Insper - Annual Report 2014

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Insper Overview

Letter from the President

Governance

Stakeholder Engagement

Donors to the Scholarship Fund in 2014

Undergraduate Programs

Graduate Programs

Executive Education

Connection with the Job Market

Alumni Community

Entrepreneurship

International Experience

Research and Knowledge

Faculty

Academic Production

Indicators

Financial Statements

Academic Programs

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An independent, nonprofit institution since 2004

6,587 in 2014

Undergraduate: 1,761Certificates: 1,310MBAs: 1,053Insper Law: 734Professional Masters: 144Doctoral: launch in 2015Executive Education: 1,585

Center for FinanceCenter for Strategy ResearchCenter for Public Policy

Scholarship Fund: R$2.078 millionAcademic Projects: R$17.768 million Infrastructure: R$500,000

AACSB InternationalAMBACFA InstituteFinancial TimesFederal Public Utility Certificate

54 professors dedicated exclusively to Insper of a total of 233131 publications (82 papers, 38 book chapters and 11 books)

391 Scholarship Students

10 Student organizations

12,357 Alumni

Funding in 2014

Research and Knowledge Centers

Faculty and Academic Production in 2014

1,500 participants at events

Center for Entrepreneurship and Innovation

4,200 partner companies

Relationship with the Market

55 in 20 countries

International Partners

Accreditations and Recognition

2.2 million hitssite

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Relatório Anual 2014

| Insper overview | letter from the president | governance | stakeholder engagement | donors to scholarship fund | undergratuate programs | graduate programs | executive education |

| job market | alumni community | entrepreneurship | international experience | research and knowledge | faculty | academic production | indicators | financial statements | academic programs |

Dear friends of Insper,For us, 2014 was filled with accomplishments, but only truly ended in February of this year, with the admissions deadline for the new class of Engineering students, inaugurating a pioneering new program at Insper.

The year began mired in challenges. Although we hoped the program would receive approval by the end of the first semester of last year, this only happened in mid-November, marking the end of an emotional journey. This meant that the admissions process for the program’s first class could only begin in early 2015.

With this came two important innovations. First, we used the ENEM (the National High School Exam) as selection criteria for a specific percentage of openings (also adopted in admissions for Business Administration and Economics programs for the first semester of 2015). Second, we divided the process into two phases, the first consisting of an admissions exam or ENEM exam and the second of group dynamics conducted on-site at Insper with those approved in the first phase, based on the Olin College of Engineering model, with which we maintain a cooperation agreement.

Our first experience using ENEM scores fell short of our expectations, with nearly all accepted students opting for other schools, despite the availability of scholarships. We plan to review and improve the process for the next semester in an effort to achieve our objectives of attracting students who live far from the São Paulo area and to increase the diversity of our student body.

Meanwhile, the group dynamics in the admissions process for the Engineering program functioned very well. By facilitating engagement with Insper and interaction with future classmates and professors, these group activities gave candidates a much clearer vision of Insper and what to expect from the new program. They also helped the faculty identify students whose profiles are best suited to the new program, which is intensive in terms of group projects and teamwork. The effects of these group dynamics on student selection and retention were notable.

Our Scholarship Fund’s performance in the year was nothing short of extraordinary. We raised nearly 2.1 million reais, far surpassing our target. This will allow us to grant more scholarships, particularly full scholarships, while also offering our more disadvantaged students housing and food assistance. This fund, maintained through the generosity of our community of friends and alumni, is essential to achieving our goal of giving talented youth who want to study at Insper the opportunity to do so, regardless of their income or wealth.

Every year, students in all of our programs participate in a satisfaction survey. Last year’s results saw significant overall improvement in all programs offered by the School, namely Undergraduate, Graduate and Research Degree programs.

In Graduate studies, we launched two new programs, the Certificate in Business and People Management (CBPM) and the Certificate in Corporate Law (LL.C.), and introduced new formats for existing programs. Despite the difficult year we faced in terms of the country’s economy, we achieved both our student recruiting and revenue targets.

In Executive Education, the shortfall in revenue from custom programs due to certain clients postponing programs given the weak economy was offset by growth in open-enrollment programs. With this, we were able to significantly expand our scope and activities, giving professionals interested in improving their qualifications the opportunity to enjoy the Insper educational experience, while also fulfilling our mission of offering quality education in all phases of a professional’s career.

It is with great satisfaction that I also announce the hiring of new full-time professors: Paulo Furquim, Fernando Schuler, whose chair is endowed by Instituto Palavra Aberta, and Ricardo Paes de Barros, whose chair is endowed by Instituto Ayrton Senna (IAS). Mr. Barros will work to create an education research center within the Center for Public Policy, in partnership with Instituto Ayrton Senna. These two chairs join the chair held by Professor Naercio Menezes Filho, created by Instituto Futuro Brasil, under an endowed chair model, which is quite common in the U.S. private university system, but only in its beginnings in Brazil.

Last year marked our tenth anniversary as an independent, nonprofit institution. Ratifying and complementing our status, the federal government approved our application and certified us as a Federal Public Interest Entity. In addition to strengthening our status, this certification also generates tax advantages for certain donors.

At the end of the year, we received the good news that our application for creating the Doctoral Program in Business Economics was approved by CAPES, the federal agency regulating research degree graduate programs. Classes for the doctoral program, held completely in English, should begin in the second semester of 2015. We see this program as essential to our internationalization and as a source of research and knowledge, in keeping with our mission.

These are just a few of our many achievements last year, all of which were only made possible thanks to the hard work and dedication of our faculty, staff and partners, the efforts of our students and, most importantly, the generous support that we have received from all of you, to whom we are deeply grateful.

Cordially,

Claudio HaddadPresident

Ratifying and complementing our status, the federal government approved our application and certified us as a Federal Public Interest Entity

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From left to right: Luca Borroni-Biancastelli, Marcos Lisboa, Sérgio Lazzarini, Carolina da Costa, Claudio Haddad, Letícia Costa, Irineu Gianesi e Marcia Moura.

• Oversees the mission and vision

• Nominates directors and approve the president

• Elects the statutory officers

Assembly of Associates

Since 2004, the year we became independent and nonprofit, we have dedicated very special attention to our governance.

Our current structure is designed to ensure the project’s perpetuity, orient our strategic decisions and prioritize the use of resources.

Assembly of AssociatesCreated in 2013 as an additional governance body, the Assembly of Associates is formed primarily by members of the families responsible for the donations that made Insper an independent, nonprofit organization. The Assembly of Associates works to ensure that our values and mission are upheld and fulfilled. Its members are also responsible for nominating members to the Board of Directors and for approving the nominees to the office of president.

•ClaudioL.S.Haddad•CeciliaSicupiraGiusti•HowardStevenson

•JorgePauloLemann•MarcelHerrmannTelles•TaniaHaddadNobre

Board of DirectorsCreated in 2006, the Board of Directors is responsible for selecting the president, formulating the strategic and financial orientation, and approving and overseeing the budget.

The Board of Directors is also responsible for approving new academic programs.

•ClaudioL.S.Haddad(Chairman)•FábioBarbosa•JoãoFernandoGomesdeOliveira•LuisNorbertoPascoal

•MaurizioMauro•MichaelEdgarPerlman•PauloGuilhermeAguiarCunha•PedroMoreiraSalles

Executive CommitteeThe members of the Executive Committee are responsible for managing Insper’s main processes and resources in accordance with the guidelines established by the Board of Directors. Its function is to execute the budget and achieve the objectives outlined in the strategic planning.

•ClaudioL.S.HaddadPresident•CarolinadaCostaDean of Undergraduate Programs•IrineuG.N.GianesiDean of New Academic Projects•LetíciaCostaDean of Graduate Programs

•LucaBorroni-BiancastelliDean of Executive Education•MarciaNizzodeMouraSenior Director of Institutional Development•MarcosLisboaVice-President•SérgioLazzariniDean of Research Degree Programs

Visiting Committee

Advisory body formed by people from various fields, including eight alumni. Participates annually in discussions on the strategic orientation

Board of Directors

• Considers and vote on strategic topics

• Approves the budget, capex, etc.

• Nominates the president

• Approves the Executive Committee

Internal Evaluation

Commission

This internal body evaluates the Institution in various dimensions. Formed by faculty, employees and students, it identifies opportunities for improving the educational and research activities and for contributing to society

Executive Committee

Manages Insper in accordance with the strategic objectives and guidelines outlined by the Board of Directors

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IMPACT OF THE SCHOLArSHIPPrOGrAMIN 2014

• 141 scholarship students• 28 full and 113 partial

scholarship students• Average subsidy: 71%

Our proposition is to innovate education and research in the fields of business administration, economics, law and engineering by preparing managers and leaders who have an entrepreneurial approach and are engaged in the country’s development.

To achieve these objectives, we reinvest our financial surplus back into our activities and encourage society to become engaged by making donations and accompanying the impacts generated by our management of these funds.

The funds raised are allocated to three fronts:

Scholarship Fund In 2014, donations to Insper set a new record, of nearly R$2.1 million, which was the result of a fundraising strategy that encouraged participation by executives, organizations, companies and, in particular, alumni.

Academic Projects Investments in academic projects are allocated to attracting professors with well-established reputations, enabling the creation of new programs and creating research centers that produce knowledge of relevance to public policy, organizations and society.

In 2014, we received support from Instituto Palavra Aberta for the creation of the Insper and Palavra Aberta Chair. This chair will work to foster and debate topics such as freedom of thought, economic initiative and political expression. The chair is currently held by Professor Fernando Schuler. Meanwhile, the IFB Chair, which is coordinated by Professor Naercio Menezes Filho and was created in 2009 with the support of Instituto Futuro Brasil, had a very active year organizing debates, producing research and generating media exposure on the progress being made in public policy in Brazil.

Sponsorship of campus spacesSince the launch of our current campus in 2006, families and organizations have contributed by sponsoring spaces and classrooms. The objective is to honor individuals and companies that have made or make important contributions to our country, whether in the public or private sector, as a way to share success stories with those who frequent our campus.

AlumniAdriano Ortega Carvalho – ECO 2008Amanda Rodrigues Luhmann de Jesuz – ECO 2011André da Silva Palocci – ECO 2003Andre Luiz de Moura Albuquerque – ADM 2010Andre Takeshi Fujii – ECO 2010Andrea Monsó Antonio – ADM 2010Ary Cera Zanetta Neto – ECO 2005Augusto Meireles Reis – ECO 2004Beatriz Egreja Camargo – ECO 2012Bruno Igel – ADM 2005Bruno Marques de Moraes – ADM 2009Bruno Oliveira Gonçalves – ADM 2007Bruno Saliba Laguna – ADM 2010Caio Gracco Rocha Carbone – ECO*Clara Roorda – ECO 2008Claudia Bruschi Martins – ECO 2010Claudia C Primo – MBA 2011Daniel Kim Ting – ADM 2006*Danilo Cesar Leite de Almeida – ADM 2006Dirceu Delamuta Filho – ADM 2007Eduardo Carril Cocco – ADM 2002Elder Jascolka dos Santos – CBA 2012Ernesto Martins Faria – ECO 2008Fábio D’Anna Mori – ADM 2008Fábio José Santos – CBA 2013Fabio Moreira Vernille – ECO 2007Felipe Trigo Osmo – ECO 2005Fernanda Verroni Keidel – ADM 2007Fernando Castro de Campos Roriz – ECO 2008Fernando Kenji Muramoto – ADM 2005Fernando Luis Abegao Neto – ADM 2006Fernando Santos Abreu Caligaris – ECO 2010*Francisco Mendonça de Toledo Arruda – ADM 2006Franco Rodrigues Resende Veludo – ADM 2007Frederico de Souza Queiroz Pascowitch – ADM 2005Gabriel Fongaro de Araujo Pereira – ECO 2010Guilherme Bockmann Ferreira – ADM 2007Guilherme da Silva Palocci – ADM 2007Guilherme Lopes Ferrari – ECO 2009Gustavo Cavichioli – ECO 2013*Gustavo Goldenberg – ECO 2011Gustavo Massami Tachibana – ECO 2012Gustavo Oliveira Borim – ADM 2008Henrique Cordeiro Mariano – MBA 2008Henrique Lewi – MBA 2001*Henrique Navarro Neto – ADM 2003Isadora Maggi de Góes – ADM 2013Ivan Akio Itocazo Soida – Mestrado ECO 2012João Marcelo de Aguirre Furlan – ADM 2003João Miranda de Oliveira Rebouças Brandão – ECO 2012João Pedro Pompeu Melhado – ECO 2012João Vitor Hess de Souza – ADM 2013Joaquim Alvaro Pereira Lima – MBA 2006Jonas Almeida Fererighi JR – MBA 2012Jonas Honchie Chen – ECO 2009Jose Horácio Gayoso e Almendra Filho – MBA 2004José Renato Quaggio Colaferro – ADM 2008

Being a nonprofit institution gives the institution independence and frees it from shareholders, effectively paving the way for its perpetuity through highly transparent and professionalized managementClaudio Haddad, President

SOURCES OF THE SCHOLARSHIP FUND SINCE 2004

R$ 3.6 million – 1% of Undergraduate revenueR$ 3.5 million – scholarship repaymentsR$ 8.9 million – donations

DOAÇÕESPOrSEGMENTO AO FUNDO DE BOLSAS (157 DOADORES)

Main donors Organizations and companies Alumni and students Other donors

IMPACT OF THE SCHOLARSHIP PrOGrAMSINCE2004

2%

13%

17%68%

Julia Ramos Marcelino – ADM 2013Laís Yazbek de Oliveira e Silva – ADM 2008Larissa Matilde Salles Cunha Araium – ADM 2008Leandro Paulussi – ADM 2003Luanna Peixoto Luna – ADM 2011Lucas Oliveira Faleiros – ADM 2005Lucas Roman Martinez – ECO 2013Luis Rodolfo Cruz e Creuz – LL.M. 2004Luiz Eduardo de Figueiredo Menezes – Educação Executiva Marcelo de Castro Ferreira Oliveira – ADM 2005Marcelo Schmidt Goffi Gomez – ADM 2013*Marcelo Tambelli Francisco – MBA 2010Maria Angélica Martins Miranda – ADM 2007Marina Kairalla Garcia – ADM 2005*Mateus Polking – ECO 2013Mathias Pastor Wagner – ECO 2003Mauricio Torres Pinto Bergamaschi – ADM 2006Milton Giannelli Neto – ADM 2008Oskar Von Treuenfels – ADM 2008Otávio De Medeiros Tranchesi – ECO 2013Paula Kober Nogueira Leite – Mestrado ADM 2013Pedro Noriyuki Hokama – ADM 2012Rafael Barbosa Santos Coelho – ADM 2007Raquel Erzinian De Camargo Moreira – ECO 2010Ricardo Ramos Pereira de Souza – ADM 2005Ricardo Siniscalchi de Souza – MBA 1999Roberta Beatriz Bolognesi Donato – ADM 2005Roberta Bornia Romiti – ECO 2010Roberto Tranchesi Zuccolo – ADM 2006Rodolpho Rocha Ruiz – ADM 2005Rodrigo Comim Canela – ADM 2011Rodrigo Guedes Nunes – ECO 2008Rodrigo Lemos da Silva Haenel – MBA 1996Ronaldo Ricioli – MBA 2009Samer Souhail Ghosn – ADM 2008Tatiana Milan – ADM 2003Thiago Simões Maffra – ADM 2006Valter Pujol Ortiz – MBA 1996Victor Paredes Ortega – ADM 2010Vinícius Royo Rággio – ADM 2014Werther Teixeira de Freitas Vervloet – ECO 2007

*Special thanks to the alumni who also contributed to Insper’s various projects, as godfathers to scholarship students and in interviews to select new scholarship students.

