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 está amplamente documentado pela literatura acadêmica internacional. Nos últimos 40 anos, diversos autores têm estudado a influência desta classe de ativos na criação, no desenvolvimento e na transformação de milhares de empresas ao redor do mundo, especialmente nos Estados Unidos. Entretanto, os estudos sobre os determinantes da captação de recursos de PE/VC têm se desenvolvido apenas mais recentemente, e seus resultados estão longe de ser uma unanimidade. No Brasil, a pesquisa sobre a indústria de PE/VC ainda é escassa. Embora a indústria local venha crescendo rapidamente desde 2006, tendo alcançado US$36,1 bilhões em capital comprometido em 2009, ainda não há estudos sobre as variáveis que influenciam na alocação de capital pelos investidores nesta modalidade de investimento no Brazil. Entender esta dinâmica é importante para o equilíbrio e a eficiência de mercado. Baseado no trabalho de Gompers e Lerner (1998) sobre os determinantes da indústria de PE/VC nos Estados Unidos, este trabalho contribui com a literatura de PE/VC ao: (i) revisitar o começo desta indústria no Brasil; e (ii) identificar quais as variáveis influenciam no desenvolvimento da indústria de PE/VC local. Os resultados deste estudo contribuem para o desenvolvimento acadêmico da indústria de PE/VC no Brasil. Além disso, as discussões aqui apresentadas poderão impactar outras áreas de estudo que são permeadas pelo tema, tais como Gestão de Investimentos, Governança Corporativa, Empreendedorismo e Estratégia. Profissionais de mercado também deverão se interessar no trabalho. As discussões sobre a história e os fundamentos da indústria fornecem aos investidores, empreendedores, gestores de investimentos e formuladores de políticas públicas, entre outros, um melhor entendimento sobre como o ecossistema de PE/VC funciona no Brasil.

Content marketing and brand engagement on social media: a study of Facebook´s posts in the ecommerce industry in Brazil

Content marketing refers to marketing format that involves the creation and sharing of media and publishing content in order to acquire customers. It is focused not on selling, but on communicating with customers and prospects. In today world´s, a trend has been seen in brands becoming publishers in order to keep up with their competition and more importantly to keep their base of fans and followers. Content Marketing is making companies to engage consumers by publishing engaging and value-filled content. This study aims to investigate if there is a link between brand engagement and Facebook Content Marketing practices in the e-commerce industry in Brazil. Based on the literature review, this study defines brand engagement on Facebook as the numbers of "likes" "comments" and "shares" that a company receives from its fans. These actions reflect the popularity of the brand post and leads to engagement. The author defines a scale where levels of Content Marketing practices are developed in order to analyze brand posts on Facebook of an ecommerce company in Brazil. The findings reveal that the most important criterion for the company is the one regarding the picture of the post, where it examines whether the photo content is appealing to the audience. Moreover, it was perceived that the higher the level of these criterion in a post, the greater the number of likes, comments and shares the post receives. The time when a post is published does not present a significant role in determining customer engagement and the most important factor within a publication is to reach the maximum level in the Content Marketing Scale.

Speculative bubbles and contagion: analysis of volatility's clusters during the DotCom bubble based on the dynamic conditional correlation model

Reviewing the de nition and measurement of speculative bubbles in context of contagion, this paper analyses the DotCom bubble in American and European equity markets using the dynamic conditional correlation (DCC) model proposed by (Engle and Sheppard 2001) as on one hand as an econometrics explanation and on the other hand the behavioral nance as an psychological explanation. Contagion is de ned in this context as the statistical break in the computed DCCs as measured by the shifts in their means and medians. Even it is astonishing, that the contagion is lower during price bubbles, the main nding indicates the presence of contagion in the di¤erent indices among those two continents and proves the presence of structural changes during nancial crisis

Optimisation of solid-phase microextraction combined with gas chromatography–mass spectrometry based methodology to establish the global volatile signature in pulp and skin of Vitis vinifera L. grape varieties

