Judul: Penentuan Harga Opsi Exchange dengan Menggunakan Model Black-Scholes
Abstrak: Opsi exchange adalah opsi untuk menukar satu aset dengan aset lainnya pada saat jatuh tempo. Opsi ini secara bersamaan merupakan opsi put pada satu aset dan opsi call pada aset lainnya. Salah satu pendekatan yang dapat digunakan untuk menentukan harga opsi tersebut adalah menggunakan model Black-Scholes. Karya ilmiah ini membahas hasil penurunan dan ilustrasi model Black-Scholes untuk menentukan harga opsi exchange. Selanjutnya, pada ilustrasi model Black-Scholes juga membahas faktor-faktor yang memengaruhi harga opsi exchange, yaitu harga awal saham pertama, harga awal saham kedua, waktu jatuh tempo, nilai volatilitas harga saham, dan nilai korelasi antara harga saham pertama dan harga saham kedua. Berdasarkan hasil ilustrasi, dapat disimpulkan bahwa harga awal saham kedua, waktu jatuh tempo, dan nilai volatilitas harga saham berbanding lurus dengan harga opsi exchange, sedangkan harga awal saham pertama dan nilai korelasi antara harga saham pertama dan harga saham kedua berbanding terbalik dengan harga opsi exchange., Exchange option is an option to exchange one asset for another at maturity. This option is simultaneously a call option on one asset and a put option on the other asset. One of the methods that can be used to determine the option price is the Black-Scholes model. This paper discusses derivation and illustration of the Black-Scholes model to determine the price of an exchange option. Furthermore, the illustration of the Black-Scholes model also discusses factors affecting the price of exchange option, such as the current price of the first stock, the current price of the second stock, the time to maturity, the volatility of the stock price, and the correlation between the first stock price and the second stock price. Based on the illustration, it can be concluded that the current price of the second stock, the time to maturity, and the volatility of stock price are directly proportional to the price of the exchange option, while the current price of the first stock and the correlation between the first stock price and the second stock price are inversely proportional to the price of the exchange option.
Keyword: Black-Scholes model, exchange option, option price

Judul: Perbandingan Harga Opsi Saham Karyawan Berdasarkan SFAS 123 (R) Menggunakan Metode Binomial dan Black-Scholes-Merton
Abstrak: Opsi merupakan salah satu produk derivatif berupa kontrak antara dua pihak yang memberikan hak kepada salah satu pihak untuk membeli atau menjual suatu aset tertentu dengan harga yang telah disepakati pada atau sebelum waktu jatuh tempo kepada pihak yang lain. Salah satu bentuk opsi yang biasa digunakan adalah Opsi Saham Karyawan (OSK). Opsi Saham Karyawan diberikan sebagai salah satu insentif selain gaji, bonus, tunjangan atau asuransi yang diberikan oleh suatu perusahaan (writer) kepada sekelompok karyawan (holder) untuk membeli saham dari perusahaan tempat ia bekerja. Sumber saham dari Opsi Saham Karyawan (OSK) dapat berasal dari penerbitan saham baru atau saham hasil buyback (saham yang dibeli kembali oleh perusahaan) dari pemegang saham lama sesuai dengan SFAS 123 (R). SFAS 123 (R) adalah Statement of Financial Accounting Standard No.123 Revised 2004 yang berisi tentang pembayaran berbasis saham dan membahas bagaimana menghitung harga Opsi Saham Karyawan secara rinci menggunakan Black-Scholes-Merton dan Binomial Cox-Ross-Rubinstein yang telah dimodifikasi sesuai dengan fitur-fitur khusus yang dimiliki OSK menjadi Model SFAS 123 (R), Model Hull-White, dan Model Dilusi, serta dari hasil tersebut dilihat pengaruh beberapa parameter terhadap model-model tersebut., An option is a derivative product that enters into a contract between two parties by giving the right to one of the parties, to buy or sell a certain asset at an agreed price during or before the due date to the other party. One of the commonly used options is Employee Stock Option (ESO). Employee Stock Option is given as an incentive other than salary, bonus, benefits or insurance provided by a company (writer) to a group of employees (holders) to buy shares of the company where they work. The source of shares from Employee Stock Options (ESO) can come from the issuance of new shares or shares resulting from the buy back (shares bought back by the company) from existing shareholders in accordance with SFAS 123 (R). SFAS 123 (R) is Statement of Financial Accounting Standards No.123 Revised 2004 which contains share-based payments and discusses how to calculate the price of Employee Share Options in detail using the Black-Scholes-Merton Model and Cox-Ross-Rubinstein Binomial Model which has been modified according to ESO’s special features has become SFAS 123 (R) Model, Hull-White Model, and Dilution Model. From these results, the influence of several parameters on these models are also observed.
Keyword: binomial model, black-scholes-merton, employee stock option, incentives

Judul: Ekologi Peneluran dan Intensitas Pemanfaatan Labi-labi Moncong Babi (Carettochelys insculpta Ramsay 1886) Di Sungai Vriendschap Kabupaten Asmat, Papua
Abstrak: Carettochelys insculpta (pig-nosed turtle) is one of the soft shelled turtle of southern Papua. Land clearing for human development and high hunting of natural resource affect the condition of forest ecosystems and put pressure on pig-nosed turtle population, while the scientific information in Indonesia is still lacking. In effort to obtain information of pig-nosed turtle in Indonesia, the study was conducted to determine the nesting ecology and intensity utilization of pig-nosed turtle in Vriendschap River Asmat Regency, Papua. Survey was carried out in 8 – 25 November 2011 during nesting season. Transect methods were used to get data on nesting ecology, while unstructured interview and observation techniques be used to assess the intensity of pig-nosed turtle utilization by communities living around the Vriendschap River, Asmat regency, Papua. Results showed that distribution pattern of nests and tracks in Vriendschap River region is clumped with most nesting sites located in Obokain area (the middle of the Vriendschap River). High density of nests were built near vegetation cover compared to area without vegetation. Females prefer sands with the presence of vegetation cover for nesting habitat. The intensity of utilization is very high for eggs (> 75%), whereas females turtles were captured only local consumption. Egg harvesting is done for the whole nest without exception and females turtles were captured simultaneously while collecting eggs.
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