This combined budget will then have to be distributed - with the added factor of a pupil premium for disadvantaged children.

BBC: What will cuts mean for education?

But the steep premium offered by Telefonica was probably the determining factor behind the German firm's reluctance to get involved.

ECONOMIST: Telefonica looks to Europe | The

The small-cap premium is eloquently deconstructed by the Fama-French Three Factor Model.

FORBES: Any Monkey Can Beat the Market