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									                                      ANNUAL REPORT

Rua Quatá, 300 - Vila Olímpia - 04546-042 - São Paulo - SP - Brazil
          Tel.: 55 11 4504-2400 -
                                 Ibmec São Paulo in Numbers

                                 Financial Indicators (in thousand reais)*                                   2004                  2005          2006

                                 Gross Revenue                                                             38,131              47,828          62,601

                                 Direct Expenses                                                           18,360              21,259          24,625
Annual Report 2006

                                 Operational Margin                                                        16,163              21,945          31,988

                                 Indirect Expenses                                                           5,763                 7,594       10,580

                                 General and Institutional Expenses                                          6,834                 9,669       13,698

                                 Administrative Surplus                                                      4,896                 7,666        9,795

                                 Cash Position                                                               5,328             12,305          17,656

                                 Scholarship Fund                                                                  (3)             2,138        2,178

                                 Investments – Total                                                         1,115             10,768          15,028

                                 Donations – Scholarship Fund                                                  -                   2,089          314

                                 Donations – Other                                                             -                   8,725        1,740

                                 Donations – Total                                                             -               10,814           2,054

                                 * Administrative View, not considering accounting adjustments

                                   New group of accounts, adopted in 2006

                                         Revenues in 2006                                                     Total Revenue per Business
                                                                                                                    Unit, in R$ million

                           Undergraduate                                                 Graduate       60,000
                               48%                                                         35%                                        47,828
                                                                                                        40,000              38,131

                     Executive Education
                             1%                                                                         20,000
                        Distance Learning
                                2%                                           Corporate Programs
                                                                                    14%                        0
                                                                                                                            2004       2005     2006

                                Monitoring of Goals - 2006

                                Description                                                         Goal                 Accomplished      % Variation

                                Total Revenues (R$ 000)                                             62,100                  62,601             1%

                                Managerial Surplus (R$ 000)                                          8,200                   8,120             -1%

                                Managerial Surplus / Total Revenues (%)                              15%                    14.3%              -4%

                                New Students in Graduate Programs                                    1,080                   1,168             8%
           Scholarship Fund                                     2004                        2005                           2006

           Starting Balance (-) Scholarship Awarded             (28)                           (1)                         2,170

           Scholarship Awarded                                  (85)                    (217)                              (495)

           Refund                                                 16                           49                            44

           Investiments                                           95                   2,307                                502

           Ending Balance (Remunerated)                           (1)                   2,170                              2,550

           Scholarship Program - Scholarship Awarded            2004                        2005                           2006

           Scholarship Students                                   17                           27                            49

           Information adjusted in 2006

         Scholarship Award in 2006 -                                            Number of Students
                  by type of Program


                                                Financial Aid                               2,114
                                                                                                           1,597                 1,862
                                                     20         2,000

                                          Full-Time             1,000                                796
Second Academic
                                                                                    2004                   2005                  2006
                                                                          Undergraduate                Executive Graduate                        Total
                                                                        In December, 2006

           Team                                                 2004                        2005                           2006

           Research Professors                                    15                           18                            21

           Full-Time Professors                                   49                           47                            62

           Teaching Assistants                                     0                           27                                8

           Educational Professionals                             131                         114                            201

           Total Teaching Activities                             195                         206                            292

           Staff                                                 115                         142                            170

           Total Teaching and Administrative Activities          310                         348                            462
Table of Contents

Message from the President                                       2

Friends of Ibmec São Paulo                                       4
    Sponsored Areas                                              5

Ibmec São Paulo                                                  6
    Instituto Veris – Board of Directors                         6
    Ibmec São Paulo – Council                                    6
    Ibmec São Paulo – Senior Executives and Areas of Activity    6
    Mission                                                      7
    Fundamental Principles and Values                            7
    Programs                                                     8
    Alumni Community                                             9

Important Developments in 2006                                  10
    AACSB International                                         10
    Excellence in Teaching                                      10
    Scholarships                                                14
    CEA - External Evaluation Comission                         18
    New Campus Operation                                        19
    Executive Education - Corporate Programs                    20
    EAD - Distance Learning                                     21

Center for Excellence in Teaching and Research                  22
    Integrated Education Model                                  22
    New Undergraduate Model                                     23
    Ibmec Cultura                                               26
    Ibmec Carreiras (Careers)                                   27
    Graduate Programs                                           29
    Awards and Recognition                                      33
    Dissemination of Knowledge                                  34
    Faculty - Undergraduate Program                             36

Financial Highlights                                            42
    Summarized Balance Sheet                                    44
    Income Statement                                            45
    Independent Auditor’s Opinion                               46

Ibmec São Paulo Executives                                      47
    Programs                                                    47
    Undergraduate and Masters Area                              47
    Executive and Corporate Programs Area                       48
    Organizational Development Area                             48
    Operations Area                                             48

Publications                                                    49
    List of Publications by Research Faculty in 2006            49
                     Message from the President

                     The year 2006 was extremely rewarding for us. It       Business, the most prestigious entity for the
                     was the first year that Ibmec São Paulo operated       accreditation of business schools in the world.
                     out of our new campus. With new and modern             The plan involved our entire team of associates
Annual Report 2006

                     facilities we were able to offer to our community      and was concluded and presented in late
                     working, learning and living conditions that are       November 2006. The exercise of preparing this
                     much more compatible with our educational              plan allowed for a rigorous analysis of our
                     mission and proposal.                                  pedagogical and operational processes, which
                                                                            resulted in an extensive number of actions to be
                     In our undergraduate program, for example, the         taken over the next three years, with a view to
                     new model adopted after our move, with an              obtaining accreditation in 2009. More important
                     entirely new and revised class schedule, enabled       than the seal of recognition at the end of the
                     students to effectively spend full time at the         process are all of the measures to be
                     School, taking advantage of the time between           implemented to improve even further our
                     classes to study at the Telles Library or              operations      and     educational      programs.
                     participate in extracurricular activities. The ample   Successfully     concluding     this   accreditation
                     space of the Steffi and Max Perlman Auditorium         project is a priority goal for us.
                     made it possible to hold a record number of more
                     than 300 events, which ranged from theatrical          Another noteworthy event of 2006 was the first
                     presentations, lectures, and informal discussion       meeting of our External Evaluation Commission -
                     forums to formal seminars, both local and              CEA, which was created to serve as an integral
                     international, with simultaneous translation. The      part of our Internal Evaluation Commission,
                     new amphitheatre-style and fully equipped              created in accordance with the guidelines of the
                     classrooms made it possible for larger classes to      National Higher Education Evaluation System
                     learn without any negative impacts on their            (SINAES). Executives, renowned academics and
                     educational experience or academic benefit. The        businesspeople and also Alumni were invited to
                     greater availability of common and leisure areas       become members of the CEA. It is a privilege for
                     allowed for a much more intense level of               us to have in our Commission such a select
                     communication and socialization between the            group of individuals with recognized competence
                     members of our community. In short, although           in the sectors in which we operate. This level of
                     some adjustments are being made to further             competence and commitment to the educational
                     improve the quality of the educational experience      project of Ibmec São Paulo was extensively
                     at Ibmec São Paulo, the change fully achieved          demonstrated at the first meeting of the CEA held
                     the desired objectives, making possible a              on July 13 and 14, when important points were
                     significant jump in quality in all of our processes.   raised that are already receiving the full attention
                                                                            of our faculty and administrators.
                     In parallel to the changes involving our
                     adaptation to the new facilities, we also worked       The fact that we are a non-profit institution does
                     on various other fronts. One of the most               not prevent us from always seeking the highest
                     important of these was the plan to achieve             possible level of efficiency in our operations.
                     accreditation from the AACSB International -           Ensuring that our resources – which are scarce
                     Association to Advance Collegiate Schools of           by nature – are employed in a way that generates

the maximum return is essential for enabling us      this transparency is fundamental not only for the
to fulfill our mission. This is what we call         community's involvement in and support for our
"Business Like Management". Within this              mission, but also for the sustainability of this
objective, the effective administration of the       mission over time.
human resources of Ibmec São Paulo is
absolutely fundamental. Towards this end, in         The achievements of 2006 described in the main
2006 we launched a management process                body of this report are, however, much too
guided by competencies, for which the first step     extensive to be addressed in this message. It is
was defining those competencies that we              important to state that these achievements would
consider essential and evaluating all of the         have not materialized were it not for the complete
employees in our administrative areas. The           dedication and commitment of our employees,
evaluation process, which included the self          faculty and support professionals, as well as of
evaluation of all associates, sought to provide      our students and Alumni community, which
180-degree coverage. This process will be            always    supported    us   when      needed   and
perfected over this year and aligned with an         collaborated with suggestions and constructive
incentive system, which we consider very             criticism. We are extremely grateful to all.
important for attracting, developing and retaining
talent.                                              We also received from the members of our
                                                     Advisory Council - and also from our CEA, from
Note that last year we held the first meeting of     Friends of Ibmec São Paulo and from various
Friends of Ibmec São Paulo. We plan to repeat        other members of our community - unconditional
this event on an annual basis in order to provide    support for our activities, which was the source
an exclusive account to those that support us in     of much pride and motivated us to continually
our work at the School. In fact, this Report is      improve our proposal and processes. I extend to
another important element of our objective,          all off them my profound gratitude.
which is to provide total transparency to the
general public about our activities. In our view,                                Claudio L. S. Haddad

                     Friends of Ibmec São Paulo

                     ABS Investment Management LLC     Jorge Paulo Lemann
                     Alex Haegler                      José Alexandre Scheinkman
Annual Report 2006

                     André Lara Resende                José Antonio Mourão
                     Andrew Shores                     José Ermírio Neto
                     Antonio Carlos de Freitas Valle   José Olympio Pereira
                     Arminio Fraga Neto                José Ricardo de Paulo
                     Banco Itaú                        Lina Wurzmann
                     Bolsa de Mercadorias & Futuros    Luis Alberto Rodrigues
                     BOVESPA                           Luis Norberto Pascoal
                     Bruno Licht                       Marcel Herrmann Telles
                     Bruno Rocha                       Marcelo Barbará
                     Carlos Alberto Sicupira           Marcelo Medeiros
                     Carlos Castanho                   Marcelo Stallone
                     Carlos Pinheiro Junior            Mario Adler
                     Claudio L. S. Haddad              Mario Cezar de Andrade
                     Clóvis Macedo                     Maurizio Mauro
                     Diniz Ferreira Baptista           Michael Perlman
                     Eric Hime                         Paulo G. A. Cunha
                     Fernando Moreira Salles           Pedro Moreira Salles
                     Fernando Prado                    Peter Graber
                     Fernando Russo                    Ramiro Lopes de Oliveira
                     Fred Packard                      Roberto Civita
                     Fundação Brava                    Roberto Egydio Setubal
                     Fundação Educar DPaschoal         Roberto Thompson Motta
                     Georg Ehrensperger                Roger Wright
                     Gerdau                            Rogerio Castro Maia
                     Gilberto Romanato                 Saddi Advogados Associados
                     Grupo Abril                       Suzano Holding
                     Grupo Votorantim                  Suzano Papel e Celulose
                     Guilherme Amaral Ferraz           Suzano Petroquímica
                     Jairo Saddi                       Walter Salles
                     João Moreira Salles

Sponsored Areas

Steffi and Max Perlman Auditorium

Telles Library

Siegfried Adler Student Wing

• Alberto Bandeira de Queiroz
• BM&F
• Eugênio Gudin
• João Gerdau
• Graber
• José Ermírio de Moraes Filho
• Jorge Paulo Lemann
• Max Feffer
• Octavio Gouvea de Bulhões
• Olavo Setubal
• Otto Lara Resende
• Peter Drucker
• Roberto Cochrane Simonsen
• Vicente Falconi Campos
• Victor Civita
• Walther Moreira Salles

Faculty Lounge:
• Tufic Oadi Saddi

“Seção Áurea” Sculpture
• Lina Wurzmann

                                    “Seção Áurea”

                     Ibmec São Paulo

                     Instituto Veris – Board of Directors
                     Claudio Luiz da Silva Haddad – Chairman
Annual Report 2006

                     Carlos Alberto da Veiga Sicupira
                     Jorge Paulo Lemann
                     Marcel Herrmann Telles
                     Pedro Wagner Coelho

                     Ibmec São Paulo – Council
                     Jorge Paulo Lemann
                     Luis Norberto Pascoal
                     Michael Edgar Perlman
                     Paulo Guilherme Aguiar Cunha
                     Pedro Moreira Salles
                     Peter Graber

                     Ibmec São Paulo – Senior Executives and Areas of Activity
                     Claudio Luiz da Silva Haddad – President
                     Irineu Gustavo Nogueira Gianesi – Academic Dean for Executive and Corporate Programs
                     José Antonio Pinto Capito – Director of Operations
                     Marcelo Leite de Moura e Silva – Academic Dean for Undergraduate and Masters Programs (to September 2006)
                     Sérgio Giovanetti Lazzarini – Academic Dean for Undergraduate and Masters Programs (as of October 2006)
                     Marcia Maria Nizzo de Moura – Director of Organizational Development

                               Irineu Gianesi, José Capito, Claudio Haddad, Sérgio Lazzarini, and Marcia Moura


                    "To be a center of excellence in business and economics,
                 by combining academic rigor with a pragmatic market approach,
            educating driven people to become successful leaders and working
                             professionals with solid ethical principles.”

