本研究提出了影響新創公司長期表現的架構，並以教育網絡連結作為衡量 社群網絡連結的依據，探討其解決資訊不對稱問題的效果。本論文透過建構台灣的新創公司、創業投資基金和國家發展基金三個群體的經理人資料，計算出各教育網絡間的連結關係；依此可衡量各教育網絡關係對新創公司長期表現的影響。 實證結果顯示，新創公司和創業投資基金間的雙向教育網絡連結對新創公 司的長期表現有正向影響；然而當教育網絡連結和政府部門(本研究定義為國發基金)有關係時，其效果則延伸出許多議題，其一為政府部門與被投資公司產生教育連結時，其對被投資公司的長期績效表現效果為負向，顯示出產生政治連結時政府部門的投資行為會受到影響。另一方面，當創業投資基金和政府部門產生教育連結時，其對被投資公司的長期績效表現為正，解釋了政府單位在選擇創業投資基金時是以長期績效表現作為選擇依據。 / In this research, educational links are hypothesized as the key factors for solving the information asymmetry problem. By using the uniquely constructed dataset with key information of invested companies, venture capital firms and National Development Fund (NDF) in Taiwan, we quantify the effect of network linkages on invested companies’ long-term performance. Our empirical results show that a linkage between invested companies and VCs positively affects invested companies’ long-term performance. However, the political linkage formed with NDF has non-trivial two-fold effects. While an educational link formed between invested companies and NDF impact long-term performance adversely, the educational link between venture capital firms and NDF in turn has positive effects on the long-term performance. We thus confirm the existence of inappropriate investment decisions frequently taken because of the political link between invested companies and National Development Fund.

This dissertation is made of four distinct chapters. In the first chapter, I consider an exogenous restriction on the ability of French trucking firms to extend payment terms to their clients. I find that they provide trade credit at the cost of lower investment, lower return on assets, and higher default risk. In the second chapter, I show that private equity funds with a longer horizon select younger companies at an earlier stage of their development. Companies which receive funding from funds with a longer horizon increase their patent stock significantly more than companies which receive funding from investors with a shorter horizon. The third chapter presents a joint work with Ron Kaniel and David Sraer. We use detailed brokerage account data to provide a quantitative exploration of the behavior of retail investors during the financial crisis of 2008. We show that investors who appear more sophisticated on these dimensions in the pre-crisis period were, in the post-crisis period, less likely to flee to safety, more likely to engage in liquidity provisions and to earn higher returns. In the fourth chapter, I develop the idea that households have an imprecise knowledge of their portfolio's exposure to systematic risk and that this leads them to make investment mistakes. This idea is tested in the context of the decision to actively trade rather than passively invest in the stock market

There are plenty of things said about the financial industry, an always ongoing debate, to say the least. We have identified a complex situation with three dimensions: Initial public offerings, Venture capital, and Lockup agreements. IPOs are generally difficult to put a price on because the market is not united yet, which creates uncertainties. Venture capital firms invest into startups, often with the incentive of bringing them to an IPO and then make a fast cash out exit. Lockup agreements are contracts that prevent insiders from dumping their shares during a set period in the beginning of the IPO. Additionally, based on the market efficiency theory, a market should always be efficient. But does it play out when these characteristics are affecting each other? The purpose of this research was to investigate whether there are abnormal returns in the financial performance for publicly listed companies on the London Stock Exchange at the end of their lockup period. We sorted on venture capital backed companies and sought to explore differences between VC backed, Non-VC backed firms, and the entire market. The research question for this study is: ‘Does The theoretical aspects of this research’s ontological and epistemological views were set in positivism and objectivism with a deductive approach. The financial performance was key in this research, and it was essential to get ample and appropriate data, therefore a quantitative research method was used with an archival research strategy and explanatory research design. We explored a big research gap in this area after the financial crisis 2008, which made us look at IPOs from 2009 to 2012 with an event window as our time horizon. To answer the research question and fulfill our purpose, four hypotheses were developed with focus on VC backed firms, Non-VC backed firms, the entire market, and one shorter event window. Our results prove that the market efficiency theory does not hold. To answer the research question, we found negative abnormal returns after the lockup expiration date for both Non- VC backed firms and the entire market. However, we were unable to provide a statistically significant result for VC backed firms. There was an extra clear trend during the middle 20 days, and we suggest and encourage to further research with a longer time horizon than [- 20, +20] days.

