James Patrick Johnson, Rollins College, USARonald Rivas, Canisius College, USAFrederico Araujo Turolla, ESPM/PMGI, BrazilRogerio Stival Morgado, Universidade de São Paulo, BrazilAfonso Fleury, Universidade de São Paulo, BrazilLivia Lopes Barakat, Fundação Dom Cabral, Brazil Sherban Leonardo Cretoiu, Fundação Dom Cabral, Brazil Mayara Ximenes Dalbem, Fundação Dom Cabral, BrazilSantiago Mingo, Universidad Adolfo Ibanez, ChileFrancisco Morales, Universidad Adolfo Ibanez, ChileMarc Junkunc, University of Miami, USAGilberto Figueira da Silva, Pontifical Catholic University of Rio de Janeiro, BrazilAngela da Rocha, Pontifical Catholic University of Rio de Janeiro, BrazilHenrique Pacheco, Pontifical Catholic University of Rio de Janeiro, BrazilOsmar Mitsuo Saito, Centro Universitário da FEI, Brazil Roberto Carlos Bernardes, Centro Universitário da FEI, BrazilMarcos Amatucci, Escola Superior de Propaganda e Marketing, BrazilMario Henrique Ogasavara, University of Fortaleza, Brazil Gilmar Masiero, University of Sao Paulo, Brazil

• Introduction 1. Maintaining a Global Competitive Advantage: Sustainable Tourism in a World Heritage Site in Peru; James Patrick Johnson and Ronald Rivas 2. Foreign Direct Investment in the Water Sector in Latin America; Frederico Araujo Turolla 3. Absorptive Capacity in Franchising System: Empirical and Comparative Dimensions from Brazil; Rogerio Stival Morgado and Afonso Fleury 4. Brazilian Franchising Networks: Degree of Internationalization and Current Status; Livia Lopes Barakat, Sherban Leonardo Cretoiu and Mayara Ximenes Dalbem 5. Private Equity Investments in Emerging Markets, National Governance and Geographic Distance: The Case of Latin America, 1996-2009; Santiago Mingo, Francisco Morales and Marc Junkunc 6. The Internationalization of Brazilian Fast-Food Chains: A Marketing Failure?; Gilberto Figueira da Silva, Angela da Rocha and Henrique Pacheco 7. Challenges in Strategy and Management of Multinational R&D Centers in Emerging Markets: Perspective from a German Headquarters in the Chemical Sector; Osmar Mitsuo Saito, Roberto Carlos Bernardes and Marcos Amatucci 8. Internationalization of Asian MNCs in Brazil: Factors and Motivations; Mario Henrique Ogasavara and Gilmar Masiero