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: 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: 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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