Equilibrium with Heterogeneous Information Flows

We study a continuous time economy where throughout time, insiders receive private signals regarding the risky assets' terminal payoff. We prove existence of a partial communication equilibrium where, at each private signal time, the public receives a signal of the same form as the associated insider, but of lower quality. This causes a jump in both the public information flow and equilibrium asset price. The resultant markets, while complete between each jump time, are incomplete over each jump...