  This paper investigates the equilibrium interactions between trading targets
and private information in a multi-period Kyle (1985) market. There are two
investors who each follow dynamic trading strategies: A strategic portfolio
rebalancer who engages in order splitting to reach a cumulative trading target
and an unconstrained strategic insider who trades on long-lived information. We
consider cases in which the constrained rebalancer is partially informed as
well as the special case in which the rebalancer is ex ante uninformed. We
derive a linear Bayesian Nash equilibrium, describe an algorithm for computing
such equilibria, and present numerical results on properties of these
equilibria.
