Moreover, Spanish schools trail behind in the international ranking system; the relatively effective Franco-era vocational training system became collateral damage in the transition; and the low number of patent applications reveals severe shortcomings in research and development. This hindrance to competitiveness is also linked to an underperforming, state-regulated higher-education system, with no Spanish public university among the top 150 ranked in the 2012 Academic Ranking of World Universities, whereas three private institutions (IE, IESE, and ESADE) are all ranked among the top business schools worldwide.