Assessing the performance of private equity investments

This study presents an alternative investment projection model to estimate the future values of Private Equity (PE) investments. The performance of PE investments is assessed by analyzing the risk-return relationship relative to simulated Public Market (PM) investments that mimic the cash flow patterns of PE investments. The model allows for a quantified analysis of the underlying inputs that outline the PE performance and risks, and accounts for survivorship bias. These inputs include the fund manager’s decisions regarding the selection, leverage, size, duration and timing of investment and divestments.

Como criar possibilidades de financiamento para a agricultura familiar adotando o Plano ABC Nacional?

Ao longo dos últimos anos, através do aprimoramento das políticas agrícolas, observaram-se aumentos consistentes dos recursos orçamentários destinados à Agricultura Familiar, através do Pronaf. O incremento dos recursos efetivamente aplicados e o número cada vez maior de contratos também são realidade e podem ser vistos em todas as regiões do País. De acordo com os dados divulgados pelo Banco Central do Brasil, através do Anuário Estatístico do Crédito Rural (2014), foram aplicados no Brasil em 2004 aproximadamente R$ 4,39 bilhões, já em 2012 foram pouco mais de R$ 16,35 bilhões, ou seja, incremento de 272% no intervalo analisado. Em relação ao número de contratos, o crescimento foi em torno de 35,5% no mesmo período. A importância da Agricultura Familiar no contexto atual é corroborada no âmbito internacional pela Resolução 66/222, de 28.03.2012, da Assembleia-Geral, que conferiu à Organização das Nações Unidas para Alimentação e Agricultura (FAO) o mandato de implementar o Ano Internacional da Agricultura Familiar (AIAF) neste ano de 2014, em parceria com os governos dos países membros bem como com outros organismos internacionais e organizações não-governamentais atuantes no tema da agricultura e da segurança alimentar. Concomitantemente, diante da crescente preocupação com as questões ambientais, o Plano Setorial de Mitigação e de Adaptação às Mudanças Climáticas para a Consolidação de uma Economia de Baixa Emissão de Carbono na Agricultura - Plano ABC - é uma importante parte do compromisso voluntário assumido pelo Brasil em 2009, na 15ª Conferência das Partes – COP15 ocorrida em Copenhague, na redução da emissão de gases de efeito estufa até 2020. Parte desse compromisso assumido precisa ser atendido pela agricultura familiar, o que aumenta a responsabilidade da mesma para questões que vão além do fornecimento de alimentos, matérias primas e geração de energia etc. O Programa ABC, instrumento pelo qual os agricultores brasileiros podem acessar crédito para implementar tecnologias de baixas emissões de carbono, já está integrado nas ações previstas na Política de Crédito Agropecuário Brasileiro. Porém, ainda se observam vários desafios no Programa ABC, como aumentar o repasse desses recursos, não obstante ao aumento das operações contratadas pelos produtores nos últimos anos. O objetivo do estudo é investigar como a agricultura familiar pode contribuir com o Plano ABC e nos compromissos voluntários assumidos pelo País para a redução de emissão dos gases de efeito estufa no setor agropecuário. Para atingir esse objetivo, realizou-se uma revisão da bibliografia e das linhas de crédito disponíveis pelos bancos públicos e privados relacionadas ao Programa ABC e ao Pronaf. Conclui-se que há sinergias entre algumas linhas de crédito do Pronaf e também do Fundo Constitucional de Financiamento do Nordeste - FNE - Sudene com as tecnologias previstas no Plano ABC. Nesse sentido, o Plano ABC prevê a aplicação de tecnologias de redução de emissões em cerca de 4,97 milhões de ha ocupados pela agricultura familiar, sendo recursos do Pronaf previstos para fomentar tal aplicação, através das linhas Pronaf Eco e Pronaf Floresta. Contudo, verificou-se que tais linhas do Pronaf contemplam o uso de recursos para diversas outras atividades não relacionadas diretamente àquelas previstas no Plano ABC ou capazes de reduzir emissões de gases de efeito estufa. Dessa forma, não há como assegurar que a aplicação de recursos nessas linhas seja direcionada para tecnologias e ações que reduzam emissões, nem tão pouco há como monitorar o volume de recursos do Pronaf aplicados de fato em atividades aderentes ao Plano ABC. Portanto, sugere-se a criação/incorporação de novas linhas de crédito ao Pronaf, como por exemplo, Pronaf ABC Eco e o Pronaf ABC Floresta. Além disso, apresentou-se estudo de caso para o município de Bragança Paulista (SP), onde verificou-se que a utilização dos recursos do Programa ABC poderia ser usada para recomposição de áreas de preservação permanente ou de reserva legal, importantes na preservação das nascentes e rios da região. Essa possibilidade é de elevada importância no contexto e nas discussões atuais sobre a escassez dos recursos hídricos que abastecem grandes cidades, a exemplo do que vem ocorrendo na região metropolitana do Estado de São Paulo. Como conclusão, identifica-se alguns gargalos e apresenta-se algumas sugestões de melhorias para aumentar a utilização e eficácia do Programa ABC, como promover com mais ênfase apoio das assistências técnicas junto aos produtores, priorizar as ações previstas no Plano ABC em algumas regiões do País e aumentar a atuação mais direcionada do Ministério do Desenvolvimento Agrário (MDA) para difusão e incorporação das tecnologias de uma agricultura de baixa emissão de carbono no segmento da agricultura familiar.

