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Knowing how financial managers assess capital budgeting allocations is a relevant issue beyond the mere desire to know what others do and how they do it. In this paper, we report some of the findings from a survey conducted in 2011 among 140 financial managers of Spanish companies. The main conclusion from the study is the existing divorce between theory and practice in investment project valuation. However, when analyzing this split in depth using certain essential value sources, such as future growth opportunities, the divorce might emerge as more apparent than real. [ABSTRACT FROM AUTHOR]

Quantifying capital requirements for operational risk under the Basel Accords remains an open issue in banking practice. In this paper, the impact upon the economic capital of two critical elements when applying advanced approaches (AMA) in the modelling of operational risk, namely, the threshold, and the loss distribution of severity, is analyzed by using a loss database of a Spanish savings bank. This study demonstrates the importance of finding a methodological way to render the various operational risk profiles of financial entities comparable. [ABSTRACT FROM AUTHOR]

Industrias Lácteas Asturianas, S.A. (ILAS) is the leading Spanish multinational in the dairy sector. It has productive subsidiaries in Mexico, United States, France, Poland, and China. This paper summarizes the distinctive features of its growth path, especially highlighting those related to its international expansion. The analysis of its business model, aimed at extracting the full potential of its raw material, and its discriminatory internationalization strategy, shed new light about how, even in traditional sectors, firms can develop a sustainable growth strategy based on classic competitive advantages like operative efficiency, the early adoption of technologies and relational capital. [ABSTRACT FROM AUTHOR]

This article discusses the strong expansion experienced by the phenomenon of international management standards. After a conceptual exposition on metastandards, carried out in order to clarify the confusion that still prevails on them, their international impact is then analyzed, stressing its particular impact in Spain. The paper also summarizes the different academic perspectives from which this phenomenon has been analysed. Finally, some considerations on the future evolution of this kind of standards are proposed. [ABSTRACT FROM AUTHOR]

Collaboration between firms and universities is a phenomenon of increasing importance for the creation and transfer of innovations and that is necessary for the economic development of the countries. In practice, several obstacles arise that make more difficult the management of this kind of relationships. To know and to identify them is critical in order to improve the success of the cooperation process. In this paper the problems that arise in the cooperative relationships firm-university in Spain are analysed and some measures for make lesser the negative effects of these problems are proposed. [ABSTRACT FROM PUBLISHER]