The Editor 

The joys of spring

John Hughman

The joys of spring

We are coming to the end of a horrible results season, peppered with profit warnings of every hue that, in a market wracked with uncertainty, have meant severe punishment for the unfortunate issuers (have a listen to our recent podcast on this subject). For us, the end of the quarter has also meant contending with a short production week as Easter approaches, which this year coincides with the changing of the clocks, a biannual event said to play havoc with the markets, too – something psychologists call ‘sleep desynchronosis’. Just as sleepy drivers mean car accidents have been found to increase following clock changes, so, some suggest, do market accidents as anxiety increases and tetchy traders head for the exits. A study in the American Economic Review suggests that the average market decline following a time change amounts to a whopping $31bn.

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