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: Hedging (Lindung Nilai) Harga Kakao Menggunakan Strategi Opsi
Abstrak: Harga kakao yang sulit diprediksi dapat menjadi risiko tersendiri bagi produsen pengolah kakao. Hedging (lindung nilai) dapat menjadi solusi untuk mengurangi risiko kerugian di masa depan. Dalam penelitian ini diaplikasikan tiga strategi opsi pada harga kakao, yaitu strap, long strangle, dan short put ladder. Berdasarkan hasil penghitungan, strap lebih menguntungkan pada kondisi bullish, long strangle pada kondisi neutral, dan short put ladder pada kondisi bearish. Pada strategi strap dan long strangle, keuntungan maksimum bernilai tak terhingga dengan kerugian maksimum sebesar biaya opsi yang dikeluarkan. Pada strategi short put ladder, keuntungan maksimum bernilai sebesar penjumlahan strike price yang telah disesuaikan dengan biaya opsi, sedangkan kerugian maksimum bernilai sebesar penjumlahan strike price yang lebih tinggi dan telah disesuaikan dengan biaya opsi. Ketika opsi dieksekusi, harga jual lindung nilai akhir bernilai sebesar penjumlahan strike price yang telah disesuaikan dengan biaya opsi. Ketika opsi tidak dieksekusi, harga jual lindung nilai akhir akan meningkat seiring dengan kenaikan spot price., The unpredictable price of cocoa can be a risk for cocoa processing producers. Hedging can be a solution to reduce future losses. In this study, three option strategies were applied to cocoa prices, namely strap, long strangle, and short put ladder. Based on the calculation results, the strap is more profitable in bullish conditions, long strangle in neutral conditions, and short put ladder in bearish conditions. In the strap and long strangle strategy, the maximum profit is infinity with the maximum loss is the initial cost. In the short put ladder strategy, the maximum profit is the sum of strike price that has been adjusted for the option cost, while the maximum loss is the sum of higher strike price that has been adjusted for the option cost. When the option is exercised, the final hedging selling price is the sum of the strike price that has been adjusted for the option cost. When the option is not exercised, the final hedging selling price will increase as the spot price increases.
Keyword: cocoa, long strangle, option, short put ladder, strap

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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