Trabalho de Evento
URI permanente desta comunidadehttps://repositorio.insper.edu.br/handle/11224/3235
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Resultados da Pesquisa
Trabalho de Evento Why Are Savings Rate so Low and Interest Rates so High in Brazil? The Role of Unfunded Social Security and Compulsory Savings (Preliminary)(2016) MARCO ANTONIO CESAR BONOMO; Brito, Ricardo; MARCELO RODRIGUES DOS SANTOSTrabalho de Evento Gray Zones: On the Causes of Slum Formation(2016) MARCELO RODRIGUES DOS SANTOS; Cavalcanti, Tiago Vanderlei de Vasconcelos; Mata, Daniel F. P. G. daTrabalho de Evento Can food be circular? An investigation of food supply chains through the lenses of circular economy and data-driven technologies(2021) VINICIUS PICANÇO RODRIGUES; Bürger, JensTrabalho de Evento Size and Variation of Sao Paulo City Homeless Population(2021) RINALDO ARTES; Schor, Silvia M.; Pereira, Pedro L. Valls; Rigonati, EduardoTrabalho de Evento Nonlinearity of entrepreneurial attribution and performance in times of economic crisis(2019) RINALDO ARTES; Monteiro, Guilherme Fowler de Ávila; Guntovitch, GuilhermeTrabalho de Evento Spatial dependence in credit risk(2017) RINALDO ARTES; Fernandes, Guilherme BarretoTrabalho de Evento Either Board Interlock hiring or Private Equity funding: how Brazilian pre-IPO firms signal management quality(2015) ANDREA MARIA ACCIOLY FONSECA MINARDI; Silva, Emília Borges da; CHARLES KIRSCHBAUM; Rossoni, LucianoPre-IPO firms strive to perform the required changes before opening its capital to the stock market. Among these changes, firms perform operational and strategic shifts, as well as incorporate corporate governance practices. In order to cope with these changes, pre-IPO firms usually attempt to attract professionals and firms that will both help them throughout this trajectory. Because internal changes will not have an immediate impact, market actors must rely on the firm’s signals in order to infer quality, given the inherit asymmetry of information. Throughout this paper, we espouse the ‘signaling theory’ in order to propose that pre-IPO firms will try to choose the most efficient signals in order to increase the odds of post-IPO abnormal results. Specifically, we test two signals: association to private equity firms and attraction of central board members from the board interlock community. We tested these hypotheses for Brazilian IPOs from 2004 to 2013. While the association to private equity firms increased the odds of post-IPO performance for all sample, betweenness (information flow) and participation in other boards (degree) hypotheses were supported only for those firms without private equity funding. These results suggest that, for the Brazilian context, attracting board members from the interlock community is a second-best strategy, when compared to being associated to a private equity firm.Trabalho de Evento Should Pre‐IPO Firms Signal Status Through Highly Central Board Members?(2015) CHARLES KIRSCHBAUM; Borges, Emilia; ANDREA MARIA ACCIOLY FONSECA MINARDI; Rossoni, LucianoTrabalho de Evento Who is the boss? Entrepreneurial governance in private equity investments in emerging markets(2020) ANDREA MARIA ACCIOLY FONSECA MINARDIWe investigate the different forms of entrepreneurial governance in private equity (PE) investments in emerging markets. Our research design is a multicase, inductive study that uses field data to assess the full cycle of PE investments in forty companies in Brazil, a dynamic emerging economy. Our central contribution is a framework of PE investment in the presence of institutional voids. We find that PE firms can adopt three distinct entrepreneurial governance structures: growth equity, entrepreneurial buyout, and submissive buyout. We describe the main characteristics of these governance structures and discuss the key drivers that influence their adoption.Trabalho de Evento Private Equity Funds and Acquisition Multiples in the BRIC(2018) ANDREA MARIA ACCIOLY FONSECA MINARDI; Olivares, Rodrigo Henriques; Pinho, Paulo José Jubilado Soares deThe Private Equity (PE) activity has been growing globally. It represents a significant stake of merge and acquisition (M&A) transactions. We expect that Private Equity managers pay lower prices than non-PE bidders. Their cost of capital reflect illiquidity premium, usually there are no synergy gains in PE deals, they are recurrent players in M&A, and some entrepreneurs accept lower offer prices from PE in exchange of fund’s know-how and certification effect. The objective of this article is to investigate if the PE acquisition multiples are lower than non -PE multiples in the BRIC countries (Brazil, Russia, India and China). Those emerging market countries raised a lot of PE capital recently, and funds should be efficient to deliver a premium for emerging markets. We run multiple linear regression and propensity score matching. Our results showed that on average PE funds had lower multiples than non-PE funds, but this is not the case in all the BRIC countries. When we run the regressions for countries individually, only Russia and China had a significant discount in the acquisition multiple, indicating that PE deal flow and discipline for investing differ in the BRIC.