Losing Sleep at the Market: The Daylight Saving Anomaly

Kamstra, Mark J.; Kramer, Lisa A.; Levi, Maurice D.

doi:10.1257/aer.90.4.1005

Cited by 416 publications

(225 citation statements)

References 24 publications

(1 reference statement)

Supporting

Mentioning

201

Contrasting

Unclassified

Order By: Relevance

“…Digital cameras have largely replaced analog cameras, and online shopping is replacing much of the purchasing done at physical "brick-and-mortar" locations. Companies emerging from the new media industry are entering the automotive market and challenging the historically developed cluster of automobile manufacturers, and a developing 24-h distributed electronic stock exchange with Internet multicast systems [15] is affecting the global stock market and its volatility and risks [16]. The digitalization of companies will heavily affect the companies' communication and leadership structures, the access to knowledge about the supply chain (i.e., the direct partners and competitors), but also trust building as direct communication will be reduced, just to mention few issues.…”

Section: The Social Dimension Of the Digital Revolution Is Not Yet Wementioning

confidence: 99%

Sustainable Digital Environments: What Major Challenges Is Humankind Facing?

Scholz

2016

Sustainability

View full text Add to dashboard Cite

This paper identifies and discusses the benefits, threats, and vulnerabilities related to the digital revolution. It aims to motivate research and its funding regarding digital threats and vulnerabilities related, in particular, to anticipating unintended, undesirable rebound effects, tipping points, critically fast evolutionary change rates, trade-offs, etc. A brief analysis of the history of the mind and technology reveals slow technological development over tens of thousands of years (including the invention of a place-value digital number system). Then, a small series of groundbreaking ideas (e.g., binary logic, Shannon's symbolic analysis of relay and switching circuits, architectures of computing) enabled the industry-driven invention of programmable computing machines. Ultimately, the mastery of electron and semiconductor physics allowed for economical and seemingly unlimited storage capacity that made digital tools available to all domains of society. Based on the historical analysis, a coupled human-environment systems perspective (that includes a hierarchy assumption ranging from the human cell to the human species) enables the identification of several potential challenges to society and science. First, digital nano-engineering promotes genetic modifications (i.e., directed evolution), and synthetic biology enables a new level of the appropriation of nature. The understanding of cell-based biocomputers may call for new forms of logic. These and other challenges require thorough sustainability research in order to anticipate major changes on all levels of human systems. Second, the human individual is exposed to new forms of vulnerability. In particular, the potential epigenetic effects resulting from the excessive use of digital information of historically unknown speed, density, and contents and the loss of (the Western common-law right to) privacy resulting from big data (whose ownership is often unknown) should become subjects of research. Third, digital technologies are responsible for rapid changes in all social and economic structures. The paper suggests that thorough, discipline-based interdisciplinary research is needed in order to develop basic knowledge for creating and managing resilient relationships between human systems and their digital environments.Keywords: digital revolution; digital threats; rebound effects; genetically modified organisms (GMO); cell-based computers; cell-based computing; environmental epigenetics; loss of privacy; appropriation of nature Why Do Digital Environments Call for Special Attention? The Social Dimension of the Digital Revolution Is Not Yet Well UnderstoodThe development of Homo sapiens and human societies is characterized by a couple of fundamental transitions. The present paper starts from the proposition that, phylogenetically and historically, many impacts linked to the emergence of digital environments (E D ) have the same gravity as the mastery of fire, the development of speech, the invention of agrotechnology, and the Industrial Revolutio...

show abstract

Section: The Social Dimension Of the Digital Revolution Is Not Yet Wementioning

confidence: 99%

Sustainable Digital Environments: What Major Challenges Is Humankind Facing?

Scholz

2016

Sustainability

View full text Add to dashboard Cite

show abstract

“…10 The total costs of DST due to sleep deprivation could be orders of magnitude larger when worker productivity is considered (Kamstra, Kramer, and Levi 2000;Wagner et al 2012;and Gibson and Shrader 2014).…”

