ANDREA MARIA ACCIOLY FONSECA MINARDI

ANDREA MARIA ACCIOLY FONSECA MINARDI

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Underpricing and Partial Adjustment in Brazilian Private Equity Backed IPOs
(2016) ANDREA MARIA ACCIOLY FONSECA MINARDI; Otero, Marcelo
This paper analyzes how the sponsorship of a private equity firm impacts underpricing of initial public offerings (IPOs). Underpricing is well documented in financial literature, and there are evidences that one of its causes is partial adjustment. Partial adjustment occurs when the underwriter of an issue does not adjust the offering price to the demand observed during the bookbuilding process, creating positive initial returns. We analyze IPOs issued in Brazil between 2004 and 2014. We considered the overallotment option in estimating the underpricing, and our results conclude that partial adjustments and underpricing are higher for private equity backed IPOs.
Orçamento de capital
(2007) ANDREA MARIA ACCIOLY FONSECA MINARDI; Saito, Richard
Uma Análise da Indústria Brasileira de Private Equity e Venture Capital nos últimos 30 anos
(2014) ANDREA MARIA ACCIOLY FONSECA MINARDI; Kanitz, Ricardo; Bassani, Rafael
Instituto Semeia: construindo as bases para investimentos de impacto nas unidades de conservação brasileiras
(2013) SERGIO GIOVANETTI LAZZARINI; ANDREA MARIA ACCIOLY FONSECA MINARDI; Pongeluppe, Leandro S.
Operating partners no Brasil
(2024) ANDREA MARIA ACCIOLY FONSECA MINARDI; Gallucci, Humberto; Marca, Natasha La
The impact of Private Equity and Venture Capital Growth on Performance
(2017) ANDREA MARIA ACCIOLY FONSECA MINARDI; ADRIANA BRUSCATO BORTOLUZZO; Moreira, Lucas do Amaral
Private Equity and Venture Capital Industry Performance in Brazil: 1990–2013
(2014) ANDREA MARIA ACCIOLY FONSECA MINARDI; Kanitz, Ricardo Vinicius; Bassani, Rafael Honório
This article investigates the performance of Brazilian private equity (PE) and venture capital funds between 1990 and 2013. The Spectra-Insper database is used for information about gross returns and multiples. Investment amounts are collected from what General Partners report in Private Placement Memorandum or that are hand collected by the CVM (Brazilian Security Exchange Commission) or other commercial sources. The performance of 46 funds is analyzed. The average IRR of Brazilian funds is higher than the average of U.S. funds over the same period. We observe that Brazilian funds with vintage years between 1990 and 1997 underperform U.S. PE funds on average, but those with vintage years between 1998 and 2008 outperform U.S. PE funds. This pattern may reflect a learning curve in Brazilian PE industry. We find evidence that performance in Brazil has a higher cyclicality than in the U.S., but this may be due to the small sample size rather than the emerging market effect.
Entrepreneurial Governance in Private Equity Investments: an Emerging Market Perspective
(2018) ANDREA MARIA ACCIOLY FONSECA MINARDI; GUILHERME FOWLER DE AVILA MONTEIRO; Penno, Luiz
We investigate the different forms of entrepreneurial governance in private equity investments in emerging markets. Our research design is a multi-case, inductive study that uses field data to assess the full cycle of private equity investment in forty companies. We find that private equity firms can adopt four distinct entrepreneurial governance structures along two main dimensions: minority versus majority investments and active versus passive investor role. We analyze the main characteristics of these governance structures and discuss the main drivers that influence its adoption. Overall, our central contribution is enlarging the study of private equity governance in fragile institutional environments.
Modelos estruturais antecipam alteração de rating de crédito de agências?
(2013) Kanadani, Fernando Hiroshi; ANDREA MARIA ACCIOLY FONSECA MINARDI
Não informado
O impacto de Investimentos de Venture Capital e Private Equity no desempenho de startups de Internet das Coisas (IoT)
(2021) ANDREA MARIA ACCIOLY FONSECA MINARDI; Souza, Fernanda Carvalho de
O objetivo desse estudo é examinar como o investimento de Venture Capital e Private Equity impacta no desempenho de Startups do setor de Internet das Coisas (IoT). Coletamos dados no Crunchbase de 7.197 empresas fundadas entre os anos 2000 e 2016 ao redor do mundo, e acompanhamos o desempenho dessas companhias até o ano de 2020. A metodologia adotada foi o um modelo hazard proporcional de Cox (1972) para avaliar a probabilidade de a startup realizar IPO (Initial Public Offering), venda total para um investidor estratégico ou declarar falência. Os resultados do modelo indicam que a presença de fundos de Venture Capital e Private Equity tem um impacto positivo para as startups, uma vez que aumenta a probabilidade de ocorrência de IPOs e venda para estratégicos. No entanto, ser apoiado por um fundo também aumenta a probabilidade de a companhia falir num menor período de tempo, pois os fundos focam seus recursos em empresas rentáveis, de modo que se a empresa não apresenta bons resultados, é comum acelerar o write-off do investimento.