Strategic trading when information arrival displays time difference

We consider two kinds of informed traders with early-informed traders and late-informed traders in a two-period market when information arrival displays time difference condition on persistent liquidity trading, under which assumptions strategic complementarity occurs and lead to two linear equilibria. It shows that early-informed traders trade more aggressively on the shared information than their private information when the precision of shared information is not very small, which is different from previous research, while in the second period they trade according to their signal precision. Furthermore, the precision of shared information has little effect on first period private trading intensity although it may have impact on second period price. Finally, the paper also identify that price movement is irrelevant to the shared information, which may behave like public information that has not been published.