Judul: Lindung Nilai Saham dengan Strategi Straddle Menggunakan Opsi Asia dan Opsi Vanilla
Abstrak: Untuk menghindari kerugian investor pada saham, salah satu strategi yang biasa diterapkan adalah dengan strategi opsi untuk melindungi dari kerugian. Pada penelitian ini, untuk melindungi nilai saham NVIDIA, akan dibandingkan opsi Asia dan opsi Vanilla menggunakan strategi straddle. Metode yang digunakan adalah simulasi Monte Carlo dan Black Scholes Merton. Opsi Asia menggunakan rataan aritmetik dari harga saham sebagai payoff sedangkan opsi Vanilla mendapatkan payoff dari harga saham pada waktu tertentu. Strategi straddle mendapatkan keuntungan jika harga saham naik atau turun dari strike price-nya melebihi harga total premi. Maksimum keuntungan Asia dan opsi Vanilla dapat mencapai tak hingga sedangkan kerugian opsi Asia lebih rendah daripada opsi Vanilla,serta biaya opsi Asia lebih besar daripada opsi Vanilla., To avoid loss for the investors, options strategy can be used to reduce the loss. In this study, to hedge NVIDIA stock we use straddle strategy with Asian and Vanilla options. The methods used are Monte Carlo simulation and Black Scholes Merton. Asian options use arithmetic average from stock price to get the payoff, while Vanilla options get the payoff from stock price at a specific point in time. The Straddle strategy gets profit when the rise or fall of the strike price exceeds the total premium paid. The maximum profit of Asian option and Vanilla option could be infinite while the loss of Asian option is lower than Vanilla option, more over the cost of Asian option is higher than Vanilla option.
Keyword: NVIDIA stock, Asian option, Vanilla option, Straddle, saham NVIDIA, opsi Asia, opsi Vanilla

Judul: Inverse Vertical Ratio Put Spread Strategy Using Lookback Fixed Strike Price Option for Hedging Shares
Abstrak: Kondisi pasar yang tidak menentu mengharuskan para investor saham untuk melakukan lindung nilai terhadap saham yang dimilikinya. Pada penelitian ini strategi inverse vertical ratio put spread (IVRPS) dipilih untuk melindungi nilai saham PT Indocement Tunggal Prakarsa Tbk. Strategi IVRPS ini diaplikasikan menggunakan opsi lookback fixed strike price dan opsi vanilla. Kedua opsi ini dibandingkan untuk mengetahui strategi yang menghasilkan kerugian terkecil atau keuntungan terbesar ketika harga saham sedang menurun. Masing-masing strategi dilakukan dengan jenis dan kombinasi jumlah opsi (n1,n2) yang berbeda-beda. Berdasarkan hasil perhitungan dapat disimpulkan bahwa strategi inverse vertical ratio put spread dengan menggunakan opsi lookback fixed strike price lebih baik dibanding dengan opsi vanilla., Uncertain market conditions require investors to hedge their shares. In this study, the inverse vertical ratio put spread strategy (IVRPS) was chosen to protect the value of PT Indocement Tunggal Prakarsa’s shares. This IVRPS strategy is applied using a lookback fixed strike price option and a vanilla option. These two options are compared to find out which strategy has the smallest loss when the stock price drops. Each strategy is carried out with different types and combinations number of options (n1,n2). Based on the calculations results, it can be concluded that the inverse vertical ratio put spread strategy using the lookback fixed strike price option is better that using the vanilla option.
Keyword: hedging, inverse vertical ratio put spread, lookback fixed strike price option, price drop, vanilla option

Judul: Kajian Histopatologi Hati Kucing yang Terpapar Feline Infectious Peritonitis (FIP)
Abstrak: This study was aimed to know the histopathological aspect of Feline Infectious Peritonitis (FIP) that was focused on its liver. In this study three cats, from October 2009 until June 2010, that were diagnose suffering FIP were used as case samples. An observation on gross lesion and histopathology were done based on the regular protocol of Pathology Laboratory of Faculty of Veterinary Medicine, Bogor Agricultural University. The histopathological change of liver was evaluated with paraffin method and stained with Haematoxilin-Eosin dyes. The histopathological changes were observed under light microscope. The results showed that all evaluated livers were found in general congestion, inflammation multifocal, degeneration, necroses, inflamed cell infiltration. One of cases was found existing a secondary infection which appearing bacteria colonies in central vein lumen of lobules. In addition it also notes that pathological evaluation finding gave a general change of FIP on other organs such as hydropascites, icterus, perihepatitis, pancreatitis, gastroenteritis, and inflammation granulomatus in some organs. It could be conclude that congestion, degeneration and necroses are the main histopathological finding of the liver with FIP infection.
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