On a conventional four cycle engine, the rpm range is much higher than on a hit and miss engine (which are categorised as "slow" running engines.) With a fast revving engine, physics of inertia come into play. So--the intake valve has to start opening before top dead center is reached, and the exhaust valve has to begin opening before the piston reaches bottom dead center on the power stroke. Likewise, the intake valve will stay open for about 20 to 30 degrees into the compression stroke, after the piston has passed bottom dead center, and the exhaust valve will stay open part way into the intake stroke after the piston has reached top dead center. The spark which ignites the charge of fuel vapour has to actually start the fuel burning before the piston reaches top dead center, so the timing on these engine is always advanced. On a slow running engine like a hit and miss, inertia is much less of a consideration. The valve timing and ignition timing events are much closer to the theoretical top and bottom dead center of the piston---thus, you set the ignition exactly at top dead center or very slightly after it.