Judul: Long Strangle Strategy Using Barrier Options to Hedge Shares
Abstrak: Saham memiliki risiko yang bergantung pada beberapa faktor. Beberapa faktor tersebut tercermin pada harga saham, sehingga pergerakan harga saham yang tidak pasti akan mempengaruhi risiko. Lindung nilai merupakan suatu strategi untuk meminimalisir risiko yang diperkirakan akan timbul akibat adanya fluktuasi harga di pasar keuangan. Opsi merupakan salah satu produk derivatif yang digunakan dalam aktifitas lindung nilai dan digunakan ke dalam berbagai strategi perdagangan, dari yang sederhana sampai kompleks. Dalam karya ilmiah ini, dilakukan dua strategi lindung nilai yang digunakan untuk melindungi nilai saham dari kenaikan harga, yaitu strategi long strangle menggunakan opsi vanilla dan strategi long strangle menggunakan opsi barrier. Berdasarkan hasil penghitungan, strategi long strangle menggunakan opsi barrier merupakan strategi lindung nilai terbaik. Biaya opsi pada tingkat yang diinginkan dalam strategi long strangle menggunakan opsi barrier bisa didapatkan dengan menetapkan biaya opsi, strike price opsi barrier up and knock-in call dan jarak antara strike price opsi barrier down and knock-in put dengan barrier., Shares have risks that depend on several factors. These factors are reflected in share prices, thus the uncertainty in share price movements will affect the risk. Hedging is a strategy to minimize the risk that is expected to arise due to price fluctuations in financial markets. Options are one of the derivative products used in hedging activities and are used in various trading strategies, from simple to more complex strategies. In this thesis, there are two hedging strategies that are applied to hedge shares from rising prices, namely the long strangle strategy using the vanilla option and the long strangle strategy using the barrier option. Based on the calculation results, the long strangle strategy using the barrier option is the best hedging strategy. The option cost at the desired level in the long strangle strategy using the barrier option can be obtained by defining the cost of the option, the strike price of the barrier up and knock-in call option and the distance between the strike price of the barrier down and knock-in put option with the barrier.
Keyword: Lindung nilai, Opsi Barrier, Opsi Vanilla, Saham, Long strangle

Judul: Lindung Nilai Saham dengan Strategi Straddle Menggunakan Opsi Asia dan Opsi Vanilla
Abstrak: Untuk menghindari kerugian investor pada saham, salah satu strategi yang biasa diterapkan adalah dengan strategi opsi untuk melindungi dari kerugian. Pada penelitian ini, untuk melindungi nilai saham NVIDIA, akan dibandingkan opsi Asia dan opsi Vanilla menggunakan strategi straddle. Metode yang digunakan adalah simulasi Monte Carlo dan Black Scholes Merton. Opsi Asia menggunakan rataan aritmetik dari harga saham sebagai payoff sedangkan opsi Vanilla mendapatkan payoff dari harga saham pada waktu tertentu. Strategi straddle mendapatkan keuntungan jika harga saham naik atau turun dari strike price-nya melebihi harga total premi. Maksimum keuntungan Asia dan opsi Vanilla dapat mencapai tak hingga sedangkan kerugian opsi Asia lebih rendah daripada opsi Vanilla,serta biaya opsi Asia lebih besar daripada opsi Vanilla., To avoid loss for the investors, options strategy can be used to reduce the loss. In this study, to hedge NVIDIA stock we use straddle strategy with Asian and Vanilla options. The methods used are Monte Carlo simulation and Black Scholes Merton. Asian options use arithmetic average from stock price to get the payoff, while Vanilla options get the payoff from stock price at a specific point in time. The Straddle strategy gets profit when the rise or fall of the strike price exceeds the total premium paid. The maximum profit of Asian option and Vanilla option could be infinite while the loss of Asian option is lower than Vanilla option, more over the cost of Asian option is higher than Vanilla option.
Keyword: NVIDIA stock, Asian option, Vanilla option, Straddle, saham NVIDIA, opsi Asia, opsi Vanilla

Judul: Kajian Morfopatologi Ginjal Kucing Yang Terpapar Feline Infectious Peritonitis (FIP)
Abstrak: This study was aimed to clarify the morphophatological aspect of Feline Infectious Peritonitis (FIP) that was focused on its kidney. In this study three cats that were diagnoses suffering of FIP were used as case samples. The morphophatological observation was done based on the regular protocol of Laboratory Pathology, Faculty of Veterinary Medicine, Bogor Agricultural University. The morphophatological changes of kidneys were evaluated by performing necroption and the histopathological changes were observed under light microscope after stained with Haematoxilin-Eosin dyes method. The results of gross findings showed that all evaluated kidneys have congestion and granulomatous nephritis. Histopathologically, these changes demonstrated general congestion, degeneration and necrosis of epithelial tubules, dilatation of tubules and infiltration of inflammatory cells (macrophages, lymphocytes and plasma cells) in the interstitial spaces with mild fibrosis. It could be conclude that interstitial granulomatous nephritis and congestion are the main morphophatological findings of the cat kidney which suffering of FIP.
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