Real Options Approach: a Bank Acquisition by Bank X

Indonesia offers a lot of promising growth opportunities and particularly to the banking industry, a combination of attractive macro-economic conditions and introduction of new regulatory policies as well as reformation to consolidate and strengthen the banking sector primarily by M&A activity provides an attractive backdrop for acquisition of Indonesian banks by foreign investors. In this paper, we introduce real options theory as an alternative to a traditional project valuation for a bank acquisition that would allow the acquiring firm to recognize the options embedded in their investments. The objective of this case study is to analyze, from real options perspective, whether the acquisitions of the target firm compliment the acquiring firm. The methods use for the analysis are DCF, Black-Scholes and Binomial Lattice that would help determine the project real value, which result suggested that the acquiring firm should reconsider their options. On this thesis, the DCF method suggesting that the acquisition of Bank Y by Bank X does increase the value of Bank X but there would not be added value on the synergy itself. While from the real options perspective, the project value (with and without real options flexibility) is worth less than the target firm underlying assets and has doubtful prospect

Empirical Studies on Eva and Profitability Ratios Association with Annual Stock Return for Indonesia Companies

This research analyzes the influence of Economic Value Added (EVA) and profitability ratios measurement on Indonesian public companies stock returns. The companies are firms that are listed in the Indonesia Stock Exchange (IDX) and that take part in the LQ45 group. The profitability ratios that are used in this research are profit margin (PM), return on sales (ROS), return on equity (ROE), and return on assets (ROA). The aim of this research is to prove the claim that EVA is associated more with company annual stock return rather than profitability ratios. The methodology that is used in this research is a multiple regression test to measure the significance between EVA, profit margin (PM), return on sales (ROS), return on equity (ROE), and return on assets (ROA) with the company annual stock returns. The research result shows that in the end the research prove that EVA does not influence profitability ratios in association with company stock returns. The evidence indicates that profitability ratios are closely associated with company stock returns with the highest significance. More specificly, return on equity (ROE) is the most associated profitability ratio with stock returns followed by return on assets (ROA)

Cancer and Toxic Substances: The Problem of Causation and the Use of Epidemiology

This article seeks to illuminate the difficulties in finding causation between cancer development and toxic substances. Section II gives a brief history of cancer in society as well as an introduction to the biological cancer mechanism, and highlights our general lack of knowledge about cancer. Section III takes a brief look at some occupations and environmental factors that have been suggested causes of cancer. Section IV discusses in depth the problems with establishing association between toxic substances and cancer, especially in establishing causal significance. Section V analyzes how the epidemiology of disease and toxic substances is treated by courts. Section VI takes a quick look at the Bendectin birth defects case, and Section VII looks at radiation exposure cases. And in Section VIII , the authors turn to look at various legislative proposals that have been suggested to handle the issue

Cancer and Toxic Substances: The Problem of Causation and the Use of Epidemiology

This article seeks to illuminate the difficulties in finding causation between cancer development and toxic substances. Section II gives a brief history of cancer in society as well as an introduction to the biological cancer mechanism, and highlights our general lack of knowledge about cancer. Section III takes a brief look at some occupations and environmental factors that have been suggested causes of cancer. Section IV discusses in depth the problems with establishing association between toxic substances and cancer, especially in establishing causal significance. Section V analyzes how the epidemiology of disease and toxic substances is treated by courts. Section VI takes a quick look at the Bendectin birth defects case, and Section VII looks at radiation exposure cases. And in Section VIII , the authors turn to look at various legislative proposals that have been suggested to handle the issue

The Degree of Company Vulnerability Using Altman Model: a Survey of Public Listed Companies in Indonesia

This research is purposed to analyze the degree of vulnerability of a company's performance. From the financial report produced, investor will analyze the level of its performance. There are several variables of defining the performances, in which they are used to distinguish the degree of vulnerability. This level of degree affects investor's decision on company's performance. The object of this research, after taking relevant data from years 2006- 2008 published annual financial reports, there are 184 public companies listed in Indonesian Stock Exchange that are qualified in the analysis procedure. The Altman (1993) model of Z-score formula is used to define variables reflecting in a company performance, in which is classified into three-zone index (safe zone, grey zone and distress zone). This research has found that more companies lie in the grey and distress zone. Amongst the safe zone companies are Mining Industry and the lowest degree is the Infrastructure Industry. Also, a trend of decreasing performance occurred during 2008. There are possible reasons that might result in the performance of the industries. This result of research will benefit for investors in considering investing in Indonesian companies

