Judul: Inverse Vertical Ratio Put Spread Strategy Using Barrier Options for Hedging
Abstrak: Ketidakpastian kondisi pasar di masa yang akan datang menjadi salah satu faktor diperlukannya lindung nilai terhadap aset berisiko yang dimiliki. Untuk melindungi nilai saham dari risiko penurunan harga di masa depan, strategi inverse vertical ratio put spread diaplikasikan pada saham PT United Tractors Tbk yang laju penurunan sahamnya bergantung pada pergerakan harga batu bara. Pada penelitian ini strategi inverse vertical ratio put spread dilakukan dengan menggunakan dua macam opsi yang berbeda, yaitu opsi barrier dan opsi vanilla. Kedua opsi ini dibandingkan untuk mengetahui strategi terbaik yang menghasilkan keuntungan terbesar ketika kondisi pasar sedang menurun. Penghitungan masing-masing strategi dilakukan dengan kombinasi rasio jual beli yang berbeda. Berdasarkan hasil penghitungan, dapat disimpulkan bahwa strategi inverse vertical ratio put spread menggunakan opsi barrier lebih banyak mengambil peran dibandingkan dengan opsi vanilla dalam menghasilkan keuntungan terbesar, khususnya ketika kondisi pasar sedang mengalami penurunan., The uncertainty of market conditions in the future is one of the factor why hedging is needed on a risky underlying asset. To protect the value of the shares from the risk of future price drop, the inverse vertical ratio put spread strategy is applied to PT. United Tractors Tbk shares which its price depending on coal price movements. The inverse vertical ratio put spread strategy is carried out using two different options, namely barrier options and vanilla options. These opstions will be compared in order to find the best strategy to overcome a significant price drop. The calculation of each strategy is done with a different combination of buying and selling ratios. The result shows that the inverse vertical ratio put spread strategy formation using barrier options gives a greater role in generating profit than that of vanilla option, especially when market conditions decline.
Keyword: Inverse vertical ratio put spread, barrier option, vanilla option, price drop, hedging

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 Morfopatologi Ginjal Kucing Yang Terpapar Feline Infectious Peritonitis (FIP)
Abstrak: This study was aimed to clarify the morphophatological aspect of Feline Infectious Peritonitis (FIP) that was focused on its kidney. In this study three cats that were diagnoses suffering of FIP were used as case samples. The morphophatological observation was done based on the regular protocol of Laboratory Pathology, Faculty of Veterinary Medicine, Bogor Agricultural University. The morphophatological changes of kidneys were evaluated by performing necroption and the histopathological changes were observed under light microscope after stained with Haematoxilin-Eosin dyes method. The results of gross findings showed that all evaluated kidneys have congestion and granulomatous nephritis. Histopathologically, these changes demonstrated general congestion, degeneration and necrosis of epithelial tubules, dilatation of tubules and infiltration of inflammatory cells (macrophages, lymphocytes and plasma cells) in the interstitial spaces with mild fibrosis. It could be conclude that interstitial granulomatous nephritis and congestion are the main morphophatological findings of the cat kidney which suffering of FIP.
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