23.02.2015 – Die europäischen Unternehmen können ihren bisherigen Rückstand gegenüber den USA in absehbarer aufholen, meint Andrew Milligan, Head of global strategy von Standard Life Investments. In einem Gastbeitrag für das Wirtschaftsmagazin Forbes könnte der schwächere Euro den europäischen Unternehmen einen Wettbewerbsvorteil gegenüber den USA verschaffen, indem sie zusätzlich neue Aufträge im Ausland generieren können.
Andrew Milligan states:
“Since the financial crisis, a yawning performance gap has emerged between the US and European equity markets—nearly the largest in twenty years. Traditional explanations of this divergence are unappealing, relying on broad economic trends or simple industrial comparisons. We have identified an overlooked explanation: a rising number of US-listed firms are return champions or ultra-high performers, because they are much more capital disciplined than their Continental counterparts.
We found that US firms are often better at deploying their balance sheets and taking advantage of globally low interest rates. For example, large firms can issue debt more readily, so higher leverage ratios are suggestive of possibly higher bond issuance of return champions. By contrast, European firms have not managed their assets and liabilities as aggressively, perhaps because of the business challenges from maintaining operations amidst the sovereign debt crisis in the region.
What could turn these trends around? One possibility is if US firms find it difficult to refinance debt or otherwise transform their capital structure; this could quickly undermine the premium that US firms enjoy. One key test will be to observe how firms react to plans by the Federal Reserve to normalize monetary policy and lift interest rates. Second, if larger, more investible European firms become more disciplined in managing their balance sheets, investors could readily take note and reward such shareholder friendly moves.” (vwh)