Large-cap US or European stocks for stock pickers

An active manager is choosing between large US companies and large European companies. Where are mispricings more likely to be found?

Probably in large European stocks. Large US stocks are the most heavily researched, traded and arbitraged in the world, so prices reflect information very quickly, while European large caps typically have less analyst coverage, more fragmented markets and differing accounting and disclosure, leaving more room for mispricing. Argue the reasoning rather than a definitive claim.