391 scholarship

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FriendsAlexandre e Tania NobreArthur MizneFamília HaddadJason DyettJosé Alexandre Scheinkman Marcel Herrmann TellesFátima ZorzatoPaulo Cunha Roberto Haberfeld Rodrigo Lisboa BonaféThe Mango Tree Foundation

Adauto Ricardo Sobreira de LimaCamila Du PlessisCarlos Du PlessisChristian MenescalClayton Cardozo Da SilvaDaniel GeraldeliFabio OrfaliGabriel Rocha Affonso FerreiraGuilherme FowlerGuilherme MartinsGuilherme Rios LeiteGuy CliquetIsabel e Nelmir RosasJason DyettJean Francois Pinto SaghaardLars Meyer Sanches Leonidas Sandoval Junior

Luca BorroniLucia GuilhotoLuciana YeungLuiz Fernando TurattiMarcia Maria Nizzo de MouraMarcos LisboaMaria Cristina Nogueira GramaniMichael ViriatoPaola Damiani PedrinolaPriscila Borin de Oliveira ClaroRenice PombaniRonei Filgueiras FrigerioSean WhiteSérgio Lazzarini Silvio Laban NetoSusan LyonsTiago Fischer Ferreira

Companies and Institutions

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Meanwhile, the social entrepreneurs at Enactus Insper, produced, through the VerBem project, 600 quality eyeglasses at low cost and distributed them throughout Brazil. The project won the Santander Universities Entrepreneurship Award.

Finally, our consultants at InsperJr.Consulting, who were trained over the course of five semesters of their undergraduate programs, conducted 29 projects, of which 18 were paid and 11 were pro bono. They overcame challenges such as developing business plans and conducting valuations.

Academic AchievementsThree students participating in preparatory courses for the exam of the National Association of Graduate Centers in Economics (ANPEC) placed sixth, tenth and 19th. These classifications ensured them admission into the country’s top master’s programs in economics.

For the fourth time, our students won the national stage of the CFA Institute Research Challenge, sponsored by the CFA Institute, an international body accrediting investment professionals. The fourth championship was won in a competition that brought together teams from 11 traditional Brazilian universities. In April 2015, our team travelled to the United States to participate in the Americas phase of the competition.

At Atlética and Insper Jr. Consulting, I made my best friends and put into practice what I learned in the classroomLais Menezes, Undergraduate student

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The year was marked by an expansion of the initiatives proposed by students through Insper’s Student Organizations. Over 400 undergraduate students organized sporting, social, cultural and academic activities. The engagement of these students had a positive impact on our campus, our local community and even the country.

In 2014, the members of our students’ union, or Diretório Acadêmico, launched, in partnership with the Executive Committee, the Classroom Leaders project, which elected 36 students to represent their classmates and discuss opportunities for improvement. The student leaders received leadership training given by market and Insper professionals. Many proposals were debated and incorporated into the classroom, which further enriched students’ campus experience.

The 200 students of AtléticaInsper defended our colors in 12 sporting events. The highlights were the determination demonstrated by the teams, the excellent turnout at games by fans and the winning of medals in various events, including men’s swimming at the Economíadas event, women’s volleyball at NDU.Anual, women’s volleyball at NDU Série Ouro and women’s table tennis at EPIC.

Launched in 2014, dozens of students from the organization BemGasto taught financial education to Adult Education classes at a number of locations in Greater São Paulo. Students also worked in partnership with local high schools and the Arrastão Project to offer classes to 290 people.

Through another social project related to education, members of the Social Action Group (GAS) created the InsperPrep-Course, in which 18 students prepared eight underprivileged high school students to take the school’s admissions exam. Two of them were accepted and are now studying in Insper’s Undergraduate programs alongside their former tutors




I firmly believe that today we are much better prepared to face the challenges of a country with so many uncertaintiesMaximiliano Piotto Cavinati, CBP 2014

Workshop for human resources leaders organized by Executive Education.

Graduate ProgramsIn the Certificate programs, more than 560 graduates celebrated the completion of their programs and became members of the Alumni Community. These graduates included the first class of the Certificates in Business Project (CBP) launched in 2012, and the launch of the Certificate in Business and People Management (CBPM).

In the MBA programs, over 400 students graduated in 2014. In a special meeting, alumnus Rodrigo Kede (MBA 1999), VP of Global Sales and Transformation at IBM Global, participated in Alumni Week, an annual get-together event, where he presented his career path and leadership vision to alumni from the MBA and master’s programs.

We commemorated the 15th anniversary of Insper Law with activities and special events. The publication of the book “Direito Empresarial Brasileiro: Avanços e Retrocessos” honored the date commemorated by the Law programs and included papers by Insper directors and faculty. At the book launch, Dr. José Renato Nalini, chief judge of the São Paulo Appellate Court, gave a lecture to students, alumni and professors on the modernization and dematerialization of law.

In terms of publishing by Insper Law, 11 books authored by alumni and faculty were published in the Insper Almedina collection, which has published 26 books since its creation in 2011. Insper also launched the LL.C. in Corporate Law program, which is designed for recent law graduates.

Students in the Professional Masters programs prepared 46 dissertations. Some of these papers were highlighted in the media, such as the studies “Follow the Leaders: Competition in the Auto Financing Sector, An Investigation of the Partial Adjustment Effect of Brazilian IPOs” and “An Analysis of Active Management Performance,” effectively contributing to the debate on economic and corporate topics.

We expanded our portfolio of Research Degree Programs with the launch of the Doctoral Program in Business Economics. Unprecedented in Brazil, the full-time program explores the intersection between the two fields and, with classes exclusively in English, seeks to attract students from around the world.

Executive EducationExecutive Education students and faculty at Insper can now take advantage of a new space on our campus. The ninth floor now features classrooms and meeting rooms that encourage working in groups. The space was inaugurated in October, in an event especially designed for leaders of the human resources department that included a class with a professor specializing in business strategy. The professor covered the growing role of HR teams in strategic forums at companies.

Another important achievement was the partnership signed between Insper and the Center for Creative Leadership (CCL), a U.S.-based organization that is the leader in education and research in the field of leadership. Insper and the CCL work together to offer programs and conduct studies related to the field. The first program through this partnership, Leadership Fundamentals, was held in September.

New intensive summer and winter programs were also structured in Executive Education. The year also marked the launch of new programs, such as Customer Experience Management, High Impact Investments, Real Estate Market Investments and Marketing Trends.

Involving more than 1,700 students, 55 custom programs were administered for 24 organizations from a variety of industries. The main challenges of these programs are leadership, people management, strategy and execution. Other highlights of the year were the new clients for our custom programs: Banco do Brasil, Évora and Grupo Iguatemi.

OPEN-ENROLLMENT PrOGrAMS

68% increase in students in 2014

CUSTOMPrOGrAMS

New clients: Banco do Brasil, Évora and Grupo Iguatemi

Graduation ceremony for the MBA programs.

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We believe firmly in the transformation that education can bring to Brazil, particularly for those who do not have the opportunity to pay

JosérobertodeMoraesFilho(ADM 2007), one of the founders of Fundo Perfin Educar

More than 2,500 students and alumni participated in lectures, roundtables and panels organized by our Career Center. Discussions were held on a diverse range of industries and fields, with presentations focusing on the challenges of today’s professionals. The roundtables on Sports Marketing, Entrepreneurship, Financial Market and Social Impact Investment had a major impact on our students and alumni.

Our Recruitment Fairs attracted over 50 companies and some 1,000 undergraduate students to the two events held during the year. In addition to learning about internships and trainee programs, students also had an opportunity to meet with former classmates who are already working in the market.

We a view to connecting students and companies, we organized the Semester Exposition. At this event, undergraduate students presented business plans to our partner organizations and then debated the strategies, risks and successes of the proposals.

All of these activities are the fruit of our partnerships with over 4,000 organizations of varying sizes and from a diverse range of industries, which participated in our events and seek to recruit students and alumni in various phases of their careers.

Alumni NetworkingLaunched in 2014, Alumni Networking is an online professional relationship network that allows our students to talk with over 200 volunteer alumni about the dynamics of different industries, areas and positions.

CAREER OPPORTUNITIES BOARD

OVER 2,500 PARTICIPANTS AT EVENTS

DIrECTOryOFGrADUATES

1,200 organizations announce some 12,000 positions annually

1,200 alumni registered their résumés in the Directory of Graduate

As a large company, Unilever seeks out the best talent in the market and Insper is clearly one of those placesJoanarudiger,talent manager at Unilever

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StudentsCompaniesAlumni

I believe Alumni Networking is an interesting tool for experienced professionals and very important for those who are just starting their careers, helping them strengthen their professional contacts

Luciana Vichino (MBA 2001), Alumni Networking volunteer and executive superintendent of Human Resources at Banco Barclays

Once Insper, always Insper. After graduation, students become a part of the Alumni Community and maintain a relationship with the School by participating in networking meetings, debates on current topics and volunteer projects.

A new opportunity for participating is the Alumni Council, which was launched in 2014 and is formed by 13 alumni who want to help improve strategic areas in the undergraduate program by working with the School’s Executive Committee.

The AlumniGodfatherCampaign, in which alumni act as mentors and contribute towards meal and transport costs for scholarship students in Undergraduate programs, registered an increase in the number of godfathers from 14 to 34 between 2013 and 2014. The initiative was created to help ensure the retention of full-scholarship students whose non-repayable tuition scholarships are insufficient to cover their undergraduate studies.

The Perfin Educar Fund, which was created by an alumnus, supports our Scholarship Fund by donating 100% of the management and performance fee. Since its creation in 2012, Perfin Educar has already donated over R$400,000.

To encourage the exchange of knowledge and networking, we held four editions of the Alumni Panel, which are events covering current issues in Brazil in which undergraduate students can participate. These debates included “Elections 2014 – Economic Outlook for the Next Administration,” which was attended by Marcos Lisboa, vice-president of Insper, and Ilan Goldfajn, chief economist at Itaú-Unibanco, and was mediated by alumnus Terence Pagano (ECO Masters 2009), senior economist at Itaú Asset Management. The panel “Challenges of Owning Your Own Business” was held in partnership with the Center for Entrepreneurship and Innovation, with the participation of alumni Rafael Coelho (ADM 2007), Mariana Penazzo (ADM 2008) and Ana Carolina Urquiza (ADM 2011), who shared their experiences and debated with colleagues on the challenges of being an entrepreneur.

To close the year, we held Alumni Week, which included get-together events for former students. Former undergraduate students enjoyed the presence of some of our student organizations, in particular a show by Baterial Imperial, a band that includes alumnus Lucas Prediger (ADM 2012), and commemorated the ten-year reunion of the 2004 class.

On the following day, alumni from the Certificate programs attended a lecture by the CEO of Lopes Consultoria Imbobiliária on the trends for the real estate market in 2015, followed by a cocktail. To close the week, graduates from MBA and master’s programs reminisced with former classmates and participated in an event with alumnus Rodrigo Kede (MBA 1999), vice-president of Global Sales and Transformation at IBM Global, who spoke about his career path and experience in the program.

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Being an entrepreneur means rolling up your sleeves and dreaming big. It means waking up early and going to sleep late for a purpose. It means taking risks, believing in your potential and that of your company, and bringing good people onboard to work together towards your goal. We work very hard in the Insper Entrepreneurs’ LeagueJoãoGabrielAlkimin,Undergraduatestudent, head of the student organization Entrepreneurs’ League, founded in 2014

In 2014, our Center for Entrepreneurship and Innovation developed a new operational proposition. Under the new model, entrepreneurial development seeks to attract and connect students and alumni through forums, workshops and project meetings. The center also supports programs and classroom initiatives and organizes meetings of young entrepreneurs and business professionals who can act as mentors.

The new physical space inaugurated by the center operates under a coworking model for entrepreneurs from the Insper Community, which facilitates the integration of students and alumni to discuss the creation or consolidation of new businesses.

During the year, 83 students and alumni from the Undergraduate and Graduate programs received guidance and mentoring. The center organized 26 events, which included lectures, workshops and competitions, which were attended by over 1,500 participants. The topic of entrepreneurship is also one of Insper’s main agendas in the media, particularly through Movimento Empreenda, in which Insper is the educational partner of Editora Globo.

Undergraduate and graduate students participated in technical and cultural visits and followed an academic itinerary in two of China’s largest metropolises - Beijing and Shanghai – while also visiting Singapore. This program is the product of a partnership with Campus Brasil, a company specializing in study tours for college students. Eighteen students and alumni participated in the program called Doing Business in China & Singapore.