Microinsurance: income risk, social security and the demand for private onsurance by low-income families

Insurance provision against uncertainties is present in several dimensions of peoples´s lives, such as the provisions related to, inter alia, unemployment, diseases, accidents, robbery and death. Microinsurance improves the ability of low-income individuals to cope with these risks. Brazil has a fairly developed financial system but still not geared towards the poor, especially in what concerns the insurance industry. The evaluation of the microinsurance effects on well-being, and the demand for different types of microinsurance require an analysis of the dynamics of the individual income process and an assessment of substitutes and complementary institutions that condition their respective financial behavior. The evaluation of the microinsurance effects on well-being, and the demand for different types of microinsurance require an analysis of the dynamics of the individual income process and an assessment of substitutes and complementary institutions that condition their respective financial behavior. The Brazilian government provides a relatively developed social security system considering other countries of similar income level which crowds-out the demand for insurance and savings. On the other hand, this same public infrastructure may help to foster microfinance products supply. The objective of this paper is to analyze the demand for different types of private insurance by the low-income population using microdata from a National Expenditure Survey (POF/IBGE). The final objective is to help to understand the trade-offs faced for the development of an emerging industry of microinsurance in Brazil.

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.

Programa alfabetização solidária: um estudo sobre a experiência no município de Lagoa de Pedras/RN (1997 - 2003)

The educational reform of the 90 s was tainted by the objectives of the fiscal adjustments, resulting in the redefinition of the state s role in the financing and offering of teaching services, and bringing about a shuffling of the responsibility between the public and private sectors to promote education to young people and adults. The 90 s also highlighted the proliferation of providers and the multiplication of Educational Programs for Youths and Adults (EJA), implemented through partnerships between governmental and nongovernmental agencies. During this period of time, the agenda of educational responsibilities concerning analphabetism was organized in a process of decentralized of the state, with the following political, social, and economic objectives: to reduce the public deficit, increasing public savings and the financial capacity of the state to concentrate resources in areas considered indispensable to direct intervention; to increase the efficiency of the social services moffered or funded by the state, giving citizens more at a lower cost, and spreading services to more remote areas, expanding access to reach those most in need; to increase the participation of citizens in public management, stimulating communitarian acts as well as developing efforts towards the effective coordination of public figures in the implementation of associated social services. Thus, Assistance Programs co-financed by the government try to deal with the problem of analphabetism. Within the sphere of the 90 s educational policy decentralization, we come to see how the agenda dedicated to the reduction of analphabetism was formed by the Solidarity Alphabetization Program (PAS). Between 1997 and 2003, the latter agenda s decentralizing proposal was integrated in the management partnership for the operationalization of tasks and resources faced with the execution of the formal objectives. In this study, we identify the dimensions of the implantation and progress of the tasks carried out by PAS, in the municipality of Lagoa de Pedras/RN. However, we consider these Programs to assist in the process without guaranteeing the reduction of the causes or substituting the responsibility of the system once the monetary resources for program maintenance provided by the partners is exhausted

