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Capital markets investment and finance assignment research
Weekend Effect
The weekend effect (also known as the Monday effect, the day-of-the-week effect or the Monday seasonal) refers to the tendency of stocks to exhibit relatively large returns on Fridays compared to those on Mondays. This is a particularly puzzling anomaly because, as Monday returns span three days, if anything, one would expect returns on a Monday to be higher than returns for other days of the week due to the longer period and the greater risk.
Source:
http://calendar-effects.behaviouralfinance.net/weekend-effect/
Definition of 'Anomaly'

A term describing the incidence when the actual result under a given set of assumptions is different from the expected result. An anomaly provides evidence that a given assumption or model does not hold in practice. The model can either be a relatively new or older model.
Investopedia explains 'Anomaly'
Anomalies often occur with respect to asset pricing models, in particular the capital asset pricing model (CAPM). Although the CAPM was derived by using innovative assumptions and theories, it often does a poor job in predicting stock returns. The numerous market anomalies that were observed after the formation of the CAPM helped form the basis for those wishing to disprove the model.

Although the model may not hold up in empirical and practical tests, that is not to say that the model does not hold some utility.

Read more: http://www.investopedia.com/terms/a/anomaly.asp#ixzz1p3xxNsDN

Competing theories of financial anomalies: http://www.jstor.org/discover/10.2307/2696790?uid=2&uid=4&sid=47698755621697 In the non-investing world, an anomaly is a strange or unusual occurrence. In financial markets, anomalies refer to situations when a security or group of securities performs contrary to the notion of efficient markets, where…...

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