In 2014, we signed a new partnership with Brandeis University International Business School, which is based in Massachusetts, USA. The agreement paved the way for dual degrees with the renowned U.S. university. Students accepted into this program study for three and a half years at Insper and half a year at Brandeis University, and receive an undergraduate degree from Insper and the title of Master of Arts in International Economics and Finance.

We also expanded programs and activities through partnerships with international institutions, such as New York University (United States), ESCP Europe (France) and, more recently, the Center for Creative Leadership (CCL), the leading institution in education and research in the field of leadership.

The year also marked the launch of the EQUIS accreditation process by the European Foundation for Management Development (EFMD), which involved an extensive self-assessment, a visit by an international team and an analysis of all reports by a jury. This process will continue into 2015, together with renewal of the accreditation by the Association to Advance Collegiate Business Schools (AACSB International).

Welcome Get-Together for Insper’s international students.

Students and the team from the Center for Entrepreneurship and Innovation in the new space.

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55 partnerships in 20 countries


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2012

EVOLUTION OF INTERNATIONAL PARTNERSHIPS

SEMESTErExCHANGEPrOGrAM

130 Insper students participated in programs in 16 countries

72 exchange students from 14 countries participated in programs at Insper

SUMMErPrOGrAMS&INTERNATIONAL ExTENSION

58 Insper students participated in academic programs in six countries

223 students from four countries participated in programs at Insper




Professor Naercio Menezes Filho, the director of the Center for Public Policy, was elected to the Brazilian Academy of Sciences as a member in the Social Sciences. In the academy, Professor Naercio will work to suggest new lines of research in the Social Sciences and participate in academic seminars and the publication of books and paper collections, among other activities to foster scientific research in the field.

Brazil’s presidential elections and economic crisis were the topic of projects and debates at Insper’s research centers in 2014.

In a year marked by discussions on politics and the economy, we organized, in partnership with the newspaper O Estado de São Paulo, the ForumsEstadãoBrazil2018. The event featured seven seminars covering topics of critical importance to the country: education, safety, health, infrastructure, the environment, agriculture and the economy. The seminars were attended by journalists, specialists, faculty, students and alumni. Over 1,000 participants attended the seminars, which were also broadcast online and over the radio station Estadão. The event’s reach was further extended by the production of special reports published in the newspaper’s print version and on its website, which helped to advance discussion of the topic after each event.

In May, we brought together dozens of students to debate the liabilities and legacies of the World Cup, focusing in particular on the risks of the governance model with little transparency adopted for the construction of stadiums and infrastructure projects. A number of other events and articles in the press were produced and promoted by researchers at the Center for Public Policy.

In September, with the outcome of the presidential elections still uncertain, the center invited economists and specialists from various fields to debate a development agenda for Brazil. This fourth edition of the Public Policy Forums discussed a macroeconomic agenda and social policies, especially in the area of education, for Brazil in the coming years. The proposals were published in the document “Sob a Luz do Sol: uma Agenda para o Brasil.”

The third edition of the HAYS Insper Salary Guide was launched at an event attended by over 200 human resources professionals and recruiters and presented an outlook for the labor market in 2014/2015. The survey used to create the guide was based on interviews of 486 companies and 8,024 professionals and was produced by Professor Regina Madalozzo and co-authored by Adriana Bruscato Bortoluzzo, from the Center for Strategy.

The Center for Strategy also organized the First Boardroom Talk, an event for senior executives to foster debate on corporate governance, strategy, innovation and leadership. In its first edition, Luiz Norberto Pascoal, CEO of Dpaschoal and a member of Insper’s Board of Directors, interviewed Alexandre Gonçalves Silva, chairman of the board of Embraer.

Professors active during 2014.

To access the publications cited on this page, please go to our website at www.insper.edu.br/pesquisa.

AdaltoBarbaceiaGonçalves Master of Business Administration – UCLA

AdhemarVillaniJunior Ph.D. in Economics – University of Pennsylvania

Adrian Kemmer Cernev Doctor of Business Administration – FGV-SP

Adriana Bruscato Bortoluzzo Doctor of Statistics – USP

AdrianoJosédaSilvaNeves Master of Engineering – IPT

Afonso Carlos Braga Master of Business Administration – PUC-SP

Alex Manduca Executive MBA in Marketing – Insper

Alexandre Demetrius Doctor of Commercial Law – USP

AlexandreJorgeChaia Master of Business Administration – USP

Alexandre Schwartsman Doctor of Economics – University of California

AlexandreValériodeWilde Master of Business Administration – Columbia University

Aloisio Bueno Buoro Master of Business Administration – USP

Alvaro Cardoso Armond Master of Business Administration – Universidade Presbiteriana Mackenzie

Ana Helena de Campos Doctor of Physics – USP

AndréAntunesSoaresdeCamargo Doctor of Commercial Law – USP

AndréLuisdeCastroMouraDuarte Doctor of Business Administration – FGV-SP

Andrea Maria Accioly Fonseca Minardi Doctor of Business Administration – FGV-SP

Angela de Souza Menezes Master of Production Engineering – PUC-RJ

Angelo Corsetti Bachelor of Economic Sciences – USP

AntonioCarlosrossoJunior Master of Systems Engineering – USP

Antonio Zoratto Sanvicente Ph.D. in Business Administration – Stanford University

Artur Rothstein Barreto Parente Ph.D. in Economics – University of California, Berkeley

Auro Key Honda Master of Social Psychology – PUC-SP

Bruno Costa Simões Doctor of Philosophy – USP

Bruno Silva Martins Doctor of Economics – FGV-RJ

Camila de Freitas Souza Campos Ph.D. in Economics – Yale University

Camila Pereira Boscov Doctor of Controllership and Accounting – USP

Carla Ramos Ph.D. in Business Administration – University of Bath

Carlos Afonso Caldeira Filho Master of Business Administration – FGV-SP

Carlos Alberto Furtado de Melo Doctor of Social Sciences – PUC-SP

Carlos Roberto Francisco Bara Master of Business Administration – FGV-SP

Carolina da Costa Ph.D. in Cognition and Learning – Rutgers, The State University of New Jersey

Charles Kirschbaum Doctor of Business Administration – FGV-SP

Daniel Ferreira Lima Ph.D. in Economics – University of California, San Diego

Danny Pimentel Claro Ph.D. in Business Administration – Wageningen University

David Kallas Master of Business Administration – USP

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Denise Aparecida Manfredi Master of Health Psychology – UMESP

EcléaZugmanHauber Specialist in Biology – USP

EdélcioKoitiroNisiyama Master of Business Administration – University of Chicago

Eduardo Augusto Rissi Doctor of Sciences – USP

Eduardo Correia de Souza Doctor of Economics – UFRJ

Eduardo de Carvalho Andrade Ph.D. in Economics – University of Chicago

Eduardo Franco Luzio Ph.D. in Economics – University of Illinois at Urbana-Champaign

Eduardo Pozzi Luchezzi Doctor of Business Administration – USP

Eduardo Rossit Padilha Specialist in Finance – USP

Eric Barreto de Oliveira Master of Controllership and Accounting – USP

Fabio de Biazzi Doctor of Production Engineering – USP

FábioMatuokaMizumoto Doctor of Business Administration – USP

Fabio Orfali Master of Mathematics – USP

Fabio Pelicano Borges Vieira Bachelor of Aeronautical Engineering – ITA

Fabio Ribas Chaddad Ph.D. in Agricultural Economics – University of Missouri

Fabio Soares de Melo Specialist in Tax Law – PUC-SP

Fernando Castro de Campos Roriz Doctor of Economics – PUC-RJ

Fernando Ribeiro Leite Neto Doctor of Social Sciences – PUC-SP

FláviaFerreiraPiazza Master of Business Administration – IBMEC-RJ

Flavio Kezam Malaga Doctor of Finance – USP

Flavio Romero Macau Doctor of Business Administration – FGV-SP

Frederico Augusto Alem Barbieri Doctor of Mechanical Engineering – USP

GaziIslam Ph.D. in Organizational Behavior – Tulane University

GeorgeOhanian Doctor of Business Administration – USP

GeorgePaulusPereiraDias Master of Production Engineering – USP

GiancarloGreco Master of Business Administration – Duke University

GinoAbrahamOlivaresLeandro Doctor of Economics – PUC-RJ

GuilhermeAthia Specialist in Marketing – ESPM

GuilhermedeMoraesAttuy Doctor of Economics – USP

GuilhermeFowlerA.Monteiro Doctor of Business Administration – USP

GuilhermeSilveiraMartins Doctor of Business Administration – FGV-SP

GustavorodriguesOrtega Master of Strategic Controllership and Accounting

GustavoSoaresBarbosa Ph.D. in Economics – Yale University

GuyCliquetdoAmaralFilho Master of Engineering – USP

Hedibert Lopes Ph.D. in Statistics – Duke University

Heleno Piazentini Vieira Master of Economics – FGV-SP

HeloísaMariaDominguesNeves Doctor of Design and Architecture – USP

Henrique Machado Barros Ph.D. in Business Administration – University of Warwick

Humberto Dantas Doctor of Political Science – USP

IrineuGustavoNogueiraGianesi Master of Production Engineering – USP

Ivanildo Dias de Lima Master of Sciences – USP

Ivo Waisberg Doctor of Laws – PUC-SP

JoãoLuisMascolo Doctor of Economics – PUC-RJ

JoãoManoelPinhodeMello Ph.D. in Economics – Stanford University

JoaoMauricioLemosrosal Doctor of Economics – University of London

JoséCarlosA.Luxo Doctor of Business Administration – USP

JoséCarlosTiomatsuOyadomari Doctor of Controllership and Accounting – USP

JoséHelenoFaro Doctor of Economic Mathematics – IMPA

JoséLuizrossiJunior Ph.D. in Economics – Yale University

JoséValérioMacucci Master of Business Administration – FGV-SP

JuanPedroJensenPerdomo Doctor of Economics – USP

JulianaInhasz Doctor of Economics – USP

Lars Meyer Sanches Doctor of Civil Engineering – UNICAMP

Leni Hidalgo Nunes Doctor of Business Administration – Université de Pau et dês Pays de L’Adour

Leonardo Fabris Lugoboni Master of Business Administration – USCS

Leonardo Pagano Doctor of Corporate Economics – FGV-SP

Leonel Molero Pereira Doctor of Business Administration – USP

LeonidasSandovalJunior Ph.D. in Mathematics – University of London

Leticia Costa Master of Business Administration – Cornell University

Liao Yu Chieh Executive MBA in Finance – Insper

Luca Borroni Doctor of Economics – Università Commerciale Luigi Bocconi Milano

LuciaGuilhoto Ph.D. in Business Administration (Marketing) – Università Commerciale Luigi Bocconi

Luciana Carvalho de Mesquita Ferreira Ph.D. in Management Research – Erasmus University Rotterdam

Luciana Yeung Luk Tai Doctor of Economics – FGV-SP

Luciano Marques de Araújo Doctor of Business Administration – Universidad Politécnica de Catalunya

Luciano Pereira Soares Doctor of Electrical Engineering – USP

Luis Claudio Montoro Mendes Master of Laws – Insper

Luis Fernando Longuini Cossi Bachelor of Production Engineering – USP

Luiz Fernando Andreotti Turatti Ph.D. in Business Administration – University of St. Gallen

Luiz Francisco Modenese Vieira Ph.D. in Transport Systems – Massachusetts Institute of Technology

Mara Behlau Doctor of Speech and Language Pathology – Federal University of São Paulo

Marcelo Hiroshi Nakagawa Doctor of Production Engineering – USP

MarceloJoséCarbonari Doctor of Nuclear Sciences – USP

Marcelo Leite de Moura e Silva Ph.D. in Economics – University of Chicago

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Marcelo Rodrigues dos Santos Doctor of Economics – FGV-RJ

Marco Antonio Leonel Caetano Doctor of Aeronautical and Mechanical Engineering – ITA

MarcoAurélioLimadeQueiroz Doctor of Business Administration – FGV-SP

Marco Bonomo Ph.D. in Economics – Princeton University

Marco Túlio Pereira Lyrio Ph.D. in Economics – Katholieke Universiteit Leuven

Marcos Lisboa Ph.D. in Economics – University of Pennsylvania

Marcos Rodrigues de Lara Doctor of Social Sciences – PUC-SP

MarcosVeçoso Master of Health Economics and Pharmaeconomics – Universitat Pompeu Fabra

Marcus Sousa Soares Bachelor of Psychology

MarcusViniciusLopesramosGonçalves Master of Laws – PUC-SP

Maria Aparecida Rhein Schirato Doctor of Education – USP

MariaCristinaNogueiraGramani Doctor of Engineering – UNICAMP

Maria Kelly Venezuela Doctor of Statistics – USP

Marielza Cavallari Master of Business Administration – FGV-SP

Marilda Peres Camacho Andrade Executive MBA in Marketing – Insper

Mario Sergio Kojima Master of Business Administration – University of Southern California

Marisa Villas Bôas Dias Master of Business Administration – USP

Marta de Campos Maia Doctor of Business Administration – FGV-SP

MaurícioFerreira Doctor of Mechanical Engineering – USP

Mauricio Rocha Alves de Carvalho Master of Business Administration – University of Pennsylvania

Maurizio Mauro Bachelor of Business Administration – FGV-SP

Michael Viriato Araújo Doctor of Systems Engineering – USP

Naercio Aquino Menezes Filho Ph.D. in Economics – University of London

Nelson Mendes Cantarino Doctor of Social History – USP

NiltonDeodoroMoreiraCardosoJunior Doctor of Economics – Universidade de Paris I

Otto Nogami Master of Economics – Universidade Presbiteriana Mackenzie

Patricia da Cunha Tavares Doctor of Business Administration – FGV-SP

PatriciaPortellaPradoGalhano Doctor of Business Administration – USP

Paulina Alejandra Achurra Burgos Ph.D. in Chemical Engineering – Stanford University