A implementação do programa Gestão nota 10 no sistema municipal de educação em Mossoró/RN (2005 a 2009)

This research work is focused to show the changes in educational administration from the agreements between the Mossoró / RN and the Ayrton Senna Institute IAS, for education provision. Nowadays, the partnership policy is a constitutive element of the reform of the Brazilian State, which dropped its action on social policies and to strengthen its regulatory role, encouraging private participation in planning, preparation and implementation of public policies, new printing setting the political-social. In this context, the 10 Note Management Programme, developed by the IAS, is part of the neoliberal logic of modernization of public school systems, focusing on results and developing strategies for control and regulation of schools work and its efficiency, effectiveness and greater productivity. The 10 Note focuses on two dimensions: the management of learning and teaching in networking, in a managerial perspective to overcome the culture of failure (expressed as age-grade, dropout and repetition rates in) and implantation of culture of success (as measured in the improvement of the indices). To understanding the process, we have delimited as the object of study, the process of implementing them mentioned program in the city, which its objective is to analyze implications for the school community from the perspective of democratic management, adopting the dimensions of autonomy and participation in institutional processes as a criterion of analysis. From a methodological point of view, the survey was conducted from a literature review and documentary about educational policy developed in the country since the 1990´s, seeking to understand, in a dialectical perspective, the political dimensions of teaching, training and performance of the subjects involved in the school work. Besides the empirical observation, it was also used semi-structured interviews with a methodological tool for gathering information and opinions about the partnership and the implementation of the 10 Note Management Program in the county. The interviewee participants were ex-former education managers, coordinators, school managers, secretaries and teachers. Regarding the dimensions inside the analysis (autonomy and participation), the research led to the conclusion: that GEED, under the guidance of IAS promoted regulation of school autonomy, set up the selection process for exercising the office of school administration and system awards to schools, pupils and teachers, subject to results, there is mismatch between the managerial logic and the democratic management principles, that the ideological discourse of modernization of municipal management coexists with traditional practices, centralizing patronage, which ignores the democratic participation in the school decisions processes, the goals of the partnership were partially achieved, since that the city has improved over the approval and dropouts, although the approval of the Education Municipal Plan of the rules institutional (administrative, financial and educational) and the creation of the Councils observed that the school community participation is still limited, not being characterized as a coordinated intervention, capable of promoting the transformation and improvement its quality in the county. In the same way, the orientation of networking is a limit to the autonomy of schools, given the external definition of goals and strategies to be adopted, along with pressure exerted through the accountability of each school community for their achievements

Serviço Social e terceiro setor: considerações sobre as atuais relações e condições de trabalho para o Assistente Social em Natal

The present study analyses the actual relations and work conditions found in the third sector in Natal city, in the context of productive restoration and increasingly retraction from the State in providing Social Service before the new approach that has been destined to the social issue. The study talks about the work of the social worker when fighting the different expressions the social issue has, such as social service provision as a way of teamwork associated to work relations and conditions, to accessible resources and quality control management. These are elements that affect and interfere in the accomplishment and in the work of the social worker itself. The State s improvement, according to neoliberal-political precepts and increasingly retraction from the public investment in the areas of social concern (health, social welfare, assistance) and in the wage and employment policy, besides expanding the partnership with the public and private areas, in search for social services with quality, it has diversified the structures of the professional work with the growth of the so called third sector institutions. However, the absorption of the social workers by the third sector groups in general, has as major features the impoverishment of work relations, the maintenance of an unequal salary model, pointing out the deadline contracts and/or single tasks that generate work instability. The research debates, with a critical view and full perspective, over the conception of the third sector, interpreted as an action that expresses functions and values, treated as a real phenomenon generated from the restoration of the capital based on neoliberal principles. This study aims for responding what the established work relations are and under what work conditions the social worker has been fitting in the third sector and how such a reality echoes in the current work conditions for a social work in the city of Natal, before this new model of state intervention that transfers part of the social service provision to distinctive divisions of society, among them the so called third sector. The research results have shown that like the other workers the social worker passes through the same crises, dilemmas, advances and challenges that occur in the world of employment and which are expressed in the drop of salary average in the growth of contemporary contracts, unemployment, and in the ever more selective requirements to one be included in the social spaces, where the professional work is done, having as a result a greater impoverishment of work relations and conditions as well as more vulnerability as a salaried occupation

As parcerias entre prefeituras paulistas e o setor privado na política educacional: expressão de simbiose?

