14-Week quarters

Rick Johnston, Andrew J. Leone*, Sundaresh Ramnath, Ya wen Yang

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

9 Scopus citations


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.

Original languageEnglish (US)
Pages (from-to)271-289
Number of pages19
JournalJournal of Accounting and Economics
Issue number1-2
StatePublished - Feb 2012


  • Analysts
  • Fiscal year
  • Market efficiency

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics


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