PauloBeltrãoFraletti Doctor of Business Administration – USP

PauloJosédeAzevedo Master of Economics – Insper

Paulo Vieira de Campos Master of Educational Psychology – PUC-SP

Priscila Borin de Oliveira Claro Doctor of Business Administration – UFL

Priscila Fernandes Ribeiro Master of Business Economics – FGV-SP

Rafael Paschoarelli Veiga Doctor of Business Administration – USP

Raquel Aparecida Lopes Master of Development Disorders – Universidade Presbiteriana Mackenzie

Raul Amaral Rego Doctor of Business Administration – USP

raulIkedaGomesdaSilva Master of Electronic and Computer Engineering – ITA

Regina Carla Madalozzo Ph.D. in Economics – University of Illinois

Regis Fernando de Ribeiro Braga Master of Accounting and Actuarial Sciences – USP

Ricardo Dias de Oliveira Brito Doctor of Economics – FGV-RJ

ricardoGoulartSerra Doctor of Business Administration – USP

ricardoJosédeAlmeida Doctor of Business Administration – USP

Ricardo Machado Doctor of Social Sciences – PUC-SP

Ricardo Mollo Master of Business Administration – University of Dallas

Ricardo Rocha Doctor of Business Administration – USP

Rinaldo Artes Doctor of Statistics – USP

Roberta Muramatsu Ph.D. in Economics – Erasmus University Rotterdam

Roberto Anis Calfat Doctor of Production Engineering – USP

Roberto Dumas Damas Master of Chinese Economics – Fudan University (China) and Master of Economics – University of Birmingham

Rodrigo Menon Simões Moita Ph.D. in Economics – University of Illinois

Rodrigo Takashi Okimura Doctor of Electrical Engineering – USP

rogériodaCostaMonteiro Master of Economics – Insper

Romeo Deon Busarello Master of Business Administration - PUC-SP

Ronnie Maschk Specialist in Project Management – Fundação Vanzolini – USP

Roseli Morena Porto Doctor of Business Administration – FGV-SP

SandraGioffi Specialist in Psychology – Universidade Gama Filho

SandroMagalhãesManteiga Master of Mathematical Modeling in Finance – USP

SérgioGiovanettiLazzarini Ph.D. in Business Administration – Washington University, St. Louis

Sergio Ricardo Martins Master of Statistics – USP

Silvia Antonio Sfeir Master of Business Administration – FECAP

Silvio Abrahao Laban Neto Doctor of Business Administration – FGV-SP

Silvio Possa Master of Business Administration – FIA

Tadeu Aparecido Pereira da Ponte Master of Mathematics – USP

Tatiana Iwai Doctor of Business Administration – FGV-SP

Tatiana Terabayashi Melhado Doctor of Statistics – USP

Tiago Fischer Ferreira Doctor of Business Administration – USP

Timothy Altaffer Master of Business Administration – New York University

ViníciusdeBragançaMüllereOliveira Doctor of Economic History – USP

Vinicius Licks Doctor of Electrical Engineering – University of New Mexico

Vitoria Cristina Cardoso Saddi Ph.D. in Economics – University of Southern California

Vivian Iara Strehlau Doctor of Business Administration – FGV-SP

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Guestfaculty/lecturers

Alberto Macedo Doctor of Economic, Financial and Tax Law – USP

Alvaro Taiar Bachelor of Laws – USP

AnaLuizaSallesLourenço Specialist in Tax Law – FGV-SP and IBET

AndréFrancodeMoraes Executive MBA in Finance – Insper

AndréiaCristinaBezerra Doctor of Commercial Law – USP

Camila Vergueiro Master of Laws – PUC-SP

Daniel Kalansky Master of Commercial Law – USP

Daniel Martins Boulos Doctor of Civil Law – PUC-SP

Donald Mac Nicol Bachelor of Business Administration – FGV-SP

Douglas Yamashita Doctor of Tax Law – USP

Eduardo Montenegro Dotta Bachelor of Laws – PUC-SP

Fabiano Del Masso Doctor of Laws – PUC-SP

Fabio Eduardo de Pieri Spina Master of Laws (U.S. Law) – Columbia University

Fabio Soares de Melo Specialist in Tax Law – PUC-SP

GermanAlejandroSanMartinsFernandez Master of Tax Laws – PUC-SP

JoséDutraVieiraSobrinho Specialist in Accounting Sciences – USP

JoséLuizConradoVieira Doctor of Laws – USP

JoséromeuAmaral Master of Laws – Northwestern University

JoséVirgílioEnei Master of Commercial Law – USP

Kleber Luiz Zanchim Doctor of Laws – USP

Lior Pinsky Master of Laws – London School of Economics

Luis Fernando Camargo Bachelor of Accounting Sciences – Faculdade Tibiriçá

LuisGustavoHaddad Master of Civil Law – USP

LuizFernandoMussoliniJunior Master of Public Law – PUC-SP

MarcelGomesBragançaretto Master of Commercial Law – USP

MarceloGodkeVeiga Master of Laws – Columbia University

Marcelo Vieira Von Adamek Doctor of Commercial Law – USP

Marco Antonio Bevilaqua Master of Civil Law – PUC-SP

Marcos Cavalcante de Oliveira Master of Business Administration – University of Pennsylvania

Maria Rita Ferragut Doctor of Tax Law – PUC-SP

Marina Anselmo Master of Laws (Banking and Capital Markets) – University College London

Miguel Tornovsky Master of Laws – Columbia University

PauloJorgeScartezzini Doctor of Civil Law – USP

Pedro Whitaker de Souza Dias Master of Laws – University of Pennsylvania

PlinioJoséLopesShiguematsu Master of International Law – USP

Renato Nunes Doctor of Tax Law – PUC-SP

Ricardo Hiroshi Executive MBA – Insper

rodrigoFernandesrebouças Master of Social Relations Law – PUC-SP

rogérioGarciaPeres Master of Tax Laws – PUC-SP

Rubens Carmo Elias Filho Doctor of Social Relations Law – PUC-SP

Sergio Freitas da Costa Master of Laws – University of Michigan

Taimi Haensel Master of Laws – Insper

Thiago Sandim Bachelor of Laws – PUC-SP

Valdir Carlos Pereira Filho Master of Laws – University of London

Wilson R. Ometto Specialist in Controllership – FIPECAFI/USP

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PROFESSOR TITLEOFPAPErANDJOUrNAL

Adriana Bruscato Bortoluzzo “Assessment of fatigue in a large series of 1492 Brazilian patients with Spondyloarthritis” Modern Rheumatology (Print)

Adriana Bruscato Bortoluzzo “FOXP3 and CTLA4 overexpression in multiple myeloma bone marrow as a sign of accumulation of CD4+ T regulatory cells” Cancer Immunology and Immunotherapy

Adriana Bruscato Bortoluzzo “Is there any relationship between gene expression of tumor antigens and CD4 + T cells in multiple myeloma?” Immunotherapy

Adriana Bruscato Bortoluzzo “Not all that glitters is RMT in the forecasting of risk of portfolios in the Brazilian stock market.” Physica. A

Andrea Maria Accioly Fonseca Minardi “Private Equity and Venture Capital IndustryPerformance in Brazil” The Journal of Private Equity

Danny Pimentel Claro “Sequential betting behavior: a test of asymmetric inconsistencies in group decision making” Psychology & Marketing

Danny Pimentel Claro “Synergistic Effects of Relationship Managers Social Networks on Performance” Journal of Marketing

Fabio Ribas Chaddad “BrasilAgro: Organizational Architecture for a High-Performance Farming Corporation.” American Journal of Agricultural Economics

Fabio Ribas Chaddad “Distribution Channel Choices of Wineries in Emerging Cool Climate Regions” Agricultural and resource economics review

Fabio Ribas Chaddad “Explaining organizational diversity in emerging industries: the role of capabilities” Journal on Chain and Network Science

Fabio Ribas Chaddad “The Relationship between Performance and Governance in Agricultural Cooperatives: A Structural Equation Modeling Approach” The International Journal of Co-operative Management

Fabio Ribas Chaddad “Transaction attributes and adoption of hybrid governance in the Brazilian cattle market” Journal on Chain and Network Science

GaziIslam “Appropriating the abject: an anthropophagic approach to organizational diversity.” Equality, Diversity and Inclusion International Journal

GaziIslam “Identities and ideals: Psychoanalytic dialogues of self and leadership” Leadership (London. Print)

International journals


GaziIslam “Leadership as a Dominant Cultural Myth: A Strain-Based Perspective on Leadership Approaches” Social and Personality Psychology Compass

GaziIslam “Sequential Betting Behavior: A Test of Asymmetric Inconsistencies in Group Decision Making” Psychology & Marketing (Print)

GuilhermeFowlerdeAvilaMonteiro “The Contractual Nature of Two-Sided Platforms: A Research Note” Economic Analysis of Law Review

GuilhermeSilveiraMartins “Relational value creation and appropriation in buyer-supplier relationships” International Journal of Physical Distribution & Logistics Management

Hedibert Freitas Lopes “Bayesian Instrumental Variables: Priors and Likelihoods.” Econometric Reviews

Hedibert Freitas Lopes “Treatment Effects: A Bayesian Perspective” Econometric Reviews

Ivo Waisberg “Mergers & Acquisitions – Brazil.” Getting the Deal Through

JoãoManoelPinhodeMello “The Effects of Exposure to Hyperinflation on Occupational Choice” Journal of Economic Behavior & Organization

JoseCarlosTiomatsuOyadomari “How do different performance measures affect managerial time orientation? Empirical evidence from sales managers in the oil and gas industry” Advances in Accounting

JoseCarlosTiomatsuOyadomari “Pesquisa Intervencionista: um ensaio sobre as oportunidades para pesquisa brasileira em contabilidade gerencial” Advances in Scientific and Applied Accounting

JoseHelenoFaro “Ignorance and competence in choices under uncertainty.” Journal of Mathematical Economics (Print)

Leonardo Fabris Lugoboni “Economia criativa: aplicação nas empresas de TI” Future Studies Research Journal

LeonidasSandovalJunior “Not all that glitters is RMT in the forecasting of risk of portfolios in the Brazilian stock market.” Physica. A (Print)

LeonidasSandovalJunior “Structure of a Global Network of Financial Companies Based on Transfer Entropy.” Entropy (Basel. Online)

LeonidasSandovalJunior “To lag or not to lag? How to compare indices of stock markets that operate on different times” Physica. A (Print)

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Brazilian journals


Mara Suzana Behlau “Coping Strategies in Teachers With Vocal Complaint.” Journal of Voice

Mara Suzana Behlau “Cross-Cultural Adaptation, Validation, and Cutoff Values of the Brazilian Version of the Voice Symptom Scale VoiSS.” Journal of Voice

Mara Suzana Behlau “Efeitos da reabilitação fonoaudiológica na desvantagem vocal de cantores populares profissionais” Audiology – Communication Research

Mara Suzana Behlau “Intensive Short-Term Voice Therapy: The Brazilian Experience” Perspectives on Voice and Voice Disorders

Mara Suzana Behlau “Managing dysphonia in occupational voice users” Current Opinion in Otolaryngology & Head and Neck Surgery

Marcelo Leite de Moura e Silva “Impact of macroeconomic surprises on the Brazilian yield curve and expected inflation.” The North American Journal of Economics and Finance

Marco Tulio Pereira Lyrio “Information in the yield curve: a macro-finance approach.” Journal of Applied Econometrics (Chichester, England)

MariaCristinaNogueiraGramani “Inter-regional Performance of the Public Health System in a High-Inequality Country” Plos One

Maria Kelly Venezuela “Estimating equations and diagnostic techniques applied to zero-inflated models for panel data” Electronic Journal of Statistics.

Maria Kelly Venezuela “Not all that glitters is RMT in the forecasting of risk of portfolios in the Brazilian stock market” Physica A: Statistical Mechanics and its Applications

Rinaldo Artes “Estimating equations and diagnostic techniques applied to zero-inflated models for panel data” ELECTRON J STAT

Rodrigo Takashi Okimura “Truth Telling Activity: A Practice beyond the Norms” Global Journal of Management and Business Research: Accounting and Auditing

Vivian Iara Strehlau “Brazil, Mexico and USA: the judgement scheme in the choice based on quality expectation.” Journal of Strategic and International Studies


Adriana Bruscato Bortoluzzo “Analysis of multi-scale systemic risk in Brazil-s financial market” Revista de Administração (FEA-USP)

Adriana Bruscato Bortoluzzo “Competição Bancária: Comparação do Comportamento de Bancos Públicos e Privados” RAC. Revista de Administração Contemporânea (Impresso)

Adriana Bruscato Bortoluzzo “Desempenho de fusões e aquisições cross border: análise empírica do caso brasileiro” RAE (Impresso)

Adriana Bruscato Bortoluzzo “Erratum of ‘Enteropathic arthritis in Brazil: data from the Brazilian registry of spondyloarthritis’.” Revista Brasileira de Reumatologia (Impresso)

Adriana Bruscato Bortoluzzo “Perfil do uso de drogas modificadoras de doença no Registro Brasileiro de Espondiloartrites.” Revista Brasileira de Reumatologia (Impresso)

Adriana Bruscato Bortoluzzo “Perfil epidemiológico da espondiloartrite de início juvenil comparada com a espondiloartrite de início na vida adulta em uma grande coorte brasileira” Revista Brasileira de Reumatologia (Impresso)

Ana Paula Pinho Candeloro “Ecofinanças: reflexões sobre uma jornada transformacional” Harvard Business Review Brasil

Andre Luis de Castro Moura Duarte “Qualidade e Estratégia no Ensino Superior: O caso da UniItalo” Tecnologias de Administração e Contabilidade

Andrea Maria Accioly Fonseca Minardi “Analysis of multi-scale systemic risk in Brazil s financial market” Revista de Administração (FEA-USP)

Antonio Zoratto Sanvicente “O Mercado de Ações no Brasil antes do Índice Bovespa.” Revista Brasileira de Finanças (Impresso)

Antonio Zoratto Sanvicente “The Foreign Capital Flows and the Behavior of Stock Prices at BM&FBovespa” BAR. Brazilian Administration Review

