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Literary meaning of an anomaly is a strange or unusual occurrence. The word anomaly refers to scientific and technological matters.Anomalies are the indicator of inefficient markets, some anomalies happen only once and vanish, while others happen frequently, or continuously defined market anomalies as “an anomaly is a deviation from the presently accepted paradigms that is too widespread to be ignored, too systematic to be dismissed as random error, and too fundamental to be accommodated by relaxing the normative system.” Anomalies can be divided into three basic types.,
1.Fundamental anomalies - Fundamental anomalies include Value anomalies and small cap effect, Low Price to Book,high dividend yield, Low Price to Sales (P/S),Low Price to Earnings (P/E)
2.Technical anomalies- "Technical Analysis" includes no. of analyzing techniques use to forecast future prices of stocks on the basis of past prices and relevant past information. Commonly technical analysis use techniques including strategies like resistance support, as well as moving averages.
3.Calendar or seasonal anomalies - Calendar anomalies are related with particular time period i.e. movement in stock prices from day to day,
month to month, year to year etc .these include weekend effect, turn of the month effect, year-end effect etc
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