O objetivo deste trabalho é apresentar as práticas adotadas no Brasil relativas à avaliação contábil da carteira de investimentos de fundos de investimento de venture capital e private equity e verificar o seu alinhamento às práticas contábeis internacionais, considerando o contexto da harmonização contábil mundial. Possibilitando um melhor entendimento do assunto, apresenta-se a definição de capital de risco, o contexto evolutivo da indústria de venture capital e private equity, os agentes e os tipos e estágios de investimento, o ambiente regulatório no país e as principais práticas contábeis adotadas no Brasil e em âmbito internacional. Para atingir o objetivo do trabalho a pesquisa trouxe uma abordagem qualitativa de cunho descritiva, embasada na pesquisa bibliográfica e, também, uma pesquisa em informações disponíveis nas demonstrações financeiras arquivadas na Comissão de Valores Mobiliários (CVM). O resultado da análise revela que as práticas contábeis adotadas no Brasil, especificamente relativas à avaliação da carteira de investimentos de fundos de investimento de capital de risco, ainda não estão harmonizadas às práticas contábeis internacionais. / The aim of this paper is to present the practices adopted in Brazil for the accounting valuation of the investment portfolio of investment funds (venture capital and private equity) and check their alignment with international accounting practices, considering the context of global accounting harmonization. Enabling a better understanding of the subject, presents the definition of venture capital, the changing context of industry, venture capital and private equity players and the types and stages of investment, the regulatory environment in the country and the major accounting practices in Brazil and internationally. To achieve the goal of the research work has brought a qualitative approach of descriptive, based on literature research and also research on information available in financial statements filed with the Comissão de Valores Mobiliários (CVM). The test result shows that the accounting practices adopted in Brazil, specifically concerning the assessment of the investment portfolio of investment funds in venture capital and private equity, are still not harmonized with international accounting practices.

Au travers d'une étude empirique concernant 172 firmes industrielles de haute technologie domiciliées aux Etats Unis et imbriquées dans des réseaux de financement de l'innovation par capital risque nous montrons que le volume des dépenses de capital risque consenti par ces firmes impacte positivement et fortement leur Q de Tobin. De plus, notre étude éclaire la stratégie des firmes industrielles imbriquées dans les réseaux de financement de l'innovation. Il apparait que l'accès de celles-ci aux informations concernant les innovations commercialisables est fortement contraint par les rapports que ces firmes entretiennent avec les sociétés financières de capital risque. Ainsi, les firmes industrielles nouant des relations avec les sociétés financières occupant une place centrale dans le réseau tirent le meilleur profit de leur imbrication dans ce dernier. Ces firmes augmentent le volume de leur investissement de capital risque en direction des mêmes partenaires financiers et ceci impacte positivement leur Q de Tobin. Par conséquent, notre étude révèle ce qu'est un capital relationnel efficient dans les réseaux de financement de l'innovation / Through an empirical study involving 172 high-tech industrial firms domiciled in the U.S. and embedded in networks of innovation financing by venture capital we show that the amount of expenditures in venture capital made by these firms impacts strongly and positively their Tobin's Q. In addition, our study illuminates the strategy of industrial firms embedded in networks of innovation financing. It appears that access to information concerning marketable innovations is highly constrained by relationships these firms have with financial venture capital companies. Thus, industrial firms building relationships with financial firms occupying a central place in the network get the most out of their nesting in it. These firms increase the amount of venture capital investments towards the same financial partners and this positively impacts their Tobin's Q. Therefore, our study reveals what an efficient relational capital is in financing networks of innovation

