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: Karakterisasi Protein IgG Anti Escherichia coli Asal Kolostrum Sapi yang Dimikroenkapsulasi.
Abstrak: Penelitian ini bertujuan untuk mempelajari karakterisasi IgG anti Escherichia coli asal kolostrum sapi setelah dimikroenkapsulasi. Sampel yang digunakan yaitu IgG standar, IgG hasil dialisis kolostrum (tidak dimikroenkapsulasi, sebagai kontrol) dan IgG yang dimikroenkapsulasi dengan penyalut alginat-kitosan. Sampel mikrokapsul IgG dibuat dengan rasio antara alginat dan kolostrum masing-masing sebesar 80:20 (P1), 70:30 (P2) dan 60:40 (P3). Karakterisasi protein dilakukan dengan metode Sodium Dodecyl Sulphate Polyacrilamide Gel Electroforesis (SDS PAGE). Hasil pengamatan menunjukkan bahwa semua IgG (standar, kontrol dan sampel mikrokapsul) mempunyai pita protein IgG dan rantai berat dengan berat molekul masing-masing berkisar antara 157.01-184.30 kDa dan 51.74-56.31 kDa. IgG hasil dialisis kolostrum dan sampel mikrokapsul masing-masing mempunyai dua pita protein yang diidentifikasi sebagai laktoferrin dan enzim inhibitor. Perbedaan pada rasio kolostrum dan alginat tidak mengubah struktur protein IgG.
Keyword: berat molekul, IgG, kolostrum sapi, mikroenkapsulasi, SDS PAGE