Rick Johnston, A. Leone, Sundaresh Ramnath, Ya‐wen Yang
{"title":"14-Week Quarters","authors":"Rick Johnston, A. Leone, Sundaresh Ramnath, Ya‐wen Yang","doi":"10.2139/ssrn.1463646","DOIUrl":null,"url":null,"abstract":"Many firms define their fiscal quarters as 13-week periods. For these firms each fiscal year contains 52 weeks, which leaves out one/two day(s) a year. To compensate, one extra week is added to every fifth/sixth year; consequently, one quarter therein comprises 14 weeks. We find evidence of predictable stock returns and forecast errors in 14-week quarters, which suggests that investors and analysts 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 investors and analysts.","PeriodicalId":356551,"journal":{"name":"American Accounting Association Meetings (AAA)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2009-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"18","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Accounting Association Meetings (AAA)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1463646","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 18
Abstract
Many firms define their fiscal quarters as 13-week periods. For these firms each fiscal year contains 52 weeks, which leaves out one/two day(s) a year. To compensate, one extra week is added to every fifth/sixth year; consequently, one quarter therein comprises 14 weeks. We find evidence of predictable stock returns and forecast errors in 14-week quarters, which suggests that investors and analysts 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 investors and analysts.
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