the policies implemented by the governments of Latin America and the Caribbean in response to the crisis - May 2010 Meeting

Includes bibliography

SMEs in the environmental goods and services market: identifying areas of opportunity, policies and instruments: case studies: Argentina, Chile, Colombia and Mexico

Includes bibliography