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UID:04ca240186248a3bee451b1bc01f962e
CATEGORIES:Seminars
CREATED:20260807T154724
SUMMARY:Lunch Seminar: Joao Monterio - EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nTHE VALUE GAP: EUROPE CANNOT SCALE\n\n\nAbstract:\nIn 2008, the aggrega
 te market value of U.S.-listed firms was roughly one-third higher than that
  of European-listed firms. By 2023, it was more than 300% higher, a differe
 nce of $34 trillion. The valuation gap is broad-based, rather than concentr
 ated among a few superstar firms, and is driven by differences in firm valu
 es, not in the number of listed firms. Across sectors, the gap is larger in
  R&D-intensive industries and in industries with high returns toscale. 
 Europeanfirms’sizeisstronglycorrelated with home-country GDP, whereas U.S. 
 firms’ size is unrelated to home-state GDP. Smaller European firms also fac
 e a particularly large cost-of-capital gap and do not appear able to substi
 tute debt for limited access to equity financing, including venture capital
 . Taken together, these facts suggest that financial and product-market fri
 ctions constrain European firms’ ability to scale.\n
DTSTAMP:20260925T130353Z
DTSTART:20260925T130000Z
DTEND:20260925T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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