mentioning

confidence: 99%

Spring Forward at Your Own Risk: Daylight Saving Time and Fatal Vehicle Crashes

Smith

2016

American Economic Journal: Applied Economics

129

View full text Add to dashboard Cite

. Despite mounting evidence that DST fails in its primary goal, some form of Daylight Saving Time is still practiced by over 1.5 billion people globally. In this paper I demonstrate that DST imposes high social costs on Americans, specifically, an increase in fatal automobile crashes. Employing four tests to differentiate between an ambient light or sleep mechanism, I show that this result is most likely due to sleep deprivation caused by the spring transition and the result implies additional costs of DST in terms of lost productivity nationwide.The procedure for DST is well characterized by the phrase "spring-forward, fall-back." Each year on the spring transition date, clocks are moved forward by one hour, from 2 am to 3 am. The process is then reversed for the fall transition with clocks "falling back" from 2 am to 1 am. This alters the relationship between clock time and solar time by an hour, moving sunlight from the morning to the evening (see Figure 1). Although the general concept of DST was first suggested by Benjamin Franklin in a satirical essay in 1784 (Aldridge 1956), it was over a

show abstract

“…The weekend effect itself may also be attributable to a mood factor as traders' 'good mood' fades between a Friday and Monday 2 . The findings of Kamstra et al (2000) hold not only in the United States and Canada, where the transition to and from daylight saving is broadly similar, but also in the United Kingdom, where patterns differ from that in North America, and to a lesser extent also in Germany. Hirshleifer and Shumway (2003) confirm the intuition that sunny weather is associated with upbeat mood.…”

Section: A Review Of the Literaturementioning

confidence: 69%

“…For example, Kamstra et al (2000) report a loss effect in the stock market following the daylight saving clock change, which it is hypothesised negatively affects sleep patterns. The paper finds that the average Friday-to-Monday stock return on daylight saving weekends was even more negative than that of the 'weekend-effect' anomaly and was associated with a one-day loss of US$31 billion on the NYSE, AMEX and NASDAQ markets alone.…”

Section: A Review Of the Literaturementioning

confidence: 99%

“…This study forms part of a wider literature that examines the asset pricing impact of behavioural biases documented in psychology. In addition to the mood altering effect of sporting results, the possible behavioural impact on the stock market of sunshine, the number of daylight hours, nonsecular holidays, temperature and lunar cycles have also been examined (Kamstra, Kramer and Levi 2000, Frieder and Subrahmanyam 2004, Saunders 1993, Hirshleifer and Shumway 2003and Cao and Wei 2005. The link between stock market returns and investor mood following sporting results in particular is examined by Edmans, Garcia and Norli (2007) who hypothesise, citing much supporting evidence from psychology literature, that sporting results affect investor optimism and pessimism, self esteem and positive or negative feelings about life in general which in turn impacts investors' views about future stock prices.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Asset Price Effects Arising from Sports Results and Investor Mood: The Case of a Homogenous Fan Base Area

Gallagher¹,

O’Sullivan²

2011

Applied Economics Quarterly

View full text Add to dashboard Cite

_2Access to the full text of the published version may require a subscription. This paper contributes to the behavioural finance literature that examines the asset pricing impact of mood altering events such as sports results, sunshine levels, daylight hours, public holidays, temperature etc. Specifically, we investigate whether variations in investor mood arising from wins and losses in major sporting events have an impact on stock market returns. We examine the case of Ireland. Ireland is an interesting case because its people are passionate about sport, the domestic population is relatively homogenous (rather than divided) in terms of support for Irish competitors in international competition and domestic investors comprise a large proportion of owners of Irish stocks -all factors which suggest that if a mood effect exists it should show up in this case. Generally, we do not find a strong link between sport results and stock market returns. Initial results do suggest that in events of particularly high importance, such as the knock-out stages of major competitions, losses are associated with negative returns. However, on controlling for indirect economic effects of sporting wins and losses such as on tourism and travel we find the mood effect is no longer significant. We are grateful to the Irish Research Council for the Humanities and Social Sciences for financial support in completing this work. We would also like to thank anonymous referees for helpful comments and suggestions. Any remaining errors are our own. Keywords

show abstract

Losing Sleep at the Market: The Daylight Saving Anomaly

Abstract: (2002) revisits the issue of daylight-saving-time changes impacting nan

Cited by 416 publications

References 24 publications

Sustainable Digital Environments: What Major Challenges Is Humankind Facing?

Sustainable Digital Environments: What Major Challenges Is Humankind Facing?

Spring Forward at Your Own Risk: Daylight Saving Time and Fatal Vehicle Crashes

Asset Price Effects Arising from Sports Results and Investor Mood: The Case of a Homogenous Fan Base Area

Contact Info

Product

Resources

About