What are the most common bugs in ARC input files and how to fix them?

Written by EST Admin
Updated 2 months ago

While we work on making our research apps as robust and error-tolerant as possible, some of you may still find it challenging to create input files that conform to the requirements of the abnormal return calculator.

On this page, we list the most common errors users make, provide illustrative screenshots, and explain how to fix the files.

How your files should look like

Before looking at the most common bugs, let's first have a look at what your files should look like. See screenshots of the sample data below, opened in a text editor, such as Microsoft Window's NotePad:

02_FirmData 03_MarketData

If you open your input files in the text editor and they look different, the abnormal return calculators will likely not perform the analysis and display an "application error".

The most common bugs we see

#1 Bug: Commas use instead of semicolons as separate

Example of the bug:

Why this issue arises: 

Excel or any other spreadsheet software typically inherits from your system settings your local scheme for separators and date formats.

When you store your file in CSV format, the spreadsheet software may place commas (e.g., in Germany).

EST ARC requires semicolons because commas are also often part of company names or are also used as a decimal separator.

The fix: Use your text editor's function to replace all commas with semicolons. 

#2 Bug: Random commas or semicolons at the end of your input file

Example of the bug:

Why this issue arises: 

When editing data in Excel or any other spreadsheet software, one regularly copies around whole columns and deletes some. 

When you then store your file in CSV format, the spreadsheet software often keeps those deleted/empty columns in your file.

EST ARC then finds more than the required 3 columns in the input files and has issues in reading your inputs.

The fix: Use your text editor's function and replace all occurrences of multiple commas or semicolons next to each other with nil/nothing - you factually delete them. But since there is no find & delete in most editors, you find & replace.  

#3 Bug: Wrong date formats

to be added soon

#4 Bug: Duplicate data in firm or market files

to be added soon

The fix: For fixing this bug, you will need your spreadsheet software. In MS Excel, for example, you can mark the data in your input files and select the function "delete duplicates". Please note that for a single company, there cannot be more than one closing price.

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