1- Some companies are based on intangible assets (such as the skills and expertise of their managers) to generate income , while other are based on tangible assets (such as buildings and equipment) to generate income. Which of these two types of companies is likely to have its balance sheet content less tied to its market value and share reaction to information release. Why?

2- "For a market to function effectively, information content of accounting information release has to function with good market efficiency". Why?