<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2215-910X</journal-id>
<journal-title><![CDATA[Suma de Negocios]]></journal-title>
<abbrev-journal-title><![CDATA[suma neg.]]></abbrev-journal-title>
<issn>2215-910X</issn>
<publisher>
<publisher-name><![CDATA[Fundación Universitaria Konrad Lorenz]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2215-910X2020000100053</article-id>
<article-id pub-id-type="doi">10.14349/sumneg/2020.v11.n24.a6</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Valuation of Companies in Brazil: A Conflict Between Theory and Practice]]></article-title>
<article-title xml:lang="es"><![CDATA[Valoración de empresas en Brasil: una discrepancia entre teoría y práctica]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Lima]]></surname>
<given-names><![CDATA[Fabiano Guasti]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Figlioli]]></surname>
<given-names><![CDATA[Bruno]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gatsios]]></surname>
<given-names><![CDATA[Rafael Confetti]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Assaf Neto]]></surname>
<given-names><![CDATA[Alexandre]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,University of São Paulo  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,University of São Paulo  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,University of São Paulo  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Instituto ASSAF  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<volume>11</volume>
<numero>24</numero>
<fpage>53</fpage>
<lpage>63</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2215-910X2020000100053&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2215-910X2020000100053&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2215-910X2020000100053&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper performs a descriptive analysis of the practices and assumptions adopted in the valuation reports of Brazilian companies. The methodologies and assumptions of the forecast models were analysed using valuation reports available from the Brazilian Securities and Exchange Commission between 2004 - 2018. The results indicate a preference for the discounted cash flow methodology over projection periods of between five and sixteen years that are measured in national currency without adjustment for inflation. Growth rates, both nominal and real, were not homogeneous due to large fluctuations over the years and among the sectors analysed. Moreover, the macroeconomic variable projections were not accurate when compared to actual economic values. The variables used to determine multiples presented in valuation reports were also analysed; the results indicate that the higher the risk, the lower the projected multiple, and the higher the indebtedness and the inflation rate, the higher the multiple value.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo presenta un análisis descriptivo de las prácticas y supuestos adoptados en los informes de valoración de las empresas brasileñas. Las metodologías y los supuestos de los modelos de pronóstico se analizaron utilizando informes de valoración aportados por la Comisión de Valores Mobiliarios de Brasil desde 2004 hasta 2018. Los resultados indican una preferencia por el método de flujo de caja descontado sobre períodos de proyección de entre 5 y 16 años, medidos en moneda nacional sin ajustes por inflación. Las tasas de crecimiento, tanto nominales como reales, no fueron homogéneas debido a las grandes fluctuaciones a lo largo de los años y entre los sectores analizados. Además, las proyecciones de las variables macroeconómicas no resultaron precisas en comparación con los valores económicos reales. También se analizaron las variables utilizadas para determinar los múltiplos presentados en los informes de valoración; los resultados indican que cuanto más elevado sea el riesgo, menor será el múltiplo proyectado y cuanto más elevado el endeudamiento y la tasa de inflación, más elevado será el valor del múltiplo.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Asset Pricing]]></kwd>
<kwd lng="en"><![CDATA[Financial Forecasting and Simulation]]></kwd>
<kwd lng="en"><![CDATA[Portfolio Choice]]></kwd>
<kwd lng="en"><![CDATA[Investment Decisions]]></kwd>
<kwd lng="en"><![CDATA[Futures Pricing]]></kwd>
<kwd lng="es"><![CDATA[valoración de activos, previsión y simulación financiera, decisiones de inversión]]></kwd>
<kwd lng="es"><![CDATA[selección de carteras]]></kwd>
<kwd lng="es"><![CDATA[decisiones de inversión, precios de futuros]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Assaf Neto]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Valuation]]></source>
<year>2014</year>
<publisher-loc><![CDATA[São Paulo ]]></publisher-loc>
<publisher-name><![CDATA[Atlas]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Assaf Neto]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Lima]]></surname>
<given-names><![CDATA[F.G.]]></given-names>
</name>
<name>
<surname><![CDATA[Araújo]]></surname>
<given-names><![CDATA[A.M.P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Uma proposta metodológica para o cálculo do custo de capital no Brasil]]></article-title>
<source><![CDATA[RAUSP]]></source>
<year>2008</year>
<volume>43</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>72-83</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Almeida]]></surname>
<given-names><![CDATA[J. E. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Silva Brito]]></surname>
<given-names><![CDATA[G. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Bastistella]]></surname>
<given-names><![CDATA[F. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Martins]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Ana&#769;lise dos modelos de avaliac&#807;a&#771;o residual income valuation, abnormal earnings growth e fluxo de caixa descontado aplicado a&#768;s ofertas pu&#769;blicas de aquisic&#807;a&#771;o de ac&#807;o&#771;es no Brasil]]></article-title>
<source><![CDATA[Revista de Contabilidade e Organizac&#807;o&#771;es, Sa&#771;o Paulo]]></source>
<year>2012</year>
<volume>6</volume>
<numero>16</numero>
<issue>16</issue>
<page-range>3-19</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bade]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Comment on "The weighted average cost of capital is not quite right.]]></article-title>
<source><![CDATA[Quarterly Review of Economics and Finance]]></source>
<year>2009</year>
<volume>49</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1476-80</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Berger]]></surname>
