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Hamidah . Nasution
Unimed Medan
Computer Science & IT Education Mathematics Social Sciences

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PENGUKURAN RISIKO KREDIT DAN VALUASI PORTOFOLIO OBLIGASI KORPORASI DENGAN MENGGUNAKAN METODE CREDIT METRICS Kristiani . Aritonang; Hamidah . Nasution
KARISMATIKA: Kumpulan Artikel Ilmiah, Informatika, Statistik, Matematika dan Aplikasi Vol 2, No 1 (2016): Karismatika
Publisher : Universitas Negeri Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24114/jmk.v2i1.8814

Abstract

ABSTRAKInvestasi merupakan bagian yang penting di dalam pasar modal. Saat melakukan kegiatan investasi khususnya obligasi, investor dihadapkan pada dua hal yaitu risiko kredit dan valuasi dari obligasi. Risiko kredit merupakan ketidakmampuan emiten melakukan kewajiban pembayaran sedangkan valuasi merupakan jumlah yang harus dibayar investor agar mencapai keuntungan dimasa mendatang. Credit metrics merupakan model untuk memprediksi risiko dan valuasi akibat dari perpindahan peringkat perusahaan. Berdasarkan studi kasus pada dua obligasi korporasi, Obligasi Berkelanjutan I Sumber Alfaria Trijaya Tahap II Tahun 2015 Seri B memiliki valuasi Rp.553.433.294.410,00 dengan risiko obligasi berdasarkan simpangan baku kredit (expected loss) Rp.102.185.494.849,00 dan berdasarkan value at risk 0,01 diperoleh risiko Rp.236.116.782.814,00. Untuk Obligasi Subordinasi Bank Victoria III memiliki valuasi Rp.240.246.585.015,00 dengan risiko obligasi berdasarkan simpangan baku kredit (expected loss) Rp.81.340.765.169,00 dan berdasarkan value at risk 0,01 diperoleh risiko Rp.98.220.000.000,00. Apabila dibentuk suatu portofolio dari kedua obligasi diperoleh risiko portofolio obligasi berdasarkan simpangan baku kredit (expected loss) sebesar Rp.197.911.554.471,00 dengan valuasi portofolio sebesar Rp.775.790.237.741,00Kata Kunci : Obligasi, Portofolio, metode credit metricsABSTRACTInvesting is a important thing in a capital market. Bond investment must be noticed the risk especially credit risk. From the information of credit risk, investor can choose the right investment. Credit Metrics is a reduced form model to estimate the risk and valuation. Credit Metrics is centered by the corporate rating. The risk not only occur when corporate rating be default but also if the rating upgrade or downgrade. For a bond portfolio, Empirical study can be used for two bonds, first bond is Obligasi Berkelanjutan I Sumber Alfaria Trijaya Tahap II Tahun 2015 Seri B and second one is Obligasi Subordinasi Bank Victoria III First bond has valuation Rp.553.433.294.410,00, Rp.102.185.494.849,00 of credit risk and the second one bonds has Rp.81.340.765.169,00. For a portfolio of that two bonds, they have Rp.775.790.237.741,00.Key Word : Obligasi, Portfolio, Credit Metrics Method
FAKTOR-FAKTOR YANG MEMPENGARUHI BELAJAR TERHADAP PRESTASI SISWA PADA MATA PELAJARAN MATEMATIKA DENGAN MENGGUNAKAN ANALISIS JALUR (Studi Kasus : SMK Negeri 1 Siborongborong) Mariana . Simanjuntak; Hamidah . Nasution
KARISMATIKA: Kumpulan Artikel Ilmiah, Informatika, Statistik, Matematika dan Aplikasi Vol 3, No 2 (2017): Karismatika
Publisher : Universitas Negeri Medan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24114/jmk.v3i2.8808

Abstract

AbstractThis study aims to determine the factors that affect learning in SMK Negeri 1 Siborongborong with test and seek the path coefficient correlation coefficient, determine the causal relationship between exogenous and endogenous variables determine the factors that most influence on student achievement. To answer these objectives researchers using Path Analysis. The data used in this study are primary data and secondary data, where the data obtained from the questionnaires filled by the respondent and then the data is processed using Path Analysis with SPSS 16.0 for windows. The results showed bahwafaktor most influence on student achievement is a great method of learning with the influence of 0,261 and a significant relationship between the factors studied were composed of variations of teachers teaching, interest in learning, learning methods, intelligence and motivation of students studying on student achievement.Keywords: Path Analysis, variation teachers teach, interest in learning, learning methods, learning motivation, intelligence of students.
Co-Authors Kristiani . Aritonang Mariana . Simanjuntak