Why is DATEVALUE assuming that dates are in "dd/mm/yyyy" format?



In Excel 2003 SP2, in cells using "March 14, 2001" date format with "Locale
(location)" set to "English (United States)":

=DATEVALUE("22-AUG-2008") displays as "August 22, 2008"
=DATEVALUE("2008/08/22") displays as "August 22, 2008"
=DATEVALUE("22/08/2008") displays as "August 22, 2008"
=DATEVALUE("22/08/08") displays as "August 22, 2008" and warns about the
two-digit year
=DATEVALUE("8/2/2008") displays as "February 8, 2008"
=DATEVALUE("08/02/2008") displays as "February 8, 2008"
=DATEVALUE("08/22/08") gives a #VALUE! error
=DATEVALUE("8/22/2008") gives a #VALUE! error
=DATEVALUE("08/22/2008") gives a #VALUE! error

I'm assuming this is controlled by a configuration setting of some kind, but
which one? The "Short Date" format in the Regional and Language Options
control panel is set to "MM/dd/yyyy" format, and as noted the cells
themselves are displaying with the U.S. locale. The "8/22/2008" example is
even used on the DATEFORMAT documentation page...


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