Precificação de ativos sem cotação corrente de mercado na indústria de private equity e venture capital no Brasil

Neste trabalho são estudadas as características do mercado de private equity e venture capital no Brasil, particularmente no que se refere às metodologias de avaliação de investimentos, com o intuito de procurar identificar o método que se ajusta melhor à realidade brasileira para mensuração de ativos sem cotação corrente de mercado, presentes nas carteiras dos Fundos Mútuos de Investimento em Empresas Emergentes e Fundos de Investimento em Participações. Para atingir este objetivo, serão discutidos os principais mercados no exterior, ou seja, Estados Unidos e Europa, bem como as características específicas deste mercado no Brasil, além de apresentar como a Comissão de Valores Mobiliários trata o assunto, uma vez que os ativos aqui tratados não possuem marcação a mercado, como ocorre em outros fundos disciplinados por esta autarquia. Em seguida, são descritas as metodologias a partir das quais serão investigadas as formas como as organizações gestoras abordam os métodos em seus regulamentos e confrontadas as opiniões das organizações mencionadas com as dos investidores. Por fim, busca-se atingir o objetivo proposto utilizando o comportamento do valor das cotas no período de vida dos fundos como indicador do método mais apropriado.

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.

Betting on winner: the effect of local elections on corporate political activity outcomes

How can managers successfully access political rents by way of corporate political strategies (CPA)? Existing research has suggested several endogenous factors that correlate with CPA outcomes. I offer a more robust solution to this problem. Drawing on insights from the perspective of CPA as exchanges between firms and political decision-makers, and from the special interest politics of political economy, I develop and test a causal mechanism that links local elections, legislative bargaining and access to political rents at the national level. I conducted a natural experiment using regression discontinuity design and propensity score matching in municipal elections in Brazil to show that firms enjoy superior access to subsidized financing from the state-owned national development bank (BNDES) when they decide to invest in municipalities whose winning mayoral candidate is coalition-aligned with the national ruler. This effect fades away fades away as the level of competition in the local election decreases. The evidence implies that when managers bet on national coalition-aligned winners in close local elections, they positively affect CPA outcomes. I extend the exchange-based typology of corporate political strategies by offering a novel possibility of targeting voters with financial inducements, which I call a private local development strategy. Finally, these results show that firms exchange their project-execution capabilities for superior access to subsidized financing.

Assessment of value creation in private equity: the acquisition of Burger King by 3G Capital

This thesis elaborates the creation of value in private equity and in particular analyzes value creation in 3G Capital’s acquisition of Burger King. In this sense, a specific model is applied that composes value creation into several drivers, in order to answer the question of how value creation can be addressed in private equity investments. Although previous research by Achleitner et al. (2010) introduced a specific model that addresses value creation in private equity, the respective model was neither applied to an individual company, nor linked to indirect drivers that explain the dynamics and rationales for the creation of value. In turn this paper applies the quantitative model to an ongoing private equity investment and thereby provides different extensions to turn the model into a better forecasting model for ongoing investments, instead of only analyzing a deal that has already been divested from an ex post perspective. The chosen research approach is a case study about the Burger King buyout that first includes an extensive review about the current status of academic literature, second a quantitative calculation and qualitative interpretation of different direct value drivers, third a qualitative breakdown of indirect drivers, and lastly a recapitulating discussion about value creation and value drivers. Presenting a very successful private equity investment and elaborately demonstrating the dynamics and mechanisms that drive value creation in this case, provides important implications for other private equity firms as well as public firms in order to develop their proprietary approach towards value creation.

Private label supply chains: a model for competitiveness?

The search for efficiency in supply chains has usually focused on logistic optimization aspects. Initiatives like the ECR are an example. This research questions the appropriateness of this focus comparing detailed cost structures of fifteen consumer products, covering five different product categories. It compares supply chains of private label products, presumably more efficient due to closer collaboration between chain members, to national brands supply chains. The major source of cost differences lies in other indirect costs incurred by the national brands and not directly assignable to advertising. Results indicate that a complete reconception of the supply chain, exploring different governance structures offers greater opportunities for cost savings than the logistic aspect in isolation. Research was done in the UK in 1995-1997, but results are only now publishable due to confidentiality agreements

Asymmetric auctions and risk aversion within independent private valoues

We study tournaments with many ex-ante asymmetric (heterogeneous) contestants as an independent-private-values all-pay auction. The asymmetry is either with respect to the distribution of valuations for the prize or the risk preferences. By characterizing equilibria in tnonotone strategies we show that tournaments \:vith man~y heterogenous contestants are qualitatively distinct. First, with two (or many ex-ante identical) participants, a contestant always exerts some effort with positive probability. In contrast, with many asymmetric participants, one 1night not exert any effort at all, even if there is a positive probability that he has the highest valuation among ali. Second, in tournan1ents with t'wo (o r n1any ex-ante h01nogenous) contestants, equilibrium effort densities are decreasing. This prediction is at odds with experimental evidence that shows the empírica! density might be increasing at high effort levels. V\.lith rnany heterogeneous contestants, however. the increasing bid density is consistent with an equilibrium behavior.

A bidimensional model of matching in the marriage market with women labor decision

We construct a frictionless matching model of the marriage market where women have bidimensional attributes, one continuous (income) and the other dichotomous (home ability). Equilibrium in the marriage market determines intrahousehold allocation of resources and female labor participation. Our model is able to predict partial non-assortative matching, with rich men marrying women with low income but high home ability. We then perform numerical exercises to evaluate the impacts of income taxes in individual welfare and find that there is considerable divergence in the female labor participation response to taxes between the short run and the long run.

