Many researches are done in search of abnormal returns in many financial markets. This study tell how different anomalies gives abnormal returns and more importantly how these anomalies differ from each other in term of future abnormal returns. This will provide ground to earn arbitrage to investors by going in different strategies for different anomalies. If two anomalies gave significant positive future abnormal returns it means that both of these anomalies are not alike and investors can step in both of them at a same time to get arbitrage. Supervisor:- Dr. Arshad Hassan