> in an efficient market there should be no comparative advantage to having it because every manager should already be using it. But they measured which manage

> in an efficient market there should be no comparative advantage to having it because every manager should already be using it. But they measured which managers actually do and do not use it, so that assumption already does not hold. Assuming I understand what you are saying correctly, only surprise would be that managers don't actually make efficient use of public information.