14-Week quarters

► Many firms define their fiscal year as a 52/53 week period rather than a 12-month period. ► These firms normally have 13-week quarters except for one 14-week quarter every five or six years. ► Compared to 13-week quarters, revenues and earnings are predictably higher in 14-week quarters. ► However, both analysts and investors do not, on average, adjust their expectations for the extra week. ► Our findings are surprising given the benefits to making the simple adjustment for the extra week.