Tyler Kleppe's paper, "The Effects of Daylight Saving Time Adjustments on Investor Information Processing" was featured on Fox Business. This paper has been accepted for publication in The Accounting Review and is co-authored with Andrew Pierce (Georgia State University), Zac Wiebe (University of Arkansas) and Teri Yohn (Emory University).

Fox Business story: How changing Daylight Saving Time upends the economy. Moving the clock costs the US big bucks, and there is growing momentum in Congress to get rid of the practice.

Abstract: Although daylight saving time (DST) is thought to provide economic benefits, extant research documents various adverse effects of DST adjustments. However, prior research provides little conclusive evidence about the effects of DST adjustments on capital market participants. We examine the effects of “spring forward” DST advances, which disrupt the human sleep cycle and economic activities, on investors’ processing of earnings news. We find a delayed price response to earnings news released during the first week following a DST advance. We also find that this effect is stronger among firms with investors who are more likely to be trading on earnings news and among firms with less sophisticated investors. Our findings contribute to research on the unintended consequences of DST adjustments and to the growing literature on intra-investor variation in disclosure processing costs. Our study may be of interest to legislators currently debating proposed legislation that would eliminate DST phasing.