Assume that investors search for information about asset prices to determine if they are over or undervalued. While searching for such mispriced stocks, they uncover information and quickly act on it...

Assume that investors search for information about asset prices to determine if they are over or undervalued. While searching for such mispriced stocks, they uncover information and quickly act on it by buying or selling. What would be the implication for the market functioning if competition for such information is fierce and continuous? (Hint: be sure to read box 9.3.)