The volatiles (VOCs) and semi-volatile organic compounds (SVOCs) responsible for aroma are mainly present in skin of grape varieties. Thus, the present investigation is directed towards the optimisation of a solvent free methodology based on headspace-solid-phase microextraction (HS-SPME) combined with gas chromatography–quadrupole mass spectrometry (GC–qMS) in order to establish the global volatile composition in pulp and skin of Bual and Bastardo Vitis vinifera L. varieties. A deep study on the extraction-influencing parameters was performed, and the best results, expressed as GC peak area, number of identified compounds and reproducibility, were obtained using 4 g of sample homogenised in 5 mL of ultra-pure Milli-Q water in a 20 mL glass vial with addition of 2 g of sodium chloride (NaCl). A divinylbenzene/carboxen/polydimethylsiloxane fibre was selected for extraction at 60 °C for 45 min under continuous stirring at 800 rpm. More than 100 VOCs and SVOCs, including 27 monoterpenoids, 27 sesquiterpenoids, 21 carbonyl compounds, 17 alcohols (from which 2 aromatics), 10 C13 norisoprenoids and 5 acids were identified. The results showed that, for both grape varieties, the levels and number of volatiles in skin were considerably higher than those observed in pulp. According to the data obtained by principal component analysis (PCA), the establishment of the global volatile signature of grape and the relationship between different part of grapes—pulp and skin, may be an useful tool to winemaker decision to define the vinification procedures that improves the organoleptic characteristics of the corresponding wines and consequently contributed to an economic valorization and consumer acceptance.

Fatores que afetam a satisfação e a fidelidade do consumidor: um estudo com usuários de calçado esportivo (tênis), na Região Sul da cidade de Natal

This paper aims to investigate the factors that influence the satisfaction and fidelity of tennis´s users with the region southern city of Natal, capital of Rio Grande do Norte as the area of analyzing , using the national satisfaction index models as a tool to study. In this study was used the questionnaire as a tool for collecting data based on the new Norwegian customer satisfaction barometer model proposed by Johnson et. al. (2001). The data collection took place during the months of May and June 2008, when 450 tennis´s users were interviewed. The main results obtained by multiple regression analysis and logistic regression showed that the users' satisfaction with the tennis´s brand is influenced by the quality, comfort, material used in the manufacture and price, while fidelity is potentized by the image of the brand and the satisfaction degree with the user's tennis and with the brand of tennis. In relation to user satisfaction with the tennis, that satisfaction is influenced by the quality, comfort, weight and the material used, while fidelity is potentized by the satisfaction with the tennis´s brand, with the possibility of paying the same amount again and the emotional commitment. As the processing of claims there was no direct influence on satisfaction and consumers fidelity due to the low number complaints

Análise da aceitação de aguardentes de cana por testes afetivos e mapa de preferência interno

