  We point out a simple equities trading strategy that allows a sufficiently
large, market-neutral, quantitative hedge fund to achieve outsized returns
while simultaneously contributing significantly to increasing global wealth
inequality. Overnight and intraday return distributions in major equity indices
in the United States, Canada, France, Germany, and Japan suggest a few such
firms have been implementing this strategy successfully for more than
twenty-five years.

General Economics;Economics;Trading and Market Microstructure