Judul: Perbandingan nilai opsi call tipe Eropa dengan perluasan model Vasicek dan model Cox-Ingersoll-Ross
Abstrak: Derivative product is a financial instrument whose value depends on the value of the underlying asset. One of the derivative product is a European option, which has the form of either call or put option. To determine the value of a European call option some models could be used, such as Vasicek and the Cox-Ingersoll-Ross model (CIR). Vasicek model may result in a negative interest rate, so that CIR model can be considered as an alternative in order to obtain nonnegative interest rates. This article discusses the European call option with a zero coupon bond as an underlying asset. The discussion includes the analysis and application of Vasicek and CIR models. The simulation results show that European call option price given by the extended Vasicek model and CIR model are similar.
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Judul: Pemodelan Nilai Opsi Tipe Eropa
Abstrak: Option is the right to sell or buy a specified quantity of some underlying asset by paying a specified exercise price, on or before an expiration date. There are two basic types of options, calls and puts. A call option is the right to buy and a put option is the right to sell the underlying asset. There are two types of options according to its execution time, i.e. American and European options. American options can be exercised at any time the holder wishes until the expiration date, while European options can only be exercised on the expiration date. Modelling of option price usually is done analytically by determining solution of differential equation that is satisfied by the price of derivative asset, known as Black-Scholes equation. Because option price is a reflection of present value of expectation of difference between the exercise price and the stock price at expiration date, so it is necessary to study the option price through the concept of present value, as an alternative way to model the option price. The result of this study shows that modelling of option price using differential equation method and present value approach give the same option price. Furthermore the results of ilustration give informations about the relation of the option price with its parameters as follow: First, increase in the current stock price causes the call option price also to increase, while the put option price, on the contrary, will decrease. Second, increase in the exercise price causes the call option price to decrease, while the put option price will increase. Third, the longer the expiration time the call option price will be higher, while the put option price doesn’t have the same tendency, but it depends on other parameters. Fourth, increase in the interest rate causes the call option price to increase, while the put option price will decrease. Finally, increase in the volatility causes the price of both call option and put option will increase.
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Judul: Peran Dan Strategi Penguatan Kelembagaan Panglima Laot Di Kota Sabang Dalam Mewujudkan Perikanan Tangkap Yang Berkelanjutan
Abstrak: Pengelolaan Perikanan Merupakan Upaya Penting Dalam Menjaga Keseimbangan Sumberdaya, Di Antaranya Melalui Peran Masyarakat Lokal. Salah Satu Bentuk Pengelolaan Perikanan Berbasis Masyarakat Yang Ada Di Indonesia Adalah Panglima Laot/Hukom Adat Laot Di Aceh. Penelitian Ini Bertujuan Mendeskripsikan Sejarah Panglima Laot, Menganalisis Sistem Pengaturan Panglima Laot Yang Berlaku Di Iboih, Kota Sabang, Dan Merumuskan Strategi Penguatan Kelembagaan Panglima Laot Lhok Iboih. Penelitian Ini Menggunakan Pendekatan Kualitatif Dengan Metode Triangulasi. Pengumpulan Data Menggunakan Metode Purpossive Sampling Dan Snowball Sampling. Analisis Yang Digunakan Adalah Analisis Yuridis Normatif, Analisis Deskriptif, Dan Analisis Swot. Hasil Yang Diperoleh Dari Penelitian Ini, Antara Lain: (1) Penerapan Sistem Closed Area Di Kawasan Lhok Iboih Yang Ditujukan Sebagai Kawasan Konservasi Dan Wisata Bahari; (2) Sistem Aturan Panglima Laot Terdiri Dari Larangan Terhadap Penggunaan Alat Penangkapan Dan Metode Penangkapan Yang Merusak Lingkungan, Hari Pantang Melaut, Larangan Mengambil Ikan Hias, Pembentukan Zona Larang Tangkap, Dan Larangan Melakukan Kegiatan Yang Merusak Lingkungan; (3) Sistem Sanksi Panglima Laot Terdiri Atas Pembayaran Denda Dalam Bentuk Uang Ataupun Hewan Ternak, Penyitaan Seluruh Sarana Penangkapan, Melakukan Kenduri Ulang; (4) Sistem Hak Panglima Laot Terdiri Atas Hak Individu Dan Hak Komunitas; (5) Sistem Otoritas Panglima Laot Antara Lain: 3 Orang Penasehat, 1 Orang Panglima Laot, 1 Orang Wakil Panglima Laot, 1 Orang Sekretaris, 1 Orang Bendahara Dan Beberapa Petugas Keamanan Adat; 6). Sistem Monitoring Dan Evaluasi Secara Umum Melibatkan Seluruh Masyarakat Nelayan Di Iboih Dan Secara Khusus Dilakukan Oleh Pokmaswas. Strategi Penguatan Panglima Laot Dilakukan Dengan Memanfaatkan Kekuatan Dan Peluang (So), Yaitu: Meningkatkan Peran Masyarakat Dalam Mensosialisasikan Hukom Adat Laot Kepada Para Wisatawan, Penguatan Kerja Sama Kolaboratif Antara Panglima Laot Dan Pelaku Wisata Dalam Mendukung Operasional Pengawasan Satgas, Peningkatan Kapasitas Kelembagaan Dalam Hal Pengawasan Dan Pengelolaan Perikanan Melalui Pembimbingan Dan Pelatihan Berkolaborasi Dengan Pemerintah Dan Lsm, Penyedian Sarana Dan Prasarana Pengawasan Berkoordinasi Dengan Pemerintah.
Keyword: Panglima Laot, Pengelolaan Perikanan, Penguatan Kelembagaan, Sistem Kelembagaan