USING PIVOT TABLE TO TEST MARKET ANOMALY

Ben Branch
William Orland
University of Massachusetts Amherst

Aixin Ma
Oklahoma City University

ABSTRACT

This study contributes to the field of finance in two folds. First, it extends the test of
January anomaly by examining potential paradigm shift. Second, it introduces an intuitive and
ease-to-learn tool, pivot table, to students and practitioners in finance so that one can conduct
rather comprehensive analysis without having to master computer programing. The result of this
study reveals that the January anomaly has all but disappeared in the 21st century. The authors do
this study in a way that transforms learning the anomaly concept into an experiential one.

Keywords: Pivot table, market anomaly, finance, paradigm shift