@techreport{NBERw35577,
  title       = {The Value Gap: Europe Cannot Scale},
  author      = {Becker, Bo and Benmelech, Efraim and Monteiro, Joao},
  institution = {National Bureau of Economic Research},
  type        = {Working Paper},
  series      = {Working Paper Series},
  number      = {35577},
  year        = {2026},
  month       = {August},
  doi         = {10.3386/35577},
  URL         = {http://www.nber.org/papers/w35577}
}