IDEAS home Printed from https://ideas.repec.org/a/eee/finana/v97y2025ics1057521924007440.html
   My bibliography  Save this article

Behind in time, behind in the game – time zone affects trading aggressiveness

Author

Listed:
  • Gautam, Anil
  • Lepone, Grace

Abstract

This study examines the aggressiveness of orders submitted by retail investors trading on the same exchange but from different time zones. Individuals located to the west of the exchange's time zone and, therefore, behind in time are less aggressive in their order submission than investors located in the exchange's time zone. We attribute this observation to the difference in time available for processing the information necessary for aggressive trading. The impact of the time zone difference is opposite to the impact of time lost due to the start of daylight saving time, when the disturbance of sleep leads to increased aggressiveness in trading. The findings are robust after controlling for the additional investor factor, as well as stock and market factors and when an alternative aggressiveness measure, sample period or sets of the sample are used.

Suggested Citation

  • Gautam, Anil & Lepone, Grace, 2025. "Behind in time, behind in the game – time zone affects trading aggressiveness," International Review of Financial Analysis, Elsevier, vol. 97(C).
    • Handle: RePEc:eee:finana:v:97:y:2025:i:c:s1057521924007440
    DOI: 10.1016/j.irfa.2024.103812
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1057521924007440
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.irfa.2024.103812?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finana:v:97:y:2025:i:c:s1057521924007440. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620166 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.