These papers from the Second EDAMBA Summer School reflect the vitality of the field of business studies. A number of the papers concern themselves with the development of a theoretical understanding of phenomena encountered in business. Strategic management is very practically-oriented, but it is also theory driven. It draws on its own base as well as theories related to cognition, learning and economics. These EDAMBA papers attest to both the need and the desire for reflection on the philosophical and conceptual issues in business studies. The majority of authors are doctoral students from leading European business schools. Tom Elfring is Associate Professor of Business Environment and Strategy, Rotterdam School of Management, Hans Siggaard Jensen is Director of the Doctoral Programme at the Copenhagen Business School and Arthur Money is Professor of Management Studies at the Henley Management College. TABLE OF Schools of thought in strategic fragmentation, integration or synthesis Placing values research in a theoretical context Revisiting Jamaica's exchange rate reforms, results and policy recommendations Shifting research in competitive from great, universal and eternal towards small, local and passing? Beyond the myths of management critical factors in explaining the success of new ventures Management of architectures and the contribution of social constructivism and critical theory to describe technology and standardization recapturing the middle ground Reflections on research approaches and success in mergers and acquisitions