Bruno Costa Simoes “Curtindo a dor dos outros.” Serrote

Charles Kirschbaum “A confiança em situações ambivalentes e incongruentes: a utilização de vinhetas como método exploratório” RAM. Revista de Administração Mackenzie (Online)

Charles Kirschbaum “Isomorfismo e Controle Institucional em uma Planta Modular da Indústria Automobilística.” Revista Brasileira de Gestão de Negócios (São Paulo. Impresso)

Danny Pimentel Claro “Consumer Complaints and Company Market Value” BAR. Brazilian Administration Review

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Danny Pimentel Claro “Sustentabilidade estratégica: existe retorno no longo prazo?” Revista de Administração (FEA-USP)

Flavio Romero Macau “Revisitando as Tipologias da Teoria de Redes Interorganizacionais.” Revista SODEBRAS

GuilhermeFowlerdeAvilaMonteiro “Value creation and value appropriation in networks: an assessment of the role of a certification in the wine industry from Vale dos Vinhedos, RS” Organizações Rurais e Agroindustriais (UFLA)

GuilhermeSilveiraMartins “Imersão social na cadeia de suprimentos e seu efeito paradoxal no desempenho operacional.” RAE (Impresso)

Henrique Machado Barros “Despesas com tecnologia da informação e eficiência organizacional: novas evidências do setor bancário brasileiro” RAI : Revista de Administração e Inovação

Humberto Dantas de Mizuca “Ficha Limpa na prática: estudo sobre aspecto pontual de inelegibilidade nas eleições de 2012 em Santa Catarina” Cadernos ADENAUER (São Paulo)

Humberto Dantas de Mizuca “Formação acadêmica e Direito Eleitoral: do ostracismo à novidade” Cadernos ADENAUER (São Paulo)

Ivo Waisberg “As cláusulas de inalienabilidade, impenhorabilidade e incomunicabilidade e o compromisso de compra e venda de bem imóvel.” Revista SÍNTESE Direito Imobiliário

Ivo Waisberg “Da não sucessão pelo adquirente por dívidas trabalhistas e tributárias na aquisição de unidades produtivas isoladas perante a Lei 11.101/2005” Revista de Direito Empresarial e Recuperacional

JoãoManoelPinhodeMello “Is the Bank Interest Rate Pass-Through of Selic Rate Movements Asymmetric?” Brazilian Review of Econometrics

JoseCarlosTiomatsuOyadomari “Indicadores de Desempenho em Instituições de Ciência, Tecnologia e Inovação: Estudo de Caso do Laboratório Nacional de Luz Síncrotron.” Revista de Administração Pública (Impresso)

JoseCarlosTiomatsuOyadomari “Uso do Controle Gerencial e Decisões em Organizações de Saúde Brasileiras: um estudo exploratório.” BBR. Brazilian Business Review (Edição em português. Online)

JoseLuizrossiJunior “Common Factors and the Exchange Rate: Results from the Brazilian Case.” Revista Brasileira de Economia (Impresso)


Lars Meyer Sanches “Hockey Stick Phenomenon: Supply Chain Management Challenge in Brazil” Brazilian Admistration Review

Lars Meyer Sanches “Planejamento da Inovação” Revista MundoLogistica

Leonardo Fabris Lugoboni “A vantagem financeira obtida por empresas no setor agrícola quando do pagamento da remuneração dos acionistas com juros sobre capital próprio” Revista de Administracao IMED

Leonardo Fabris Lugoboni “Alternativas para análise de risco e retorno dos ativos frente às necessidades de reservas atuariais e cobertura de passivos.” Revista Brasileira de Previdência

Leonardo Fabris Lugoboni “Associação entre intensidade de uso de mídias sociais, credibilidade e decisão de compra.” Navus Revista de Gestão e Tecnologia

Leonardo Fabris Lugoboni “Uma empresa sustentável e suas contribuições a sociedade: estudo do caso da EDP-ENERGIAS DO BRASIL S.A..” Revista Científica Hermes

Luciana Yeung Luk Tai “Insegurança jurídica do devedor: pela ampliação do debate sobre seleção adversa e custo do crédito no Brasil” Análise Econômica (UFRGS)

Mara Suzana Behlau “Voice symptoms and vocal deviation self-assessment in different types of dysphonia” CoDAS

Mara Suzana Behlau “Sinais e Sintomas da Disfunção Autônoma em Professores” Revista CEFAC (Online)

Marcelo Hiroshi Nakagawa “Inovação nas Pequenas e Médias Empresas: Discurso e Prática.” Interesse Nacional

MariaCristinaNogueiraGramani “Despesas com tecnologia da informação e eficiência organizacional: novas evidências do setor bancário brasileiro” RAI : Revista de Administração e Inovação

Naercio Aquino Menezes Filho “O Papel da Oferta e da Demanda por Qualificação na Evolução do Diferencial de Salários por Nível Educacional no Brasil.” Estudos Econômicos (São Paulo. Impresso)

Naercio Aquino Menezes Filho “The relationship between school performance and future wages” Economia (Brasília)

Priscila Borin de Oliveira Claro “Sustentabilidade estratégica: existe retorno no longo prazo?” Revista de Administração (FEA-USP)A

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Regina Carla Madalozzo “Excelência com equidade: as lições das escolas brasileiras que oferecem educação de qualidade a alunos de baixo nível socioeconômico” Economia e Políticas Públicas

ricardoGoulartSerra “Market crash, características das empresas e retorno – uma análise logística e discriminante” Revista de Contabilidade da UFBA

Rodrigo Menon Simoes Moita “Follow the Leaders: competition in the Brazilian Auto Financing Sector” Estudos Econômicos (São Paulo. Impresso)

Rodrigo Menon Simoes Moita “Oligopsônio dos Frigoríficos: Uma Análise Empírica de Poder de Mercado” RAC. Revista de Administração Contemporânea (Online)

SergioGiovanettiLazzarini “Competição Bancária: Comparação do Comportamento de Bancos Públicos e Privados” RAC. Revista de Administração Contemporânea (Impresso)

Silvio Abrahao Laban Neto “Consumer Complaints and Company Market Value” BAR. Brazilian Administration Review

Vivian Iara Strehlau “Imagem do Brasil: Similaridades e Diferenças na Avaliação em Dez Países” Internext Revista Eletrônica de Negócios Internacionais da ESPM

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Book chapters

PROFESSOR TITLE and WORK, PUBLISHER

Afonso Carlos Braga “Como as empresas estão usando a cocriação com redes sociais” Cocriação de Valor, Editora Atlas

Ana Paula Pinho Candeloro “Governança Corporativa em foco – inovações e tendências para a sustentabilidade das organizações (Link)” Saint Paul Editora

Andre Antunes Soares de Camargo “O RI e as regras do jogo” Governança Corporativa em Foco Inovações e Tendências para Sustentabilidade das Organizações, Saint Paul Editora

Andre Antunes Soares de Camargo “Políticas para transações entre partes relacionadas e a criação de valor para as organizações” Governança Corporativa e Criação de Valor, Saint Paul Editora

Carla Sofia Dias Moreira Ramos “Marketing de Redes: O Marketing das Interdependências” Novos Horizontes do Marketing, Dom Quixote

Carlos Alberto Furtado de Melo “Dinâmica do presidencialismo de coalizão: contribuição e limites do Basômetro.” Análise Política & jornalismo de dados: ensaios a partir do Basômetro, FGV Editora

Fabio Ribas Chaddad “Challenge Dairy Cooperative: In Pursuit of Control of the Last Liter of Milk” Research Handbook on Sustainable Cooperative Enterprise: Case Studies of Organizational Resilience in the Cooperative Business Model, Edward Elgar

Fabio Ribas Chaddad “Responding to the External Environment: The Evolution of Brazilian Dairy Cooperatives” Research Handbook on Sustainable Cooperative Enterprise: Case Studies of Organizational Resilience in the Cooperative Business Model, Edward Elgar

Fabio Ribas Chaddad “The Agricultural Input Industry: A Case Study on the CCAB and Coonagro Networks” Challenges to Economic Organization: Plural Forms, Editora Atlas

Fabio Soares de Melo “Materialidade versus Espacialidade. Linhas de Transmissão de Energia Elétrica. Instalação e Montagem versus Construção Civil” Estudos de Direito Tributário em Homenagem ao Professor Roque Antonio Carrazza

GuilhermeFowlerdeAvilaMonteiro “Food retail strategy and policy in Brazil: heterogeneous retail formats and competition.” Retailing in Emerging Markets, Routledge

GuilhermeFowlerdeAvilaMonteiro “O Setor do Leite: Os Casos da Imbaúba e da Porto Alegre” Desafios para a Economia das Organizações: Formas Plurais, Editora Atlas

GuilhermeFowlerdeAvilaMonteiro “The Milk Industry: The Case of Imbaúba and Porto Alegre” Challenges to Economic Organization: Plural Forms, Editora Atlas

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Hedibert Freitas Lopes “Analysis of Exchange Rates via Multivariate Bayesian Factor Stochastic Volatility Models.” The Contribution of Young Researchers to Bayesian Statistics, Springer

Hedibert Freitas Lopes “Modern Bayesian Factor Analysis” Bayesian Inference in the Social Sciences, Wiley

Humberto Dantas de Mizuca “Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro” Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro, FGV Editora

Humberto Dantas de Mizuca “E o problema é o suplente de senador?” Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro, FGV Editora

Humberto Dantas de Mizuca “Líderes de bancadas ou deputados presidentes: quem orienta tendências nas votações dos partidos na Câmara dos Deputados?” Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro, FGV Editora

JoãoManoelPinhodeMello “Firearms and crime in Brazil” Controlling Small Arms: Consolidation, Innovation and Relevance in Research and Policy, Routledge

JoãoManoelPinhodeMello “Risco Regulatório no Brasil: Teoria e Mensuração” Gargalos e Soluções no Infraestrutura de Transportes, FGV Editora

JoseCarlosTiomatsuOyadomari “Performance Measurement System and Quality Management in Small and Medium-Sized Brazilian Enterprises” Research in Accounting in Emerging Economies, Emerald Group Publishing Limited

Luciana Yeung Luk Tai “Análise de Eficiência da Justiça Eleitoral no Brasil” Cadernos Adenauer: Especial Justiça Eleitoral, Fundação Konrad Adenauer

Luciana Yeung Luk Tai “Measuring Efficiency of Courts: An Assessment of BrazilianCourts Productivity” Managing Service Productivity, Springer

Mara Suzana Behlau “Management of Glottal Incompetence” Voice Therapy – Clinical Cases Studies, Plural Publishing

Mara Suzana Behlau “Primary and Secondary Muscle Tension Dysphonia” Voice Therapy – Clinical Cases Studies, Plural Publishing

Mara Suzana Behlau “Técnicas Vocais” Tratado das Especialidades em Fonoaudiologia


Marco Tulio Pereira Lyrio “The Predictive Content of the Yield Curve for Inflation” Developments in Macro-Finance Yield Curve Modelling, Series Macroeconomic Policy Making, Cambridge University Press

Marta de Campos Maia “O impacto das redes e mídias sociais na estratégia corporativa” Governança Corporativa em foco Inovações e tendências para a sustentabilidade das organizações, Saint Paul Editora

Marta de Campos Maia “Governança Corporativa em Foco” Governança Corporativa em Foco: Inovações e tendências para a sustentabilidade das organizações, Saint Paul Editora

Naercio Aquino Menezes Filho “Impactos do Fundef sobre matrículas, docentes e escolas em São Paulo” Educação Básica no Estado de Sao Paulo: avanços e desafios, FDE

Naercio Aquino Menezes Filho “A condição “nem-nem” entre os jovens é permanente?” Panorama do mercado de trabalho no Brasil, FGV Editora

Raul Amaral “As macrotendências dos setores de bakery e confectionery” Brasil bakery e confectionery trends 2020, ITAL

Raul Amaral “Naturalidade e sustentabilidade” Brasil Ingredients Trends 2020, ITAL

Raul Amaral “O setor de ingredientes” Brasil Ingredients Trends 2020, ITAL

Raul Amaral “Os fatores de influência do mercado de ingredientes” Brasil Ingredients Trends 2020, ITAL

Raul Amaral “Os fatores de influência dos mercados de bakery e confectionery” Brasil bakery e confectionery trends 2020, ITAL

Raul Amaral “Premiumização e experiência” Brasil bakery e confectionery trends 2020, ITAL

Raul Amaral “Visão de futuro” Brasil Ingredients Trends 2020, ITAL

Ricardo Dias de Oliveira Brito “Macroeconomic Effects of the Demographic Transition in Brazil” Asymmetric Demography and the Global Economy: Growth Opportunities and Macroeconomic Challenges in an Ageing World, Palgrave Macmillan

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Evolution in academic production

Works published in conference proceedings46 papers or abstracts were published in Brazilian conference proceedings and 22 in international conference proceedings.

PROFESSOR TITLE and PUBLISHER

Andre Antunes Soares de Camargo (OrG.)

