The market isn't efficient. But more importantly, SEC filings are not the only data these firms use. It's just one source for which these researchers were able

The market isn't efficient. But more importantly, SEC filings are not the only data these firms use. It's just one source for which these researchers were able to capture access information. Comparatively speaking, the SEC filings are just a blip next the rest of the data gathered by quantitative funds. Any conclusion that could be drawn from what's contained in this report would be hopelessly misleading.