Growth process in business and social entrepreneurship: the case of Brazil

The purpose of the dissertation is to investigate in depth the difference between the challenges social and business entrepreneurs face in the growth phase of their business in the particular environment of Brazil. This objective has been achieved through a two-steps methodology. The first step is a set of in-depth interviews carried out with industry experts such as professors, venture capitalists, consultants, fund managers or people involved in the support of growing startups (i.e. accelerators). These interviews allowed, first, to build a general perspective on the environment entrepreneurs operate into and to identify a list of challenges entrepreneurs face in the growth process of their business. This list was completed with the additional challenges identified in the previous literature. The second step of the methodology was to test the relevance of these challenges in the mind and experience of social and traditional entrepreneurs. A questionnaire was then submitted to 145 social and 286 traditional entrepreneurs. The results were statistically analyzed to test the relative relevance of these challenges for one group of entrepreneurs with respect to the other. The outcome of the analysis was significant. The most relevant challenges identified were, for both groups, taxation, bureaucracy, finding the right employees, creating effective teams, measuring firm performance and social value creation and obtaining funds. On the other side motivation, innovation, competition and lack of market space for growth represented the least relevant issues in the minds of entrepreneurs. This rank however did not differ significantly from social to traditional entrepreneurs. This testifies that in Brazil social and traditional entrepreneurs face the same set of challenges despite the widespread belief of the opposite.

Um estudo sobre os desafios do investimento baseado em capital intelectual

Os investimentos em longo prazo são importantes para os fundos de pensão, visto a longevidade de seus compromissos. A maior parte dos investimentos dessas entidades está alocada no segmento de renda fixa; contudo, os fundos de pensão são identificados como potenciais investidores em empreendimentos relacionados à inovação por seus interesses de longo prazo. Em setembro de 2009, por meio da Resolução do Conselho Monetário Nacional, os fundos de pensão foram autorizados a investirem em fundos de investimentos em participação – fundos em private equity. Esses investimentos são caracterizados por retornos de longo prazo e ganhos reais atrativos; apesar disso, esses investimentos ainda são inexpressivos em comparação aos mercados tradicionais. Nesse sentido, este estudo teve por objetivo compreender as dificuldades de se realizar investimento de longo prazo por meio de capital intelectual e, a partir de um caso específico, verificar como este investidor vem realizando a análise desse tipo de investimento. Para este fim, foi realizado um estudo exploratório em um fundo de pensão de médio porte por meio de análise documental, entrevistas abertas e não estruturadas e observação no processo decisório de investimento. Esse fundo está localizado na cidade do Rio de Janeiro e foi escolhido pelo critério não probabilístico de acessibilidade. Verificou-se que, embora haja atratividade em termo de retorno financeiro, os investimentos em participações – private equity - ainda estão abaixo do limite da regulamentação, devido aos altos riscos relacionados à confiança, ao prazo e à autonomia no processo decisório de investimento em inovação.

Programação estocástica para fundos de pensão

Nesta dissertação discutiremos modelos e métodos de soluções de programação estocástica para resolver problemas de ALM em fundos de pensão. Apresentaremos o modelo de (Drijver et al.), baseado na programação estocástica multiestágios inteira-mista. Um estudo de caso para um problema de ALM será apresentado usando simulação de cenários.

Diretrizes para a elaboração de um novo manual do liquidante da SUSEP

As intervenções do Poder Público em entidades privadas são necessárias em certas circunstâncias. Independentemente do tipo de intervenção, os agentes intervenientes devem zelar pelo interesse público e esforçar-se para que a intervenção ocorra na medida necessária, com qualidade e com eficiência. Será abordado assunto relacionado à intervenção do Poder Público, na figura da Superintendência de Seguros Privados (Susep), autoridade que recebeu do Ministério da Fazenda competências de controlar, regular e fiscalizar importantes instituições: seguradoras, resseguradores locais, entidades abertas de previdência complementar e entidades de capitalização. Nesse contexto, os estudos se restringirão à Liquidação Extrajudicial, intervenção que ocorre quando há indícios de crises econômicofinanceiras, de insolvência ou de gestão, dentre outras circunstâncias. A Susep nomeia um liquidante para executar os procedimentos e acompanha a respectiva gestão, cujo foco principal deve ser a quitação das dívidas com os credores. Tem sido observada baixa eficiência na gestão das entidades em Liquidação Extrajudicial, o que pode em parte relevante ser decorrente da falta de diretrizes para a elaboração de um Manual do Liquidante que induza a práticas eficientes de gestão. É, pois, objetivo desse trabalho propor diretrizes para a elaboração desse Manual. A metodologia de pesquisa será a revisão bibliográfica, pesquisa documental e a coleta da opinião de liquidantes e de especialistas em Liquidação Extrajudicial. Será pesquisado como algumas autoridades nacionais ou internacionais lidam com a Liquidação Extrajudicial. Acreditamos que o assunto aqui tratado é de grande relevância social, pois ineficiências na execução dessas Liquidações Extrajudiciais podem prejudicar credores, acionistas e gerar desperdícios de tempo e de recursos do Poder Público quando do acompanhamento do regime liquidatário. No final do trabalho encontramos o resultado da pesquisa: as diretrizes propostas para a elaboração do novo Manual do Liquidante da Susep.