Fundamental Principles and Values

To fulfill its mission, it is essential for Ibmec São Paulo to foster an environment in which Honesty and
Integrity are essential values to all of its members, resulting in ethical behavior both in and outside the

The fundamental principles that should guide the day-to-day activities of the Ibmec São Paulo
community include:

To meeting the goals set.

Mutual Trust
Predicated on honesty and integrity in

In   preserving      and   developing    the
institution's human, material and cultural

Valuing of Diversity
Through encouraging respect for and
acceptance of differences.

These are the fundamental values and
principles for the exercise of the mission of
Ibmec São Paulo, and it is incumbent upon
all of the community's members to observe
and uphold them.

                                                Team Work Ibmec São Paulo

Annual Report 2006

                        Undergraduate               Graduate                      Executive Education -
                        (Stricto Sensu)             (Lato Sensu)                  Open Enrollment Programs

                            Bachelor in Business    EMBAs                                Medium- and
                               Administration                                         Short-Term Programs
                                                           Executive MBA
                            Bachelor in Economics
                                                       Executive MBA in Finance   Executive Education -
                                                                                  Corporate Programs
                        Graduate                          Executive MBA in
                                                       Healthcare Management        Customized Programs for
                        (Stricto Sensu)
                                                                                     Business Organizations

                        Masters                     Certificates

                            Professional Masters        CBA - Certificate in      Distance Learning
                               in Economics            Business Administration
                                                                                       Customized Courses
                            Professional Masters         CFM - Certificate in       for Business Organizations
                              in Administration         Financial Management              and Institutions

                                                        CMM - Certificate in
                                                       Marketing Management              Short-Term and
                                                                                         Open Courses

                                                    LLM - Master of Laws

                                                           LLM - Financial
                                                            Market Law

                                                         LLM - Corporate Law

                                                         LLM - Tributary Law

Alumni Community

The Alumni community unites, fulfills and
promotes the integration of students who have
graduated at Ibmec São Paulo. Each passing
year this community has increasingly benefited
the individuals who make up the Institution's
                                                                 2nd Annual Meeting Alumni Ibmec São Paulo

In 2006, we celebrated the third anniversary of
the Alumni Ibmec São Paulo community, which                      Over the course of 2006, 53 members of the Alumni
already boasts 3,120 registered members,                         community returned to Ibmec São Paulo to
representing 58% of the 5,407 students that have                 continue        their     education,        under   favorable
earned degrees from long-duration programs                       conditions for taking individual courses and/or
since the launch of our operations in São Paulo.                 programs. The Alumni community has been actively
                                                                 involved in initiatives promoted by the School,
Important Alumni activities in 2006 include the                  exceeding our expectations.
holding in December of the 2              nd
                                               Annual Meeting,
which brought together the community's members                   Two former students tell of their experience:
in an event hosted at the Museum of Modern Art                   "After accompanying the Alumni initiatives and visiting the
of São Paulo (MAM), and the holding of the                       new campus of Ibmec São Paulo, where I am very proud to
"Brazilian Global Alumni Forum", an event in                     have a daughter finishing her undergraduate program, I was
partnership with the Alumni community of the                     thrilled to see the importance that the institution has gained".
London Business School. Also launched in the                          Heraldo Botelho – Earned EMBA in Finance in 1990 and
year was the "Ibmec São Paulo Connection", an                                            member of the Alumni Ibmec São Paulo.
online service created to connect all of the
community's members within a large relationship                  "In addition to providing an excellent opportunity for seeing

network, which registered a high number of visits                again and maintaining contact with friends and other

in less than one month after its launch.                         students in the program, the events sponsored by the Ibmec

                                                                 São Paulo Alumni Community are done in very good taste,

                                                                 covering very interesting and very diverse issues. I loved

                                                                 participating in the 2nd Annual Meeting held at the Museum

                                                                 of Modern Art, and I am already looking forward to next

                                                                 year's meeting!"

                                                                 Rosangela Ferro – Earned EMBA in Business Administration

                                                                          in 2002 and member of the Alumni Ibmec São Paulo

                                                                 In 2007, we will continue to foster actions
                                                                 increasingly aligned with the expectations of the
                                                                 members of the community, helping to further
2 Annual Meeting Alumni Ibmec São Paulo
                                                                 strengthen their relationship with this Institution.

                     Important Developments in 2006

                     AACSB International                                   initiated the process for receiving accreditation from
                                                                           the Association of MBAs (AMBA), an European

                     To achieve international accreditation is an          organization that accredits only MBA programs,
Annual Report 2006

                     essential prerequisite for a business school to be    unlike the AACSB International, which covers the

                     recognized abroad for the quality of its programs.    School as a whole. The visit of the AMBA

                     Accreditation opens doors for students seeking        accreditation team is expected in early 2007.

                     to further their education in a graduate program
                     abroad, and serves as a parameter of quality for
                     those students that opt to follow an international    Excellence in Teaching
                                                                           The main initiative that sought to improve the
                     The first international accreditation process that    quality of education at Ibmec São Paulo in 2006
                     Ibmec São Paulo is undertaking is that of the         was the intense effort by the Center for Teaching
                     Association to Advance Collegiate Schools of          and Learning. The center's objective is to promote
                     Business (AACSB International), an institution        and coordinate initiatives and processes, guided
                     that for almost a century has been evaluating and     by the educational vision of Ibmec São Paulo, that
                     accrediting    Business     Administration    and     seek the development of the school's professors
                     Accounting schools around the world.                  from a pedagogical point of view. Central to this
                                                                           vision is the principle of Participant-Centered
                     The accreditation process began officially in         Learning, in which the student is an active
                     January 2005, and at the end of 2006 the              protagonist in the classroom rather than merely a
                     Accreditation Plan was finalized and sent to the      spectator. These initiatives comprise the exchange
                     AACSB International, concluding the first phase       of experiences and best practices among
                     of the process. Once approved by the AACSB            professors, and the provision of detailed
                     International, the Accreditation Plan must be         information on their performance in the classroom.
                     implemented within a three-year period. The
                     implementation of the plan will mean intense          The initiative that caused the greatest impact in
                     efforts by practically all areas of Ibmec São Paulo   2006 in terms of the exchange of experiences
                     on more than 70 proposed actions.                     among professors was the program peer
                                                                           observation and feed back, in which a professor
                     The Accreditation Plan is the product of a self-      sits in on the classes of colleagues, commenting
                     evaluation process that focus on continuous           on their performance in accordance with a set of
                     improvement and the excellence of the School's        pedagogical parameters and objectives. The
                     actions and educational proposal. The plan was        Center for Teaching and Learning is charged with
                     formulated with the participation of more than 25     forming the groups of observing professors who
                     collaborators in an integrated fashion with the       monitor a professor at the start of the academic
                     strategic planning of Ibmec São Paulo, and was        year and with coordinating the entire process.
                     established as the principal challenge for the next   Both professors attending the classes and those
                     years.                                                having their classes assessed evaluate the
                                                                           experience as extremely enriching. In all 78
                     In addition to the AACSB International, in 2006 we    professors participated in this initiative in 2006,

which corresponds to practically half of the          administered to larger-sized classes. In the
faculty   of    professors     and    educational     second half of 2006, the same process was
professionals at Ibmec São Paulo.                     repeated with the professors of the second
                                                      academic semester, allowing them to further the
Another initiative in this area in 2006 was the       work achieved by their colleagues in the previous
establishment of discussion forums addressing         academic semester.
best practices, which has the objective of the
exchange of experiences among the professors          Better prepared to deal with larger class sizes
of the various programs at Ibmec São Paulo.           and drawing on the support of faculty colleagues
Some of the issues discussed were students'           in the second semester, professors from the first
motivation for studying and incentives for            academic     semester    could   also   dedicate
participation, and the development of their           themselves    to   the   development     of   the
competencies.                                         competencies of newly admitted students. In the
                                                      second semester of 2006, this group of
The implementation of the School's new model at       professors was the focal point of a new project
the new campus required greater alignment of          coordinated by the Center for Teaching and
practices among professors within the same            Learning, called the “Cognitive Competencies
academic semester, and this alignment is              Development Laboratory” (critical thinking,
considered fundamental for orienting students         analytical   and   decision-making      capacity,
newly admitted on the School's expectations           systemic and dynamic vision, communication
regarding their attitude both inside and outside of   and expression abilities). The objective of this
the classroom. In late 2005, the Center for           project is to enhance the way in which classroom
Teaching and Learning held discussions with the       activities are able to foster and facilitate the
objective of creating uniform actions among           development of the cognitive competencies of
professors of new classes starting at the School,     newly admitted students, in a process that is
which resulted in behaviors that contributed          consolidated over the entire experience of these
significantly to the effectiveness of the courses     students at Ibmec São Paulo.

                     The area is also responsible for the process of                                        For 2007, the targets of the Center for Teaching
                     student evaluations of faculty. This evaluation is                                     and Learning are to strengthen and enhance the
                     conducted twice each academic year using a                                             initiatives that were successful in 2006 and to
Annual Report 2006

                     special and confidential form, with professors                                         foster the creation and institution of indicators
                     able to access their evaluation directly on the                                        that make it possible to accompany the degree of
                     School's information system. In 2006, more than                                        alignment of professor's practices with the
                     800 evaluations of professors were conducted,                                          principle of Participant-Centered Learning, and
                     for a total of approximately 40,000 forms read                                         measuring its effectiveness.
                     and processed electronically.

                     The professor is evaluated on various items that
                     make up the topics shown in the following chart.
                     When filling out the forms, students report the
                     frequency with which the professor presents
                     each of the items in the classroom. These
                     frequencies are converted into a scale from 1 to
                     4, and averages of greater than 3 are considered
                     "within or above expectation". The charts below
                     show the trajectory of professors from the
                     undergraduate and executive programs over the
                     past three years.

                                                                             Undergraduate program
                                          professors with evaluations within or above expectations


                            40%                                                                                                                                          2006



                                                        and clarity

                                                                      and grading

                                                                                    Academic content
                                                                                           and rigor


                                                                                                                    Interaction with

                                                                                                                                              Motivation of
                                                                                                                                       students for studying


                                                                              Executive Programs
                    professors with evaluations within or above expectations


          40%                                                                                                                                                                        2006



                                           and clarity

                                                                and grading

                                                                                Academic content
                                                                                       and rigor


                                                                                                                       Interaction with

                                                                                                                                              Motivation of students
                                                                                                                                                        for studying

Another important initiative seeking to value and foster the quality of education at Ibmec São Paulo was
the creation of the Chafi Haddad Teaching Excellence Award. The award seeks to recognize the
professors that stood out the most in both the undergraduate and graduate programs, based on the
opinions of students. Like the George Stigler Award, which seeks to recognize the best research papers
published by professors at Ibmec São Paulo, the Chafi Haddad Award involves not only the formal
recognition of the professors nominated, but also a monetary sum in an amount equal to that of the
research award. In this way, education and research are equally recognized as fundamental for the
fulfillment of our mission.

With the objective of fostering the continuous improvement of the programs and services, the School
conducts on an annual basis a satisfaction survey that seeks to gauge students’ general evaluation of
Ibmec São Paulo. For the third straight year, the evaluation registered even higher levels, as shown in the
table below.

                                    Survey of Student Satisfaction Overall Evaluation

                                                                                    2                            3
                                100                       6                                                                               5                            excellent
                                                         4.29                   4.43                            4.51                      4.5                          good
                                                                                                                                          4                            fair
                                                         57                       53                            42                        3.5                          poor
                                    50                                                                                                    3                            very poor
                                                                                                                                          2.5                          don’t know
                                                         36                       45                            55                        2                            average
                                    0                                                                                                     1
                                                     2004                       2005                        2006


                     Scholarship Programs are essential in enabling         Ibmec São Paulo offers four types of
Annual Report 2006

                     Ibmec São Paulo to fulfill its mission, given that     academic scholarships:
                     many students with academic capacity and
                     disposition that identify with the educational         • Scholarships for Freshmen, with discounts of
                     proposal of the school do not have the financial         up to 80% of the monthly tuition payment;
                     means to cover the costs involved, which include
                     not only the monthly tuition fee but also              • Second Academic Semester Scholarship also
                     educational materials and the opportunity cost of        with a discount of up to 80%;
                     not working, given the full-time nature of the
                     undergraduate program. Accordingly, the school         • Full Scholarship, aimed at candidates that
                     offers various types of scholarships for students        demonstrate gross household income equal to
                     in undergraduate programs. We believe diversity          or less than one and a half a minimum wage
                     is a fundamental and essential value for the             per household member, and that were enrolled
                     development of our students, through interaction         for their entire secondary education in public
                     between people of different cultures, beliefs and        schools or in private institutions paid for by
                     social and economic realities. Our end objective is      scholarships; and
                     to have a Scholarship Fund capitalized with the
                     funds required to finance every young adult with       • Financial Aid, which covers students regularly
                     academic talent and capacity who is approved by          enrolled in an Undergraduate Program who
                     our selection process and chooses to study at our        demonstrate financial problems during the
                     School.                                                  program.

                     The Scholarship Fund is formed by donations            The detailed conditions of each program are
                     from individuals and legal entities and by financial   described on our website. The following timeline
                     resources from the Ibmec São Paulo School,             and table of scholarships awarded show the main
                     which allocates to the Fund 1% of its gross            advances of the past few years.
                     revenue from undergraduate programs. The
                     Scholarship Programs seek the repayment of the
                     funds previously disbursed (starting one year
                     after the conclusion of the program, with no
                     interest charged), which helps to foster a sense of
                     commitment to and responsibility for the
                     education    of   future   generations.   Through
                     repayment, former students who received
                     scholarships help to strengthen the Scholarship
                     Fund and consequently extend to other students
                     the same opportunity that they enjoyed.