Submitted by joelson sampaio (joelsonssp@gmail.com) on 2015-03-26T14:37:24Z No. of bitstreams: 1 Tese_final.pdf: 1940448 bytes, checksum: eea456acc70631497230fea6fb2ea9b5 (MD5) / Approved for entry into archive by PAMELA BELTRAN TONSA (pamela.tonsa@fgv.br) on 2015-03-26T14:38:37Z (GMT) No. of bitstreams: 1 Tese_final.pdf: 1940448 bytes, checksum: eea456acc70631497230fea6fb2ea9b5 (MD5) / Made available in DSpace on 2015-03-26T15:03:16Z (GMT). No. of bitstreams: 1 Tese_final.pdf: 1940448 bytes, checksum: eea456acc70631497230fea6fb2ea9b5 (MD5) Previous issue date: 2015-02-24 / This thesis seeks to evaluate the impact of the recurring main actors during the IPO process, in particular the Venture Capitalist, the underwriter, and the auditor, have a lasting effect on the firm’s marketability, captured by the bid-ask spread, the fraction of institutional investors that invest in the company, the equity dispersion, among others. Furthermore, this study also analyzes some benefits that venture capitalists (VCs) provide to the companies in which they invest. It investigates the role of VCs in hampering earnings management in IPOs and it quantifies the role VCs play in the operational performance of newly public firms after their IPO. In the first chapter the results indicate that earning inflation occurs in the Pre-IPO and IPO periods. When we control for the four different periods of the IPO, we observe that venture-backed IPOs present significantly less earnings management in the IPO and Luck-up periods, exactly when firms inflate earnings. This result is robust across statistical methods and different methodologies used to estimate earnings management. Furthermore, by splitting the sample between venture and non-venture backed IPOs, we observe that both groups manage earnings. VC-backed and non-VC-backed subsamples present EM more intensively in different phases around the IPO. Finally, we also observe that top underwriter backed engage in less EM in VC-backed subsample. In the second chapter, it was found that the choice of auditor, venture capitalist, and underwriter may indicate the firm’s long-run choices. We presented evidence that the characteristics of the underwriter, auditor, and VC have an impact on the firms’ characteristics and market performance. Furthermore, these effects are last for almost a decade. Firms that have a top underwriter and a big N-auditor at the time of the IPO have a higher marketability for the next 8 years, represented by a higher number of analysts following, a large dispersion of ownership across institutional investors, and higher liquidity through a lower bid-ask spread. They are also less likely to end up delisted as well as more likely to issue an SEO. Finally, VC-sponsorship positively affects all the measures for market liquidity, since the IPO and for up to almost a decade. Such effects are not due to survivorship bias.These results do not depend on the dot-com bubble, i.e., our findings are qualitatively the same once we exclude the bubble period of 1999 – 2000. In the latter chapter has been shown that VC-backing firms incur in a higher level of cash holdings than non-VC-backed firms. This effect is permanent last for at least 8 years after the IPO. We also show that VC-backed firms are associated with a lower level of leverage and interest coverage over the first 8 years after the IPO. Finally, we do not have evidence statiscally significant between VC and dividend to earnings ratio. These results are robusts across statistical methods and different methodologies. / Esta tese avalia o impacto dos principais atores recorrentes durante o processo de IPO, em particular, o venture capitalist, o underwriter, e o auditor, sobre as condições de comercialização das ações da empresa, capturado pelo bid-ask spread, a fração de investidores institucionais que investem na empresa, a dispersão de capital, entre outros. Além disso, este estudo também analisa alguns benefícios que os fundos de Venture Capital (VCs) fornecem às empresas que eles investem. Ele investiga o papel dos VCs em dificultar o gerenciamento de resultados em IPOs e quantifica o papel desempenhado por eles no desempenho operacional das empresas após sua oferta inicial de ações. No primeiro capítulo, os resultados indicam que as empresas inflam seus resultados principalmente nos períodos pré-IPO e do IPO. Quando nós controlamos para os quatro períodos diferentes do IPO, observamos que IPOs de empresas investidas por VCs apresentam significativamente menos gerenciamento de resultados no IPO e em períodos seguintes à orfeta inicial das ações, exatamente quando as empresas tendem a inflar mais seus lucros. Este resultado é robusto a diferentes métodos estatísticos e diferentes metodologias usadas para avaliar o gerenciamento de resultados. Além disso, ao dividir a amostra entre IPOs de