Ocena efektywności inwestycji w polskie spółki z branży gier wideo na podstawie analizy portfelowej
The assessment of the effectiveness of investment into Polish video game companies on the basis of portfolio analysis

Summary/Abstract: Investing on the stock exchange is one of the most popular methods of multiplying capital by investors. The assessment of the expected effectiveness of an investment, i.e. its return rate and the associated risk, is key to making investment decisions. The aim of the study discussed in the article is to assess the effectiveness of investments into Polish video game companies using Markowitz portfolio analysis tools. The Capital Asset Pricing Model (CAPM) was used to examine the portfolio's market valuation compared to its intrinsic value. The study examined 21 video game companies listed on the Warsaw Stock Exchange (WSE) and belonging to the WIG-gry index over the period from 11th March 2018 to 1st July 2025. This period was divided into four subperiods, namely: before the outbreak of the COVID-19 pandemic, in the course of the pandemic until the outbreak of the war in Ukraine, from the outbreak of the war in Ukraine until lifting the epidemic threat in Poland, and after the end of the COVID-19 pandemic in Poland. Data were downloaded from the WSE website and the investment portal Investing.com. The analysis indicates that the rate of return of the WIG-gry index's portfolio reacts less strongly to market changes than the average stock, and is characterised by a lower risk than the market risk. The total risk, which was mostly systematic, turned out relatively high in particular periods. The relationship between the return and the total risk was very high. The portfolio turned out overvalued in the period before the COVID-19 pandemic, and undervalued in other periods.

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