Abstract
Research background: Since the Internet bubble, which took place at the turn of XX and XXI century, on the global capital markets, including Poland, one may note a growing interest in companies focusing on innovations and innovativeness. The main driver of this interest is the belief that in a longer term innovations and expenditures on research and development will translate into an increase in competitive advantage, financial results, and subsequently also the market value of companies. On the other hand, the attention should also be paid to the fact that innovative activity has also another, darker, side, which is identified with the far-reaching uncertainty about its final effects and the possibility of incurring losses, especially in financial dimension. At the same time, it should be noted that implementation of investment strategy regarding the shares of innovative companies is quite troublesome because of the lack of unified methodology for assessing corporate innovativeness and large information diversity in this area.
 Purpose of the article: The investment efficiency analysis of investment strategy regarding shares of companies perceived to be innovative with simultaneous focusing on the different cases of situation development in time.
 Methods: The research was carried out for companies listed on the main market of the Warsaw Stock Exchange, taking into consideration various time ranges of investment. The efficiency analysis of this investment strategy was conducted in the risk-return outlay with the use of such measures as: accumulated rate of return, arithmetic average rate of return, standard and semi-standard deviation, as well as coefficients of variation and semi-variation of rate of return and their inverses.
 Findings & Value added: The obtained results show that in shorter periods of time, inves-tors buy expectations connected with innovative companies and therefore, the efficiency of investment in their shares is relatively high, but in the longer term expectations are revised by companies? financial results, which in turn often negatively affects the investment efficiency.
Highlights
Among many investment strategies that can be applied on the capital market (Jajuga, 2009; Damodaran, 2012) more and more attention in recent years has been paid to investing in shares of innovative companies
The growth of popularity of this group of companies among stock market analysts and investors was driven by the dynamic, supported by rising shares quotations, development of a number of entities known in the world from systematically introduced innovations, including breakthrough ones, e.g. Alphabet, Apple, Amazon, Netflix
Not without significance was the period of the 90’s of the 20th century and a large increase in the market value of technology companies on the wave of spreading the Internet and development of information technology, while indexes relating to more traditional companies — S&P500 and DJIA30 — gained 380% and 340%, respectively, at the same time)
Summary
Among many investment strategies that can be applied on the capital market (Jajuga, 2009; Damodaran, 2012) more and more attention in recent years has been paid to investing in shares of innovative companies. On the Polish capital market, so far, it is in vain to look for entities similar in terms of the scale of innovativeness to the aforementioned ones, the group of companies that can be considered as innovative systematically grows. The expansion of their list is supported by the activity of venture capital and private equity funds, as well as the launch by the WSE in 2007 the New Connect market, dedicated to start-up entities. A general attractiveness of investments in shares of innovative companies listed on the Warsaw Stock
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