When the informed trader comes late, rumors appears

This paper examines trading process and price behavior when the uninformed speculator comes into the market before the informed trader. The informed trader couldn't make trading directly in the market, and rumors can help the informed trader to enter into the market to make more great profit. We divide the informed trader's entering strategies into four ways, and find that the late informed trader couldn't make trading before the spread of rumors in the market, and weaker influence of rumors needs earlier circulation.