Using Pivot Table to Test Market Anomaly

9 Pages Posted: 26 Jun 2017 Last revised: 25 Mar 2018

See all articles by Ben S. Branch

Ben S. Branch

University of Massachusetts Amherst - Isenberg School of Management

Aixin (James) Ma

Oklahoma City University - Meinders School of Business

William Orland

Oklahoma City University, Meinders School of Business, Students

Date Written: March 1, 2018

Abstract

Market anomaly is an important phenomenon in finance because it challenges an essential concept in modern finance, the Efficient Market Hypothesis. Traditionally, professors rarely demonstrate and statistically test market anomalies in undergraduate finance classes due to the lengthy data collection and analysis process, and required knowledge of programming languages such as SAS. Pivot table is a powerful tool used by many business academics and professionals, particularly in the marketing field. In this paper, we demonstrate how to use the pivot table tool in Microsoft Excel to quickly test the January Effect. We also demonstrate how to apply the tool to test other market anomalies. By using pivot table, we transform the learning of the market anomaly concept from discussion only to experiential.

Keywords: pivot table, market anomaly, January Effect, experiential learning

Suggested Citation

Branch, Ben S. and Ma, Aixin and Orland, William, Using Pivot Table to Test Market Anomaly (March 1, 2018). Available at SSRN: https://ssrn.com/abstract=2992371 or http://dx.doi.org/10.2139/ssrn.2992371

Ben S. Branch

University of Massachusetts Amherst - Isenberg School of Management ( email )

Room 201A
Amherst, MA 01003-4910
United States
413-545-5690 (Phone)
413-545-3858 (Fax)

Aixin Ma (Contact Author)

Oklahoma City University - Meinders School of Business ( email )

2501 North Blackwelder
Oklahoma City, OK 73106-1493
United States
405-208-5827 (Phone)

William Orland

Oklahoma City University, Meinders School of Business, Students ( email )

2501 North Blackwelder
Oklahoma City, OK 73106-1493
United States

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