[pt] O Ambiente de Contratação Livre proporcionou uma continuidade do processo de livre concorrência de mercado iniciado com a reestruturação do setor elétrico em 1997. A mudança de um regime baseado em contratos de suprimento renováveis para uma estrutura baseada em preços dados por um mercado competitivo, expõe as empresas do setor elétrico brasileiro à volatilidade do mercado de eletricidade. Neste novo ambiente, as empresas devem gerenciar os riscos associados às suas operações. Devido às características singulares do setor elétrico brasileiro, o gerenciamento de risco é um grande desafio para os próximos anos. Por outro lado, com a liberdade de negociação permitida pelo segmento de comercialização de energia no Ambiente de Contratação Livre, os contratos de compra e venda de energia elétrica passaram a adaptar-se as necessidades de mercado com a incorporação de flexibilidades que viessem a mitigar os riscos com relação à demanda por energia elétrica e principalmente com relação ao preço. Dentro desse contexto, foi desenvolvido um modelo de avaliação de portfolio de contratos de compra e venda de energia elétrica, incorporando as flexibilidades inerentes a atividade de comercialização, de forma a quantificar os riscos associados a esta atividade e determinar o valor adicionado ao portfolio pelas flexibilidades. O caso estudado é fictício, mas é um exemplo típico na área de comercialização de energia elétrica dentro deste novo modelo. / [en] The Free Contracts Environment enabled continuity of the free market competition process which started with the electric sector restructure in 1997. The shift from a regime based on renewable supply contracts to a structure based on prices established by competition exposes companies in the Brazilian electric sector to the volatility of the electricity market. In this new environment companies must manage the risks associated to the operations. The Brazilian electric sector singular features make risk management a great challenge for ensuing years. On the other hand, with free negotiation enabled by the energy trade segment within the free contracts environment, electric energy purchase and sale contracts started to adapt to the market needs incorporating flexibilities designed to face uncertainty regarding electric energy demand in general and prices in particular. Within this context, an electric energy purchase and sale portfolio valuation model was developed, incorporating the flexibilities inherent to commercialization activities, in order to quantify the risks associated with this activity and establish the value added to the portfolio by the flexibilities. The case studied is fictitious, but typical in the field of electric energy trading within this new model.

Venture capital (VC) plays an increasing role as part of the private equity asset class and the general investment continuum. The lack of transparency due to limited reportings and market data obstructs a concise view on VC investment value and performance. This thesis aims to shed some light on VC investment peculiarities and their effect in valuation terms. It primarily reflects on the implications of contractual rights on the investment value. In the first chapter, I present an approach to integrate the multi-perspective of VC investment and analyze the interaction effects of control and cash flow rights on the feasibility of follow-on funding based on the value position of investors. In the second chapter, I present a joint study by Prof. Dr. Schwetzler, Dr. Schreiter, Dr. Lodowicks and myself where we propose a valuation framework that is applied to a sample of primarily European ventures to derive investment level values and assess misvaluation when using simple heuristics instead. In the third chapter, a joint work by Dr. Schreiter, Dr. Lodowicks and myself is presented where we develop a prediction model that allows to derive more accurate estimates of VC investments.