A aceitação de 11 amostras de aguardentes de cana envelhecidas e não envelhecidas foi avaliada por testes sensoriais afetivos e análises estatísticas uni e multivariada. As aguardentes estudadas compreenderam seis amostras comerciais de diferentes marcas, (sendo três não envelhecidas e três envelhecidas) e ainda outras cinco amostras correspondentes a zero, 12, 24, 36 e 48 meses de envelhecimento em um tonel de carvalho de 200L. As amostras foram avaliadas por 100 provadores consumidores do produto, recrutados por questionário de avaliação quanto à afetividade. Para os testes afetivos foi utilizada escala hedônica não estruturada de 9cm, sendo os dados obtidos avaliados por dois métodos estatísticos distintos: o Mapa de Preferência Interno (MDPREF) e a análise de variância univariada (ANOVA) com comparação de médias pelo teste de Tukey e análise de correlação. As amostras de aguardente envelhecidas por 12, 36 e 48 meses obtiveram maior aceitação, com médias ao redor de 7,0 na escala hedônica. A amostra com menor aceitação foi a correspondente ao tempo zero de envelhecimento (controle). As demais amostras obtiveram aceitação intermediária. A análise por MDPREF gerou em espaço multidimensional (onde as variações com relação aos dados de preferência foram extraídas em eixos ortogonais e para cada dimensão de preferência), coordenadas relativas aos produtos, que foram geradas em função da resposta dos consumidores. Os dados de aceitação de cada provador foram utilizados para o desenvolvimento de vetores individuais de preferência, resultando na construção de um mapa mutidimensional das amostras, em função dos dados de aceitação. No presente estudo o MDPREF foi gerado pelas primeira e segunda dimensões de preferência, as quais explicaram em conjunto 89,83% das variações observadas entre as amostras com relação à aceitação. O MDPREF confirmou os resultados da ANOVA, indicando uma maior preferência dos provadores pelas amostras de aguardentes envelhecidas. Os resultados sugerem também que aguardentes envelhecidas por mais de 24 meses em tonel de carvalho de 200L são preferidas pelos consumidores, em detrimento das comerciais não envelhecidas e mesmo das comerciais envelhecidas, que podem ser adicionadas de aguardente não envelhecida (processo denominado corte) e também ter correção da cor, conforme permite a Legislação Brasileira. O conteúdo de polifenóis totais e a intensidade de cor também foram determinados, e ambos apresentaram correlação linear positiva significativa (p<=0,05) com o aumento do tempo de envelhecimento das amostras.

Ground annatto seeds (Bixa orellana L.) in sorghum-based commercial layer diets and their effects on performance, egg quality, and yolk pigmentation

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Fatigue and Fluoride Corrosion on Streptococcus mutans Adherence to Titanium-Based Implant/Component Surfaces

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

Education and knowledge: basic pillars of changing production patterns with social equity

Includes bibliography

Sustainable development: changing production patterns, social equity and the environment

Includes bibliography

Health benefits guarantees in Latin America: equity and quasi market restructuring at the beginning of the millennium

Includes bibliography

Reflections on the use of labour market indicators in designing policies with a gender-based approach

Includes bibliography

Equity in the public budget

Includes bibliography

Consumer interpretation of ready to drink orange juice and nectar labelling

The aim of this study was to evaluate consumers' use and interpretation of ready to drink orange juice and nectar label information and its influence on the purchase decision. One hundred and sixty-seven consumers of ready to drink orange juice and nectar were interviewed. The labels were analysed to evaluate their conformance to Brazilian legislation. The manufacturing and shelf life date were the information most often checked, followed by health related issues. Brand, price and flavour were the most important factors for purchase decision. Brand and flavour showed significant association with consumer age. For most interviewed, 'nectar', 'whole' and 'natural' or '100% natural' were not well understood; they were not in accordance with the Brazilian legislation. 'Nectar', 'whole' and 'natural' or '100% natural' received a positive interpretation, whereas 'reconstituted juice' was considered a negative expression. Nevertheless, none of the labels completely conformed to the specific nutritional labelling legislation. © 2013 Institute of Food Science and Technology.

Consumer attitude towards purchasing intent for ready to drink orange juice and nectar

Purpose: The purpose of this paper was to evaluate the impact of some labeling aspects on the consumer intent to purchase ready to drink orange juice and nectar. Design/methodology/approach: The influence of label information on the consumer intent to purchase was evaluated by conjoint analysis using a convenience sample (n=149). A factorial design with four characteristics, price, brand, information about the product and kind of beverage, was used. Three levels were established for brand and product information, and two for price and kind of beverage. Findings: Low price, product information and market leading brand had positive impact. No preservatives/natural was the information that most influenced consumer's purchase intent. The ideal label showed the leading brand, low price and information no preservatives/natural. These results could be useful for strategic planning of consumer instruction and have important implications for Brazilian orange juice manufactures. Originality/value: Although the most widely consumed beverages in Brazil are ready to drink orange juice and nectar, it was unexpected that consumers did not know the differences between them and that kind of beverage was not an important factor for the purchase decision. © Emerald Group Publishing Limited.