诚然，重新上市的好处并非立竿见影。摩根大通补充说，最近的一些例子，如在线博彩公司Flutter Entertainment(FLUT.US)和意大利凯斯纽(CNH.US)，在转向美国上市后，对美国竞争对手的折价幅度反而扩大了。According to an analysis by JPMorgan, the valuation of European companies that relist in New York often increases partly due to the prevalence of passive investments in the United States. In a report to clients, the bank said that in the year before the listing change, the average discount of shares of building materials company CRH plc (CRH.US), infrastructure company Ferguson Enterprises (FERG.US), and industrial gas company Linde (LIN.US) relative to their American competitors narrowed by an average of 15%.
According to an analysis by JPMorgan obtained by the Wise Finance app, the valuation of European companies that relist in New York often increases partly due to the prevalence of passive investments in the United States. The bank said in a report to clients that in the year before the listing change, the average discount of shares of building materials company CRH plc (CRH.US), infrastructure company Ferguson Enterprises (FERG.US), and industrial gas company Linde (LIN.US) relative to their American competitors narrowed by an average of 15%.
Mislav Matejka's team said, "Common reasons why international companies choose to list in the United States include a deeper market depth and a wider investor base." They wrote, "Another advantage is that US companies enjoy a higher level of passive investment capital due to the popularity of ETFs and index funds."
Certainly, the benefits of relisting are not immediate. JPMorgan also said that in some recent examples, such as online gambling company Flutter Entertainment (FLUT.US) and Italian CNH Industrial (CNH.US), the discount to their American competitors actually increased after switching to a US listing.
Previously, London suffered several blows to its reputation as a listing venue as several companies went to New York to list. In addition to higher valuations, New York is also believed to have a more favorable executive compensation environment.
