  We extend the theory of asymmetric information in mispricing models for
stocks following geometric Brownian motion to constant relative risk averse
investors. Mispricing follows a continuous mean--reverting Ornstein--Uhlenbeck
process. Optimal portfolios and maximum expected log--linear utilities from
terminal wealth for informed and uninformed investors are derived. We obtain
analogous but more general results which nests those of Guasoni (2006) as a
special case of the relative risk aversion approaching one.