Asymmetric preferences in investment decisions in the Brazilian financial market

The main objective of this article is to test the hypothesis that utility preferences that incorporate asymmetric reactions between gains and losses generate better results than the classic Von Neumann-Morgenstern utility functions in the Brazilian market. The asymmetric behavior can be computed through the introduction of a disappointment (or loss) aversion coefficient in the classical expected utility function, which increases the impact of losses against gains. The results generated by both traditional and loss aversion utility functions are compared with real data from the Brazilian market regarding stock market participation in the investment portfolio of pension funds and individual investors.

A methodology for building energy modelling and calibration in warm climates

PEDRINI, Aldomar; WESTPHAL, F. S.; LAMBERT, R.. A methodology for building energy modelling and calibration in warm climates. Building And Environment, Australia, n. 37, p.903-912, 2002. Disponível em: . Acesso em: 04 out. 2010.

Planejameto municipal do turismo: diretrizes e perspectivas - o caso da SETURDE

Given the uncertainties of the environment in today's world, strategic planning is again discussed as an important tool to position the organization in future likely. To address this a more dynamic and less linear, trying to adapt the multiple realities, the method of scenarios can be one of the strategies to anticipate future designs. In the public sphere, an efficient implementation of human resources and financial managers require a new approach to the formulation of strategies. Tourism, in turn, presents itself as an important segment of the national economy shaped up as a major source of funds for the formation of the Gross Domestic Product - GDP - of states and municipalities. This study aims to know the guidelines and perspectives of municipal planning of tourism in the city of Natal/RN from the case by the representatives of the sector. The survey was developed based on a qualitative, exploratory, based on the case in the Secretaria Municipal de Turismo e Desenvolvimento Econômico - SETURDE. The results express that the body goes through a time of changes in its organizational structure and in defining its role with the local tourism. The national plan for tourism and the choice of Christmas as the host city for the World Cup in 2014 have stimulated interest in developing a formal strategic planning in the organization. However, when it comes to more complex tools, such as the method of future scenarios, the technical know its definition and importance for future actions. The results presented support the conclusion that the actions are designed intuitively and without complying with the scientific methods developed for this purpose, as the method of strategic scenarios. However, the evidence beginning to emerge from the plans and documents issued by the federal government, as well as the Secretary's own initiative, direct the actions of the body to coordinate and act as a fulcrum for local action to the increase in tourism

Suicidality in Obsessive-Compulsive Disorder: Prevalence and Relation to Symptom Dimensions and Comorbid Conditions

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Analysis of floristic composition and structure as an aid to monitoring protected areas of dense rain forest in southeastern Brazil

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Prevalence and associated factors for suicidal ideation and behaviors in obsessive-compulsive disorder

Introduction: Patients with obsessive-compulsive disorder (OCD) have historically been considered at low risk for suicide, but recent studies are controversial. Objective: To study the prevalence of suicidal thoughts and attempts in OCD patients and to compare those with and without suicidality according to demographic and clinical variables. Methods: Fifty outpatients with primary OCD (Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition) from a Brazilian public university were evaluated. The Yale-Brown Obsessive-Compulsive Scale (Y-BOCS) was used to assess OCD severity, the Beck Depression Inventory to evaluate depressive symptoms and the Alcohol Use Disorders Identification Test to assess alcohol problems. Results: All patients had obsessions and compulsions, 64% a chronic fluctuating course and 62% a minimum Y-BOCS score of 16. Half of the patients presented relevant depressive symptoms, but only three had a history of alcohol problems. Seventy percent reported having already thought that life was not worth living, 56% had wished to be dead, 46% had suicidal ideation, 20% had made suicidal plans, and 10% had already attempted suicide. Current suicidal ideation occurred in 14% of the sample and was significantly associated with a Y-BOCS score ≥16. Previous suicidal thoughts were associated with a Beck Depression Inventory score ≥19. Conclusion: Suicidally has been underestimated in OCD and should be investigated in every patient, so that appropriate preventive measures can be taken.

Youth and social cohesion in Ibero-America: a model in the making. Summary

Includes bibliography

A territorial perspective: towards the consolidation of human settlements in Latin America and the Caribbean

Includes bibliography

Shaping the future of social protection: access, financing and solidarity

Includes bibliography

The Latin American Pacific Basin initiative and the Asia-Pacific region

Includes bibliography

Opportunities for trade and investment between Latin America and Asia-Pacific: the link with APEC

Includes bibliography