We build a dynamic strategic trading model where the noise trading may be correlated with an asset's fundamental value. The correlation between noise trading and the fundamental value shapes the temporal properties of Perfect Bayesian Equilibrium. The more positive the correlation coefficient, the faster the prices incorporate the private information. In contrast, for the case of negative correlation, and with only one risk-neutral insider, an abundant amount of private information would not be revealed after the final trade. This inefficiency can be resolved if insiders are competitive or risk averse.

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