The problem addressed in this study is the administrative process and criteria used by nonprofit visual arts organizations in the State of Texas in acquiring government and private funding. The purposes of the study were to examine the organization and administrative process of the nonprofit visual arts organization, to determine the criteria utilized by government and private funding sources for distribution of funds to nonprofit visual arts organizations, and to examine the process used by nonprofit visual arts organizations when acquiring funds from government and private sources. The data were obtained by means of a descriptive survey questionnaire which was mailed to 336 selected nonprofit visual arts organizations in the State of Texas. These organizations represent the following six areas of visual art: foundations, galleries, museums, associations, photography, and schools. From these areas the population was further refined to include only museums and associations, which represent the extreme diversity of administrative processes used. The resulting subpopulation was comprised of forty-six organizations which had filed for grants from the Texas Commission on the Arts within the past three years. Thirty research questions were answered from the results of the questionnaire. Research questions one, and three through thirty were analyzed and presented in narrative discussion with the results. Categorical data were listed to show range. The second research question was analyzed using the Pearson Product-Moment Correlation Coefficient. On the basis of the literature review and the survey responses received, an authentic problem exists in the funding process of these organizations. The organizations surveyed appear to recognize the funding problems, but the results of the study reveal that many have yet to develop effective and efficient strategies to solve several of these problems.

Submitted by Tatiana Branco Belizario Williams (tatibbw@gmail.com) on 2018-08-29T01:49:57Z No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1033978 bytes, checksum: 2512428601f42dba8a0f96891a8b5cf1 (MD5) / Rejected by Joana Martorini (joana.martorini@fgv.br), reason: Tatiana, bom dia. Seu trabalho foi rejeitado, segue abaixo os ajustes que deverá realizar: A palavra "Getulio" não tem acento O titulo do seu trabalho deverá estar em letra maiúscula (completo) Os nomes dos professores deverá estar completos: FERNANDO DANIEL CHAGUE BRUNO CARA GIOVANNETTI RODRIGO DE LOSSO DA SILVEIRA BUENO Após a realização dos ajustes, por gentileza submeter novamente na biblioteca digital. Att, Joana Martorini on 2018-08-29T15:13:06Z (GMT) / Submitted by Tatiana Branco Belizario Williams (tatibbw@gmail.com) on 2018-08-30T01:51:38Z No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2018-08-30T13:15:13Z (GMT) No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-08-30T14:27:38Z (GMT) No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) / Made available in DSpace on 2018-08-30T14:27:38Z (GMT). No. of bitstreams: 1 Dissertação_Tatiana Williams_final.pdf: 1032688 bytes, checksum: 1cccf7842338ac2ac6429e6fe478c87b (MD5) Previous issue date: 2018-08-10 / O objetivo do trabalho é investigar o papel dos custos de informação para explicar a dinâmica da captação em fundos multimercado brasileiros, por meio da criação de um modelo que incorpora os dados do Assets under Management (AuM) do gestor e da performance passada, adaptando o estudo feito por Huang, Wei e Yan (2007). O argumento principal estabelece que divulgar os bons resultados obtidos pelos fundos, reduzindo assim os custos de informação associados ao investimento, parece ser fundamental para atrair novos recursos, pois a observação da performance passada é o critério principal de análise do investidor. Neste sentido, o AuM dos gestores foi utilizado como uma proxy da sua capacidade de investir em marketing e esforços de divulgação e distribuição. A hipótese do trabalho é que, para o fundo apresentar uma boa resposta de captação frente à performance observada, existem duas possibilidades: ou o fundo se destaca frente aos concorrentes ou o gestor tem capacidade de investir dar visibilidade ao produto. No caso dos fundos com baixos custos de informação, os investidores podem se interessar pelo investimento, mesmo que a performance passada não seja espetacular. Dessa forma, o fluxo de captação seria mais sensível à níveis medianos de performance. Os resultados foram obtidos utilizando-se uma amostra de 583 fundos, no período de 2004 a 2017 e indicaram que, até um período em que a distribuição de fundos no Brasil era predominantemente feita pelos grandes bancos e instituições financeiras, há evidências de que o AuM do gestor era relevante para influenciar a sensibilidade do fluxo de captação em níveis intermediários de performance. No entanto, quando se considera os dados a partir de 2013, constata-se que o AuM do gestor deixou de ser significativo para influenciar o fluxo de captação. Esse resultado pode ser atribuído ao contexto atual da oferta de fundos no país, marcado pela forte presença de players independentes dos grandes bancos de varejo. / This paper aims to investigate the role of information costs to explain the dynamics of fund flows in Brazilian multimercado investment funds by creating a model that incorporates the Assets under Management (AuM) data and past performance, adapting the study that was done by Huang , Wei and Yan (2007). The main idea is that disclosing the good results obtained by the funds, thus reducing the information costs associated with the investment, seems to be fundamental to attract new resources, since the observation of past performance is the main criterion of investor’s analysis. In this sense, the AuM was used as a proxy for their ability to invest in marketing and advertising efforts. The hypothesis is that, for the fund to present a higher flow sensitivity to the observed performance, there are two possibilities: either the fund stands out from the competitors or the manager has the capacity to invest, providing visibility to the product. In the case of funds with low information costs, investors may be interested in the investment, even if past performance is not spectacular. In this way, the fund flows is more sensitive to medium levels of performance. The results were obtained by using a sample of 583 funds, from 2004 to 2017, pointing that, until a period in which the funds distribution in Brazil was predominantly held by large banks and financial institutions, there is evidence that manager’s AuM was relevant to influence the sensitivity of the fund flows to intermediate levels of performance. However, when considering the data from 2013, it is verified that the manager's AuM is no longer significant to influence the uptake flow. This result can be attributed to the current context of the funds offering in Brazil, characterized by the strong presence of independent players from large retail banks.