empresas investidas e não investidas por VCs, observa-se que ambos os grupos apresentam gerenciamento de resultados. Ambas as subamostras apresentam níveis de gerenciamento de resultados de forma mais intensa em diferentes fases ao redor do IPO. Finalmente, observamos também que top underwriters apresentam menores níveis de gerenciamento de resultados na subamostra das empresas investidas por VCs. No segundo capítulo, verificou-se que a escolha do auditor, dos VCs, e underwriter pode indicar escolhas de longo prazo da empresa. Nós apresentamos evidências que as características do underwriter, auditor, e VC têm um impacto sobre as características das empresas e seu desempenho no mercado. Além disso, estes efeitos são persistentes por quase uma década. As empresas que têm um top underwriter e um auditor big-N no momento do IPO têm características de mercado que permanecem ao longo dos próximos 8 anos. Essas características são representadas por um número maior de analistas seguindo a empresa, uma grande dispersão da propriedade através de investidores institucionais, e maior liquidez através um bid-ask spread menor. Elas também são menos propensas a saírem do mercado, bem como mais propensas à emissão de uma orferta secundária. Finalmente, empresas investidas por VCs são positivamente afetadas, quando consideramos todas as medidas de liquidez de mercado, desde a abertura de capital até quase uma década depois. Tais efeitos não são devido ao viés de sobrevivência. Estes resultados não dependem da bolha dot-com, ou seja, os nossos resultados são qualitativamente similares, uma vez que excluímos o período da bolha de 1999-2000. No último capítulo foi evidenciado que empresas investidas por VCs incorrem em um nível mais elevado de saldo em tesouraria do que as empresas não investidas. Este efeito é persistente por pelo menos 8 anos após o IPO. Mostramos também que empresas investidas por VCs estão associadas a um nível menor de alavancagem e cobertura de juros ao longo dos primeiros oito anos após o IPO. Finalmente, não temos evidências estatisticamente significantes entre VCs e a razão dividendo lucro. Estes resultados também são robustos a diversos métodos estatísticos e diferentes metodologias.

Submitted by Ronaldo Alves de Amorim (ronaldoalvesamorim@gmail.com) on 2017-01-05T17:01:48Z No. of bitstreams: 1 Gestão de Pessoas e Processos Gerenciais_Amorim.pdf: 2119198 bytes, checksum: 5f58b0a367a264c031b04f7c3832bae2 (MD5) / Rejected by Fabiana da Silva Segura (fabiana.segura@fgv.br), reason: Prezado Ronaldo Por favor fazer as correções Tirar o acento de Getulio Nome, e título nas páginas deve ser em letra maiúscula No final da página deixar somente São Paulo e ano ...excluir - SP Corrigir o campo de conhecimento: Gestão de Pessoas e Práticas Gerenciais Após as correções submeter novamente o trabalho on 2017-01-05T17:27:38Z (GMT) / Submitted by Ronaldo Alves de Amorim (ronaldoalvesamorim@gmail.com) on 2017-01-06T12:46:39Z No. of bitstreams: 1 Gestão de Pessoas e Práticas Gerenciais_Amorim.pdf: 2120040 bytes, checksum: b655d91dced8eb54b534f744575f26ba (MD5) / Approved for entry into archive by Fabiana da Silva Segura (fabiana.segura@fgv.br) on 2017-01-06T14:25:11Z (GMT) No. of bitstreams: 1 Gestão de Pessoas e Práticas Gerenciais_Amorim.pdf: 2120040 bytes, checksum: b655d91dced8eb54b534f744575f26ba (MD5) / Made available in DSpace on 2017-01-09T12:29:14Z (GMT). No. of bitstreams: 1 Gestão de Pessoas e Práticas Gerenciais_Amorim.pdf: 2120040 bytes, checksum: b655d91dced8eb54b534f744575f26ba (MD5) Previous issue date: 2016-12-15 / Startups, young firms generally developing an innovative proposal and under extreme uncertainty conditions, generally need external funds to grow and these new enterprises frequently turn to angel investors as an option of venture capital. It happens because startups are young companies with no financial record and most of the times without real asset to be given as collateral, therefore, with not enough credentials to apply for a conventional bank financing. Angel investors are wealthy individuals who invest not just own money, but also their expertise and knowledge in startups, also known as ventures. The objective of this research is to better comprehend the angel investment decision making process, identifying and analyzing the most important criteria that Brazilian angel investors use to decide on funding new ventures. The main research environment is Gávea Angels, the first angel association in Brazil, and on a secondary basis, investors from this researcher and his professor networking. This research is quantitative and based on a questionnaire