Judul: Lindung Nilai (Hedging) Investasi atas Saham Batu Bara Menggunakan Strategi Strips dan Bear Spread
Abstrak: Indonesia merupakan negara yang kaya akan sumber daya alam. Salah satu sumber daya alam terbesar Indonesia adalah batu bara. Di Indonesia batu bara memiliki peranan penting bagi pertumbuhan ekonomi melalui kegiatan perdagangan internasional. Peringatan akan munculnya resesi global pada tahun 2023 menjadi perhatian bagi seluruh negara di dunia. Sebagai seorang investor tentunya memiliki risiko kerugian di masa yang akan datang yang disebabkan oleh resesi global. Lindung nilai (hedging) merupakan salah satu cara yang dapat dilakukan untuk meminimalisir risiko tersebut. Dalam penelitian ini, diterapkan dua strategi yang dapat digunakan ketika terjadi penurunan harga, yaitu strategi strips dan strategi bear spread menggunakan opsi vanilla. Strategi strips lebih menguntungkan dibandingkan strategi bear call spread jika terjadi penurunan harga di masa depan., Indonesia is a country rich in natural resources. One of Indonesia's largest natural resources is coal. In Indonesia, coal has an important role in economic growth through international trade activities. Warnings of a global recession in 2023 are a concern for all countries in the world. As an investor, of course, you have the risk of future losses caused by a global recession. Hedging is one way that can be done to minimize this risk. In this research, two strategies are applied that can be used when prices decline, namely the strips strategy and the bear spread strategy using vanilla options. The strips strategy is more profitable than the bear call spread strategy if prices decline in the future.
Keyword: bear spread, coal, hedging, option, strips

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: Karakteristik Carboxymethyl Chitosan Dengan Variasi Konsentrasi NaOH
Abstrak: Carboxymethyl chitosan is chitosan derivative product obtained from chemical modification. CMCh were made by alkalization process and carboxymethylation process. Factors that affect CMCh characteristics were excess sodium hydroxide in alkalization process, ratio between chitosan and monochloroacetic acid, and carboxymethylation temperature. The objectives of this research were to study the NaOH effect to CMCh characteristics, to learn process of making CMCh, to set the proper concentration of NaOH, and to analyze CMCh characteristics. CMCh yields were 110.72%-114.22%. CMCh pH value were 3.74-4.31. The optimum NaOH concentration to obtain the best CHCh was 10 M. Percentage of CMCh moisture content was 10.70%-11.42%. Ash content and nitrogen content of CMCh were 0.49%-0.50% and 4.52%-4.81%. CMCh viscousity was 8.25 cps. Percentage of CMCh solubility was 61.61%-91.50%. The different functional groups from chitosan which observed in CMCh were C=O group, CH group from alkene functional group, C−O group, and C−O−C group.
Keyword: solubility., functional group, CMCh characteristics, chitosan, carboxymethyl chitosan