                  1999                      2004                    2005                       2006                    2007

           Awarding of some              Creation of             1 Semester:             1 Semester:         Full Scholarship
            financial support            Scholarship            Creation of Full Creation of Second Academic  begins to be
               or discounts             for Freshmen             Scholarship        Semester Scholarship      offered each
                                                                                         2 Semester:
                                                                                    Holding of 1 Meeting
                                                                                   of Scholarship Students

              1 scholarship             17 scholarship          27 scholarship           49 scholarship
                 student                  students                 students                  students
                                                          59%                    81%

                                        Evolution of Scholarships 1999-2006

                                       Number of Scholarships Granted by Year

      Type of Scholarship                     1999-2002             2003*              2004*              2005*                 2006

      Full Scholarship                                0                 0                0                  5                    8

      Scholarships for Freshmen                       0                 0                2                 10                   15

      Financial Aid                                  16               13                15                 12                   20

      Second Academic Semester                        0                 0                0                  0                    6

      Total                                          16               13                17                 27                   49
      * Information adjusted in 2006

We would like to emphasize our special gratitude to                         São Paulo community. Given the rapid growth in
all of those that contributed to the Scholarship Fund                       scholarships awarded and also the target
in 2006. As important as the funds raised is the                            established for 2007, we expect the group, shown
confidence that all donors have demonstrated on                             in the following photo, to experience rapid growth.
the Ibmec São Paulo team. We are fully aware of our
commitment to maximizing the value of the
resources invested in the Scholarship Fund,
employing meticulous analyses of awards and
accompanying the young students. In November
2006, the 1st Annual Meeting of Scholarship
Students was held, which was a source of great
pride for all of the people who make up the Ibmec
                                                                                   1st Annual Meeting of Scholarship Students

                     Donors in 2006

                     Alexandre Mathews Sturm Coutinho   GMF Livraria e Papelaria Ltda
Annual Report 2006

                     Álvaro Antônio Cardoso Souza       Gradiente Eletrônica S/A
                     Américo Matiello Junior            Guilherme do Amaral Ferraz
                     André Rocha Molinari               Gustavo Berg Ioschpe
                     Angelo Pio Mendes Correa Junior    Heloisa Wald
                     Arnaldo José Ganc                  Igor Cornelsen
                     Arnaldo Valdir Zumiotti            Jack Sun Chu Huang
                     Benjamin Joel Couri                Jairo Sampaio Saddi
                     Bernard C. P. Mencier              José de Menezes Berenguer Neto
                     Brigida Monica Kleine              José Luiz Rego Glaser
                     Bruno Licht                        José Roberto G. Meirelles Filho
                     Candido Botelho Bracher            Laila Ganme Cotait
                     Carlos Alberto Suslik              Luciano Almendary
                     Carlos Eduardo Soares Castanho     Luis Norberto Pascoal
                     Carlos Mendes Pinheiro Junior      Luiz Felipe da Silva Haddad
                     Cecília Paula Machado Sicupira     Luiz Roberto de Andrade Novaes
                     Celia Franco de Campos Pinto       Luiz Savio Viegas Barros
                     Célio Sacramento                   Marcelo Benchimol Saad
                     Charles Joseph Sieh                Marcelo Leite de Moura e Silva
                     David Jacques Elwing               Marcelo Santos Barbosa
                     Eduardo de Carvalho Andrade        Marcia Maria Nizzo de Moura
                     Eduardo Luiz Wurzmann              Maria de Lourdes Egydio Villela
                     Emilia Aun Ganme                   Mario Arthur Adler
                     Eurilton Alves Araujo Junior       Mario Cezar de Andrade
                     Fabíola Rodrigues                  Maurizio Mauro
                     Fátima Zorzato                     Maximo Pinheiro Lima Junior
                     Fernando Almeida                   Melissa Pi
                     Fernando Antônio P. Andrade        Michael Perlman
                     Fernando Barreira Sotelino         Nahtan Shor
                     Fernando Carramaschi               Norberto Antonio Freddi
                     Fernando Roberto Moreira Salles    Norman Puginna
                     Fernando Russo                     Paula Vasconcelos da Costa
                     Fernando Xavier Ferreira           Paulo Guilherme Aguiar Cunha
                     Fersen Lamas Lambranho             Paulo R. Vasconcellos
                     Flávio Uchoa Teles de Menezes      Paulo Sérgio Coutinho Galvão Filho
                     Frederico Augusto Andrade Pena     Paulo Veras
                     Gerald Dinu Reiss                  Pedro Wagner Coelho
                     Gilberto Nobre                     Phylis Clemensen

Renato Grecco Wanderley                                Roger Ibrahim Karam
Ricardo Dias de Oliveira Brito                         Ruy Kameyama
Ricardo Oliver Mizne                                   Sergio Alair Barroso
Riccardo Arduini                                       Sergio Ribeiro da Costa Werlang
Roberto Civita                                         Thomas Benes Felsberg
Roberto Egydio Setubal                                 Tony Kai Nen Yang
Rodrigo Lisboa Bonafé                                  Valdemir Chicarelli
Rodrigo Osmo                                           Vandyck Oliveira da Silveira

Former scholarships students that are repaying or have already
repaid their scholarships, helping to strengthen the Program

                 Name                                           Program
                 Alexandre Rostworowski                         Economics
                 Ameli Cervantes Piantino                       Economics
                 Carolina de Lacerda Abreu                      Business Administration
                 Carolina Ferreira de Camargo                   Business Administration
                 Danilo Aleixo Caffaro                          Business Administration
                 Guilherme Parente Martins Ferreira             Economics
                 João Paulo Burihan Faria                       Business Administration
                 Leonardo Serrano Giunchetti                    Business Administration
                 Lucas Rabechini Amaral                         Business Administration
                 Lygia de Salles Freire Cesar                   Economics
                 Maria Fernanda Poblacion da Fonseca            Business Administration
                 Maristella Pereira Azem                        Economics
                 Rafael de Oliveira Ferraz                      Business Administration
                 Rafael Kominich de Mattos                      Business Administration
                 Roberto Pilnik                                 Business Administration
                 Theo Sabio Leopardi                            Business Administration
                 Thiago Guarisi Rodrigues                       Economics
                 Victor Pen Li Lo                               Business Administration

                     CEA - External Evaluation Commission

                     The SINAES - National Higher Education                 The agenda of the meeting sourght to address
Annual Report 2006

                     Evaluation System, which is administrated by           five main topics:
                     the Ministry of Education and regulated by the
                     Brazilian Law 10,861 of April 14, 2004, requires       • The School's educational mission
                     institutions of higher education to create and         • Economic and financial sustainability and
                     maintain an Internal Evaluation Commission               feasibility
                     (CPA). The CPA must, in principle, also include        • The faculty
                     members from outside of the institution. Instituto     • The student body
                     Veris, the controller of Ibmec São Paulo,              • The perpetuation of the Ibmec São Paulo project
                     considered this an excellent opportunity to carry
                     out a comprehensive analysis of the strategy,          An open conversation with a group of five
                     objectives and functioning of the School and           undergraduate       students     during      lunch
                     assembled an External Evaluation Commission            complemented the efforts.
                     (CEA). The objective of the CEA is to support the
                     CPA, contributing to the preparation of the            The meeting of the CEA was received with
                     legally mandated report.                               enthusiasm and commitment by all interested
                                                                            parties at Ibmec São Paulo. The discussions
                     The members invited to become part of the CEA          were frank, intense and comprehensive. Some
                     are entrepreneurs, business leaders, academics,        critical points raised at the meeting are being
                     renowned professionals, heads of NGOs,                 analyzed by our faculty and administrators and a
                     educators, and Ibmec São Paulo Alumni – all            reply to the CEA regarding the progress on these
                     with demonstrated interest in issues involving         points will be given at the next meeting already
                     higher education in Brazil. The list of CEA            scheduled for July 2007. According to the CEA
                     members follows below. The CEA meets on an             report, a higher standard was established for the
                     annual basis, and the first meeting was held on        meeting, which is expected to be maintained or
                     July 13 and 14, 2006.                                  even exceeded at subsequent meetings.

                     Members of the CEA

                      Affonso Celso Pastore              Fernando Kenji Muramoto*           Marcos Lisboa
                      Antonio Marcos Duarte Júnior       Guilherme de Araújo Loureiro*      Maria Helena G. de Castro
                      Claudio de Moura e Castro          Gustavo Herrero                    Marília Rocca
                      Demosthenes Pinho                  Ilan Goldfajn                      Maurizio Mauro (CEA President)
                      Eduardo Wurzmann                   Ilona Becskeházy                   Patricia da Silva H. Palomo*
                      Eliana Cardoso                     José Alexandre Scheinkman          Pedro Luiz Passos
                      Fabio C. Barbosa                   José Ernesto Bologna               Sula Vasconcellos Steiner
                      Fabio Renato Fukuda*               José Fernando Perez                Vandyck da Silveira
                      Fátima Zorzato                     Luiz Francisco Modenese Vieira

                     * Alumni
New Campus Operation

                                                        However, in the new survey conducted in 2006,
                                                        after the move, we surpassed all of the targets
                                                        related    to   administrative      services    and
                                                        infrastructure that had been established at the
                                                        start of the year. Our overall satisfaction indices
                                                        were all higher than 4 on a scale from 1 to 5. As
                                                        would be expected, the evaluation of the
                                                        infrastructure of the new campus (physical and
                                                        technological) improved significantly, rising to
                                                        4.60, up from 3.74 in 2005, showing that the new
                                                        campus was very well received by our students.
                                                        The survey also indicated areas in which we need
                                                        to improve, some of which were already adjusted
The year 2006 was marked by a considerable
                                                        at the end of the year, and others that will be duly
amount of learning in the management and
                                                        addressed over the course of 2007. For this year
logistics of the operation of the new campus. With
                                                        the objective is to further increase the indicator of
70% more room than the previous campus, the
                                                        satisfaction and involvement of our community,
main objective was to make the utilization of the
                                                        expanding the school's common and leisure
new space as pleasant and efficient as possible
                                                        areas with a multi-purpose sports court and
within the shortest period of time for all members
                                                        finalizing plans for a new physical expansion,
of the Ibmec São Paulo community. Accordingly,
                                                        scheduled for mid 2008.
final adjustments to the systems and processes
were made over the course of the first half of the
                                                        As mentioned above, with the move to the new
year to make the campus 100% operational and
                                                        campus the class schedule model for the
functional, with the main focus on the classrooms
                                                        undergraduate program was completely revised. A
and study areas.
                                                        description of this new model is provided later on.

With the new campus we enjoyed a significant
increase in the size of the public visiting our
facilities, which exceeded 2,100 people per day.
This was due to the increase in the number of
students, programs, extracurricular activities and
the new undergraduate model described ahead
in this report.

The limitations of the previous facilities, which led
to our move to the new campus, were the object
of criticism in the student satisfaction surveys
conducted in 2004 and 2005.

                     Executive Education - Corporate Programs

                     One of the highlights of 2006 was the sharp             both individuals and their culture.
Annual Report 2006

                     growth in our corporate programs area. These are        The table below shows some highlights from the
                     programs especially designed and offered to             corporate program operations in 2006 and a
                     meet the specific needs of companies. The               comparison with the two previous years. Note the
                     strategic focus was maintained, which is to             sharp growth, of roughly 60%, versus the
                     expand partnerships with companies that value           previous year in terms of hours offered, attesting
                     the capability of Ibmec São Paulo in customizing        to the excellent reception of the value proposal of
                     corporate educational programs aimed mainly at          Ibmec São Paulo in this market.
                     middle and senior management. These are
                     partnerships that seek to foster long-term              The next table shows in which sectors the clients
                     relationships with clients, enabling Ibmec São          served in the corporate programs operate,
                     Paulo to acquire in-depth knowledge of their            providing data for the past three years.
                     strategic needs in terms of the development of

                                   Highlights                      2004               2005              2006

                                   Number of Clients                    32              49                49

                                   Programs Delivered                   43             106               113

                                   Number of Students Served       1,307             1,566             2,659

                                   Class Hours                     3,925             4,545             7,291

                                   Programs Completed by Sector         2004            2005            2006

                                   Financial                            26%             27%              41%

                                   Services                             53%             44%              38%

                                   Manufacturing                        21%             29%              21%

EAD - Distance Learning

The EAD - Distance Learning area of Ibmec São                     corporate market as yet another quality option for
Paulo posted growth of 237% in 2006. In the year                  organizational training and development. In 2006,
more than 4,700 students enrolled in distance                     a total of 18 partnerships were formed with
learning courses, up from 1,412 in the previous                   leading companies in the market. The services
year. More than half of the students came from                    offered range from the development of new
our internal public, among which the Distance                     content and content customization to the
Learning unit registered an increase of 220% in                   acquisition of licenses to access the distance-
relation to 2005. More than 2,600 courses were                    learning courses.
offered to students in the EMBA and Certificate
programs, with the objective of homogenizing                      The general evaluation of the EAD courses
students' level of knowledge in terms of the                      measured in the last satisfaction survey in 2006
quantitative content considered essential for                     was 4.19 on a scale from 1 to 5, with 92% of
taking full advantage of our classroom-based                      students stating that they would recommend the
programs.                                                         courses to other students. This result is
                                                                  consistent with the other indicators that also
As for the external public, high-quality academic                 attest to the quality of the EAD programs,
content, state-of-the-art technology and the                      including the low average failure rate in the
forming of strategic partnerships were the main                   courses (3%), the dropout rate of only 1%, and
factors that drove demand for the courses, with                   the high average performance of students (75%).
distance learning gaining recognition in the

                      Number of Students Enrolled in Distance-Learning
                                                  Courses at Ibmec São Paulo

                                          5,000                                4,761
                      Students Enrolled



                                          1,000            913
                                                   2003    2004     2005       2006

                     Center for Excellence in Teaching and Research

                     Integrated Education Model

                     The basic proposal guiding the educational          One of our priorities in these past two years,
Annual Report 2006

                     programs of Ibmec São Paulo is for an integrated    particularly last year, has been to integrate these
                     educational model that stresses not only the        three dimensions, complementing the class
                     academic component, but also a humanistic one       program and academic content with activities and
                     comprising culture, citizenship and ethics, and a   initiatives that seek to develop and enhance the
                     third component involving the development of        other   two    components:      humanistic     and
                     professional competencies.                          professional competencies.

