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During a crisis a higher price changeability is noticeable on the financial market. Capital investment on the stock market is a problem concerning more and more people in this context. An attempt to determine effective decision making methods is an issue for both physical and legal persons including instructions managing investment portfolios.The aim of this paper is determining the level of information efficiency at the semi-strong stage of the largest Polish companies on the stock market (covered by WIG20 index) in different market conditions.To achieve this aim the author decided to create a graphic representation of semi-strong information efficiency. In the next section of the paper the author analyses the Polish stock market from the point of view efficiency in the years 2005-2008.The hypotheses tested by the author in the article: 1.The efficiency of the Polish stock market is dependent on the condition of the financial market.2.The Polish stock market is efficient in the time of crises, which means that information about companies is reflected in their share prices.Financial market efficiency is an element of considerations concerning capital investments. Satisfactory ROI (return on investment) is correlated with market efficiency. It is therefore important to conduct research on stock market efficiency and compare results. It is the basis for taking effective investment decisions on different markets.The conducted in this paper research demonstrates that there is a correlation between capital market prosperity and information efficiency on this market. The outcome of the research referring the level of fundamental analysis ratios P/E and P/BV to the rate of return in the following period prove that the situation on the capital market influences semi-strong information efficiency.

Semi-Strong Information Efficiency of the Polish Stock Exchange Market in Various Market Situations