Why don't you make that policy for the rest of your company?
Or look at your workspace and figure out why the fuck people need to stay up until 4am to be productive, rather than being able to, you know, work, at work?
As for the 2 programmers who work for me (the rest of the staff have to be there 9 to 5) they can work anywhere anytime. I care about results; meet your schedule- you can work from the beach if you want (I live in South Florida).
Or look at your workspace and figure out why the fuck people need to stay up until 4am to be productive, rather than being able to, you know, work, at work?