I was just emailing back and forth with a professor about errors in some data that I had prepared for him, speciffically for unique ID’s for a bunch of different firms. These ID’s are supposed to be 8 alpha-numeric characters, and he was saying that the ID’s I provided him are not all 8 characters and therefore can’t be used to merge with more data.
This is is a clear example of why you should never ever open flat files in Excel. Here’s what he probably saw when loading the data:

And here’s what I saw using R:
DATE COMNAM CUSIP TICKER PERMNO
39844 20080102 3M CO 88579Y10 MMM 22592
217087 20080102 A B B LTD 00037520 ABB 88953
185515 20080102 A B N AMRO HOLDING N V 00093710 ABN 84766
144754 20080102 A E S CORP 00130H10 AES 76712
Have you ever gotten the “Do you want to save your changes?” dialog box when exiting Excel, even though you didn’t modify the data at all? That’s because they took the liberty of doing so for you.
Yes, Excel will let you use quotations or some other character as a text qualifier, but you can’t assume that they will always be there, especially when the data is from an unknown source. So always be cautious of opening data in Excel.
Or better yet, don’t use Excel at all. This makes me wonder if there are any good lightweight spreadsheet-type programs out there that let you view some data, maybe make some text changes, can handle large datasets, handles a variety of text delimiters and quotation characters, but does nothing to the formatting, etc. Anybody know of one?