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This book summarizes the empirical and theoretical literature on the relation between income inequality and economic growth. The focus concentrates on two approaches: the Political Economy approach and the Capital Market Imperfection approach. The diverging results of these approaches are then combined to a single theory that tries to explain the complex relationship between economic growth and inequality. This should lead to a better understanding of the mechanisms that in uence both, income inequality and economic growth and can help to draw useful policy conclusions."

This book shows that, given a simple linear model for trading-costs, portfolios with short holding periods (weekly or biweekly) cannot outperform the underlying index (S&P 100). There is empirical evidence that monthly restructuring leads to the optimal trade-off between superior performance and higher trading-costs. Additionally, it is shown that linear forecasting is not a useful tool for portfolio optimization. The empirical analysis points out that a portfolio with forecasts can almost never outperform a portfolio without forecasts in the long-run. In the short-run, however, it might be...