Error Handling: Event Study Calculators

The research apps of this website require certain input formats, which are described on the instruction pages and exemplified through the sample files available for download on the instruction page. If your data does not match the research apps´ input requirements, the event study calculators will prompt you error messages. 

As a general troubleshooting approach, please perform the following steps to identify data file issues:

  1. Store your files as CSV files
  2. Open your CSV files in a text editor, such as Notepad
  3. Download the CSV sample files from the instructions page and open them in Notepad
  4. Make a side-by-side comparison between your files and the sample files 

Please find in the below table guidance on several more specific error messages you may receive from the website or in the Analysis Report file.

"Application error"

Your data is not consistent and fails the algorithm. See the list below this table for the most common data flaws we find in users' datasets.

  • Review your data files for the data flaws listed below this table and fix your files accordingly
"Wrong number of columns"

Your files have a column structure that differs from the required standard

  • Open CSV in a text editor and search for spare semicolons at the end of each line
  • Discard those semicolons/column delimiters
"Wrong number of columns"

You use an Apple computer that uses a different line delimiter in CSV files than regular Windows PCs - resulting in inflated column numbers

  • Upload your data in XLS or XLSX format
  • Use a Windows PC to save CSV files
"Duplicate event id: 0" Your file format is likely not a standard CSV file, but, for example, a UTF8 CSV file
  • Transform your CSV file into a standard CSV file (i.e., store as file type "CSV (MS-DOS)" in Excel)
  • Alternatively, store and upload your data in XLS or XLSX format



The most common data flaws that trigger "application errors" are:

  • Duplicate dates for the same firm or index (i.e., you have two or more lines in any given file that hold the same date for the same firm / index)
  • Date formats that diverge from the requirements stated on the instruction page Texts (e.g., "NA") in columns that are supposed to hold numbers (e.g., the column with closing prices)
  • Stock or index closing prices of 0 fail the analysis since the algorithm needs to divide by those
  • Non-unique IDs in input files