Judul: Efektivitas dan Rasio Lindung Nilai Indeks Menggunakan Kontrak Futues
Abstrak: Investasi merupakan sebuah komitmen atas sejumlah dana yang dilakukan saat ini untuk memperoleh sejumlah keuntungan di masa depan. Namun pada pelaksanaannya, investasi tidak selalu memberikan keuntungan, bahkan bisa memberikan kerugian. Oleh karena itu, perlu dilakukan suatu aktivitas lindung nilai yang efektif agar bisa mengurangi risiko kerugian yang ada secara maksimal. Penelitian ini ditujukan untuk menghitung efektivitas lindung nilai pada indeks Nasdaq 100 dan Russell 2000. Penelitian ini menggunakan kontrak futures untuk melindungi aset dasar yang diteliti. Perlindungan aset dasar dilakukan menggunakan instrumen derivatif yaitu futures yang memiliki pergerakan harga hampir sama dengan aset dasarnya. Efektivitas lindung nilai dihitung dengan meminimalkan varian returnnya dan rasio lindung nilainya diestimasi dengan metode error correction model. Berdasarkan hasil penghitungan, kontrak futures yang digunakan dapat menutupi sebagian besar keuntungan/kerugian aset dasar. Hal ini tampak pada return yang cenderung konstan.
Keyword: hedging, Futures, hedging effectiveness

Judul: Hedging Effectiveness of Indonesian Agricultural Commodities using Futures Contracts
Abstrak: Hedging merupakan suatu cara untuk meminimalkan risiko di masa yang akan datang akibat dari berfluktuasinya harga. Pada karya ilmiah ini, digunakan instrumen berupa kontrak futures dalam meminimalkan risiko. Data yang digunakan dalam penelitian ini yaitu harga penutupan bulanan dari harga spot dan harga futures salah satu komoditas pertanian Indonesia, yaitu kakao. Untuk mengetahui perbandingan banyaknya kontrak spot dan kontrak futures yang harus dimiliki, dihitung nilai rasio hedge optimal dengan regresi linear sederhana. Efektivitas hedging dapat dilihat dari nilai varian return hedged. Hasil dari penelitian ini didapatkan bahwa terjadi penurunan nilai varian return setelah dilakukannya hedging, sehingga dapat disimpulkan bahwa hedging yang dilakukan melalui kontrak futures sudah efektif dan dapat digunakan untuk meminimalkan risiko di pasar fisik., Hedging is a way to minimize future risk as a result of price fluctuations. In this scientific paper, the instrument to minimize risk is a futures contracts. The data used in this research are the monthly closing prices of spot prices and futures prices for one of Indonesian agricultural commodities namely cocoa. To determine the comparison of the number of spot contracts and futures contracts that must be owned, the optimal hedge ratio are calculated using simple linear regression. The hedging effectiveness can be valued from the value of return hedged variance. The results of this research show that the value of return variance after hedging is decreased, so it can be concluded that the hedging performed through futures contracts for this commodities is effective and can be used to minimize risk in the spot market.
Keyword: futures prices, simple linear regression, spot prices, return hedged variance

Judul: Daerah penyebaran dan variasi morfologi ular putih (Micropechis ikaheka) di Papua
Abstrak: The objectives of the research were to identify the area of distribution and the specific habitat of the white snake (Micropechis ikaheka) in Papua (Western New Guinea), and also to explain the morphological variation among the populations of that snake. About eight months of field work were taken to conduct the survey (April 2002; June 2006; and March to Augusts 2007) in several areas in the mainland and off-shore islands of Papua. Observation were carried out in the field at night and during the day to collect the snake. Also, studies were done on a collection of specimens that were found in the Museum Zoologicum Bogoriense LIPI in Cibinong, Conservation International in Jayapura and the Biology Laboratory of the Papua State University in Manokwari. The results showed that the white snake Micropechis ikaheka can be divided into three separate groups based on the color of the scales, i.e. Black, Brown and Yellow. The black one is the new group found in this research, and also there was one individual snake with transitional coloration between the brown group and the yellow group. However, M. ikaheka is common and has a relatively wide distribution in New Guinea, but every group has a specific and limited area of distribution. The group with black color is distributed in the islands of Waigeo and Batanta and the group with yellow color is distributed starting from Manokwari, Sorong, upto the islands of Salawati, Batanta and Waigeo. Meanwhile, the brown colored sanke is distributed from the island of Yapen, mainland of waropen, Mamberamo, Jayawijaya, Mindiptana upto Papua New Guinea.
Keyword: The white snake, Micropechis ikaheka, Are of distribution, Morphological variation, Famili Elopidae