                                                                                       Theoretical content
                                                                 Academic              and its application
                           Development of

                                                      Professional Humanistic
                                                      Development Development

                                                                          Valuing of ethics
                                                                          and citizenship

                     The move to the new campus produced an excellent opportunity to refine our educational model and
                     further integrate these three components. The main initiatives to capitalize on this opportunity are
                     described below.

New Undergraduate Model

In this new model, issues related to the class     the intuition or critical thinking of students
schedule, the students and the professors were     through    examples,     questions,     cases     or
addressed, seeking three objectives: to apply      simulations. Learning centered on the participant
the pedagogical model focused on participant-      means making students responsible, both inside
centered learning, to foster greater integration   and outside of the classroom, for retaining the
between students of different classes and          knowledge presented by the professor, who
between students and professors, and to            should help the class to reach conclusions and
expand     the   model   of   complete   student   form concepts in a group fashion.
dedication. These objectives were addressed as
follows:                                           The new physical facilities have rooms especially
                                                   designed    for   applying    the     principle   of
a) Apply the pedagogical model focused on          participant-centered learning. These classrooms
participant-centered learning                      have an auditorium format and technology to
                                                   support the professor. Each student receives an
The principle of participant-centered learning     identification card with his or her name printed
seeks to create the conditions to enable           on it already in the first week of classes. The use
students to reach conclusions or form certain      of the card has become mandatory in all
concepts on their own. Before presenting a         classrooms, and many professors have begun to
theory or concept, professors should stimulate     include a score for participation in their courses.

                     b) Foster greater integration between students of                          c) Expand the model of complete student
                     different classes and between students and                                 dedication
Annual Report 2006

                                                                                                The orientation of Ibmec São Paulo is that
                     Measures were taken to foster greater integration                          undergraduate students remain at the School on
                     between classes. Starting in the first semester of                         a full-time basis. However, in the old campus
                     the year, students from the first academic periods                         facilities, this was very hard to implement in
                     were allocated into two classes, denominated                               practice. With the new campus, all students from
                     "A" and "B", in accordance with their academic                             the first to sixth academic semesters began to
                     achievement in the program to which they                                   have classes in both the morning and afternoon,
                     belong, seeking to equalize them similar in terms                          bolstering the profile of Ibmec São Paulo of
                     of this criteria. Thus, each class began to                                complete dedication. The student is encouraged
                     present, in the initial semesters, a mix of roughly                        to remain at the School not only during class time
                     50 Business Administration students and 25                                 but also during breaks to study, whether
                     Economics students, with basically the same                                individually or as part of a group, taking
                     average academic performance as measured by                                advantage of monitors and professors' time
                     their ranking in the entrance examination. For                             allocated for assisting students, participating in
                     using large classes, with 75 students or more, the                         lectures, seminars, cultural events and other
                     new campus has especially designed classrooms                              extracurricular activities (such as administrating
                     with high levels of technology and excellent                               student organizations and participating in
                     acoustics, providing excellent infrastructure                              projects of a scientific nature).
                     conditions for both students and professors.

                                     Number of applicants - Undergraduate entrance examination


                                         Number of applicants

                                                                2,000                                       616

                                                                                      463       616

                                                                  1.078   1,063      1,162      1,153      1,718         2,226
                                                                          2002       2003       2004       2005          2006

                                                                          Business Administration        Economics

                                         Each year Ibmec São Paulo offers 200 openings in Business Administration and 100 openings in Economics.

                                          Evolution of Applicants/Opening Ratio


        Applicants/Opening Ratio
                                                3.55          4.03                                  6.60


                                               10.97         10.59         12.28      6.23        10.10
                                               2002           2003         2004       2005        2006

                                                    Business Administration        Economics

% Retention in the Entrance Examination’s First Acceptance List*




                                           2004                            2005                          2006

                                         Business Administration                   Economics               Average

       * Students that remain at Ibmec São Paulo after first acceptance list. Information adjusted in 2006

                      Faculty Degrees – Undergraduate Program 2006


                                            38%                                           61%

                                        Doctorate                Masters                Specialization

                     Ibmec Cultura

                     In 2006, Ibmec Cultura, which is charged with the          Ibmec     Cultura   also   began        to        develop
Annual Report 2006

                     initiatives under the humanistic component of our          institutional events aimed at the entire Ibmec
                     model of integrated education, reorganized its             São Paulo community. The first edition of the
                     activities. In conjunction with student organizations,     "Ibmec Cultura Debates on Politics in Brazil"
                     which enjoyed its continued support, Ibmec Cultura         brought    together     politicians,     journalists,
                     held various events in which students, professors          sociologists and economists for a broad
                     and guests participated. The Society Under Debate          discussion on media and politics, the current
                     group sponsored several cinema showings                    political conjuncture, the role of Brazil's
                     accompanied by comments and lectures on issues             Congress and the culture of politics in Brazil.
                     on Brazil's current affairs. On the social action front,   Some other activities that marked the year were
                     Ibmec Cultura supported the Social Action Group            the holding of a panel on diversity, the
                     (GAS) in the development of the "Ibmec São Paulo           presentation of films accompanied by debates,
                     Challenge" (a competition of social projects               monitored visits to art exhibits, the presentation
                     executed by students) and in the organization of           of theater pieces in the school auditorium and
                     various social campaigns. Other events that marked         the participation of professors and students in
                     2006 were related to activities seeking the                the "Global Classroom". This latter activity is an
                     integration of students, such as drama classes,            initiative of the World Bank Institute, Wharton
                     "philosophical cafés" (chats with professionals on         School    and   other    institutions        of    higher
                     philosophy and current affairs) and "solidarity week"      education, the objective of which is to debate
                     (mobilizing student organizations and the School on        topics involving business ethics, leadership and
                     social issues).                                            corporate social responsibility.

Ibmec Carreira (Careers)

The initiatives of Ibmec Carreiras in the              classroom activities but also courses such as Time
undergraduate program seek the development             Management, Effective Communication and
and   improvement       of   competencies.     The     Presentations, and Effective Business Writing.
exposure of students to issues and projects            Individual orientation is an essential part of the
related to work and the corporate environment          Program, given that it allows for helping students in
seek to foster debate on the real world, and in        reflecting on, reaffirming and reviewing their
turn expand the understanding and level of             choices in gathering information on the job market
maturity of their professional choices.                and in the development of their careers.

Grounded in the model of integrated education,         In 2006, the participation of students in the
the objective of Ibmec Carreiras is for students,      activities of Ibmec Carreiras was very significant,
upon completing four years of the program, to          with 755 students participating in at least one
have an education that combines extensive              training and development activity sponsored by
theory with essential competencies developed           Ibmec Carreiras and 155 students seeking
over the course of their experience at the School.     individual orientation. The participation was very
With this aim we plan to contribute significantly to   highly evaluated, with 96% of participants giving
students becoming capable of adequately dealing        scores of more than 4 (scale from 1 to 5) to the
with an extremely wide range of situations once        content and quality of the events.
they launch their professional careers.
                                                       Serving as a bridge between the academic and
                                                       corporate worlds, Ibmec Carreiras establishes
To this end, eight competencies were selected to
                                                       relationships with companies, supporting their
be developed by the Business Administration and
                                                       respective selection processes. In 2006, with
Economics students during their undergraduate
                                                       growth of 95% in relation to the previous year,
                                                       533 new opportunities in various different
1. Analytical and Decision-Making Capacities           companies      and     market      segments    were
2. Systemic and Dynamic Vision                         disseminated to students in the Undergraduate
3. Critical Thinking                                   Program at Ibmec São Paulo. As a result, more
4. Leadership and Mobilization of Others               than 250 different companies made use of the
5. Collaboration and Coordination                      services of Ibmec Carreiras to prospect young
6. Ability to Present and Communicate                  talent for internship and trainee positions.
7. Results-Based Orientation                           Furthermore, 277 students participated in the
8. Boldness and Initiative                             informal    sessions    entitled    "Talking   about
                                                       Careers", which enjoyed the special participation
The development of these competencies takes            of   nine   executives    representing     different
place through a set of actions executed by the         segments and areas of activity, and 341 students
faculty, the academic administration and Ibmec         who participated in two meetings entitled
Carreiras within the context of a Competency           "Special Talk about Careers". The first of these
Development Plan, and involves not only                was the "Job Fair", in which senior executives

                     from Accenture, Itaú, Procter & Gamble,             "Meeting with Entrepreneurs", in which three
                     Santander and Whirlpool gave presentations,         entrepreneurs participated, one of which was a
                     commenting on the activities of the administrator   student who graduated from Ibmec São Paulo,
Annual Report 2006

                     or the economist in their work. The second was      together with two "Endeavor Entrepreneurs".

                                                  Evolution of Opportunities Announced
                                                     Internships and Trainee Positions



                                         300            273



                                                        2005                       2006

Graduate Programs

Executive Graduate Programs                                     with three years of experience in the market, from
                                                                diverse educational backgrounds, who seeks to
In 2006, Ibmec São Paulo offered three                          get better prepared to start a managerial career.
categories of executive programs: Executive
Master of Business Administration (EMBA),                       In the area of Law, three LLM programs are
Certificates and Master of Laws (LLM).                          offered: one with a focus on Law in the Financial
                                                                Market, another on Corporate Law, and the third
Three Executive MBA programs are offered: one                   on Tax Law. The average profile of a LLM student
with a more general focus and two specialized                   is of a professional in the field of law with
programs, one in the field of Finance, and the                  approximately            four      years       of    professional
other in Healthcare. The average profile of EMBA                experience.
students is of a professional, from diverse
educational backgrounds, roughly nine years of
professional experience and four years of                       Demand
managerial experience, and whose objective is
preparing himself to hold senior executive                      The table below shows, for each of the three
positions.                                                      categories of executive programs offered by
                                                                Ibmec São Paulo, the number of applicants that
In the case of Certificates, there are also three               participated in the selection process, the number
programs on offer: one aimed at managing                        of applicants accepted (with the percentage
businesses, one with a focus on finance, and                    accepted out of the total) and the number of
another focusing on marketing. The average                      students enrolled (with the percentage enrolled out
profile of students in Certificate programs, in                 of the total number accepted), including a
contrast to EMBA students, is of a professional                 comparison of 2006 with the previous year.

                                       LLM                 Certificates                 EMBA                      Total

                                             Variation               Variation                  Variation                 Variation
                                 2005 2006     %         2005 2006     %         2005 2006        %         2005 2006       %

    No. of Applicants            256   466    80%        991 1,182 17% 1,441 1,532                5% 2,688 3,180 17%

    No. of Applicants Accepted    84   188 121%          492   657 25%            568    577      9% 1,144 1,422 24%

    Percentage Accepted          33% 40%        -        50%   56%      -        39%    38%        -        43%     45%      -

    No. of Students Enrolled      72   157 118%          410   532 30%            458    477      4%         940 1,166 24%

    Yield (Enrolled/Accepted)    86% 84%        -        83%   81%      -        81%    77%        -        82%     82%      -

                     Highlights of 2006                                       for students in the Executive MBA and Executive
                                                                              MBA in Finance programs. This optional program
                     • The demand for executive graduate programs             draws on a set of both live and distance activities,
Annual Report 2006

                       grew 17% in terms of the number of candidates          and is structured to include group work sessions
                       and 24% in the number of students enrolled. The        and individual orientation sessions. The sessions
                       sharpest growth was in the LLM and Certificates        are conducted by specialists in career and
                       programs.                                              competency development and cover aspects such
                     • Ibmec São Paulo, in partnership with five other        as the responsibilities, consequences, advantages
                       business schools in Brazil, with the support of the    and disadvantages of the choices made over the
                       Instituto Empreender Endeavor and under the            course of a person's career.
                       coordination of HBS - Harvard Business School,
                       re-offered the program Building Ventures in Latin      In 2006, a total of 358 students participated in
                       America (BVLA) in July 2006. The program, this         workshops, and 97% of these gave maximum
                       time administered by professors from HBS and           scores (9 and 10) in the reaction survey after the
                       from five Brazilian schools, one of which was          work sessions. Over the course of the year, 160
                       Ibmec São Paulo, prioritized the issues of business    students from the EMBA, Certificates and LLM
                       development and entrepreneurship during one            programs requested individual orientation to
                       week of immersion. More than 80 participants           expand their reflections on their careers. This
                       from small, medium and large-sized companies           effort,   headed    by   Ibmec     Carreiras   and
                       attended the course.                                   characterized by a differentiated approach in
                     • A new satisfaction survey conducted in                 supporting the career development of executive
                       September of our students in the executive             students, was presented at the 2006 Annual
                       programs involving 20% of the total showed a           Conference of the Executive MBA Council, held in
                       significant increase in the general average in         October in the city of Baltimore, United States in
                       relation    to     2005   in   various     aspects     which the leading international business schools
                       surveyed for the EMBA and the Certificates             that offer Executive MBA programs participated.
                       programs, with no change for the LLM program.
                       In this latest survey, 95% of EMBA students and        For 2007, we have several actions planned to
                       97% of Certificate students would recommend            support the professional development of the Ibmec
                       the program, up from the levels registered in          São Paulo student community, including the Career
                       2005. Although partial, all of these indicators        Development Program for Certificate students.
                       attest to the continued improvement in the quality     This career orientation effort initiated in 2006
                       of the programs.                                       comprises three meetings in a workshop format
                                                                              that are supported by individual orientation, in
                     Activities of Ibmec Carreiras                            which we work on the four dimensions drafted by
                                                                              Unesco: learning to know, learning to do, learning
                     The objective of Ibmec Carreiras is to orient            to live together and learning to be, as a metaphor
                     students to help them move closer towards their          for the development of competencies, which are so
                     professional goals. In line with this objective, Ibmec   important for both personal and professional
                     Carreiras created a Career Development Program           growth.

