Judul: Real Option Valuation Using Binomial Decision Trees.
Abstrak: A firm that decides to invest has a choice to invest in real assets. A method which is usually used in valuation of the project is discounted cash flow (DCF) method. But, this method can’t be used in projects that account for value of managerial flexibility, such as decision to suspend operations temporarily. Therefore, this kind of project needs to be assessed using real option. Real option valuation can be done in some ways, including the use of path-dependent simulation, as well as closed-form models like Black-Scholes model, partial differential equation, and binomial or multinomial approaches. In this paper, real option valuation using binomial decisions id discussed. Determination of the project value can be done in three steps. First, calculate the expected present value of the project. Next, calculate volatility of the project using Monte Carlo simulation. Last, construct a binomial tree to model the dynamics of the project value using the parameters of the stochastic process, and then add some decision nodes to model the project’s real options.
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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: Stabilitas Immunoglobulin G (IgG) Anti Escherichia coli asal Kolostrum Sapi yang Dimikroenkapsulasi dan Dipapar Enzim Pepsin.
Abstrak: Penelitian ini bertujuan untuk mengevaluasi stabilitas IgG anti Escherichia coli (E. coli) asal kolostrum sapi yang dimikroenkapsulasi dan dipapar enzim pepsin. Mikrokapsul yang digunakan pada penelitian ini adalah kolostrum yang mengandung IgG anti E. coli dan disalut dengan alginat-kitosan dengan perbandingan komposisi kolostrum dan alginat masing-masing 20:80 (P1), 30:70 (P2), 40:60 (P3). Tiap perlakuan diberi paparan enzim pepsin selama 12 jam dan diinkubasi pada suhu 37 ⁰C dan 40 ⁰C. Sebagai control digunakan IgG anti E. coli asal kolostrum sapi yang tidak dimikroenkapsulasi. Pengukuran konsentrasi IgG dilakukan pada jam ke-0, 3, 6, 9 dan 12 jam masa pemaparan enzim pepsin menggunakan teknik Enzyme Linked Immunosorbent Assay (ELISA). Hasil penelitian menunjukkan bahwa semua mikrokapsul memiliki konsentrasi IgG yang lebih tinggi daripada kontrol. Konsentrasi IgG pada semua mikrokapsul cenderung stabil selama pemaparan enzim (3-9 jam). Konsentrasi IgG pada ketiga jenis mikrokapsul memiliki profil konsentrasi IgG yang sama pada inkubasi 37 ⁰C maupun 40 ⁰C. Mikroenkapsulasi IgG menggunakan penyalut alginat-kitosan mampu melindungi IgG dari kondisi lingkungan saluran pencernaan pada pemberian imunisasi pasif peroral
Keyword: IgG, Kolostrum Sapi, Mikrokapsul, Pepsin