Judul: Aplikasi Model Binomial dalam Forward Contract dan Forward Exchange RateContract
Abstrak: Investors have purposed to obtain a maximum return, but they must be carefull to put the money because they would take a risk. Therefore, products are introduced to reduce the risk. They are called derivative products. There are many kinds of derivative products, such as forward contract and forward exchange rate contract. A forward contract is an agreement or a contract to buy or sell assets with delivery at a specified time and price. A forward exchange rate contract is an agreement or a contract to buy or sell a specified amount of money with a specified exchange rate at a specified time, no matter what the actual exchange rate is at specified time. In this paper, the price of derivative products at a discrete time will be determined using binomial model. A binomial model is a model that describes asset price movements by assuming two possibilities of asset price movements in the future that is, up or down. An underlying of binomial model is one-step binomial model, which is the known prices today can be two possible value in the future. One-step binomial model can be expanded to become multi-step binomial model. In this paper, one-step binomial and multi-step binomial model are used to determining the price of forward contract, and forward exchange rate contract. This model can be applied to the case study of overseas transaction at PT Bina pertiwi on the periode of Januari-September 2012. The best result that is obtained in the case of overseas transaction at PT Bina Pertiwi is the model using forward exchange rate contract. Model using forward exchange rate contract is able to decrease compensation as big as Rp280.783.944,55
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Judul: Penentuan Nilai Opsi Tipe Eropa dan Amerika Menggunakan Metode Binomial
Abstrak: Investors have purposes to obtain maximum returns, but they must be careful to invest their money because they may take risk. Therefore, they need products to reduce the risk. The products are called derivative products. There are many kinds of derivative products, such as options. An option is a type of contract between two parties. One party gives the other party a right to sell or to buy some assets in a certain price and in a certain period. Based on their execution time, there are two types of options i.e. European styles and American styles. European style options can only be exercised at expiration time, meanwhile American style options can be exercised at random time to the expiration time. In this paper, the option price at a discrete time will be determined by using binomial model. A binomial model is a model that describes asset price movements by assuming two possibilities of asset price movements in the future. Those are up and down. One-step binomial structures can be expanded into multistep binomial structures in order to approximate the option price. The application of one-step binomial model is used on the European option and multi-step binomial model is used on the American option. The acquired formula is applied to calculate the value of call option of PT Telekomunikasi Indonesia stocks in January 2012 based on the data of January to December 2011’s fluctuation of stock.
Keyword: American Style., European Style, Options, Binomial Model

Judul: Studi Kasus Diagnosis Pencitraan Gangguan Saluran Pencernaan Atas Anjing Schnauze
Abstrak: The aim of this study was to learn the role of diagnostic imaging to define the diagnose of the upper gastrointestinal tract disorder of the Schnauzer. The information from the owner (anamneses) stated that the dog has been vomiting for a year, sometimes containing blood. There might also be a possibility that it had eaten a corpus alineum. This study case covered physical examination, hematology and blood chemical analysis, radiography, ultrasonography, and endoscopy performed. Physical examination showed weight loss and anorexia. Hematology and blood chemical analysis showed an increase in lymphocyte, haemoglobin (Hb), haemotocrit (Hct), ureum, creatinine, alanin aminotransferase (ALT), and alkaline phosphatase (ALP). Abdominal radiograph showed no abnormality in the abdominal organs. Abdominal ultrasonography showed a hyperechoic mass on the stomach mucosal surface. The mass forms an acoustic shadowing at the ventral. The acoustic shadowing in the stomach may be caused by an accumulation of gas or foreign object such as bone. Endoscopy showed that there was inconsistency of stomach mucosa surface, foamy bile fluid in the stomach, ulcers, and erosion of the stomach mucosal surface. Based on the endoscopy performed, the animal was clearly diagnosed with chronic gastritis accompanied by stomach ulcer and erosion.
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