The best I understand it is that the zoanthellae (algae) that lives inside the coral tissue and is used for food, grows like any other plant by using photosynthesis. They have evolved over the years to only do photosynthesis for 4 to 6 hours a day which is the 4 to 6 hours that they get peak sunlight in a natural environment. Before 9am and after 3pm the sun is too low in the sky to provide enough light.
To run lights longer doesn't do anything about the built-in genetics of the zoanthellae and so it doesn't make more food or grow any better. On the other hand we want to look at our tanks for a longer time frame so we run the lights for 8, 10 or even 12 hours. It doesn't hurt the coral or the zoanthellae, but it doesn't do any good either. My best guess is that if running your lights 24/7 does anything, it will probably be harmful. Some corals feed after the lights go out (note that some corals put out tentacles only after lights have gone out), so having them on 24/7 may cause problems for them. Personally, I wouldn't even consider it.