<given-names><![CDATA[E. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Köhn]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exploring differences in early-stage startup valuation across countries.]]></article-title>
<source><![CDATA[In Academy of Management Proceedings]]></source>
<year>2017</year>
<volume>2017</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>13639</page-range><publisher-loc><![CDATA[Briarcliff Manor, NY 10510 ]]></publisher-loc>
<publisher-name><![CDATA[Academy of Management]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chernavsky]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<source><![CDATA[Um estudo do desempenho das previsões do Relatório Focus/BCB.]]></source>
<year>2011</year>
<conf-name><![CDATA[ 33º Encontro Brasileiro de Econometria]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Copeland]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Koller]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Murrin]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Avaliac&#807;a&#771;o de empresas: calculando e gerenciando o valor das empresas]]></source>
<year>2002</year>
<edition>3rd ed</edition>
<publisher-loc><![CDATA[Sa&#771;o Paulo ]]></publisher-loc>
<publisher-name><![CDATA[Makron Books]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cunha]]></surname>
<given-names><![CDATA[M. F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Avaliação de empresas no Brasil pelo fluxo de caixa descontado: evidências empíricas sob o ponto de vista do desempenho econômico- financeiro]]></source>
<year>2011</year>
<publisher-name><![CDATA[Universidade de São Paulo]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[de Oliveira]]></surname>
<given-names><![CDATA[F. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Zotes]]></surname>
<given-names><![CDATA[L. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Valuation methodologies for business startups: A bibliographical study and survey]]></article-title>
<source><![CDATA[Brazilian Journal of Operations &amp; Production Management]]></source>
<year>2018</year>
<volume>15</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>96-111</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Deeney]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Cummins]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<source><![CDATA[A review of real options analysis methods for R&amp;D valuation in renewable energy research]]></source>
<year>2019</year>
</nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fávero]]></surname>
<given-names><![CDATA[L. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Benfiore]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[F. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Chan]]></surname>
<given-names><![CDATA[B. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Análise de dados: Modelagem multivariada para tomada de decisões]]></source>
<year>2009</year>
<publisher-loc><![CDATA[Rio de Janeiro ]]></publisher-loc>
<publisher-name><![CDATA[Elsevier]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fernandez]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Company valuation methods. The most common errors in valuations (Working Paper)]]></source>
<year>2006</year>
<publisher-loc><![CDATA[Barcelona, Spain ]]></publisher-loc>
<publisher-name><![CDATA[IESE Business School. University of Navarra]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fernandez]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[102 errores en valoraciones de empresas (Working Paper)]]></article-title>
<source><![CDATA[IESE Business School. University of Navarra]]></source>
<year>2007</year>
<publisher-loc><![CDATA[Barcelona, Spain ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fernandez]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Are calculated betas good for anything?]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hamada]]></surname>
<given-names><![CDATA[R. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The effect of the firm&#8217;s capital structure on the systematic risk of common stocks]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1972</year>
<volume>27</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>435-52</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Izecksohn Neto]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Valor econômico, preço médio ponderado ou valor patrimonial: métodos de avaliação do &#8216;preço justo&#8217; e o reembolso aos minoritários]]></article-title>
<source><![CDATA[In 32 EnANPAD]]></source>
<year>2008</year>
<publisher-loc><![CDATA[Rio de Janeiro, RJ, Brasil ]]></publisher-loc>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Köhn]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The determinants of startup valuation in the venture capital context: A systematic review and avenues for future research]]></article-title>
<source><![CDATA[Management Review Quarterly]]></source>
<year>2018</year>
<volume>68</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>3-36</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kozlova]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Real option valuation in renewable energy literature: Research focus, trends and design]]></article-title>
<source><![CDATA[Renewable and Sustainable Energy Reviews]]></source>
<year>2017</year>
<volume>80</volume>
<page-range>180-96</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lucena]]></surname>
<given-names><![CDATA[E.R.F.C]]></given-names>
</name>
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[C.A.T]]></given-names>
</name>
<name>
<surname><![CDATA[Melo]]></surname>
<given-names><![CDATA[C.L.L.]]></given-names>
</name>
<name>
<surname><![CDATA[Gomes]]></surname>
<given-names><![CDATA[A.M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Custo médio ponderado de capital: Um estudo dos erros contidos em seu cálculo nas ofertas públicas de aquisições de ações registradas na comissão de valores mobiliários (CVM)]]></article-title>
<source><![CDATA[Registro Contábil]]></source>
<year>2013</year>
<volume>4</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>19-32</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Modigliani]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Miller]]></surname>
<given-names><![CDATA[M. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The cost of capital, corporation finance and the theory of investment]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>1958</year>
<volume>48</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>261-97</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Modigliani]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Miller]]></surname>
