Judul: . Comparison of Inverse Vertical Ratio Put and Long
Strangle Strategies for Stock Price Hedging
Abstrak: Bukalapak merupakan salah satu perusahaan e-commerce yang terkena dampak positif perkembangan teknologi dan COVID-19. Persaingan antarplatform yang semakin beragam memungkinkan investor mengalami kerugian. Salah satu solusi untuk mengurangi risiko kerugian adalah lindung nilai dengan produk derivatif. Strategi inverse vertical ratio put adalah strategi perdagangan opsi yang melibatkan kombinasi penjualan dan pembelian opsi put dengan harga kesepakatan yang berbeda. Sedangkan, strategi long strangle melibatkan pembelian opsi put dan opsi call dengan harga pelaksanaan yang berbeda. Berdasarkan penilitian ini, kedua strategi ini sama-sama memberikan perlindungan ketika harga saham menurun dan memberikan profit portofolio dengan lindung nilai yang lebih baik ketika pasar tumbuh dibandingkan dengan posisi tanpa lindung nilai. Strategi inverse vertical ratio put cocok digunakan oleh investor ketika pergerakan harga saham di pasar sedang kondisi bearish dan strategi long strangle digunakan ketika terjadi pergerakan harga saham yang besar, baik harga saham bearish maupun bullish. Strategi long strangle lebih menguntungkan karena memberikan perlindungan terbaik ketika harga saham bearish sekaligus memberikan harga yang lebih baik ketika harga saham bullish., Bukalapak is one of the e-commerce companies positively affected by technological developments and COVID-19. The increasingly diverse inter-platform competition allows investors to experience losses. One solution to reduce the risk of loss is hedging with derivative products. Inverse vertical ratio put strategy is a type of options trading strategy that combines selling and buying put options with different strike prices. Meanwhile, the long strangle strategy involves buying put options and call options with different exercise prices. Based on this research, these two strategies provide protection when the stock price declines and better hedged portfolio profits when the market grows compared to unhedged positions. The inverse vertical ratio put strategy is suitable for investors when the stock price movement in the market is bearish, and the long strangle strategy is used when there is a large stock price movement, both bearish and bullish stock prices. The long strangle strategy is more profitable because it provides the best protection when the stock price is bearish while providing a better price when it is bullish.
Keyword: hedging, E-commerce, Inverse Vertical Ratio Put, Long Strangle, Bukalapak, Stock Portfolio

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: Infeksi Neospora caninum: Kajian Morfopatologi
Abstrak: Neospora caninum is an intracellular obligate parasite newly recognized in late 1980’s. Neosporosis caused neuromuscular dysfunction (progressive lameness, hindlimb paresis and paralysis) in dog and abortion in cow. The dog is a definitive host of Neospora caninum. Cow, sheep, goat, horse, deer, water buffalo, rhinocheros, and fox could be an intermediate host. Gross examination was found in heart, liver, central nervous system, dan skeletal muscle. Histopatological examination demonstrated multifocal necrosis of brain, interstisial non-suppurative myocarditis, and multifocal inflammation in liver. This study reviews information on pathomorphological, pathogenesis, prevention, and treatment of neosporosis
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