The effect of light upon aquarium fish is something I researched a few years back for an article on another site. As with all animals and plants, a period of total darkness is essential to the physiology. We all have a circadian rhythm, and upsetting this will mean problems. Ever experience jet lag? People who work nights and sleep during the day usually darken their room, or wear an eye mask; same reason.
In the tropics where our fish originate, the ten or so hours of night are generally pitch black for the fish. The moon does not penetrate the forest canopy much, and even if it does, the fish in open waters remain along the banks under dense vegetation cover. If I may, I'll cite the relevant portion of my article.
The Day/Night Cycle
Most animals have an internal body clock, called a circadian rhythm, which is modified by the light/dark cycle every 24 hours. This is the explanation for jet-lag in humans when time zones are crossed—our circadian rhythm is unbalanced and has to reset itself, which it does according to periods of light and dark. Our eyes play a primary role in this, but many of our body cells have some reaction to light levels. In fish this light sensitivity in their cells is very high.
Previously I mentioned that the rods and cones in the eye shift according to the changes in light. This process is also anticipated according to the time of day; the fish “expects” dawn and dusk, and the eyes will automatically begin to adjust accordingly. This is due to the circadian rhythm.
This is one reason why during each 24 hours a regular period of light/dark--ensuring there are several hours of complete darkness--is essential for the fish. In the tropics, day and night is equal for all 365 days a year, with approximately ten to twelve hours each of daylight and complete darkness, separated by fairly brief periods of dawn or dusk. The period of daylight produced by direct tank light can be shorter; and the period of total darkness can be somewhat shorter or longer--but there must be several hours of complete darkness in the aquarium. The dusk and dawn periods will appear to be stretched out, but that causes no problems for the fish. It is the bright overhead light that is the concern, along with having a suitable period of total darkness.
To answer your question on the effect, this is related to something I posted in another thread a few moments ago. How do we as aquarists really know the fish are "fine?" Living the expected lifespan is usually the best gage. Stress along the way, such as from inappropriate environmental conditions which includes light/darkness, tends to weaken the fish by making it spend more energy that should be directed elsewhere physiologically. Along the way, the fish may seem fine, or in some cases they do not, depending.
I recall reading a couple of years back about car lights shining into the fish room being able to actually affect aquarium plants. Scientific data was provided, though I doubt I could track this down now. But if this impacts plants, it must impact fish.
Byron.