<given-names><![CDATA[M. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The cost of capital, corporation finance, and the theory of investment - Reply]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>1959</year>
<volume>49</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>655-69</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Modigliani]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Miller]]></surname>
<given-names><![CDATA[M. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Corporate income taxes and the cost of capital - A correction]]></article-title>
<source><![CDATA[American Economic Review]]></source>
<year>1963</year>
<volume>53</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>433-43</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pinto]]></surname>
<given-names><![CDATA[J. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Robinson]]></surname>
<given-names><![CDATA[T. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Stowe]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Equity valuation: A survey of professional practice]]></article-title>
<source><![CDATA[Review of Financial Economics]]></source>
<year>2018</year>
<volume>37</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>219-33</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rodrigues]]></surname>
<given-names><![CDATA[L. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Sallaberry]]></surname>
<given-names><![CDATA[J. D.]]></given-names>
</name>
</person-group>
<source><![CDATA[Laudos de avaliação de empresas: Práticas adotadas no Brasil]]></source>
<year>2013</year>
<conf-name><![CDATA[ In 10 º Congresso usp de iniciação científica em contabilidade]]></conf-name>
<conf-date>2013</conf-date>
<conf-loc>São Paulo </conf-loc>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Roehm]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Kuckertz]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A world of difference? The impact of corporate venture capitalists&#8217; investment motivation on startup]]></article-title>
<source><![CDATA[Journal of Business Economics]]></source>
<year>2018</year>
<volume>88</volume>
<page-range>531-57</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ross]]></surname>
<given-names><![CDATA[J. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Fisch]]></surname>
<given-names><![CDATA[J. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Varga]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Unlocking the value of real options: How firm-specific learning conditions affect R&amp;D investments under uncertainty]]></article-title>
<source><![CDATA[Strategic Entrepreneurship Journal]]></source>
<year>2018</year>
<volume>12</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>335-53</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Santos]]></surname>
<given-names><![CDATA[A. C]]></given-names>
</name>
<name>
<surname><![CDATA[Campos]]></surname>
<given-names><![CDATA[E. S]]></given-names>
</name>
<name>
<surname><![CDATA[Felipe]]></surname>
<given-names><![CDATA[E. S]]></given-names>
</name>
<name>
<surname><![CDATA[Anjos]]></surname>
<given-names><![CDATA[V. M. L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Ofertas pu&#769;blicas de aquisic&#807;a&#771;o de ac&#807;o&#771;es de companhia aberta (OPA): Investigac&#807;a&#771;o dos laudos de avaliac&#807;a&#771;o]]></source>
<year>2008</year>
<conf-name><![CDATA[ In 32 º Encontro Nacional da Associac&#807;a&#771;o Nacional dos Programas de Po&#769;s-graduac&#807;a&#771;o em Administrac&#807;a&#771;o]]></conf-name>
<conf-loc>Rio de Janeiro </conf-loc>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sanvicente]]></surname>
<given-names><![CDATA[A. Z.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Relevância de prêmio por risco país no custo de capital das empresas]]></article-title>
<source><![CDATA[RAC,19, edição especial]]></source>
<year>2015</year>
<page-range>38-52</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shimizu]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Intellectual properties and debt for startups. In T. Kono (Ed.)]]></article-title>
<source><![CDATA[Security interests in intellectual property, perspectives in law, business and innovation]]></source>
<year>2017</year>
<publisher-loc><![CDATA[Singapore ]]></publisher-loc>
<publisher-name><![CDATA[Springer]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Spender]]></surname>
<given-names><![CDATA[J. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Corvello]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Grimaldi]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Pierluigi]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Startups and open innovation: A review of the literature]]></article-title>
<source><![CDATA[European Journal of Innovation Management]]></source>
<year>2017</year>
<volume>20</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>4-30</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Teixeira]]></surname>
<given-names><![CDATA[V. P. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Machado]]></surname>
<given-names><![CDATA[C.A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Avaliação de empresas no Brasil: análise da premissa risco Brasil]]></source>
<year>2013</year>
<conf-name><![CDATA[ In Congresso usp de iniciação científica em contabilidade]]></conf-name>
<conf-date>2013</conf-date>
<conf-loc>São Paulo </conf-loc>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Vernimmen]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Quiry]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Dallocchio]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Le Fur]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Salvi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<source><![CDATA[Corporate finance: Theory and practice]]></source>
<year>2018</year>
<edition>fifth edition</edition>
<publisher-loc><![CDATA[Hoboken ]]></publisher-loc>
<publisher-name><![CDATA[Wiley]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zilber]]></surname>
<given-names><![CDATA[S. N.]]></given-names>
</name>
<name>
<surname><![CDATA[Pajare]]></surname>
<given-names><![CDATA[F. M. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Análise da vantagem competitiva de bancos em países emergentes e em países desenvolvidos utilizando o modelo de visão baseada em recursos: Estudo comparativo Brasil x Estados Unidos]]></article-title>
<source><![CDATA[Economia Global e Gestão]]></source>
<year>2009</year>
<volume>14</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>95-117</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
