Ha ha ha, or there is another explanation.
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Guess there isn't. I checked it out on other IPB boards, it goes by the time of the poster. And it's actually pretty simple why. Since it adds the text to your post, it would be the same as you posting the time in your post. It's not going to change what you post, and since the time of the quote is in the quote brackets as a part of your post, like everything else in that post, it won't change unless changed by the user, or changed by the board, which isn't going to be able to determine the difference between posting 9:27 PM by itself and quote=bob, Nov 12, 9:27 PM.
So to actually know the time of a quote in your time you must know the time zone of the poster who added the quote, or find the post the quote is from. That also means you can find out the time zone of the poster of a quote, by comparing the time the quote said the post was made, and the actual time of the post in your own time. =)