Judul: Trading Strategy Using Barrier Option on Exchange Traded Fund
Abstrak: Exchange Traded Fund merupakan reksadana terbuka yang sedang banyak diminati investor. Namun, pergerakan harga Exchange Traded Fund yang sangat tinggi dapat membawa kerugian kepada para investor, sehingga investor perlu waspada terhadap kerugian yang mungkin akan terjadi. Salah satu upaya untuk mengurangi risiko kerugian akibat pergerakan harga yang tinggi yaitu dengan menggunakan strategi perdagangan. Opsi merupakan salah satu produk derivatif yang banyak diminati dalam strategi perdagangan. Karya ilmiah ini membahas mengenai strategi perdagangan menggunakan opsi vanilla dan dengan empat jenis opsi barrier. Berdasarkan hasil penghitungan, strategi perdagangan menggunakan opsi barrier memberikan profit yang lebih besar dibandingkan dengan strategi perdagangan menggunakan opsi vanilla., The Exchange Traded Fund is an open mutual fund that is currently in great demand by investors. However, very high Exchange Traded Fund price movement can cause losses to investors, so that investors need to be aware of potential risk of losses that might happen. One of those attempts to reduce potential risk of losses that occur due to price movements is by using trading strategy. Option is one of the derivative products that investors are interested to use in trading strategy. This paper discusses trading strategies using vanilla option and four types of barrier options. Based on the calculation results, trading strategy using barrier option gives greater profit than trading strategy using vanilla option.
Keyword: Exchange Traded Fund, Investor, European Option, Barrier Option, Trading Strategy

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: Studi Taksonomi Katak Subgenus Papurana (Lesson, 1831) dari Halmahera (Anura, Ranidae, Hylarana), Studi Taksonomi Katak Subgenus Papurana (Lesson, 1831) dari Halmahera (Anura, Ranidae, Hylarana
Abstrak: I reevaluated taxonomic of subgenus Papurana position from Halmahera based on morphological and molecular analyses. My results show that two separate species occur on the Halmahera Island, each nested within two distinct clades (hereafter papua clade and celebensis clade), one of which corresponds to H. moluccana (celebensis clade) and the other to an unidentified species (papua clade). By p-distance ranging from 6.9 to 11.5% on the 16S rRNA gene, the unidentified species (Hylarana sp.) is genetically different from all congeners of the papua clade. The Hylarana sp. can be distinguished from all congeners by following combination of charactes: vomer teeth in two oblique rows with narrow inter-vomer distance; snout rounded dorsally; dorsum with few scattered cone-shaped tubercles that are black with white tips; distinct skin folds (ridges) on the dorsal side of the thigh coinciding with dark brown cross bars; a marbled pattern on the ventral side of the thigh and yellowish groin. I also present new data for H. daemeli, H. volkerjane, and H. arfaki from the western region of Papua. Furthermore, I found that H. celebensis has numerous mtDNA lineages, indicating cryptic diversity within the celebensis clade. The discovery of two separate species on Halmahera necessitates more research into the biogeographic history of Hylarana in Northern Moluccas.
Keyword: frog, Halmahera, Hylarana, morphology, Papurana, phylogenetic