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UID:04ca240186248a3bee451b1bc01f962e
CATEGORIES:Seminars
CREATED:20260807T154724
SUMMARY:Lunch Seminar: Joao Monterio - EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><a href="images/Joao.pdf"><strong>THE VALUE GAP: EUROPE CANNOT SCALE</st
 rong></a></p><p>Abstract:</p><p style="text-align: justify;">In 2008, the a
 ggregate market value of U.S.-listed firms was roughly one-third higher tha
 n that of European-listed firms. By 2023, it was more than 300% higher, a d
 ifference of $34 trillion. The valuation gap is broad-based, rather than co
 ncentrated among a few superstar firms, and is driven by differences in fir
 m values, not in the number of listed firms. Across sectors, the gap is lar
 ger in R&amp;D-intensive industries and in industries with high returns tos
 cale. Europeanfirms’sizeisstronglycorrelated with home-country GDP, whereas
  U.S. firms’ size is unrelated to home-state GDP. Smaller European firms al
 so face a particularly large cost-of-capital gap and do not appear able to 
 substitute debt for limited access to equity financing, including venture c
 apital. Taken together, these facts suggest that financial and product-mark
 et frictions constrain European firms’ ability to scale.</p>
DTSTAMP:20260925T130431Z
DTSTART:20260925T130000Z
DTEND:20260925T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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