                          Career Development Plan Focus on personal
                             development and/or professional career

               Workshop 1                        Workshop 2                           Workshop 3
           Career Management                    Self-Knowledge                      Development Plan

                                       Individual Assistance / Coaching

Professional Masters in Economics

Launched in 2004, the demand for this stricto                the program in less than two years. The
sensu graduate program continues to grow, as                 dissertations covered various topics, such as the
shown in the following chart. Note that all of the           pricing of energy assets, market risk, credit risk,
students from the first class of the masters                 cooperative        finance,     macroeconometrics,
program completed their dissertations in 2006                currency exchange rates, asset allocation and
within the deadlines established in the program,             analysis of fund performance.
with one student from the second class finishing

                        Masters Programs Trajectory of No. of Applicants,
                        Admissions and Enrollments by admission process

                 250                                            234
                                             112                                     104
                 100                               93                 85

                   50                                   50                 50              50
                            28 24 20
                             2004               2005               2006              2007

                           Applicants                   Admitted                  Enrolled

                     In 2006, Ibmec Carreiras supported the Director                  well as the preparation of the members of the
                     of the Professional Masters in Economics                         admission      committee   for    the   holding   of
                     program in the creation of a structured process of               competency interviews. This initiative sought to
Annual Report 2006

                     admission interviews of new students.              This          standardize the candidate-selection process, and
                     consisted of the establishment of a set of criteria              ensure the proper alignment and quality of the
                     and characteristics essential to admission, as                   evaluation.

                     Executive Education - Open Enrollment Programs

                     In 2006, Ibmec São Paulo offered six medium-                     agreement signed between Ibmec São Paulo and
                     duration Executive Education programs. Of these,                 the European Community. The first module, with a
                     four   were   in     the   field   of     management:            duration of 30 hours, was sponsored by Valor
                     Management of Teams and Individuals, Supply                      Econômico, FIESP – Federation of Manufacturing
                     Chain Management, Personal Asset Management                      Companies in São Paulo State, Perdigão and
                     and    Strategy     Management          with   Balanced          Rede de Hotéis Accor.
                     Scorecard; and two in the area of Ibmec Law:
                     Legal Risks in the Use of Information Technology,                Due to the sharp growth in the area of executive
                     and European Union – Legal and Economic                          education in open enrollment programs, shown in
                     Aspects of Integration. This latter program was                  the following table, new programs will be launched
                     part of the Jean Monnet Project, which is the                    in 2007.

                                                                               Executive Education - Open Enrollment

                                                                               2005               2006        Variation %

                                       No. of Total Applicants                  203                 695          242%

                                       No. of Applicants Accepted               110                 369          235%

                                       Percentage Accepted                      54%                 53%           -

                                       No. of Students Enrolled                  99                 280          183%

                                       Yield (Enrolled/Accepted)                90%                 76%           -

Awards and Recognition

In 2006, important awards were bestowed upon              three best dissertations of undergraduate
several members of our community, as described            programs in Economics. The recipient of the
below:                                                    award competed with the dissertation “The
                                                          Mechanism of Monetary Transmission in Brazil:
• The     Haralambos        Simeonidis       Award,
                                                          An SVAR Model with Inflationary Expectations",
  administrated by ANPEC – National Association
                                                          oriented by professor Ana Beatriz Galvão.
  of Centers for Graduate Studies in Economics,
  which seeks to foster reflection and research on
                                                        • Our new campus was awarded the 3rd Grand
  Economics in Brazil, presented each year to the
                                                          Prix of Corporate Architecture, one of the
  best works in the categories of papers, books
                                                          principle awards in the field in Latin America,
  and doctorate dissertations. In 2006, the award
                                                          which seeks to recognize the best projects in
  was presented to Full Professor Naercio
                                                          corporate architecture and their authors,
  Menezes Filho, for the work “Trade liberalization
                                                          investors and administrators. The award was
  and the evolution of skill earning differentials in
                                                          given to the Ibmec São Paulo School and to
  Brazil”, in conjunction with two coauthors.
                                                          the   architectural    firm   Athié   Wohnrath
• Professor Gazi Islam received the award for
  best paper from the Critical Studies division of
                                                        • In 2006, the Distance Learning area of Ibmec
  the Academy of Management, on the occasion
                                                          São Paulo won the title of Outstanding
  of its annual meeting, for the work "The
                                                          Business Model, conferred by the commission
  Sweetest Dreams that Labor Knows: Robert
                                                          of the e-Learning Brasil Award, for using
  Frost and the Poetics of Work", in conjunction
                                                          technological    resources     for    promoting
  with his coauthor.
                                                          continuous learning.

• Full Professor Pedro Valls, in conjunction with
  his thesis student Cícero Augusto Vieira Neto,
  received HonorableMention from the periodical
  Revista Brasileira de Finanças, for the work
  “Modeling the term structure of interest:
  dynamic       and    evaluation   of    derivative

• Paulo Eduardo Mateus, who earned a
  bachelor's degree in Economics in 2005,
  received the Corecon-SP Award of Excellence
  in Economics. The award, which is presented
  annually by the Regional Economics Council –
  São Paulo, seeks to recognize the authors of the

                     Dissemination of Knowledge

                     An integral part of our mission is to contribute to
Annual Report 2006

                     generating and disseminating knowledge in the
                     fields in which we work. This is performed in
                     several ways, as described below.

                     Academic Research

                     The production and dissemination of knowledge
                     in our fields of activity are an important part of our
                     mission. To achieve this we have a growing body
                     of    full-time     professors          with         research
                     responsibilities. In 2006, three new professors
                     were hired for this team, increasing to our faculty
                     so defined to 21.

                     As the following charts show, there was an
                     increase in the total number of points alloted
                     according to the classification for academic
                     research of the Ministry of Education (CAPES), and                           which is positive, since international journals have
                     also a slight increase in the number of points per                           higher rates of rejection of papers and longer
                     researcher. Fluctuations in points per researcher                            maturation periods.
                     are normal given the considerable time lag that
                     may exist between the conclusion of an academic                              A list of the academic production in 2006 can be
                     work and its publication. The number of                                      found at the end of this report.
                     publications in international periodicals also rose,

                                                                         Total CAPES Points*

                                         700                                                                       673

                                         600                                                 540
                                                           2004                            2005                    2006
                                               * Points adjusted in accordance with the redefinition of criteria

                           CAPES Points per Researcher*

      32                                                   31.8




                           2004                           2005                    2006

              * Points adjusted in accordance with the redefinition of criteria

                    Research Production – Ibmec São Paulo

18                                   17                                             international papers
14                                                                                  Brazilian papers
     10                         10                            10
10                                                                                  books
 6                                             5                                    chapters
                2                         2
 2                                                                  0
          2004                       2005                     2006

                     Faculty – Undergraduate Program

                     Full-Time Research Faculty
Annual Report 2006

                     Title and Specialization Areas

                     Full Professors                                  Sérgio Giovanetti Lazzarini
                                                                      Associate Professor / Academic Dean
                     Antonio Zoratto Sanvicente                       Ph.D., Business Administration – Washington
                     Full Professor                                   University, St. Louis
                     Ph.D., Business Administration – Stanford        Strategy. Organization of Companies
                     Finance                                          Assistant Professors

                     Eduardo Giannetti da Fonseca                     Andrea Maria Accioly Fonseca Minardi
                     Full Professor                                   Assistant Professor
                     Ph.D., Economics – University of Cambridge       Doctor, Business Administration – EAESP-
                     Economic Thought. Philosophy                     FGV/SP
                     Naercio Aquino Menezes Filho
                     Full Professor / Coordinator of Research         Carlos Alberto Furtado de Melo
                     Ph.D., Economics – University of London          Assistant Professor
                     Human Capital. Labor Market                      Doctor, Political Science – PUC/SP
                                                                      Brazilian Culture. Brazilian Politics
                     Pedro Valls
                     Full Professor / Professional Masters Degree     Danny Pimentel Claro
                     Program in Economics Director                    Assistant Professor
                     Ph.D., Economics (Statistics) – London School    Ph.D., Business Administration – Wageningen
                     of Economics                                     University
                     Econometrics. Finance                            Marketing

                     Associate Professors                             Eduardo Andrade
                                                                      Assistant Professor
                     Mauricio Soares Bugarin                          Ph.D., Economics – University of Chicago
                     Associate Professor / Undergraduate Program in   Macroeconomics. Economic Growth
                     Economics Director
                     Ph.D., Economics – University of Illinois        Eurilton Alves Araújo Júnior
                     Game Theory                                      Assistant Professor
                                                                      Ph.D., Economics – Northwestern University
                                                                      Macroeconomics. Econometrics

Fábio Augusto Reis Gomes                               Marcelo Leite de Moura e Silva
Assistant Professor                                    Assistant Professor
Doctor in Economics – EPGE-FGV/RJ                      Ph.D., Economics – University of Chicago
Consumption theory. Applied Econometrics.              Macroeconomics. Finance
Time Series
                                                       Paulo Barelli (joint appointment - University of
Fabio Ribas Chaddad                                    Rochester)
Assistant Professor / Undergraduate Program in         Assistant Professor
Business Administration Director                       Ph.D., Economics – Columbia University
Ph.D., Agricultural Economics – University of          Game Theory
Strategy. Agribusiness                                 Regina Carla Madalozzo
                                                       Assistant Professor
Gazi Islam                                             Ph.D., Economics – University of Illinois
Assistant Professor                                    Labor Market. Microeconometrics
Ph.D., Business Administration – Tulane
University                                             Ricardo Dias de Oliveira Brito
Organizational Behavior. Leadership.                   Assistant Professor
Organizational Culture                                 Doctor in Economics – EPGE-FGV/RJ
                                                       Finance. Monetary Economics
Henrique Machado Barros
Assistant Professor                                    Rinaldo Artes
Ph.D., Business Administration – Warwick               Assistant Professor
Business School                                        Doctor in Statistics – USP
Innovation                                             Statistics

José Luiz Rossi Júnior                                 Rodrigo Menon Simões Moita
Assistant Professor                                    Assistant Professor
Ph.D., Economics – Yale University                     Ph.D., Economics – University of Illinois
International Economics. International Finance         Industrial Organization

                              Number of Full-Time Research Professors
                         20                                    18
                         15                12


                                2002      2003   2004        2005      2006

                     Part-Time Professors

                     Adriana Bruscato                    Leonardo Pagano
Annual Report 2006

                     Aloísio Bueno Buoro                 Leonidas Sandoval Junior

                     Amyris Fernandez                    Luciana Yeung

                     Ana Carla Abrão Costa               Marcio Poletti Laurini

                     Ana Maria Roux V. Coelho César      Marco Antonio Leonel Caetano

                     André Luís de Castro Moura Duarte   Marcos Hashimoto

                     Arthur Carbonare de Avila           Marcus Vinicius L. Ramos Gonçalves

                     Artur Rothstein Barreto Parente     Maria Cecília Leonel Gomes dos Reis

                     Claudia Maria Costin                Patrícia da Cunha Tavares

                     Daniel Keller de Almeida            Paulo Beltrão Fraletti

                     David Kallás                        Pedro Carvalho de Mello

                     Edilene Santana Santos              Priscila Borin de Oliveira Claro

                     Eduardo Correia de Souza            Ricardo Humberto Rocha da Silva

                     Fabio Orfali                        Ricardo José de Almeida

                     Fernando Barreira Sotelino          Roberta Muramatsu

                     Heleno Piazentini Vieira            Roberto Anis Calfat

                     Humberto Francisco Silva Spolador   Robinson Guitarrari

                     Irineu Gustavo Nogueira Gianesi     Robson Ribeiro Gonçalves

                     Jaqueline Giordano                  Rogério Monteiro

                     João Luiz Mascolo                   Sergio Ricardo Martins

                     José Carlos Tiomatsu Oyadomari      Tadeu Aparecido Pereira da Ponte

                     Juan Pedro Jensen Perdomo           Vivian Iara Strehlau

                     Lars Meyer Sanches                  Wilson Toshiro Nakamura

Academic Seminars                                        Strategy Research Center

