Judul: Hedging Effectiveness of Indonesian Agricultural Commodities using Futures Contracts
Abstrak: Hedging merupakan suatu cara untuk meminimalkan risiko di masa yang akan datang akibat dari berfluktuasinya harga. Pada karya ilmiah ini, digunakan instrumen berupa kontrak futures dalam meminimalkan risiko. Data yang digunakan dalam penelitian ini yaitu harga penutupan bulanan dari harga spot dan harga futures salah satu komoditas pertanian Indonesia, yaitu kakao. Untuk mengetahui perbandingan banyaknya kontrak spot dan kontrak futures yang harus dimiliki, dihitung nilai rasio hedge optimal dengan regresi linear sederhana. Efektivitas hedging dapat dilihat dari nilai varian return hedged. Hasil dari penelitian ini didapatkan bahwa terjadi penurunan nilai varian return setelah dilakukannya hedging, sehingga dapat disimpulkan bahwa hedging yang dilakukan melalui kontrak futures sudah efektif dan dapat digunakan untuk meminimalkan risiko di pasar fisik., Hedging is a way to minimize future risk as a result of price fluctuations. In this scientific paper, the instrument to minimize risk is a futures contracts. The data used in this research are the monthly closing prices of spot prices and futures prices for one of Indonesian agricultural commodities namely cocoa. To determine the comparison of the number of spot contracts and futures contracts that must be owned, the optimal hedge ratio are calculated using simple linear regression. The hedging effectiveness can be valued from the value of return hedged variance. The results of this research show that the value of return variance after hedging is decreased, so it can be concluded that the hedging performed through futures contracts for this commodities is effective and can be used to minimize risk in the spot market.
Keyword: futures prices, simple linear regression, spot prices, return hedged variance

Judul: Comparison of CPO Commodity Hedging Effectiveness Before and During the Pandemic using Futures Contracts with VECM
Abstrak: Fluktuasi harga pada pasar perdagangan menjadi salah satu risiko yang harus ditanggung baik bagi penjual maupun pembeli. Adanya pandemi Covid-19 juga berpengaruh terhadap fluktuasi harga di pasar perdagangan. Salah satu cara untuk meminimalkan risiko tersebut adalah melakukan hedging. Pada karya ilmiah ini, digunakan instrumen derivatif berupa kontrak futures. Data yang digunakan adalah data harga spot dan harga futures komoditas CPO pada waktu sebelum pandemi Covid-19 dan saat pandemi Covid-19 yang dimodelkan dengan VECM. Efektivitas hedging dapat dilihat dari nilai varian portofolio hedged berdasarkan nilai optimal hedge ratio yang dihasilkan. Hasil dari penelitian ini didapatkan bahwa terjadi penurunan nilai varian portofolio hedged baik pada waktu sebelum pandemi maupun saat pandemi, dengan penurunan nilai varian portofolio yang lebih besar pada waktu sebelum pandemi Covid-19, sehingga dapat disimpulkan bahwa hedging menggunakan kontrak futures sudah efektif dalam meminimalkan risiko fluktuasi harga di pasar perdagangan dan efektivitas hedging sebelum pandemi lebih tinggi dibandingkan dengan saat pandemi., Price fluctuations in the market are one of the risks that must be borne by both sellers and buyers. The existence of the Covid-19 pandemic also affected price fluctuations in the market. Hedging is a way to minimize this risk. In this scientific paper, a derivative instrument is used in the form of a futures contract. The data used is spot prices and futures prices of CPO commodities before and during the Covid-19 pandemic which was modeled by VECM. The effectiveness of hedging can be seen from the value of the variant of the hedged portfolio based on the resulting optimal value of the hedge ratio. The results of this research found that there was a decrease in the value of the hedged portfolio variant both before the pandemic and during the pandemic, with a greater decrease in the value of the portfolio variant before the Covid-19 pandemic, so it can be concluded that hedging using futures contracts has been effective in minimizing risk on the market and the effectiveness of hedging before the pandemic was higher than during the pandemic.
Keyword: hedging, futures contract, VECM

Judul: DNA Extraction and Characterization of Salmonella‟s Lytic Bacteriophage Genome
Abstrak: Bacteriophages are ubiquitous in nature and are known to proliferate wherever their bacterial hosts exist. Their virion particles can exist independently outside the host, however all phages are need their host to propagate. Several phages are highly specific to host cell surface receptors and any slight changes in structure results in little or no interaction between the phage and its host. Salmonella‟s phage isolated from sewage water where their bacteria exist. Three isolated of phages (phages 15, 19 and 38) were used in this research that concentrated using three types of methods. PEG/ NaCl method was firstly used to concentrate the phages based on their molecular weight to precipitate the phage particles during centrifugation. The second method was Scraping Plaque method. In this method, overlay plaques were scraped and collected in SM buffer to get phage concentrates. Enrichment method was the last method used to concentrate the phages. Phage genome isolation was done using two methods i.e. EDTA/SDS and Proteinase K methods. The first method was done using DNase I to eliminate bacterial DNA followed by SDS/EDTA treatment to release phages DNA and phenol-chloroform-isoamyl alcohol to extract the DNA. DNA was collected by isopropanol extraction. While in Proteinase K method, bacterial DNA was eliminated by DNase I and Proteinase K/SDS was used to degrade phages capsids and ethanol for DNA precipitation. The result showed that PEG/NaCl method resulted the highest phage concentration for phage 15 and phage 19, while scrapping method was the highest for phage 38. The quantity and purity of extracted DNA were low for PEG/NaCl and Scraping methods, while Enrichment method was higher indicated higher purity. Run on agarose gel electrophoresis of extracted DNA confirmed that Enrichment method results were the best while scraping and PEG/NaCl method was appeared smear background. Based on DNA genome size determination, the bacteriphages of Salmonella sp were comparable with other study of Salmonella phages. Phage P15 with genome size of 39,5 kb was close to phage epsilon15. Phage P19 with genome size of 41 kb was close to phage ST160. And phage P38 with genome size of 48,5 kb was close to phage Gifsy-1.
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