Reference no: EM133368684
Case Study: Biovail is suing hedge fund SAC Capital and independent research firm Gradient Analytics formanipulating its stock price downwards. Is this suit justified? What is the role of short sellers inthe economy? In real world markets, there are many impediments to short selling and to bringingout negative information. These constraints affect prices and overall market efficiency.
Case Questions: You should provide a short report (not more than 5 pages, double-spaced) developed around thefollowing questions:
1. Evaluate Melnyk's strategy. What are the objectives? What would you do if you were in hissituation, prior to the lawsuit?
2. How do investors gather information about companies like Biovail? What are the sources?How does this information get into stock prices?
3. What are the allegations? How should SAC respond in this situation? Should they changetheir investment strategy going forward? How should Gradient Analytics respond? Shouldthey change their approach in the future?
4. Suppose you have a firm conviction that Biovail is 10% overvalued today, i.e., the presentvalue of their future equity cash flows is less than the firm's market value. Would you take ashort position in the stock?
5. What are the implications of short sales constraints for stock prices?
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