In 2006, a total of 26 academic seminars were            The Strategy Research Center, now in its third year
held   involving     researchers    from      various    of existence, continued to form partnerships with
institutions in Brazil and abroad, who presented         companies, with the goal of generating research in
cutting-edge research papers and discussed the           the area of business strategy. One of these studies
results of their work with the team of researchers       sought to discuss the criteria employed for the
from Ibmec São Paulo. Many of these seminars             allocation of resources in corporations, in
were also used for the purpose of evaluating             particular assessing ways to measure the capital
possible candidates for joining our team of full-        employed in each business unit, for use in guiding
time professors.                                         investment decisions. Another study sought to
                                                         develop methodologies to segment business
In addition, support was provided for "brown             clients, with the aim of improving the type of
bag" seminars, bringing together the researchers         relationship with and the retention of these clients.
from Ibmec São Paulo for discussions to
exchange ideas on research, with a view to               The Center also coordinated the first effort made

helping to enhance individual projects.                  by Ibmec São Paulo to produce a series of case
                                                         studies with selection and evaluation criteria. In
                                                         the first semester of the year, case studies were

International Seminars                                   carried out of companies such as Gol Linhas
                                                         Aéreas, CESAR – Center for Advanced Research

Four international seminars were held in 2006,           and Systems of Recife (information technology

which provided the Ibmec São Paulo community,            research center), Bolsa de Mercadorias de São

as well as their supporters and partners, the            Paulo and SoluCia (a division of Basf). In the

opportunity to enjoy direct contact and discuss          second semester, case studies were developed

current issues and issues of broad importance.           with   the    companies    Suzano,     Mextra    (an
                                                         entrepreneurial company, based on a referral

The seminars also served to strengthen Ibmec             from Instituto Endeavor) and Cooxupé (a coffee

São    Paulo's     partnerships    with    renowned      cooperative), in addition to a case study on a

institutions   and    professionals,      helping   to   change in trading criteria in a trading session in

consolidate our school's standing in the national        the financial market. Building on the three other

and international scenarios. They were:                  previously developed cases (Banco Garantia,
                                                         McDonald’s and Ibmec São Paulo), these studies

• Which Educational Policies actually work?              are now part of the series of case studies used by

• Economic Innovation and Growth                         the School.

• New Technologies and the Performance of
  Companies in Brazil and India                          Lastly, the Center continued to organize

• Brazilian Global Forum for Alumni: Managing            discussion events. In partnership with the School

  yourself: making your commitments match                of Business Administration and Economics of the

  your convictions                                       University of São Paulo (FEA-USP) and the
                                                         Getúlio Vargas Foundation (FGV), in July the

                     Center's team organized the first "Workshop on          stations, 17 group study rooms and a room for
                     Institutions     and        Organizations",       an    showing videos. The Telles Library also has a
                     interdisciplinary event hosted at Ibmec São             multimedia station with 20 computers equipped
Annual Report 2006

                     Paulo,   which     sought     to   bring   together     with Internet access, the Office suite of
                     researchers in the fields of economics, business        programs, a database and statistical software.
                     administration, sociology and political science.
                     The objective of the event was to analyze the           The library's archive grew 20% in 2006 in relation
                     issue of how institutions and organizations             to the previous year, and now has a total of 23,354
                     become established and evolve over time. The            documents. A new database was also acquired,
                     Strategy Center also organized a sector-specific        with growth of 45% in relation to 2005, and more
                     debate on agribusiness in the first half of the year.   than 130 people, including students, professors
                                                                             and employees, were trained by specialists on its
                                                                             operation. The access to international electronic
                     Telles Library                                          periodicals was unified to facilitate connection
                                                                             with the various databases of periodicals made
                     The Telles Library specializes in Economics,            available by the school, which facilitated
                     Business Administration and other related fields.       consultation and research by students and
                     With the inauguration of the new campus the             professors, in addition to providing support for the
                     library gained much more room especially                documental treatment of the 172 dissertations of
                     designed for reading and study. The library now         students from the Undergraduate, Executive and
                     has 920 square meters of floor space, 317 study         Masters programs.

Center for Entrepreneurship                               an independent entity dedicated to fostering
                                                          entrepreneurship. The fact that Endeavor also
We consider as part of our mission to stimulate           held a series of meetings, lectures and debates
and develop the entrepreneurial spirit of our             on the issue of the facilities of Ibmec São Paulo
students, both in the undergraduate and                   provided a high degree of synergy to our Center.
graduate programs. To strengthen and expand               The school offers part of its space for the
our activities in this area, in the middle of last year   activities sponsored by Endeavor.
we hired a full-time coordinator for our Center for
Entrepreneurship. The results were already                The first semester of activities carried out by the
reflected in the second half of the year, with a          Center for Entrepreneurship was very valuable.
strong increase in the activities carried out. These      Many volunteers have joined the Center to enable
consisted of orientation for business plans,              us to achieve even better results in 2007, and
offering of elective courses, lectures, meetings,         much work is expected this year. One of the
individual orientation, participation in forums,          Center's main objectives is to show our students
competitions, research and the compilation of a           that entrepreneurship can in fact be a career
series of business case studies on the subject.           option, and that Ibmec São Paulo offers the best
Some of these activities were carried out in              conditions to educate good entrepreneurs. This
conjunction with Instituto Empreender Endeavor,           is our challenge.

                                Acknowledgement of the Faculty
The evolution of the programs of Ibmec São Paulo and the growing recognition of the School's quality
would not be possible without the extensive involvement of its professors. With solid dedication and
professionalism, these professionals have helped to solidify the School's educational vision not only in
the classroom, but in many cases also suggesting and executing projects that are essential to the
continuous improvement of the programs and processes of Ibmec São Paulo. We extend our profound
recognition and gratitude to all of our professors.

                     Financial Highlights

                     Ibmec São Paulo ended 2006 with gross revenue                   of the service, while the purchase of software use
                     of R$ 62.6 million, exceeding the estimates made                licenses began to be recorded as current
                     at the start of the year, mainly due to the excellent           expenditure. As a result, the differences in revenue
Annual Report 2006

                     demand for our executive and corporate                          and surplus between the managerial and the
                     programs. As a result, the organization's end-of-               accounting procedures, the latter reflected in our
                     period final surplus,      rose to roughly R$ 9.8               balance sheet - R$ 1.7 million and R$ 1.5 million
                     million, exceeding by 31% the figure for 2005.                  more, respectively (see table below) - are explained
                                                                                     by the difference in the criteria between 2005 and
                     There had been some changes in the accounting                   2006.
                     criteria for 2006. For 2005, revenues received in
                     advance were computed within the same                           Our yearend cash position rose to R$ 17.6
                     accounting period and the allocation of software                million, up R$ 5.3 million or 43.5% from the
                     use licenses were booked as investments. As of                  position at yearend 2005.
                     2006 we began to adopt the criteria used in our
                     managerial statements, which consider revenues                  The table below presents the main financial and
                     received in advance as services to be rendered                  managerial indicators of Ibmec São Paulo for
                     and, thus, computed within the respective period                2006.

                              Financial Indicators - in thousands of R$*                       2004         2005           2006

                              Gross Revenue                                                   38,131      47,828         62,601

                              Direct Expenses                                                 18,360      21,259         24,625

                              Operational Margin                                              16,163      21,945         31,988

                              Indirect Expenses                                                5,763       7,594         10,580

                              General and Institutional Expenses                               6,834       9,669         13,698

                              End-of-period Surplus                                            4,896       7,666          9,795

                              Cash Position                                                    5,328      12,305         17,656

                              Scholarship Fund                                                      (3)    2,138          2,178

                              Investments                                                      1,115      10,768          9,738

                              Donations - Scholarship Fund                                      -          2,089            314

                              Donations - Other                                                 -          8,725          1,740

                              Donations - Total                                                 -         10,814          2,054

                              *Administrative View, not considering accounting adjustments.

In 2006, the bulk of our investments (70.5%)       Graduate and Undergraduate areas combined
continued to involve the infrastructure and        accounted for 83% of the overall revenue of
operational projects related to the New Campus.    Ibmec São Paulo. The highlight in 2006 was the
In 2007, we plan to concentrate investment in      Corporate Programs unit, with a contribution of
maintenance and improving the day-to-day           14% to overall revenue, posting an increase of
operations of the school.                          four percentage points versus the unit's
                                                   contribution in 2005, and improving the balance
The breakdown of the contribution of the various   across our portfolio of programs. The Executive
programs at Ibmec São Paulo - Graduate,            Education and Distance Learning units combined
Undergraduate, Corporate, Executive Education      accounted for 3% of the school's overall
and Distance Learning - to the school's overall    revenue.
revenue is shown in the chart below. The

                                         Revenue in 2006

                        Undergraduate                                        35%

         Executive Education

               Distance Learning
                      2%                                          Corporate Programs

                     Summarized Balance Sheet
Annual Report 2006

                     Instituto Veris
                     Balance Sheet as of December 31
                     in thousand reais

                                                             2006      2005                2004
                                                                               April to December
                     Current Assets
                        Cash                                18,012    14,655               5,366
                        Accounts receivable                 23,750    20,419              11,933
                        Provision for uncertain debts       (1,452)    (808)               (589)
                        Other accounts receivable            1,179       219                 257
                                                            41,488    34,485              16,967
                     Long Term Assets
                        Long term receivables                8,554     3,619               1,603
                        Legal deposits                         736      782                 782
                                                             9,290     4,401               2,385
                     Permanent Assets
                        Property, plant and equipment       15,411    11,967               5,036
                       Deferred assets                       6,253     4,244                238
                                                            21,664    16,211               5,274
                     Total Assets                           72,442    55,097              24,626

                     Liabilities and Shareholders' Equity
                     Current Liabilities
                        Suppliers                            2,765     4,316                924
                        Payroll charges                        663      366                 347
                        Tax liabilities                      1,551     1,128                700
                        Services to be rendered                326      430                 239
                        Services to be provided             25,906    19,899              15,036
                                                            31,211    26,139              17,908
                     Long Term Liabilities
                        Long Term Services to be rendered    5,234     3,305               2,209
                        Provision for contigencies             662      662                 662
                                                             5,896     3,967               2,871
                     Shareholders' Equity
                        Capital shares                          27       27                  27
                        Capital reserves                    13,523    11,469                655
                        Accumulated surplus                 21,785    13,495               3,827
                                                            35,335    24,991               4,509
                     Total Liabilities and Shareholders'    72,442    55,097              24,626

Income Statement

Instituto Veris
Income Statement, Period ended on December
In thousand reais

                                                                                          2006       2005                 2004
                                                                                                             April to December
Gross Revenues
     Revenues from services                                                             60,878     50,369               30,024
     Deductions from services rendered                                                  (2,776)    (2,419)              (1,135)

Net Revenue from Services                                                               58,102     47,950               28,889

Operating Expenses
     Labor                                                                             (23,044)   (22,721)             (14,169)
     Professional and Third party services                                             (12,185)    (6,284)              (3,672)
     Depreciation and Amortization                                                      (1,839)    (1,977)                (956)
     Other expenses                                                                    (13,457)    (8,355)              (5,714)
     Extraordinary itens                                                                      -          -                (763)
     Taxes                                                                                (282)      (260)                (145)
                                                                                       (50,807)   (39,595)            (25,419)

Operating Surplus                                                                        7,295      8,355                3,471

Net financial revenue/expenses                                                           1,859      1,309                  354

Net non-operating revenues/expenses                                                       (865)         6                    2
(2006 impacted significantly by the proceeds from the sale of the former facilities)

Surplus for the Year                                                                     8,289      9,670                3,827

                     Independent Auditor’s Opinion

                     To the Directors and Executives
Annual Report 2006

                     INSTITUTO VERIS

                     1. We have examined the balance sheets for INSTITUTO VERIS as of December 31, 2006 and 2005, as
                       well as the surplus, net worth changes and sources and uses of funds statements for the periods
                       ending on those dates, as prepared by INSTITUTO VERIS managers. We are charged with the
                       responsibility of issuing an opinion regarding those accounting statements.

                     2. Our examination was conducted according to the applicable auditing guidelines in Brazil, and
                       involved: a) the planning of the auditing work on the basis of the relevance of account balances,
                       transaction amounts, and the organization’s accounting and internal control systems; b) the
                       identification, on the basis of tests, of evidence and records in support of the amounts and the
                       accounting information reported; and c) the evaluation of the most representative practices and
                       accounting estimates used by the organization’s management, as well as the disclosure of all
                       accounting statements as a whole.

                     3. In our opinion, the accounting statements mentioned in paragraph 1 adequately represent, in all
                       relevant aspects, the assets, liabilities and the financial condition of INSTITUTO VERIS, including its
                       operating surplus, the changes in its net worth, and the sources and uses of funds for the periods
                       ended on those dates, in accordance with accounting practices adopted in Brazil.

                     São Paulo, March 7th, 2007.

