What is an anomaly in finance?

What is an anomaly in finance?
-Give three examples
of anomalies that academic research has uncovered in the past two decades (make sure and explain these anomalies in detail.
-If markets are efficient what would you expect to happen to these anomalies after they were discovered?.
-What financial frictions might enable these anomalies to persist (make sure and cite frictions that apply to the anomalies in part ‘b’)?

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