Abstract

http://ssrn.com/abstract=1328026
 
 

References (26)



 
 

Citations (1)



 


 



14-Week Quarters


Rick Johnston


Rice University - Jesse H. Jones Graduate School of Business

Andrew J. Leone


University of Miami

Sundaresh Ramnath


University of Miami - Department of Accounting

Ya-wen Yang


Wake Forest University

January 5, 2009


Abstract:     
Many firms define their fiscal quarters as 13-week periods so that each fiscal year contains 52 weeks, which leaves out one or two day(s) a year. To compensate, one extra week is added every fifth or sixth year and, consequently, one quarter therein comprises 14 weeks. We find evidence of predictable forecast errors and stock returns in 14-week quarters, suggesting that analysts and investors do not, on average, adjust their expectations for the extra week. The ease with which 14-week quarters can be predicted, and expectations adjusted, suggests a surprising lack of effort on the part of analysts and investors.

Number of Pages in PDF File: 50

Keywords: Market Efficiency, Analyst

JEL Classification: G14, G24, G29, M41

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Date posted: January 16, 2009 ; Last revised: January 9, 2011

Suggested Citation

Johnston, Rick and Leone, Andrew J. and Ramnath, Sundaresh and Yang, Ya-wen, 14-Week Quarters (January 5, 2009). Available at SSRN: http://ssrn.com/abstract=1328026 or http://dx.doi.org/10.2139/ssrn.1328026

Contact Information

Rick M. Johnston
Rice University - Jesse H. Jones Graduate School of Business ( email )
6100 South Main Street
P.O. Box 1892
Houston, TX 77005-1892
United States
Andrew J. Leone
University of Miami ( email )
School of Business
Coral Gables, FL 33146
United States
305-284-3101 (Phone)
HOME PAGE: http://sbaleone.bus.miami.edu
Sundaresh Ramnath (Contact Author)
University of Miami - Department of Accounting ( email )
Coral Gables, FL 33146-6531
United States
305-284-6668 (Phone)
Ya-wen Yang
Wake Forest University ( email )
P.O. Box 7659
Winston-Salem, NC 27109
United States
336-758-2934 (Phone)
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