                     Eduardo Affonso de Vasconcelos
                     CRC 1 SP 166.001/O-3
                     CRC 2 SP 019.098/O-1
                     Nexia International

Ibmec São Paulo Executives

      Undergraduate Program in                 Distance Learning
      Business Administration Director         Camila de Souza Queiroz Du Plessis
      Fabio Ribas Chaddad
      (as of January 2007)
      Sérgio Giovanetti Lazzarini              Márcia Maria Deotto
      (to December 2006)

      Undergraduate Program in
      Economics Director
                                         Undergraduate and Masters
      Mauricio Soares Bugarin            Area
      (as of January 2007)

      Ricardo Dias de Oliveira Brito           Academic Support
      (to December 2006)                       Ana Helena Campos

      Professional Masters Degree              Library
      Program in Economics Director            Silvia Novaes
      Pedro Valls

      Associate Dean for                       Strategy Research Center
      Executive MBA Programs                   Danny Pimentel Claro
      Fábio de Biazzi

      Executive MBA in Healthcare              Ibmec Cultura, Extracurricular
      Management Program Director              Activities and Exchange
      Carlos Alberto Suslik                    Programs
                                               Andréa Tissenbaum

      Associate Dean for Certificates          Associate Dean for Academic
      and Executive Education                  Research
      Marco Antônio Quége                      Naercio Aquino Menezes Filho

      Ibmec Law Director                       Community Relations
      Jairo Saddi                              Carlos Alberto Furtado de Melo

      Associate Dean for                       Academic Administration
      Corporate Programs                       Meiry Tregier
      Luca Borroni-Biancastelli

                     Executive and Corporate                  Operations Area
                     Programs Area
Annual Report 2006

                                                                     Fabio Vagner Ribeiro
                           Center for Entrepreneurship
                           Marcos Hashimoto

                                                                    Customer Service
                                                                    Silvia Regina Bassaglia

                     Organizational Development                     Marketing
                                                                    Martha Magalhães
                           Center for Teaching and
                                                                    Planning and Control
                                                                    Milena Soares de Oliveira
                           Tadeu Aparecido Pereira da Ponte

                           Ibmec Carreiras (Careers)
                                                                    Information Technology and
                           Jaqueline Giordano
                                                                    Christian Greiffo da Justa Menescal

                           Ibmec Pessoas (Human
                           Vilma Santos


List of Publications by Research Faculty in 2006

Papers Published in International Scientific Journals

1. AZEVEDO, P. F. de; CHADDAD, F. R.                  pathological     gambling.     Journal    of    the
Redesigning the Food Chain: Trade, Investment         International Neuropsychological Society: JINS,
and Strategic Alliances in the Orange Juice           v. 12, n. 6, p. 1-6, 2006.
Industry. International Food and Agribusiness
Management Review, Estados Unidos, v. 9, n. 1,        8. GALVÃO, A. B. Structural Break Threshold
p. 18-32, 2006.                                       VARs for Predicting US Recessions using the
                                                      Spread. Journal Of Applied Econometrics, v. 21,
2. BURKE, M. J.; SARPY, S. A.; SMITH-CROWE,           n. 4, p. 463-487, 2006.
relative effectiveness of worker safety training      9. GORENSTEIN, C.; CARVALHO, S. C.; ARTES,
methods. American Journal of Public Health, v.        R.; MORENO, R. A.; MARCOURAKIS, T. Cognitive
96, p. 315-324, 2006.                                 performance in depressed patients after chronic
                                                      use of antidepressants. Psychopharmacology, v.
3. CARVALHO, F. A. de; BUGARIN, M. S. Inflation       185, n. 1, p. 84-92, 2006.
Expectations      in   Latin   America.   Economía
(Washington), v. 2006, p. 101-145, 2006.              10. HWANG, S.; VALLS PEREIRA, P. L. Small
                                                      Sample Properties of GARCH Estimates and
4. CHADDAD, F. R.; JANK, M. S. The Evolution of       Persistence. European Journal of Finance,
Agricultural      Policies     and     Agribusiness   England, v. 12, p. 473-494, 2006.
Development in Brazil. Choices, Estados Unidos,
v. 21, n. 2, p. 85-90, 2006.                          11. ISLAM, G.; ZYPHUR, M. Critical Industrial
                                                      Psychology: What is it and where is it?
5. CLARO, D. P.; CLARO, P. B. O.; HAGELAAR, G.        Psychology in Society, 2006.
Coordinating collaborative joint efforts with
suppliers: trust, transaction specific investment     12. ISLAM, G.; ZYPHUR, M. The sweetest
and information network in the Dutch flower           dreams that labor knows: Robert Frost and the
industry. Supply Chain Management, v. 11, n. 3,       poetics of work. Management Decision, v. 44,
p. 216-224, 2006.                                     p. 526-545, 2006.

6. CLARO, D. P. Demand driven chain and               13. MENEZES FILHO, N. A.; GONZAGA, G.;
Networks. Production Planning & Control, v.           TERRA, M. C. Trade liberalization and the
17, p. 637-638, 2006.                                 evolution of skill earnings differentials in Brazil.
                                                      Journal of International Economics, Estados
7. FUENTES, D.; TAVARES, H.; ARTES, R.;               Unidos, v. 68, n. 2, p. 345-367, 2006.
GORENSTEIN,            C.      Self-reported   and
neuropsychological measures of impulsivity in         14. MINARDI, A. M. A. F., SANVICENTE, A. Z.,

                     MONTEIRO, R. C. Bid-Ask Spreads in a Stock          Research Journal of Problems & Perspectives
                     Exchange without Market Specialists. Latin          in Management, v.4, (4), p. 12-25, 2006.
                     American Business Review (Binghamton), v.7,
Annual Report 2006

                     p.19 - 39, 2006.                                    16. TEIXEIRA, L.; BUGARIN, M. S.; DOURADO, M. C.
                                                                         M. D. Intermunicipal Health Care Consortia in Brazil:
                     15. NEVES, M. F.; CONSOLI, M.; CLARO, D. P.;        Strategic Behavior, Incentives and Sustainability.
                     ZYLBERSZTAJN, D. Building joint ventures in 6       The International Journal of Health Planning and
                     steps: a South American Case. International         Management, v. 21, p. 275-296, 2006.

                     Papers Published in Brazilian Scientific Journals

                     1. ARAÚJO JÚNIOR, E. A.; FAJARDO, J.;               6. MADALOZZO, R. C. The Firm Size Wage
                     TAVANI, L. C. Di. CAPM usando uma carteira          Premium: A Quantile Analysis. RBEE. Revista
                     sintética   do      PIB   Brasileiro.   Estudos     Brasileira de Economia de Empresas, v. 6, n. 1,
                     Econômicos (IPE/USP), São Paulo, v. 36, n. 3,       p. 21-46, 2006.
                     p. 465-505, 2006.
                                                                         7. MENEZES FILHO, N. A.; CORBI, R. Os
                     2. ARAÚJO JÚNIOR, E. A. Estimating and Testing      determinantes empíricos da felicidade no Brasil.
                     Two Consumption-Based Asset Pricing Models          Revista de Economia Política, v. 26, p. 120-
                     for Brazil. BBR. Brazilian Business Review, v. 3,   140, 2006.
                     p. 1-14, 2006.
                                                                         8. MENEZES FILHO, N. A.; FERNANDES, R.;
                     3. BRITO, R. D. O.; PEETERS, E. Does credible       PICCHETTI, P. Rising Human Capital but
                     auditing add value? BBR. Brazilian Business         Constant Inequality: The Education Composition
                     Review, v. 3, n. 2, p. 200-222, 2006.               Effect in Brazil. Revista Brasileira de Economia,
                                                                         v. 60, p. 200-250, 2006.
                     4. BUGARIN, M. S.; MENEGUIN, F. B. Pacto de
                     Estabilidade e Crescimento na União Européia:       9. MOREIRA, M. L.; BRITO, R. D. O. Fatores
                     Há incentivos ao seu cumprimento? Revista de        determinantes da duração da dívida corporativa
                     Economia Aplicada, São Paulo, v. 10, n. 3, p.       no    Brasil.     Revista      de   Economia       e
                     307-321, 2006.                                      Administração, v. 5, n. 4, out.-dez. de 2006.

                     5. CURI, A.; MENEZES FILHO, N. A. O Mercado         10. SCORZAFAVE, L. G.; MENEZES FILHO, N. A.
                     de Trabalho Brasileiro é Segmentado? Alterações     Caracterização da participação feminina no
                     no Perfil da Informalidade e nos Diferenciais de    mercado      de    trabalho:    uma    análise    de
                     Salários nas Décadas de 80 e 90. Estudos            decomposição. Revista de Economia Aplicada,
                     Econômicos (IPE/USP), v. 36, p. 160-19, 2006.       v. 10, p. 41-55, 2006.

Book Chapters

1. CHADDAD, F. R.; JANK, M. S. Policy                  4. GIOVANETTI, B.; MENEZES FILHO, N. A.
Coherence for Development: Issues for Brazil. In:      Tecnologia e a Demanda por Qualificação na
OECD.     (Org.).    Trade,   Agriculture      and     Indústria Brasileira. In: João de Negri, Fernanda
Development: Policies Working Together.                de Negri, Danilho Coelho. (Org.). Tecnologia,
Paris,   França:    Organization   for   Economic      Exportação e Emprego. 1 ed. Rio de Janeiro:
Cooperation and Development, 2006, p. 129-147.         IPEA, 2006, v. 1, p. 315-340.

2. CHADDAD, F. R.; AGUILAR, P.; JANK, M. S.            5. LAZZARINI, S. G.; ARTES, R.; MOURA, M. L.;
Agrifood Market Integration: Perspectives from         FUKUDA, F. R. Inteligência Competitiva na
Developing Countries. In: R. D. Knutson; R. F.         Prática: Métodos para Estimar e Analisar
Ochoa; K. D. Meilke; D. P. Ernstes. (Org.). North      Reações de Competidores. In: Delane Botelho;
American     Agrifood     Market     Integration:      Deborah Moraes Zouain. (Org.). Pesquisa
Regulatory and Policy Integration under                Quantitativa em Administração. São Paulo:
Stress. College Station, TX: Texas A&M                 Atlas, 2006, v. 1, p. 174-186.
University Press, 2006.
                                                       6. MENEZES FILHO, N. A.; VASCONCELLOS, L.
3. GALVÃO, A. B.; CLEMENTS, M. P. Combining            Human Capital, Inequality and Pro-poor Growth
predictions versus information in modelling:           in Brazil. In: Tim Besley; Louise Cord. (Org.).
Forecasting US recession probabilities and             Delivering on the Promise of Pro-Poor Growth:
output growth” In: MILAS, C., ROTHMAN, P.;             Insights and Country Experiences. 1 ed.
DIJK, V. Nonlinear Time Series Analysis of             Washington: World Bank, 2006, v. 1, p. 250-287.
Business Cycles. Elsevier, 2006, p. 55-74

Complete Works in Conference Proceedings

1. ARAÚJO JÚNIOR, E. A. Robust Monetary                3. ARAÚJO JÚNIOR, E. A. Robust Monetary Policy
Policy with the Consumption Wealth Channel. In:        with the Consumption Wealth Channel. In: VII
XI Annual Meeting of the Latin American and            Jornada Latino Americana de Teoria Econômica,
Caribbean Economic Association, 2006, Mexico           2006, Rio de Janeiro-RJ. VII JOLATE, 2006.
City. XI LACEA, 2006.
                                                       4. ARAÚJO JÚNIOR, E. A.; SANTOS, T. T. dos. A
2. ARAÚJO JÚNIOR, E. A. Taylor Rule and Fixed          Dinâmica da Inflação Brasileira após o Plano Real.
Exchange Rate Regime in a Small Open                   In: XXVIII Encontro Brasileiro de Econometria,
Developing      Economy       with       Financially   2006, Salvador-BA. XXVIII SBE, 2006.
Constrained Households. In: XXII Latin American
Meeting of the Econometric Society, 2006,              5. ARTES, R.; TOLOI, C. M. C. Estimação de um
Mexico City. XXII LAMES, 2006.                         modelo de regressão auto-regressivo para dados

                     circulares. In: XVII Simpósio Nacional de              Macroeconomic Effects of Inflation Targeting in
                     Probabilidade e Estatística, 2006, Caxambu. CD         Latin America. In: XXVIII Encontro Brasileiro de
                     do 17o SINAPE, 2006.                                   Econometria, Salvador, 2006.
Annual Report 2006

