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: Systematics of Desmos (Annonaceae) in Malesia
Abstrak: Desmos is a woody climbing genus of Annonaceae which has been widely used as traditional medicine in several countries such as China, Indo-China, Thailand, and Peninsular Malaysia to treat dysentery, vertigo, fever, and postpartum. Phylogenetic studies on Desmos showed a close relationship between Desmos and Dasymaschalon. They share similar moniliform monocarpic fruits, but their flowers are different. It has been debated among Annonaceae researchers whether both genera should be treated as the same or distinct genus. Therefore, investigation on the taxonomic delimitation of Desmos species and Dasymaschalon will be necessary. Plastid genome (plastome) identification, leaf epidermal section of Desmos species and Dasymaschalon species, a taxonomic revision of Desmos in Malesia using morphological data, the spatial distribution of Desmos species in Malesia, and morphological and genetic variation in Desmos chinensis population using ISSR marker were used to investigate taxonomic delimitation of Desmos. Plastome study of Desmos chinensis and Dasymaschalon dasymaschalum was carried out to determine the origin, evolution, phylogenomics, and identify marker candidates for Desmos and Dasymaschalon or with other genera in Annonaceae. We discovered that the plastome of Desmos chinensis was circular with the size of 167,677 bp (smaller than Dasymaschalon dasymaschalum), consist of 111 genes, including 78 protein-coding genes, 29 transfer RNAs, and 4 ribosomal RNAs. The plastome showed a typical quadripartite structure, i.e., large single copy (LSC), small single copy (SSC), and two inverted repeats (IRs). The plastome of Dasymaschalon dasymaschalum was 191,488 bp in length, which also exhibited a typical quadripartite structure (LSC, SSC, and two IRs). Desmos chinensis and Dasymaschalon dasymaschalum showed different copies of accD, ndhD, ndhF, rps18, and ycf2. Protein coding genes of rpoB, rpoC1, rbcL, matK, rpl32, infA, and rpl36 were identified based on nucleotide diversity, sequence variability, and parsimony-informative sites. The genes are defined as molecular marker candidates of plastome for phylogenetic, barcoding, and population genetic research. We predicted that Desmos chinensis and Dasymaschalon dasymaschalum separated at ca. 64 million years ago during the Paleocene. Leaf anatomical feature study was carried to support the taxonomic delimitation of interspecific Desmos and intergeneric of Desmos and Dasymaschalon. Leaf anatomy in the paradermal section of 20 taxa (12 species of Desmos, eight species of Dasymaschalon) have been carried out. According to the leaf epidermal section, Desmos and Dasymaschalon are two distinct genera mainly distinguished based on the anticlinal wall undulation of epidermal cells and supported by variation of the crystal type and size. The anticlinal wall undulation of Desmos was almost straight to slightly wavy and never sinuous; meanwhile, Dasymaschalon varies from almost straight to deeply sinusoid. The crystals of Desmos consist of rhombohedral, druse type A, and druse type B crystals, whereas Dasymaschalon has prism, druse type A, druse type B, and druse type C crystals. The recent taxonomic revision using the morphological data was mainly based on the examination of about 1374 specimens from BO, L, WAN, ANDA, SING, SAN, K, P, HUH herbaria. The Desmos species in Malesia consists of eight species: D. acutus, D. chinensis, D. chryseus, D. dunalii, D. pedunculosus, D. subbiglandulosus, two new records: D. lawii and D. macrocarpus, and one
Keyword: Dasymaschalon, Desmoid clade, Magnoliid, plastid genome, phylogenomics analysis