Health24.com has a good article discussing the impact of starvation diets and exercise. The basis of the article is that you shouldn't starve yourself.

Starvation diets don't work; to the contrary, they often result in the dieter putting on even more pounds. The reason is that the body is designed to store fat when it thinks it is being starved. Once the dieter falls off the proverbial weight loss wagon, the body stores even more calories as fat because it is worried about return to starvation.

People who what to shed pounds should consider more, smaller meals. Doing so will keep hunger at bay, provide an adequate level of calories and will make it easier to stick to weight loss goals. Plus, your body will see that you are giving it the adequate nutrition and calories that it needs.

Most importantly, the human body works best on a schedule. By following a regular eating - and sleeping schedule - you will be more likely to achieve your weight loss goals.