The passage of time has not diminished the enthusiasm for research and teaching that, over ten years ago, moved an interdisciplinary group of IESE professors to found the Centro Internacional de Investigación Financiera (International Center for Finance Research), which we refer to by its acronym, CIIF. On the contrary, loyal to the objectives for which it was created, CIIF has increased its contribution to the financial world over the past few years thanks to the dedication of the academic staff, who have expanded their research in those fields that the current trends in finance - always at the service of the economy - indicate as high-priority. The results of their work are publications of a highly diverse order that have appeared over the course of the past 12 months.

But this dedication has not hindered the teaching task that we intended to carry out when we founded CIIF. As always, this has been effected through programs focusing not only on the traditional subjects of financial management, which should never be obviated, but also on those that modern technology, advances in the economic field and especially the globalization of markets have proven inevitable aspects of modern-day business administration. Among the informative activities on the research done, the Annual Finance Symposium merits special attention, allowing a considerable number of interested people to be up-to-date on the latest advances in the subjects dealt with at each edition.

None of this would have been possible without the support, naturally material, but above all professional, of the people representing the companies sponsoring CIIF, who have maintained frequent exchanges with our staff of professors to analyze possible projects and choose the most appropriate to meet the concerns and demands of the business sector.

For all of this, I am happy to express my gratitude to each and every sponsor company - Aena, AT Kearney, Caja Madrid, Fundación Ramón Areces, Grupo Endesa, Telefónica and Unión Fenosa - for their generous financial contribution and for allowing the people representing them to dedicate part of their time to collaborating with our professors through the advisory council, with the aim of advancing in the discovery of the best solutions to solve the problems faced by top management, especially in the field of finance, so often subject to changes and innovations.

I would also like to extend my gratitude to the staff of professors assigned to CIIF, as well as to those professors and researchers who, whether occasionally or more regularly, have collaborated with them, including María José Lasarte, Manager of CIIF, and the members of the Management Committee. And naturally, I would also like to congratulate Natalia Centenera, Manager of CIIF from 1995 to 2003 and currently Manager of IESE's Campus in Madrid, for her work.

Finally, and given that all human endeavors can always be perfected, I hope that, over the next few years, the quantity and quality of the work done at our Centro Internacional de Investigación Financiera, which it is my honor to preside, will increase.

Rafael Termes
President