L'article présente les résultats finaux de l'enquête inter-institutionnelle qui a eu pour objet d'analyser la nature et les conséquences de partenariats conclus entre des secteurs privés et des gouvernements municipaux de la métropole de São Paulo pour le service de l'éducation à la maternelle et à l'enseignement élémentaire. La période a correspondu aux années 1996 à 2006, sachant que la perception d'une augmentation des responsabilités des municipalités pour l'offre éducationnelle, suite à la municipalisation de l'enseignement élémentaire, pourrait stimuler la sous-traitance de l'offre et la privatisation de l'éducation municipale. L'étude présente des tendances en relation avec trois modalités de partenariat: subvention publique pour l'offre de places en institutions privées de l'éducation élémentaire; acquisition de systèmes privés de l'enseignement et recours à des cabinets de conseil privés pour la gestion de l'éducation municipale. Les tendances perçues dans l'analyse indiquent que les actuelles relations entre les sphères publiques et privées dans le champ de l'éducation, suite à la décentralisation survenue dans le secteur, représentent un mouvement dans le sens de sa privatisation.

Use of the HDS system (hydric depuration with soils) associated to other constructed wetlands techniques for public water supply

Two projects of water treatment for public water supply were developed and operated by using combined systems of constructed wetlands. One of the projects was carried out in the town of Analandia, Sao Paulo, Brazil and wetlands with floating aquatic plants associated to the HDS system were used. Nearly 6480 inhabitants were supplied. The other conducted project was an experimental station in partnership with SABESP (Sao Paulo State Sanitation Agency/Brazil), for the pretreatment of 1700 l.s-1 of waters from the Cotia River, which is used for the population's supply after conventional treatment at the Lower Cotia Water Treatment Station. For this pilot project, wetlands with emergents and floating plants associated to the HDS system were used. The proposed objectives were achieved in both projects.

Economic Survey of Latin America and the Caribbean 2009-2010: The distributive impact of public policies

Includes bibliography

Tax performance and reform in the Organization of Eastern Caribbean States (OECS)

Includes bibliography

Public policy for pensions, health and sickness insurance

Includes bibliography

Socio-economic vulnerability to natural disasters in Mexico: rural poor, trade and public response

Includes bibliography

Public policy for pensions, health and sickness insurance: potential lessons from Sweden for Latin America

Includes bibliography

An Educational international partnership responding to local needs: Process evaluation of the Brazil FAIMER Regional Institute

The Brazilian public health system requires competent professionals sensitive to the needs of the population. The Foundation for Advancement of International Medical Education and Research (FAIMER) provides a two-year faculty development programme for health professions educators, aiming to build leadership in education to improve health. A partnership with governmental initiatives and FAIMER was established for meeting these needs. This paper describes the initial process evaluation results of the Brazilian FAIMER Institute Fellowship (FAIMER BR). Methods: Data were analysed for the classes 2007-2010 regarding: application processes; innovation project themes; retrospective post-pre self-ratings of knowledge acquisition; and professional development portfolios. Results: Seventeen of 26 Brazilian states were represented among 98 Fellows, predominantly from public medical schools (75.5%) and schools awarded Ministry of Health grants to align education with public health services (89.8%). One-third (n = 32) of Fellows' innovation projects were related to these grants. Significant increases occurred in all topic subscales on self-report of knowledge acquisition (eff ect sizes, 1.21-2.77). In the follow up questionnaire, 63% of Fellows reported that their projects were incorporated into the curriculum or institutional policies. The majority reported that the programme deepened their knowledge (98%), provided new ideas about medical education (90%) and provided skills for conflict management (63%). One-half of the Fellows reported sustained benefits from the programme listserv and other communications, including breadth of expertise, establishment of research collaboration and receiving emotional support. Conclusion: Contributors to initial programme success included alignment of curriculum with governmental initiatives, curriculum design merging educational technology, leadership and management skills and central role of an innovation educational project responding to local needs.