with attributes previously defined in research performed in the USA with answers varying from 1 (not important) up to 5 (very important). The result of criteria prioritization was based on simple average followed by their standard deviation. It also compared and analyzed empirical results of this research with the findings of another relevant search conducted in the USA by Sudek (2006). Answers were based in past experiences lived by each investor and results were analyzed not just in an aggregate way but also segregated by investors seniority (given by number of investments done). This research also analyzed the most important behavioral criteria of management team. Confirming findings of other international studies, the results of this research showed that irrespective of the market, product or financial criteria, the criterion prioritized were those regarding entrepreneur and his/her management team, as it follows: (1) trustworthiness/honesty of the entrepreneur; (2) enthusiasm/commitment of the entrepreneur; (3) management team; (4) domain expertise of the entrepreneur. The criterion ‘how persistence they will be without giving up’ and ‘passion of the team’ were the most important attributes on the particular analysis of ‘management team’. The contribution of this work is to stimulate more studies of a very incipient issue in the world and mainly in Brazil, and also increase the understanding about investing in startups, bringing more insights to entrepreneurs of what matters most to investors when searching for venture capital, and also shedding light to the positive impact of this market on Brazilian economy development. / As startups, empresas nascentes geralmente atuando em uma proposta inovadora e em condições de grande incerteza, geralmente precisam de financiamento para crescer e estes novos empreendimentos frequentemente se voltam a investidores anjos como opção de capital. Isso ocorre porque as startups são jovens empresas sem maturidade de caixa e muitas vezes sem ativos reais para serem dados em garantia, logo, sem credenciais necessárias para levantar financiamentos bancários convencionais. Investidores anjo são indivíduos com grande disponibilidade de recursos financeiros que decidem investir nestes negócios de risco trazendo frequentemente não somente capital, mas também conhecimento e experiência. O objetivo deste estudo é compreender melhor o processo decisório de investimento anjo em startups, identificando e analisando quais são os critérios de investimento priorizados pelos investidores anjo brasileiros em seus investimentos em startups. O ambiente principal de pesquisa deste trabalho foi a Gávea Angels, a mais antiga associação de anjos do Brasil, e de forma secundária, os investidores da rede de contatos do pesquisador e seu orientador. Esta pesquisa foi quantitativa e baseada em resposta de questionário (survey) com o universo de atributos já levantados em pesquisa de mesmo gênero feita nos EUA com respostas variando de 1 (sem importância) até 5 (mais importante). O resultado da priorização dos critérios ocorreu mediante média simples das respostas com inclusão do seu desvio padrão. Também se comparou e analisou os dados empíricos desta pesquisa com outra de grande relevância feita nos EUA por Sudek (2006). As respostas se basearam em experiências de investimentos vividas por cada investidor anjo e os resultados foram analisados não somente de forma consolidada, mas também de forma segregada pela senioridade dos investidores (dado pelo número de investimentos feitos). Também se analisou os critérios comportamentais mais importantes do time de gestão. Em linha com grande parte dos estudos internacionais sobre o assunto, os resultados demonstraram que a despeito da importância dos critérios ligados ao mercado, produto e dados financeiro, os critérios priorizados foram aqueles ligados ao empreendedor e seu time de gestão, conforme segue: (1) confiabilidade/honestidade do empreendedor; (2) entusiasmo/comprometimento do empreendedor; (3) time de gestão; (4) expertise de domínio do empreendedor. Os critérios ‘resiliência’ e ‘paixão do time’ foram os atributos mais importantes na análise particular do ‘time de gestão’. A contribuição deste estudo está em fomentar mais pesquisas de um assunto bastante incipiente no mundo e principalmente no Brasil, e também aumentar o entendimento sobre os investimentos em startups, dando mais clareza ao empreendedor do que o investidor busca em cada venture, e também dar mais luz à importância da ‘cultura’ do investimento anjo para o financiamento de inovações que impactem positivamente o desenvolvimento do Brasil.

