Nobel Laureates have argued that equity research employing publicly available information like financial statements may not have any value.

1. Explain this position and make an argument for or against this opinion.
2. If this condition holds in certain asset classes, e.g., US large-cap equities, must it then hold in others, e.g., small-cap emerging market equities?
3. What conditions, e.g., market structure, asset structure, economic and political statuses, must hold for this argument to be true?