Before revision:  We consider the two casesin which this release time of information is known and not known, respectively, to the insider  . Allowing for very general dynamics, we study the structure of the insider's optimal strategies in equilibrium and we discuss market efficiency.
After revision:  We consider the two casesin which this release time of information is known to the insider . Allowing for very general dynamics, we study the structure of the insider's optimal strategies in equilibrium and we discuss market efficiency.