The spring clock change significantly affects how investors respond to companies that reveal unexpected levels of earnings, new research shows.
Researchers say their findings are consistent with sleep-deprived investors mispricing and subsequently revisiting relevant information. The research team hopes the study – published in The European Journal of Finance – will deepen understanding of the effects of sleep deprivation on financial markets.
The team studied a large sample of earnings announcements, made between 1993 and 2018, in the wake of the spring clocks reset.Unexpected increases in earnings within the target group were then compared with a control group of similar companies that had announced financial results exactly one week earlier.
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