Submitted by Daniele Santos (danielesantos.htl@gmail.com) on 2017-02-21T19:50:38Z No. of bitstreams: 1 Fred.pdf: 4385717 bytes, checksum: e6400b7650b4cf44beca5d23325ae6f7 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-02-22T12:21:37Z (GMT) No. of bitstreams: 1 Fred.pdf: 4385717 bytes, checksum: e6400b7650b4cf44beca5d23325ae6f7 (MD5) / Made available in DSpace on 2017-03-02T17:24:38Z (GMT). No. of bitstreams: 1 Fred.pdf: 4385717 bytes, checksum: e6400b7650b4cf44beca5d23325ae6f7 (MD5) Previous issue date: 2016-11-08 / This research study aims to analyze and provide insight into the rise of Berlin as a hub and destination for startups. An extensive literature review was conducted to understand and identify the concepts of entrepreneurship, startups, and the conditions and environments that make up the startup ecosystem. In addition, particular attention was paid to entrepreneurship and startups in Berlin, specifically, and Germany in general. A qualitative study was conducted through interviews with five startups that were located in Berlin with the questionnaire designed and formulated from the literature review. The tiered entrepreneurial ecosystem domain framework was adopted to analyze and interpret the results. Content analysis was used to analyze the qualitative interviews to gather in-depth understanding, trends and insights into the startup ecosystem in Berlin. The research suggests that some improvements are still needed in Berlin’s startup ecosystem, but that it is currently an attractive destination not only for people looking to work at startups but also for entrepreneurs looking to start their own.

Brazilian Startup Law for computing technology. The main challenge of this essay is to understand the Law applicable to Software and Internet Startups. We explore the challenges and obstacles of the economic phenomenon of the Startup company upon the Brazilian Legal System. First, in the conceptual dimension, we search the historical context and select Startup definitions from different points of view. In the sequence, we elaborate our own understanding, characterizing the Startup as a complex institutional arrangement. Second, in the juridical-legal dimension, we identify, organize and describe common legal issues related to the life cycle of the Brazilian Startups. Thirdly, in the strategic dimension, we began mapping the legal pathway of those who seek economic activity as a Startup company in our country and offer a strategic approach (diagram) to the legal issues applicable to Startups. At the end of this essay, we conclude that the Startup, as a recent economic phenomenon, has its own dynamism that Brazilian law governs but does not understand. / Submitted by João Falcão (joaoarrudafalcao@gmail.com) on 2017-03-15T21:57:04Z No. of bitstreams: 2 FGV STARTUP LAW DISSERTACAO 28 JAN VERSAO ENVIADA A BANCA E COM FICHA CATALOGRAFICA.pdf: 10141945 bytes, checksum: 57c7f95470ef82c01e239c70019986e1 (MD5) FGV STARTUP LAW DESENHO ENVIADO A BANCA.pdf: 101266 bytes, checksum: 4cd2923b6f156902b9f5cec3498623d8 (MD5) / Approved for entry into archive by Publicação Direito Rio (publicacao.direitorio@fgv.br) on 2017-03-16T13:43:54Z (GMT) No. of bitstreams: 2 FGV STARTUP LAW DISSERTACAO 28 JAN VERSAO ENVIADA A BANCA E COM FICHA