Background: Low Price-Earnings ratio, low Book-to market ratio and low stock prices can give the impression that a stock is ?cheap?. Is it through systematic use of these portfolio strategies possible to beat the market index ? in other words does financial illusions exist? Purpose: To examine if the Stockholm Stock Exchange is an efficient market. Limitations: The efficiency is tested solely through the chosen portfolio strategies: low Price-Earnings ratio, low Book-to-market ratio and low stock prices.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.

The study has shown that retailers in the mid-price segment differentiate their brand through developing a strong company identity around the brand. The personality involves store atmosphere, merchandise and advertising. Larger companies have chosen to lay the responsibility on management level, which facilitates on store level. By controlling the strategies on a central level the company can make sure that the stores are steered in the direction that the company wants them to be steered in, and also that they follow the positioning-concept. The company can also devote its efforts to working with its core value, which is service.