“Direito empresarial brasileiro: avanços e retrocessos. Uma homenagem aos 15 anos do Insper Direito” Almedina Brasil

CarlosAlbertoFurtadodeMelo(OrG.) “Conversas Políticas” Civilização Brasileira

HumbertoDantasdeMizuca(OrG.) “Análise Política & Jornalismo de Dados: ensaios a partir do Basômetro” Editora FGV

Luciana Yeung Luk Tai “Direito e Economia no Brasil” Editora Atlas

Luciana Yeung Luk Tai “Direito Regulatório e Concorrencial no Poder Judiciário” Editora Singular

MaraSuzanaBehlau(OrG.) “Voz: Tudo o que você queria saber sobre fala e canto” Revinter

Raul Amaral “Brasil bakery e confectionery trends 2020” ITAL

Raul Amaral “Brasil Ingredients Trends 2020” ITAL

ricardoGoulartSerra “Valuation: Guia Fundamental” Editora Atlas

Roberto Dumas Damas “Economia Chinesa – Transformações, rumos e necessidade de rebalanceamento do modelo econômico da China” Saint Paul Editora

SergioGiovanettiLazzarini “Reinventing state capitalism: Leviathan in business, Brazil and beyond.” Harvard University Press

2011

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rEVENUESByPrOGrAMthousands of reais3 % 2012 % 2013 % 2014

undergraduate 44% 50,943 45% 56,268 49% 63,968

graduate 36% 42,365 36% 45,191 34% 44,523

research degree 3% 3,812 3% 4,211 4% 4,582

executive education 17% 19,757 16% 20,316 13% 16,362

3 Managerial figures, excluding accounting adjustments

FINANCIAL INDICATORS thousands of reais 1 2012 2013 2014

gross revenue 116,877 125,985 129,435

costs and direct expenses 42,975 47,456 55,603

operational margin 68,173 72,970 69,041

indirect expenses 16,163 18,962 19,130

general and institutional expenses 32,868 40,699 44,962

administrative surplus 22,496 17,985 10,163

cash position (end of period) 57,564 60,169 63,927

scholarship fund (end of period) 893 1,393 1,340

investments 28,095 13,285 13,583

donations – scholarship fund 576 1,080 2,078

donations - engineering school 3,704 18,777 19,770

donations – academic projects and infrastructure 2,164 1,659 1,536

donations – total 6,444 21,516 23,384

1 Managerial figures, excluding accounting adjustments

INVESTMENTS – MAIN ITEMSthousands of reais 2 2012 2013 2014

library: collection and database 652 179 232

infrastructure 25,173 11,341 11,747

technology 2,270 1,765 1,6042 Economic investments, not considering the accounting classifications

UNDErGrADUATEAPPLICANT/OPENING RATIO

ADMISSIONS ExAMINATION – FIRST SEMESTER

APPLICANTS1 OPENINGS BUSINESS ADMINISTRATION APPLICANTS1 OPENINGS ECONOMICS

2013 1,056 150 7.0 487 75 6.5

2014 1,066 150 7.1 561 75 7.5

ADMISSIONS ExAMINATION – SECOND SEMESTER

APPLICANTS1 OPENINGS BUSINESS ADMINISTRATION APPLICANTS1 OPENINGS ECONOMICS

2013 607 150 4.0 196 75 2.6

2014 588 150 3.9 208 75 2.8

1 Trainee exam takers are not considered in the figure for applicants.

ExECUTIVE EDUCATION - OPEN ENrOLLMENTPrOGrAMS 2012 2013 2014

students enrolled 652 1,327 1,939

ExECUTIVEEDUCATION–CUSTOMPrOGrAMS 2012 2013 2014

clients 26 31 24

programs delivered 96 99 55

students served 2,662 2,220 1,744

classroom hours 5,461 5,910 3,245

LL.M. – MASTER OF LAWS 2012 2013 2014 CHANGE%

students enrolled 241 217 191 -12%

CERTIFICATES 2012 2013 2014 CHANGE%

students enrolled 532 582 645 11%

MBAs 2012 2013 2014 CHANGE%

students enrolled 441 441 428 -3%

PROFISSIONAL MASTERS 2012 2013 2014 CHANGE%

students enrolled 82 83 100 20%

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Independent auditors’ report on the financial statements

ToBoard Members of Insper Instituto de Ensino e PesquisaSão Paulo – SP

We have examined the financial statements of Insper Instituto de Ensino e Pesquisa (“Institute”), comprising the balance sheet as of December 31, 2014 and the related statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, as well as the summary of the significant accounting practices and other explanatory notes.

Responsibility of management for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices adopted in Brazil, as well as for the internal control as Management determined necessary to enable the preparation of these financial statements free from material misstatement, whether due to fraud or error.

Responsibility of the Independent auditorsOur responsibility is to express an opinion on these financial statements based on our auditing, carried out in accordance with the Brazilian auditing and international accounting standards. These standards require the fulfillment of ethical requirements by the auditors and that the audit be planned and performed for the purpose of obtaining reasonable assurance that the financial statements are free of significant distortions.

An audit involves the carrying out of procedures selected to obtain evidence related to the amounts and disclosures presented in the financial statements. The procedures selected depend on the auditor’s judgment, including an assessment of the risks of significant distortion in the financial statements, regardless of whether the latter are caused by fraud or error. In this risk assessment, the auditor considers relevant internal controls for the preparation and adequate presentation of the financial statements of the Institute, to plan the audit procedures that are appropriate in the circumstances, but not for purposes of expressing an opinion on the efficacy of these internal controls of the Institute. An audit also includes the evaluation of the adequacy of adopted accounting practices and reasonability of accounting estimates made by Management, as well as an assessment of the presentation of financial statements taken as a whole.

We believe that the audit evidence obtained is sufficient and appropriate to support our opinion.

OpinionIn our opinion, the aforementioned financial statements present fairly, in all material respects, the financial position of Instituto, as of December 31, 2014, the performance of its operations and its cash flows for the year then ended, in accordance with the accounting practices adopted in Brazil.

Sao Paulo, March, 6, 2015

KPMG Auditores IndependentesCRC 2SP014428/O-6

Marcos Antonio BoscoloContador CRC 1SP198789/O-0

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Assets Assets 2014 2013

Current assets

Cash and cash equivalents 4 73,623 66,652

Accounts receivable from students 5 12,908 11,119

Refundable scholarships 6 1,108 373

Other accounts receivable 1,592 859

Prepaid expenses 75 290

89,306 79,293 Non-currentassets

Long-termassets

Refundable scholarships 6 8,692 7,312

Other accounts receivable 526 27

Property, plant and equipment 7 120,007 105,570

Intangible Assets 1,724 2,227

Deferred Assets 2,968 3,303

133,917 118,439

223,223 197,732

Liabilities Note 2014 2013

Current liabilities

Trade accounts payable 8 3,771 4,087

Salaries, vacation and social security payable 9 7,998 6,784

Provision for employee bonus 633 1,200

Billed services not rendered - deferred revenue 10 5,576 4,276

Taxes 434 498

Other accounts payable 1,435 1,762

19,847 18,607 Non-currentliabilities

Provision for contingencies 11 473 220

473 220Shareholder’ Equity

Net Assets 12 165,247 27

Bylaws reserve 13,658 13,658

Retained surplus 23,998 165,220

202,903 178,905

223,223 197,732

Note 2014 2013

Operating revenue 14 126,132 117,245

Teaching labor costs and direct costs 15 (95,713) (81,262)

Grosssurplus 30,419 35,983

Operating expenses

General and administrative expenses 16 (29,580) (27,362)

Depreciation and amortization (8,795) (4,883)

Income (loss) with doubtful accounts 5 and 6 (488) 1,505

Other operating income 17 22,763 20,498

Surplus before financial income (expenses) 14,319 25,741

Financial income 18 10,026 7,211

Financial expenses 18 (347) (243)

Financial income, net 9,679 6,968

Net income for the year 23,998 32,709

2014 2013

Surplus in the year 23,998 32,709

Total comprehensive income 23,998 32,709

BALANCE SHEETS ON DECEMBER 31, 2014 AND 2013(In thousands of Brazilian reais – R$)

STATEMENT OF INCOMEFiscal years ended December 31, 2014 and 2013(In thousands of Brazilian reais – R$)

Patrimônio social

Reserva estatutária

Superávit acumulado Total

BalanceonJanuary1,2013 27 13,658 132,511 146,196

Surplus in the year – – 32,709 32,709

Balance on December 31, 2013 27 13,658 165,220 178,905

Incorporation to the Social Patrimony 165,220 (165,220) –

Surplus in the year – – 23,998 23,998

Balance on December 31, 2014 165,220 13,658 23,998 202,903

STATEMENTOFCHANGESINNETASSETSFiscal years ended December 31, 2014 and 2013(In thousands of Brazilian reais – R$)

STATEMENT OF COMPREHENSIVE INCOME Fiscal years ended December 31, 2014 and 2013 (In thousands of Brazilian reais – R$)

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2014 2013

Cash flow from operations

Net income for the year 23,998 32,709

Adjusted by:

Depreciation and amortization 8,795 4,883

Residual value of write-offs to property, plant and equipment – (27)

Provision for contingencies 253 172

Allowance for doubtful accounts 488 (1,505)

33,534 36,232

(Increase) / decrease in assets

Long-term marketable securities – 5,041

Accounts receivable and scholarships (4,392) (461)

Other accounts receivable (1,017) 430

Increase / (decrease) in liabilities

Trade accounts payable (316) (1,590)

Payroll, vacation and bonus payable 647 81

Other accounts payable (391) 1,296

Services to be billed 1,300 (3,128)

Net cash from operations 29,365 37,901

Net cash from financing activities

Acquisition of fixed and intangible assets (22,394) (28,569)

Net cash used in investing activities (22,394) (28,569)

Increase in cash and cash equivalents 6,971 9,332

Statement of changes in cash and cash equivalents

At the beginning of the year 66,652 57,320

At the end of the year 73,623 66,652

Increase in cash and cash equivalents 6,971 9,332

STATEMENT OF CASH FLOW – INDIRECT METHODFiscal years ended December 31, 2014 and 2013(In thousands of Brazilian reais – R$)

Notes to the financial statements(In thousands of Brazilian reais)

1. Operational contextInsper is a private nonprofit organization engaged in education and knowledge generation in the fields of business administration, economics, law and engineering that explores the complementarities among these fields to add value to organizations and to society. Initially established under the name Instituto Fiesole on October 20, 2003, which was changed to Instituto Veris on April 1, 2004, Insper was the successor of the operations of the São Paulo branch of Ibmec Educacional S.A. when it received, in the form of a donation, the remaining assets calculated based on the valuation report. In 2009, the School changed its name to Insper Instituto de Ensino e Pesquisa and remained a nonprofit institution. Insper’s main educational activities include offering academic programs at the undergraduate and graduate levels and executive education programs. Its efforts in the areas of research and generating and disseminating knowledge include the activities of its Center for Public Policy, Center for strategy, Center for Finance and Center for Entrepreneurship and Innovation. The Institute has a university campus located at Rua Quatá, 300 in the Vila Olímpia district of São Paulo, SP. Over these years, Insper has sought to attain the highest standards of governance and quality in its activities. Insper has been accredited by the Association to Advance Collegiate Schools of Business (AACSB) since 2010 and is one of only two Brazilian institutions accredited by this association, which is the world’s leading accrediting body of business schools. The School’s MBA programs are also accredited by the Association of MBAs (AMBA). In 2014, Insper continued the project to expand its floor space and inaugurated another 15 classrooms, 4 laboratories and 1 multi-purpose space for the Engineering and Executive Education programs. With the opening of these spaces located on the 4th, 9th, 10th and 11th floors, today the total floor space exceeds 20,000 square meters. In October 2013, Insper submitted a request at the Ministry of Justice to receive certification as a Federal Public Interest Entity (Certificação de Entidade de Utilidade Pública Federal). The certification confers prestige and credibility since it represents proof of official recognition of the services provided by the entity to society, and, in September 2014, the Ministry of Justice approved the certification as a Federal Public Interest Entity. The Institute is exempt from income tax and social contribution tax, in accordance with the Federal Constitution and with Federal Law 9532/97, the latter establishing in its Article 15 that the Institute should cumulatively meet the following conditions to be entitled to such exemption: (a) Does not compensate, in any form, its managers for the services rendered;(b) Fully invests its resources in maintaining and developing its corporate purposes;(c) Maintains complete recordkeeping of its revenues and expenses in books that adopt the formalities and procedures required to ensure their accuracy;(d) Maintains in good condition, for a period of five years as from their issue date, all documents that substantiate the origins of its revenues and the effective payment of its expenses, as well as the performance of any other acts or transactions that change its equity position; and(e) Files income tax returns on an annual basis.

In accordance with its formation as a nonprofit entity, all resources generated by Insper are invested in its purpose of teaching and education.

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2. Preparation basis a. Declaration of conformity (with the standards of the Accounting Pronouncements Committee-CPC)The financial statements were prepared in accordance with the accounting practices adopted in Brazil.

The issue of the financial statements was authorized by the Management on March 6, 2015.

b. Measurement baseThe financial statements were prepared based on historical cost, except for the financial instruments measured at fair value through profit or loss.

c. Functional currency and presentation currencyThese financial statements are presented in Brazilian reais, which is the functional currency of the Institute. All financial information presented in Brazilian reais has been rounded to the nearest thousandth, except where stated otherwise.

d. Use of estimates and judgmentsThe preparation of the financial statements in accordance with CPC standards requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates.

Estimates and assumptions are revised on a continuous basis. Revisions of accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Information on the uncertainties involved in assumptions and estimates that pose a significant risk of resulting in a material adjustment within the subsequent fiscal year and critical judgments regarding the accounting policies adopted that produce effects on the amounts recognized in the financial statements are included in the following notes:

•Determinationoftheusefullifeofproperty,plantandequipment(note3h);•Determinationoftheadjustmentofdoubtfulaccounts(notes5and6);•Determinationoftheprovisionsforcontingencies(note11).

The actual results of transactions and information may differ from these estimates.

3. Main accounting policies The accounting policies described in detail below have been consistently applied to the periods presented in these financial statements, except for the aforementioned corrections.

a. Transactions in foreign currencyTransactions in foreign currency are translated into the respective functional currencies of the Institute at the exchange rates on the dates of the transactions. Monetary assets and liabilities denominated and calculated in foreign currencies on the presentation date are converted into the functional currency at the exchange rate determined on that date. Currency translation gains or losses in monetary items are the difference between the amortized cost of the functional currency at the start of the period, adjusted by the interest and payments made during the period and the amortized cost in foreign currency at the exchange rate at the end of the presentation period.

b. Financial instruments

Non-derivative financial assets

The Institute recognizes receivables and deposits initially on the date of the transaction that originated them. All other financial assets are recognized initially on the date of the transaction in which the Institute becomes a party to the contractual provisions of the instrument. The Institute does not recognize a financial asset when the contractual rights to the cash flows of the asset expire or when it transfers the rights to the receipt of its contractual cash flows in a transaction in which all the risks and benefits of ownership of the financial asset are essentially transferred. Any interests created or retained by the Institute in the financial assets are recognized as a separate asset or liability. Financial assets and liabilities are set off and the net amount reported in the balance sheet when, and only when, the Institute has a legal right to set off the amounts and an intent exists to settle on a net basis or to realize the asset and settle the liability simultaneously. The Institute holds the following non-derivative financial assets: financial assets recorded at fair value through profit or loss and loans and receivables.