Analisis Dampak Perubahan Tata Guna Lahan DAS Siak Bagian Hulu terhadap Debit Banjir

Historical data discharge in Upper Siak watershed is incrase event caused by the land use change. This study aims to analyze the effect of land use change on the flood discharge in Upper Siak watershed. This Study analyze flood discharge by using HEC-HMS (Hydrologic Engineering Centre-Hydrologic Modelling System) software with input data models in the form of daily rainfall data, land use maps of 2003 and 2012 and soil type maps. The result showed that there is significant changes in land use on land farming with icrease of 28,8 %, meanwhile there is changes in land use on forest with reduction to 34,4 %. Peak flood on 25-year return period incrase to 13,3 m3/s (5.9 %) and peak flood on the 50-year return period incrase of 14,1 m3/s (6.1 %)

Pendidikan Agama Kristen di Indonesia: Regulasi dan Praktiknya

Review literatur ini dilakukan untuk mendeskripsikan landasan yuridis dalam bentuk regulasi implementasi Pendidikan Agama Kristen dan praktiknya di Indonesia. Tujuan dari penelitian ini ialah untuk memetakan perundang-undangan dan peraturan yang mengatur tentang implementasi Pendidikan Agama Kristen dalam pendidikan di Indonesia. Selain itu, penelitian ini juga bertujuan untuk memberikan pemahaman yang cukup bagi para guru Agama Kristen di sekolah dan para penyelenggara Pendidikan Keagamaan Kristen mengenai regulasi Pendidikan Agama Kristen serta peran mereka dalam praktik. Hasil kajian literatur mengungkapkan bahwa Pendidikan Agama Kristen memiliki peran yang sangat penting di masyarakat dalam membangun karakter generasi muda yang beriman dan bertaqwa kepada Tuhan Yang Maha Esa. Selain itu, ditemukan bahwa sudah ada regulasi yang cukup mengenai implementasi Pendidikan Agama Kristen dan Pendidikan Keagamaan Kristen di tingkat satuan pendidikan. Oleh sebab itu, dalam implementasi keduanya di tingkat satuan pendidikan, guru Agama Kristen dan penyelenggara Pendidikan Keagamaan Kristen wajib mendasari praktik manajemen mereka kepada regulasi yang sudah ada

Gamma evaluation with Octavius 4D phantom for pretreatment of modern radiotherapy treatment techniques

Purpose: In modern radiotherapy techniques such as intensity-modulated radiation therapy (IMRT) and volume modulated arc therapy (VMAT), the quality assurance (QA) process is vital. The goal of the study was to verify the treatment planning dose delivered during delivery of complex treatment plans. The QA standard is to perform patient-specific comparisons between planned doses and doses measured in a phantom. Materials and Methods: Ninety-five complex IMRT and VMAT plans for different pathologies planned using Eclipse treatment planning system (TPS). The Octavius 4D phantom has been used to verify patient specific quality assurance of all VMAT plans calculating with different algorithms. Conclusion: Overall, good agreement was observed between measured and calculated doses in most cases with gamma values above 1 in >95% of measured points in volumetric 3D analysis and 1 in >90% in 2D analysis. The Octavius 4D phantom is an effective and efficient method for patient specific QA

Implementasi Steganografi Dengan Metode End of File Pada Teks Yang Terenkripsi Menggunakan Block Cipher Rivest Code-6 Ke Dalam Citra

Datas or informations are very important assets nowdays, that is why we have to keep it safe so it will not fall into one who is do not have rights. There are several methods to maintain the confidentiality of datas/informations, which are cryptography and steganography. By using cryptographic Rivest Code-6 algorithm then the datas/informations is converted into a form that cannot be undestood, and then steganographic End of File algorithm the datas/informations is inserted into another media so that ordinaary people do not know the existence of the datas/informations. The results of this research tell that by using both algorithms the secret datas/informations can be hidden and read back properly. In addition there will be increase in file size reservoirs, where the increase in dependent on the size of the secret datas/informations and file size of the reservoir, while the length of the key to be isnerted into reservoir will remain at 16 bytes