Original sentence: It has been ranked #1 Business School in Europe by the Financial Times of London in 2005, 2006, 2007 and 2008.The school does not appear in the Academic ranking of world universities compiled by Shanghai Jiao Tong University, because of its small size and its lack of research
Edited sentence: It has been ranked #1 Business School in Europe by the Financial Times of London in 2005, 2006, 2007, 2008 and 2009.Research-wise, however, HEC is the only French institution that is not an University that has the right to deliver PHDs.The school does not appear in the Academic ranking of world universities compiled by Shanghai Jiao Tong University, because of its small size and its relative lack of research