Financial assets recorded at fair value through profit or loss

A financial asset is classified at fair value through profit or loss if it is held for sale and is designated as such when initially recognized. Financial assets are stated at fair value through profit or loss if, and only if, the Institute manages these investments and makes investment and redemption decisions based on their fair value in accordance with the documented risk management and the investment strategy of the Institute. Transaction costs, after initial recognition, are recognized through profit or loss as incurred. Financial assets recorded at fair value through profit or loss are measured at fair value and the changes in the fair value of these assets are recognized through profit or loss for the fiscal year.

Loans and receivables

Loans and receivables are financial assets with fixed or determinable payments that are not quoted on any active market. Such assets are initially recognized at fair value plus any directly attributable transaction costs. After their initial recognition, receivables are measured at amortized cost using the effective interest method, less any impairment losses. Receivables comprise cash and cash equivalents, accounts receivable from students, refundable scholarships and other credits from the rendering of services.

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Cash and cash equivalents

Cash and cash equivalents comprise the balances of cash, banks checking accounts and interest-bearing bank deposits with original maturities of three months or less as from the contracting date that are subject to insignificant risk of change in value and are used to settle short-term obligations.

c.Non-derivativefinancialliabilities The Institute recognizes debt securities issued and subordinated liabilities on the date on which they are originated. All other financial liabilities are recognized initially on the transaction date on which the Institute becomes a party to the contractual provisions of the instrument. The Institute writes-off a financial liability when its contractual obligations are discharged, canceled or expire. The Institute holds the following non-derivative financial liabilities: suppliers and other accounts payable. Such financial liabilities are initially recognized at fair value plus any directly attributable transaction costs. After their initial recognition, these financial liabilities are measured at amortized cost using the effective interest method.

Derivative financial instruments

As of December 31, 2014 and 2013, the Institute held no transactions involving derivative financial instruments, including hedge transactions.

d. Accounts receivable from students Represent basically the monthly tuition fees billed but not received and the agreements entered into with students with overdue monthly tuition fees.

The provision for doubtful accounts was accrued in an amount considered sufficient by Management to cover any losses from the realization of monthly tuition fees, negotiations receivable and other assets receivable and is calculated taking into consideration the historical recovery rates of the different types of receivables. These rates are reviewed on a semiannual basis to better estimate the measurement of these amounts.

e.Currentandnon-currentliabilitiesCurrent and non-current liabilities are stated at known or determinable amounts plus, when applicable, the corresponding charges, monetary variation and/or currency translation gains or losses incurred through the balance sheet base date.

f.Servicesbilledandnotrendered-DeferredrevenueAs common practice in the business and market of the Institute, the billing and payment of custom programs and graduate programs are made in advance. Consequently, monthly tuition fees referring to subsequent periods and received in advance in the current fiscal year by the Institute are recognized as deferred revenues in current liabilities and are recognized on an accrual basis through profit or loss for the fiscal year.

g. ProvisionsA provision is recognized on the balance sheet when the Institute has a legal liability or one created as a result of a past event and it is likely that economic resources will be required to settle the liability. Provisions are recorded based on the best estimates of the risk involved.

h. Property, plant and equipment

Recognition and measurement

Property, plant and equipment items are stated at historical acquisition or construction cost, net of accumulated depreciation and impairment losses. Gains and losses on the disposal of property, plant and equipment item are determined by comparing the proceeds from the disposal with the carrying value of property, plant and equipment and are recognized in “other operating income/expenses” on the statement of income.

Amortization and depreciation

Leasehold improvements are amortized based on the duration of the lease agreement of 24 years. Depreciation is calculated by applying the straight-line method to the depreciable amount, which is the acquisition cost of an asset, less its residual value over its estimated useful life. The useful life estimates adopted for the current and comparison periods are as follows:

Machinery and equipment 10 yearsFurniture and fixtures 10 yearsT equipment 5 yearsLibrary 10 yearsFacilities 24 yearsLeasehold improvements 24 years

The amortization and depreciation methods, useful lives and residual values are reviewed at the end of the fiscal year and any adjustments are recognized as changes in accounting estimates.

i. Leases

Payments for operating leases are charged to income on a straight-line basis over the lease period. The lease incentives received are recognized as an integral part of total lease expenses over the lease agreement period.

j. Intangible assets

Intangible assets refer mostly to investments in the software and computer application systems of the Institute. These assets are amortized on a straight-line basis for a period of five years.

k. Impairment testing

Management reviews annually the net carrying value of assets in order to assess events or changes in economic, operating, or technological circumstances that could indicate deterioration or impairment. When such evidence is detected and the net carrying value exceeds the recoverable value, the asset is adjusted for deterioration by adjusting the net carrying value to the recoverable value.

l. Impairment

Financial assets

The Institute assesses property, plant and equipment assets when there is objective evidence of impairment loss. An asset is impaired if there is objective evidence that a loss event has occurred after the initial recognition of the asset and that such loss event had a negative effect on projected future cash flows that can be reliably estimated. Objective evidence that financial assets have been impaired may include default or delinquency by a debtor, the restructuring of the amount owed to the Institute under conditions that the Institute would not consider in other transactions, indications that the debtor or issuer will file for bankruptcy or the disappearance of an active market for a security. When applying impairment testing, the carrying value of an asset or cash generating unit is compared to its recoverable value. The recoverable value is the higher of the net sales value of an asset and its value in use. Considering the particularities of the Institute’s assets, the recoverable value used for impairment testing is the value in use, except when otherwise stated. This value in use is estimated based on the present value of future cash flows based on the best estimates of the Institute.

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Non-financial assets

The carrying values of the non-financial assets of the Institute are reviewed at each reporting date of the financial statements to determine if there are any indications of impairment. If such indication exists, the recoverable value of the asset is determined. In fiscal year 2014, there was no indication of impairment losses on non-financial assets.

m.Short-termemployeebenefits

Obligations for short-term employee benefits are measured on a non-discounted basis and incurred as expenses as the related service is rendered. The liability is recognized at the amount expected to be paid if the Institute has a legal or constructive obligation to pay this amount as a result of prior service rendered by the employee and the obligation can be reliably estimated.

n. Revenue from services

Revenues are formed primarily by the monthly tuition fees charged for the post-secondary academic programs (undergraduate and graduate), the monthly tuition fees charged for post-secondary non-degree and extension programs, the fees charged for other education services rendered and the registration fees charged for admissions examinations. Revenues are booked in the month in which the services are rendered.

o. Revenue from donations

Revenues from donations are funds received from third parties and are booked in the month in which they are effectively received.

p. Financial income and expenses

Financial income comprises interest income on cash investments and the interest on accounts receivable arising from the renegotiation of monthly tuition fees. Interest income is recognized through profit or loss by the effective interest method. Financial expenses comprise expenses with banking services, fines and interest.

q. Present value adjustment of assets and liabilities

The Institute does not significantly adopt the use of transactions involving installment sales with set amounts. Therefore, the balances of the rights and obligations are measured at the close of the fiscal year at amounts similar to the respective present values.

r. Calculation of surplus

The revenues, costs and expenses of the operations are recognized on an accrual basis.

The revenues are recognized in accordance with the rendering of services when their value can be measured reliably, net of discounts, credits, deductions and estimated potential disallowances. Revenue is not recognized if there is any significant uncertainty with regard to its realization.

s. Revenues from volunteer work Revenues from volunteer work are measured at their fair value taking into consideration the amounts that the Organization would have to pay if it were to contract such services in a similar market. On December 31, 2014 and 2013, the Institute did not record any revenues or expenses related to volunteer work due to the fact that they did not have a material effect on its financial statements.

These are highly liquid short-term investments that are readily convertible into known cash amounts and made in low-risk instruments. In September 2014, an overdraft facility in the amount of R$15 million with a grace period of 6 months was contracted from Banco Santander. Funds classified as cash and cash equivalents basically comprise financial investments, which are remunerated at 99.5% to 104% of the CDI interbank overnight rate, which the Institute contracts from prime financial institutions.

Cash and Banks 2014 2013

Caixa 3 3

Santander 81 -

Bradesco 14 13

97 16

Marketable securities 2014 2013

Yield Maturity

Itaú Unibanco Investment fund without maturity 27,068 13,721

Citibank Investment fund without maturity - 12,166

Santander Investment fund without maturity 5,175 9,604

Santander Certificates of deposit 3/20/2014 - 3,697

Santander Overdraft facility 8/5/2016 15,480 -

Bradesco Automatic investments without maturity 806 10,109

Bradesco Investment fund without maturity 24,997 12,065

Itaú Unibanco Certificates of deposit 4/26/2014 - 5,263

Itaú Unibanco Automatic investments without maturity - 10

73,525 66,635

73,623 66,652

Cash and cash equivalents 73,623 66,652

73.623 66.652

4. Cash and cash equivalents

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5. Accounts receivable from students

6. Refundable scholarships

2014 2013

Monthly tuition fees 13,948 10,655

Trade accounts receivable from custom programs 1,178 1,696

15,126 12,351

Provision for doubtful accounts (2,218) (1,232)

12,908 11,119

2014 2013

Falling due 9,593 8,161

Overdue 1 to 30 days 1,315 926

Overdue 31 to 180 days 2,000 2.032

Overdue more than 181 days 2,218 1,232

15,126 12,351

2016 1,514

2017 1,735

2018 1,606

2019 1,430

2020 1,206

After 2020 2,197

9,688

Criteria for accruing the provision for doubtful accounts

In 2014, the Institute maintained the same criteria as in prior years for recognizing the provisioning for losses on the realization of credits on overdue balances. The changes in the provision for doubtful accounts in the period from December 31, 2013 to December 31, 2014 are presented below:

Balance on December 31, 2013 (1,232)Provision in the fiscal year (986) Balance on December 31, 2014 (2,218)

The aging list of maturity dates for the amounts receivable are as follows:

Refundable scholarships refer to scholarships granted to active students who assumed a commitment to repay the monthly tuition fees financed by the Institute within an average term of 5 years beginning one year after the conclusion of the academic program. The repayments are restated by the IPCA consumer price index.

The Institute, based on the indexation of debt payments by the payment slip values prevailing on the settlement dates of the obligations, calculated the present value of long-term installments and did not observe any significant differences from the amounts currently recognized, net of the provision for realization. As provided for in the bylaws of the Institute, scholarships are granted to talented young students who present good academic records and proven low income and who opt to study in an undergraduate program offered by Institute. In the meeting of the Board of Directors held in August 2014, amnesty was granted to students with full scholarships. This amnesty was granted to students already in the repayment period as well as to those in the grant or grace periods, with the total value of this amnesty amounting to R$197. The changes in the provision for doubtful accounts in the period from December 31, 2013 to December 31, 2014 are presented below:

Balance on December 31, 2013 (1.793) Reversal of the provision in the fiscal year 498 Balance on December 31, 2014 (1.295)

The provision for losses on the realization of refundable scholarships was determined based on historical losses in the last three years. The provision for doubtful accounts accrued in the year amounted to R$1,295 (R$1,793 in 2013). The balances recognized in non-current assets have the following maturity schedule:

2014 2013

Accounts receivable Provision Net Net

Refundable scholarships 11,095 (1,295) 9,800 7,685

Current 1,407 (299) 1,108 373

Non-current 9,688 (996) 8,692 7,312

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Cost 12/31/2013 Acquisitions Write-offs Transfers 12/31/2014

Construction in progress 2,338 12,359 – (14,450) 248

Land 26,925 103 (130) – 26,898

CEPACs 15,000 – – – 15,000

Furniture and fixtures 5,006 2,206 – 1,017 8,228

IT equipment 7,660 458 – 2,753 10,871

Machinery and equipment 8,565 2,271 (135) 400 11,101

Library 2,138 331 – – 2,470

Facilities 12,973 – – (543) 12,430

Leasehold improvements 37,911 4,522 – 10,814 53,246

Goods received as donations – 7 – – 7

118,516 22,257 (265) (9) 140,499

Depreciation

Furniture and fixtures (1,972) (639) – (1) (2,612)

IT equipment (3,567) (3,311) – (1) (6,879)

Machinery and equipment (824) (960) 2 – (1,782)

Library (885) (224) – – (1,109)

Facilities (4,448) (515) – 1 (4,962)

Leasehold improvements (1,250) (1,894) – (4) (3,148)

(12,946) (7,543) 2 (5) (20,492)

Property, plant and equipment, net 105,570 14,714 (263) (14) 120,007


Construction in progresso 44,540 4,811 – (47,013) 2,338

Land 21,521 5,404 – – 26,925

CEPACs – 15,000 – – 15,000

Furniture and fixtures 3,130 78 – 1,798 5,006

IT equipment 4,252 578 (91) 2,921 7,660

Machinery and equipment 1,507 1,333 – 5,725 8,565

Library 1,372 413 – 353 2,138

Facilities 12,402 571 – – 12,973

Leasehold improvements 1,314 381 – 36,216 37,911

90,038 28,569 (91) – 118,516

Depreciation

Furniture and fixtures (1,470) (502) – – (1,972)

IT equipment (2,733) (937) 103 – (3,567)

Machinery and equipment (254) (570) – – (824)

Library (730) (155) – – (885)

Facilities (3,859) (602) 13 – (4,448)

Leasehold improvements(312) (940) 2 – (1,250)

(9,358) (3,706) 118 – (12,946)

Property, plant and equipment, net 80,680 24,863 27 – 105,570

7. Property, plant and equipment – Tangible

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Trademarks and patents 59 – – – 59

Systems, applications and software 7,769 400 – 9 8,178

New product development costs 1,026 – – – 1,026

Pre-operating costs 6,021 – – – 6,021

14,875 400 – 9 15,284

Amortization

Systems, applications and software (5,601) (912) – – (6,513)

