Losing sleep at the international market: Daylight Saving Time and exchange rates
研究夏令时切换对双边汇率的影响，发现进入夏令时导致本币贬值，退出则升值，部分由生理心理效应和市场仓位效应驱动。
This article examines the impact of the move into and out of Daylight Saving Time (DST) on bilateral exchange rates. When a country starts DST, the value of its currency depreciates, which is reversed when the country exits DST. • We examine the move into and out of Daylight Saving Time on nominal exchange rates. • DST has a small but significant impact on exchange rates. • The move into (out of) DST causes the base currency to depreciate (appreciate). • This is partly driven by the physiological and psychological impact of DST. • This is also partly driven by a market positioning effect.