Neue medien und text: privatbrief und private E-Mail im vergleich

Die vorliegende Dissertation setzt sich mit dem Phänomen ›Text im Rahmen der Neuen Medien‹ auseinander, indem sie theoretisch und empirisch der in der einschlägigen Forschung aufgeworfenen (und kontrovers diskutierten) Frage nachgeht, ob die Sprache in den Textsorten der neuen Kommunikationsformen als neue Schriftlichkeit bzw. schriftliche Mündlichkeit zu verstehen sei. Dabei konzentriert sie sich exemplarisch auf die Analyse eigens für diesen Zweck erstellter aktueller Textkorpora der Kommunikationsformen E-Mail und Brief und untersucht sie unter den Gesichtspunkten Mündlichkeit / Schriftlichkeit bzw. Nähe / Distanz. ›Kapitel 1‹ umreißt den Forschungsstand zum Thema ›Text und Textsorte‹ sowohl in der Textlinguistik als auch in aktuellen Studien zur Sprache in den Neuen Medien. ›Kapitel 2‹ ist dem kritischen Referat verschiedener bekannter Modelle gewidmet, die sich mit dem Aspekt der Mündlichkeit und Schriftlichkeit bzw. Nähe und Distanz beschäftigen (Hugo Stegers Freiburger Gruppe, Ludwig Söll, Koch/Oesterreicher und Ágel/Hennig) und eine Verortung von Textsorten im Kontinuum Nähe und Distanz vornehmen (Koch/Oesterreicher und Ágel/Hennig).›Kapitel 3‹ schlägt Korrekturen und Ergänzungen betreffend Punktgebung, Modellglossar und Makroanalyse im Modell von Ágel/Hennig vor, das in dieser Arbeit den Analysen der Nähesprachlichkeit in Privatbriefen und privaten E-Mails zugrunde liegt. ›Kapitel 4‹ setzt sich mit Aspekten der beiden Textkorpora auseinander, auf die sich diese Arbeit stützt, und beschreibt und erläutert den Fragebogen, der im Rahmen dieser Arbeit erstellt und Probanden zur Beantwortung vorgelegt wurde. ›Kapitel 5‹ nimmt einen ausführlichen Vergleich der Textsorten ›Privatbrief und private E-Mail‹ vor und beleuchtet abrissartig die Geschichte beider Kommunikationsformen, wobei es sich gleichzeitig auch kritisch mit den in der Forschung in solchen Vergleichsfragen vertretenen Positionen auseinander setzt. ›Kapitel 6‹ interpretiert die Ergebnisse der in der Arbeit durchgeführten Näheanalysen und zieht daraus die Schlussfolgerungen.

GRAFOS coloração, planaridade e "Matching"

A matemÆtica discreta Ø um dos ramos mais antigos da matemÆtica. Nos tempos mais recentes sofreu grandes avanos em especial na teoria dos grafos, a qual tornou-se numa poderosa ferramenta de anÆlise para entender e dar soluªo a vÆrios tipos de problemas complexos. O objectivo deste trabalho Ø contribuir para a obtenªo de possveis relaıes entre assuntos que partida poderamos pensar que sªo dspares (quando na realidade nªo o sªo), como coloraªo, planaridade e a existŒncia de matching em grafos. Esta dissertaªo Ø um trabalho de natureza reexiva, sobre a teoria dos grafos onde a ideia principal passa por questionarmos e discutirmos alguns temas pertinentes, deniıes e teoremas relacionando sempre com a planaridade dos grafos. DesenvolveremosumraciocnioecriaremosargumentosquefundamentemaexistŒncia de uma relaªo entre este tema e a coloraªo de grafos e a existŒncia de matching em grafos, utilizando exemplos e estabelecendo relaıes de causa e consequŒncia, deduzindo assim as respetivas conclusıes. Por vezes, os grafos nªo planares podem conter um aspeto visual um pouco complexo, devido aos vÆrios cruzamentos entre as suas arestas, originando assim um certo desencorajamento em utilizÆ-los como ferramenta para a soluªo de vÆrios problemas, quer sejam bÆsicos do quotidiano, ou mais complexos das mais vastas Æreas ligadas investigaªo. Um dos propsitos deste trabalho passa por desmisticar esta ideia e provar que existem muitas deniıes, propriedades, teoremas e algoritmos que podem ser aplicados em qualquer tipo de grafos, independentement da sua planaridade.

CENSUS HISTOGRAMS: A SIMPLE FEATURE EXTRACTION and MATCHING APPROACH FOR FACE RECOGNITION

Most face recognition approaches require a prior training where a given distribution of faces is assumed to further predict the identity of test faces. Such an approach may experience difficulty in identifying faces belonging to distributions different from the one provided during the training. A face recognition technique that performs well regardless of training is, therefore, interesting to consider as a basis of more sophisticated methods. In this work, the Census Transform is applied to describe the faces. Based on a scanning window which extracts local histograms of Census Features, we present a method that directly matches face samples. With this simple technique, 97.2% of the faces in the FERET fa/fb test were correctly recognized. Despite being an easy test set, we have found no other approaches in literature regarding straight comparisons of faces with such a performance. Also, a window for further improvement is presented. Among other techniques, we demonstrate how the use of SVMs over the Census Histogram representation can increase the recognition performance.

Improved Fault Location on Distribution Feeders Based on Matching During-Fault Voltage Sags

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