New product development costs (1,026) – – – (1,026)

Pre-operating costs (2,718) (334) – – (3,052)

(9,346) (1,246) – – (10,591)

Property, plant and equipment, net (5,529) (846) – 9 4,692


Trademarks and patents 160 – (101) – 59

Systems, applications and software 7,491 278 – – 7,769

New product development costs 1,026 – – – 1,026

Pre-operating costs6,021 – – – 6.021

14,698 278 (101) – 14,875

Amortization

Systems, applications and software (4,582) (1,019) – – (5,601)

New product development costs (1,026) – – – (1,026)

Pre-operating costs(2,384) (334) – – (2,718)

(7,992) (1,353) – – (9,346)

Property, plant and equipment, net

6,706 (1,075) (101) – 5,529

8. Intangible Build-to-suit agreement

In 2006, the Institute entered into a build-to-suit agreement. This type of agreement provides for the construction of a building customized to the specific needs of a user, in this case the Institute, which will occupy the property for the period of the agreement, which initially was 18 years and in 2013 was revised to 24 years. The investors made a capital injection for the construction project and will remain the owners of the building, while the Institute assumed a commitment to occupy the building through a long-term agreement. The Institute became responsible for paying all costs related to occupying the building (fitting-out), such as internal layout, which are classified above as leasehold improvements, furniture and equipment. These costs were supported almost entirely by donations made by third parties, which included both individuals and legal entities. In 2010, construction began on the second tower of the head office under the same type of construction adopted for the first phase, which was delivered in June 2013. The lease period for the first tower of 216 months (18 years) began on December 1, 2005 and, with the delivery of the new tower on June 1, 2013, was amended to 288 months (24 years), which is the same period as the new tower. Given the need to expand its space for classrooms, the Institute decided to lease the remaining floors of the building that it occupies (i.e., the 9th to 12th floors of the new tower), which is a typical lease agreement and not a build-to-suit agreement. In this context, the Institute assumed responsibility to lease the entire building and now has more than 20,000 square meters of floor space for its teaching and research activities. The Institute effected calculations for the build-to-suit agreement based on the instructions in CPC 06 - Leasing and based on these analyses concluded that the agreement is characterized as an operational lease agreement, i.e., the amounts paid as rent are recognized through profit or loss using the straight-line method over the lease period. The operational lease will be paid as follows:

Acquisition of Certificates of Additional Construction Potential (CEPACs)

In 2013, Insper acquired in the financial market 2,000 Certificates of Additional Construction Potential (Certificados de Potencial Adicional de Construção - CEPACs) at a unitary cost of seven thousand five hundred reais (R$7,500.00) issued by the Municipal Government of São Paulo, which are used as means of payment for the granting of Additional Urban Development Rights during the period of the Faria Lima Urban Operations Consortium. Each certificate has an amount in Brazilian reais that corresponds to each square meter for use in expanding the construction area or in modifying the uses and parameters of a lot or project The issuance of these certificates is governed by Instruction 401 issued by the Securities and Exchange Commission of Brazil (CVM), which regulates the issue of these securities, oversees the Urban Operations Consortium and indicates the form in which the rights assured by the CEPACs are exercised. These securities will be used to expand the potential construction area of the building that will house the engineering school, whose lot has already been acquired by the Institute.

2014 2013

Under one year 18,783 17,277

One to five years 105,895 103,660

Over five years 303,594 285,065

428,272 406,002

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9. Trade accounts payable

11. Billed services not rendered - deferred revenue

10. Salaries, vacations and social security charges payable

2014 2013

Rent payable 1.554 1.478

Domestic trade accounts payable – other 2.217 2.609

3.771 4.087

2013Additions to the provision

for contingencies 2014

Labor 220 253 473

Total 220 253 473

2014 2013

Custom program clients 542 1.463

Graduate programs 5.034 2.813

5.576 4.276

2014 2013

Vacation and charges payable 5.067 4.271

INSS charges on payroll 1.163 962

Withholding income tax on payroll 1.257 1.090

FGTS charges on payroll 437 382

Other personnel liabilities 74 79

7.998 6.784

These obligations refer basically to short-term liabilities with the employees of the Institute.

Refer to the advance payments made for custom programs and graduate programs that will be recognized through profit or loss for the fiscal year on an accrual basis upon the effective rendering of services.

12. Provision for contingenciesThe Institute is party to lawsuits and administrative proceedings in various courts arising from the normal course of its operations that involve matters of a labor and civil nature and other issues. Management, based on information from its legal advisors, on analysis of pending legal matters and, in the case of labor claims, on prior expectations with regard to the amounts claimed, has accrued provisions in amounts deemed sufficient to cover the estimated losses from pending lawsuits and proceedings, as follows:

Labor – provisions were accrued based on the opinions of the legal advisors of the Institute regarding the probability of losing the lawsuits, which also considered the amounts already deposited into court, with no losses expected upon the closure of these lawsuits other than the amounts already provisioned. The Institute adopts mechanisms for evaluating the amounts indicated by its legal advisors.

There are other labor lawsuits whose risk of loss has been assessed by the legal advisors as possible in the amount of R$ 2,740 (R$ 4,090 in 2013) for which no provisions were accrued, since they are not required by the accounting practices adopted in Brazil.

13. Shareholders’ equityRevenues from donations and cost contributions received by the Institute are fully invested in its activities, as mentioned in note 1. In the event of the dissolution of the Institute, its remaining assets will be assigned to another nonprofit entity with an identical or similar purpose, as indicated by the Meeting of Shareholders (Article 45 of the Bylaws). In accordance with the bylaws, the profit or loss for the fiscal year will be retained for investment in developing the purpose and activities of the Institute, with the following expressly prohibited: (i) the distribution of profits for any reason, and (ii) the attribution of a share in the profit to the members of the Board of Directors.

14. Related party transactionsThe Institute has no related parties and the members of the board of directors and of the board of auditors do not receive compensation.

CHANGESINTHEPrOVISIONFOrCONTINGENCIES

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2014 2013

Grossservicerevenue

Undergraduate tuition fees 64,381 55,733

Custom programs 8,842 15,057

Graduate programs 59,584 54,727

Other operating revenues 1,660 1,671

134,467 127,188

Deductions

Canceled services - monthly tuition fees (1,792) (1,301)

Discount on monthly tuition fees (1,975) (4,631)

Taxes (4,568) (4,011)

(8,335) (9,943)

Total net revenue 126,132 117,245

2014 2013

Financial income

Interest income 7,995 6,252

Income from fines and interest on arrears 795 479

Discounts received 10 224

Income from cancelation fees 732 256

Other financial income 494 –

10,026 7,211

Financial expenses

Bank expenses (274) (179)

Fines and interest expenses (28) (29)

Discounts granted - (7)

Other financial expenses (45) (28)

(347) (243)

2014 2013

Donations and sponsorships 20,405 19,763

Other operating income 2,358 735

22,763 20,498

2014 2013

Personnel expenses (73,460) (65,135)

Rent (18,080) (12,503)

Teaching materials and other (4,173) (3,451)

Other expenses - (174)

(95,713) (81,262)

2014 2013

Outsourced services (11,017) (11,018)

Advertising and marketing (5,705) (4,961)

Maintenance and conservation (4,793) (3,997)

Utilities (2,922) (2,457)

Travel and accommodation (982) (1,016)

Costs with meals in programs (869) (713)

Reprographics (739) (678)

Consumables (452) (324)

Subscriptions to periodicals (240) (192)

Court and legal expenses (127) (55)

Other expenses (1,734) (1,951)

(29,580) (27,362)

15. Operating revenue

19. Financial income (expense)

18. Other operating income

16. Teaching labor costs and direct costs

17. General and administrative expenses20. Financial instrumentsManagement of financial risks

OverviewThe Institute is exposed to the following risks arising from financial instruments:

•Creditrisk;•Liquidityrisk;

This note presents information on the exposure of the Institute to each of the aforementioned risks, the objectives of the Institute, and the policies and processes for measuring and managing the risks and capital of the Institute. The Institute is exposed to the following risks arising from the use of financial instruments:

a. Credit risk

Credit risk is the risk of the Institute incurring a financial loss if a debtor or counterparty to a financial instrument fails to fulfill its contractual obligations, which arise primarily from the trade accounts receivable of the Institute, which are represented mainly by cash and cash equivalents, financial investments, accounts receivable from students, refundable scholarships and others credits from the rendering of services.

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Exposure to credit riskThe maximum credit exposure is represented by the carrying values of the financial assets. The maximum credit risk exposure on the date of the financial statements was:

•Cashandcashequivalentsandfinancialinvestments – The Financial Management and Corporate Risks Policy establishes that the Institute must regularly assess the risks associated with its cash flow as well as proposals to mitigate these risks. Risk mitigation strategies are executed with the purpose of reducing the risks related to the fulfillment of the commitments undertaken by the Institute. The Institute holds financial investments in short- and long-term fixed-rate securities contracted from traditional financial institutions and considered to be low-risk.

•Accountsreceivablefromstudentsandrefundablescholarships – Credit risk is mainly managed on the occasion of the semiannual re-enrollments, when debits are settled and/or renegotiated. There is no concentration of credit risk in the business model, with the client portfolio highly dispersed and formed primarily by individuals. The Institute has accrued a provision for doubtful accounts amounting to R$2,218, which corresponds to 13% of the outstanding balance of accounts receivable from students and refundable scholarships in order to cover this credit risk.

b. Liquidity risk

Is the risk of the Institute encountering difficulties in fulfilling the obligations associated with its financial liabilities, which are settled with payments in cash or with other financial assets. The approach of the Institute in managing its liquidity is to guarantee as much as possible that it always has sufficient liquidity to fulfill its obligations upon maturity, under both normal and stress conditions, without causing unacceptable losses or posing the risk of adversely affecting the reputation of the Institute. The balances of cash and cash equivalents on December 31, 2014 exceeded the value of current liabilities by R$ 53,893 (R$ 48,044 in 2013).

c. Fair value estimate

The Institute discloses its assets and liabilities at fair value, based on the relevant accounting pronouncements that define fair value and the structure for determining fair value, which refer to the evaluation criteria and practices and require certain disclosures about fair value.

c.1 Fair value versus carrying value

The fair value of the financial assets and liabilities together with the carrying values presented in the financial statements are as follows:

c.2 Fair value hierarchyThe following table presents the financial instruments recorded at fair value using the valuation method.

The different levels were defined as follows:

•Level1-Pricesquoted(notadjusted)inactivemarketsforidenticalassetsandliabilities;•Level2-Inputs,exceptforquotedprices,includedinLevel1thatareobservableforassetsorliabilities either directly (prices) or indirectly (derived from prices);•Level3-Assumptionsforassetsorliabilitiesthatarenotbasedonobservablemarketdata(non-observable inputs).

All financial instruments recorded or disclosed at fair value were measured using the Level 2 valuation method.

Nota 2014 2013

Cash and cash equivalents 4 73,623 66,652

Accounts receivable 5 12,908 11,119

Refundable scholarships 6 9,800 7,685

96,331 85,456

12/31/2014 12/31/2013

Note Carrying value Fair value Carrying value Fair value

Assets measured at fair value

Financial assets recorded at fair value through profit or loss

Cash and cash equivalents 4 73,623 73,623 66,652 66,652

73,623 73,623 66,652 66,652

Assets measured at amortized cost

Accounts receivable from students 5 12,908 12,908 11,119 11,119

Refundable scholarships 6 9,800 9,800 7,685 7,685

Other accounts receivable 2,118 2,118 886 886

24,826 24,826 19,663 19,663

Liabilities measured at amortized cost

Trade accounts payable 8 3,771 3,771 4,087 4,087

3,771 3,771 4,087 4,087

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21. Tax breaksIn accordance with ITG 2002 - Nonprofit organizations approved by CFC Resolution 1,409/12, the Organization presents below a calculation of its tax breaks for fiscal year 2014 and 2013, provided the obligation was due. The presentation shows the taxes and contributions and their respective tax rates. Note that these are estimates of the tax breaks involving the main taxes and contributions since the Institute does not have tax recordkeeping, such as a taxable income journal, due to its nature as a nonprofit organization. Taxes levied on the revenue from its undergraduate and graduated operations, excluding the custom program operations (ISS service tax 5%). Taxes levied on its surplus in the fiscal year (IRPJ corporate income tax and CSLL social contribution tax 34%). Based on the study conducted using the above estimates, the amount of the main tax breaks are:

Claudio Luiz da Silva HaddadPresident

Rogerio GutierrezAdministrative-Financial Manager

Adilson Ernesto da SilvaAccountant - CRC1SP 266387/O-7

2014 2013

Levied on revenue

Revenue from undergraduate and graduate programs and deductions (excluding custom programs) 121,858 106,199

ISS service tax 5% 6,093 5,310

Levied on the Surplus

Surplus for the fiscal year 23,998 32,709

Corporate income tax and social contribution tax 34% 8,159 11,121

Total 14,252 16,431

Aca

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ams

Undergraduate ProgramsBusiness AdministrationEconomicsEngineering (Computer, Mechanical and Mechatronic)

GraduateCertificatesCertificate in Business Administration (CBA)Certificate in Business and People Management (CBPM)Certificate in Business Projects (CBP)Certificate in Financial Management (CFM)Certificate in Healthcare Management (CHM)Certificate in Marketing Management (CMM)

Advanced ProgramAdvanced Program in Finance

MBAsExecutive MBAExecutive MBA in FinanceExecutive MBA in Healthcare Management Einstein – Insper

Master of LawsLL.C. in Corporate LawLL.M. in Contract LawLL.M. in Financial and Capital Market LawLL.M. in Corporate LawLL.M. in Tax Law

Research DegreeProfessional MastersProfessional Masters in Business AdministrationProfessional Masters in Economics

Doctoral Doctoral Program in Business Economics

Executive EducationOpen Enrollment ProgramsStrategy & BusinessFinanceInternationalLearning JourneysLeadershipMarketing & InnovationNegotiationOperations

Custom Programs for CompaniesPrograms and courses developed exclusively for organizations

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Insper - Annual Report 2014

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