CATALOGRAFICA.pdf: 10141945 bytes, checksum: 57c7f95470ef82c01e239c70019986e1 (MD5) FGV STARTUP LAW DESENHO ENVIADO A BANCA.pdf: 101266 bytes, checksum: 4cd2923b6f156902b9f5cec3498623d8 (MD5) / Made available in DSpace on 2017-04-19T13:29:19Z (GMT). No. of bitstreams: 2 FGV STARTUP LAW DISSERTACAO 28 JAN VERSAO ENVIADA A BANCA E COM FICHA CATALOGRAFICA.pdf: 10141945 bytes, checksum: 57c7f95470ef82c01e239c70019986e1 (MD5) FGV STARTUP LAW DESENHO ENVIADO A BANCA.pdf: 101266 bytes, checksum: 4cd2923b6f156902b9f5cec3498623d8 (MD5) Previous issue date: 2017-02-09 / O desafio central deste trabalho é a compreensão do Direito aplicável às Startups de Software e Internet. Exploramos os desafios e obstáculos jurídicos do fenômeno econômico da empresa Startup diante do Ordenamento Jurídico Brasileiro. Primeiro, na dimensão coneitual histórica e jurídica, pesquisamos o contexto no tempo, selecionamos definições de Startup a partir de diferentes pontos de vista e elaboramos entendimento próprio, caracterizando a Startup enquanto um arranjo institucional complexo com características próprias. Segundo, na dimensão holística sistemática descritiva, identificamos e organizamos os institutos deste arranjo complexo denominado Startup em 6 áreas estratégicas. Terceiro, na dimensão visual estratégica pragmática, indicamos a via crucis jurídica de quem busca como atividade econômica a empresa Startup em nosso país e criamos um ferramental (desenho) para alinhamento das questões jurídicas aplicáveis às Startups. Ao final deste ensaio, concluímos que a Startup, enquanto fenômeno econômico recente, detém dinamismo próprio que o Direito Brasileiro rege mas desconhece.

Made available in DSpace on 2010-04-20T20:20:51Z (GMT). No. of bitstreams: 1 68070200650.pdf: 209635 bytes, checksum: 9a7386e694544f8b5f78affa61bb72e0 (MD5) Previous issue date: 2009-12-01T00:00:00Z / A indústria de Private equity e Venture capital (PE/VC) em todo o mundo passou por uma acelerada transformação nos últimos dez anos tanto nas economias desenvolvidas como nas economias em desenvolvimento. Esta transformação ocorreu atrelada a um crescimento exponencial do total de ativos sob gestão nos EUA e no Brasil. Em linhas gerais, as aquisições no modelo americano ocorrem por meio de operações alavancadas e totalmente dependentes de linhas de crédito que fomentem a atividade. Os agentes desta indústria são conhecidos como 'Investidores Financeiros'. Geralmente, companhias de capital aberto têm o seu controle adquirido e em seguida suas ações são tiradas de negociação em bolsa de valores para então iniciar-se o trabalho efetivo dentro da companhia com o compromisso futuro de pagamento da dívida contraída para sua aquisição. Já no modelo brasileiro as aquisições ocorrem mais comumente por meio de capital próprio com a entrada efetiva do investidor / comprador na companhia e estes por sua vez, são conhecidos como 'Investidores Intervencionistas'. É um estilo de atuação bem menos oportunista, muito mais ativo e pautado pelo crescimento orgânico da instituição, com a força do capital do investidor. Este trabalho objetivou realizar uma análise comparativa entre estes modelos e ilustrar por meio de casos reais alguns dos seus estilos mais comuns de gestão na indústria de PE/VC nos EUA e no Brasil.