                     6. BARROS, H. M. The relevance of appropriability      12. BUGARIN, M. S.; CARVALHO, F. A. de.
                     mechanisms for the importance of patents:              Heterogeneity of Central Bankers and Inflationary
                     empirical evidence from UK manufacturing. In: The      Pressure. In: XXVIII Encontro Brasileiro de
                     15 International Conference on Management of
                                                                            Econometria, 2006, Salvador. CD do XXVIII EBE,
                     Technology, 2006, Pequim. Proceedings of IAMOT         2006.
                     2006, cd-rom, 2006.
                                                                            13. BUGARIN, M. S.; CARVALHO, F. A. de.
                     7. BARROS, H. M. The Impact of the Importance          Heterogeneity of Central Bankers and Inflationary
                     of        Appropriability   Mechanisms   on   Firms    Pressure. In: VII Latin-American Workshop in
                     Patenting Behaviour. In: XXX Encontro da               Economic Theory - JOLATE, 2006, Rio de
                     Associação Nacional dos Programas de Pós-              Janeiro. Site do Evento, 2006.
                     Graduação em Administração, 2006, Salvador,
                     BA. Anais do XXX EnANPAD, cd-rom, 2006. p.             14. BUGARIN, M. S.; CARVALHO, F. A. de.
                     GCT-B 2870.                                            Heterogeneity of Central Bankers and Inflationary
                                                                            Pressure. In: 2006 Meeting od the Latin American
                     8. BARROS, H. M. Firms’ perception of the way          and Caribean Economic Association, 2006,
                     their patent portfolios are built. In: XXIV Simpósio   Mexico City. Site do Evento, 2006.
                     de Gestão da Inovação Tecnológica, 2006,
                     Gramado, RS. Anais do XXIV Simpósio de                 15. BUGARIN, M. S.; FERREIRA, I. F. S. Political
                     Gestão da Inovação Tecnológica, cd-rom, 2006.          Budget Cycles in a Fiscal Federation: The Effect
                                                                            of    Partisan   Voluntary     Transfers.   In:   17th
                     9. BARROS, H. M.; CLARO, D. P.; CHADDAD, F.            International Conference on Game Theory, 2006,
                     R.        Políticas   Públicas   e   Aprendizagem      Stony Brook, 2006.
                     Tecnológica no Brasil: Os Casos dos Setores de
                     Energia Elétrica e de Bens de Informática. In: 30o     16.     CHADDAD,     F.   R.     Cooperativas      no
                     Encontro Científico de Administração EnANPAD,          Agronegócio do Leite: Tendências Internacionais.
                     2006, Salvador. 30o Encontro Científico de             In: XLIV Congresso da Sociedade Brasileira de
                     Administração EnANPAD, 2006.                           Economia e Sociologia Rural, 2006, Fortaleza,
                                                                            CE. Questões Agrárias, Educação no Campo e
                     10. BINELLI, C.; MEHIR, C.; MENEZES FILHO, N.          Desenvolvimento, 2006.
                     A. Education and Wages in Brazil. In: XXVIII
                     Encontro Brasileiro de Econometria, 2006,              17. CHADDAD, F. R. Investment Constraints in
                     Salvador. Anais do XXVIII Encontro Brasileiro de       Agricultural Cooperatives: Theory, Evidence and
                     Econometria. São Paulo: Sociedade Brasileira de        Solutions. In: XLIV Congresso da Sociedade
                     Econometria, 2006. v. 1.                               Brasileira de Economia e Sociologia Rural, 2006,
                                                                            Fortaleza, CE. Questões Agrárias, Educação no
                     11. BRITO, R. D. O.; BYSTEDT, B. The                   Campo e Desenvolvimento, 2006.

18. CHADDAD, F. R. Performance Measurement                   23. CURI, A.; MENEZES FILHO, N. A. Os efeitos
of User-Owned Organizations: An Evaluative                   da pré-escola sobre os salários, a escolaridade e
Survey of the Literature. In: XXX Encontro da                a proficiência escolar. In: XXXIV Encontro
EnANPAD, 2006, Salvador, BA. Anais do XXX                    Nacional de Economia, 2006, Salvador. Anais do
Encontro da Associação Nacional de Pós-                      XXXIV Encontro Nacional de Economia. São
Graduação e Pesquisa em Administração, 2006.                 Paulo: ANPEC, 2006. v. 1.

19. CHADDAD, F. R.; COOK, M. L. The Role of                  24. FERREIRA, I. F. S.; BUGARIN, M. S. Political
Cooperatives in Dairy Markets: Lessons Learned               Budget Cycles in a Fiscal Federation: The Effect
from US Dairy Cooperatives. In: 9º Congresso                 of Partisan Voluntary Transfers. In: 2006 LAMES,
Pan-Americano do Leite, 2006, Porto Alegre, RS.              2006, Mexico City. 2006 LAMES WEBPAGE,
Tendências e Avanços do Agronegócio do Leite                 2006.
nas Américas. Juiz de Fora, MG: EMBRAPA,
2006. p. 11-22.                                              25. ISLAM, G.; BARSKY, A. The sweetest dreams
                                                             that labor knows: Robert Frost and the poetics of
20. CLARO, D. P.; CLARO, P. B. O. Do all network             work. In: Academy of Management, 2006,
ties support collaboration in business? In: 35th             Atlanta. Academy of Management Best Paper
European Marketing Academy, 2006, Athens.                    Proceedings, 2006.
Sustainable Marketing Leadership - Proceedings
of the 35th European Marketing Academy, 2006.                26. IWAMISU, P. S.; ARTES, R. Modelo bayesiano
                                                             para Análise de Preferência Conjunta. In: xvii
21. CLARO, D. P.; FERREIRA, T. F.; MIZUMOTO,                 Simpósio Nacional de Probabilidade e Estatística,
F. Developing a close relationship with your                 2006, Caxambu. CD do 17o SINAPE, 2006.
customer: a model of customer relationship
management and empirical evidence of input                   27. LEUSIN, L. M. C.; BRITO, R. D. Market Timing
suppliers in the agribusiness. In: 7 International
                                                             e Avaliação de Desempenho dos Fundos
Conference on Management of Chain and                        Brasileiros. In: 6o Congresso Brasileiro de
Network    Conference,         2006,    Wageningen.          Finanças, 2006, Vitória. Anais do 6o Encontro
Proceedings of the 7th International Conference              Brasileiro   de   Finanças.   Rio    de    Janeiro:
on   Management          of   Chain    and       Network     Sociedade Brasileira de Finanças, 2006.
Conference, 2006.
                                                             28. MARÇAL, E.F.; VALLS PEREIRA, P. L. A
22. CLARO, P. B O.; ZYLBERSZTAJN, D.;                        estrutura a termo das taxas de juros: Testando a
CLARO,     D.     P.;   GONÇALVES,          R.    N.   C.    Hipótese de Expectativas no Brasil. In: VI
Competitiveness         and   Coordination       of    the   Conferencia Internacional de Finanzas, 2006,
Brazilian Market Pulp Chain. In: 7 International
                                                             Santiago do Chile. Anais da VI Conferencia
Conference on Management of Chain and                        Internacional de Finanzas, 2006.
Network    Conference,         2006,    Wageningen.
Proceedings of the 7th International Conference              29. MARÇAL, E.F.; VALLS PEREIRA, P. L.;
on   Management          of   Chain    and       Network     MARTIN, D.; NAKAMURA, W. Avaliação de
Conference, 2006.                                            contágio     ou   interdependência   nas     crises

                     financeiras      da     Ásia     e    América        Latina,   Análise da Série Histórica de Prêmios Pelo Risco
                     considerando os fundamentos macroeconômicos.                   de   Mercado     Estimados      pelo    Modelo    de
                     In: VI Encontro Brasileiro de Finanças, 2006. Anais            Dividendos Descontados. In: Sexto Encontro
Annual Report 2006

                     do VI Encontro Brasileiro de Finanças. Rio de                  Brasileiro de Finanças, 2006, Vitória. Sexto
                     Janeiro: SBFin, 2006.                                          Encontro Brasileiro de Finanças, 2006. v. 6.

                     30. MARÇAL, E.F.; VALLS PEREIRA, P. L.;                        36. MINARDI, A. M. A. F.; SANVICENTE, A. Z.;
                     MARTIN, D.; NAKAMURA, W. Contagion or                          ARTES, R. Determinação de Rating de Crédito de
                     interdepemdence in the Financial Crises of Asia                Unidades de Negócios Visando Estimar o Custo
                     and     Latin         America:       considering        the    de Capital de Terceiros. In: 30o Encontro da
                     Macroeocnomic           Fundamentals.          In:    Latin    ANPAD, 2006, Salvador. EnANPAD, 2006, 2006.
                     American Meeting of the Econometrics Society,
                     2006, Cidade do México. Anais do Latin American                37. MOITA, R. M. S. M. Entry and Externality:
                     Meeting of the Econometrics Society, 2006.                     Hydroelectric Generators in Brazil. In: XXVIII
                                                                                    Encontro Brasileiro de Econometria, Salvador,
                     31. MENEZES FILHO, N. A.; MARCONDES, R.;                       2006.
                     PAZELLO, E.; SCORZAFAVE, L. G. Instituições e
                     Diferenças      de     Renda     entre    os     Estados       38. MOITA, R. M. S. M.; PAIVA, C. The Political
                     Brasileiros: Uma análise histórica. In: XXXIV                  Price Cycle in Regulated Industries: Theory and
                     Encontro Nacional de Economia, 2006, Salvador.                 Evidence. In: XXXIV Encontro Nacional de
                     Anais do XXXIV Encontro Nacional de Economia.                  Economia – ANPEC, 2006.
                     São Paulo: ANPEC, 2006. v. 1.
                                                                                    39. MOREIRA, M. L. M.; BRITO, R. D. Fatores
                     32. MESQUITA, L.; LAZZARINI, S. G. Vertical and                Determinantes da Duração da Dívida Corporativa
                     horizontal relationships in clusters: implications             no Brasil. In: EnANPAD, 2006, Salvador. Anais da
                     for SMEs access to global markets. In: Academy                 EnANPAD, 2006.
                     of Management Conference, 2006, Atlanta.
                     Academy         of     Management        Best        Paper     40. MOURA, M. L.; LAURINI, M. P. Constrained
                     Proceedings, 2006.                                             Smoothing Splines for the Term Structure of
                                                                                    Interest Rates. In: VI Encontro Brasileiro de
                     33. MINARDI, A. M. A. F. Using Option Theory to                Finanças, 2006, Vitória. Anais do VI Encontro
                     Estimate Default Probabilities of Brazilian                    Brasileiro de Finanças, 2006.
                     Companies. In: BALAS, 2006, Lima. 2006 BALAS
                     Anual Conference, 2006.                                        41. MOURA, M. L.; LAURINI, M. P. A Dinamic
                                                                                    Non-Parametric Model For Term Structure of
                     34. MINARDI, A. M. A. F. Using Option Theory to                Interest Rates. In: VI Conferencia Internacional de
                     Estimate Default Probabilities of Brazilian                    Finanzas,    2006,   Santiago      de    Chile.   VI
                     Companies. In: CLADEA, 2006, Montpellier.                      Conferencia Internacional de Finanzas, 2006.
                     Cladea 2006, 2006. v. 41.
                                                                                    42. MOURA, M. L.; LAURINI, M. P. Constrained
                     35. MINARDI, A. M. A. F.; SANVICENTE, A. Z.                    Smoothing Splines for the Term Structure of

Interest Rates In: XXVIII Encontro Brasileiro de       Evidence from Brazil. In: Global Finance
Econometria, Salvador, 2006.                           Conference, 2006, Rio de Janeiro. Global
                                                       Finance Conference, 2006.
43. MOURA, M. L.; LAURINI, M. P. Constrained
Smoothing Splines for the Term Structure of            50. ROSSI JUNIOR, J. L. Corporate foreign
Interest Rates In: LACEA-LAMES Conference,             vulnerability, financial policies and the exchange
Cidade do México, 2006.                                rate regime: evidence from Brazil. In: 6o Encontro
                                                       Brasileiro de Finanças, 2006, Vitória. 6o Encontro
44. PIMENTEL, G. G.; BRITO, R. D. Sobre o              Brasileiro de Finanças, 2006.
Custo do Capital e o Retorno do Investimento
Corporativo no Brasil. In: 6o Congresso Brasileiro     51. ROSSI JUNIOR, J. L. The Use of Currency
de Finanças, 2006, Vitória. 6        o
                                         Congresso     Derivatives by Brazilian Companies: An Empirical
Brasileiro    de   Finanças.   Rio   de     Janeiro:   Investigation. In: 6th Global Conference on
Sociedade Brasileira de Finanças, 2006.                Business and economics, 2006, Cambridge. 6th
                                                       Global Conference on Business and economics
45. PIMENTEL, G. G.; BRITO, R. D. Sobre o              proceedings, 2006.
Custo do Capital e o Retorno do Investimento
Corporativo no Brasil. In: EnANPAD, 2006,              52. VENEZUELA, M. K.; BOTTER, D. A.;
Salvador. Anais do EnANPAD, 2006.                      SANDOVAL, M. C.; ARTES, R. Técnicas de
                                                       diagnóstico para modelos de regressão beta e
46. PORTUGAL, A. C.; BUGARIN, M. S. Electoral          modelos de dispersão com medidas repetidas.
Campaign Financing: The Role of Public                 In: xvii Simpósio Nacional de Probabilidade e
Contributions and Party’s Ideology. In: 21st           Estatística, 2006, Caxambu. CD do 17o SINAPE,
Annual       European   Economic         Association   2006.
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47. PORTUGAL, A. C.; BUGARIN, M. S. Electoral
Campaign Financing: The Role of Public
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Análise de preferência conjunta: um estudo
sobre imputação de dados. In: XVII Simpósio
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49. ROSSI JUNIOR, J. L. Corporate Foreign
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                     Abstracts in Conference Proceedings

                     1. BARROS, H. M. Appropriability conditions and       3. ISLAM, G.; ZYPHUR, M.; BARSKY, A.; ROSE,
Annual Report 2006

                     R&D distribution: new survey evidence from UK         J.; JOHNSON, E. Rituals Revisited: A New Look
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                     Annual    Meeting,    2006,   Atlanta,   Georgia.     Salvador. Anais do ANPAD, 2006.
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                     2. BARSKY, A.; ISLAM, G.; ZYPHUR, M.; JOHNSON,        reais. In: XVII Simpósio Nacional de Probabilidade
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                     2006, Salvador. Anais do ANPAD, 2006.


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