An economic analysis of aid fungibility : Japan's official development assistance to Indonesia : a research thesis submitted in partial fulfilment of the requirements for the degree of Masters of Applied Economics at Massey University

This study examines aid fungibility of Japan's official development assistance (ODA) to Indonesia for the period 1973 to 1994. Aid fungibility, often known as switching of aid money into non-development purposes, is one of the most controversial issues that impinges upon the macroeconomic effectiveness of foreign aid. In this study Japan's foreign aid to Indonesia is analysed, since Indonesia is one of the largest recipients of Japan's aid, and also since Japan is the largest aid donor to Indonesia. Using the maximum likelihood cointegration econometric procedure and the error correction mechanism (ECM), the study analyses aid fungibility for non-development current expenditure, development expenditure and domestic revenue for Indonesia. The results indicate that none of Japan's total sectoral aid, other donors' total sectoral aid, and non-sectoral aid from all donors, leaks into non-development current expenditure or reduces domestic revenue. Hence, no evidence of aid fungibility at the aggregate level is found. The study further analyses aid fungibility at the sectoral level for four major sections, i.e. social services sector, economic services sector, production sector, and other sectors. The empirical results provide no evidence that Japan's aid to the social services and production sectors is fungible. However, Japan's aid to the economic services sectors and other sectors is fungible. Furthermore, other donors' sectoral aid to all four sectors is fungible. Also, there is diversion of resources into the other sectors from other three combined sectors, i.e. social services sector, economic services sector, and production sector. This suggests that Japan's aid to the economic services sector and other donors' sectoral aid to the social services sector, economic services sector, production sector, may diverge into the other sectors. This study concludes by speculating the importance of aid sources and sectors to which aid is allocated as some of the factors that explain aid fungibility in Indonesia

Chief Executive Officer (CEO) Tenure in Initial Public Offering (IPO) Firms: An Event History Analysis of the Determinants of Turnover

Relying on network theory and power dependence theory, we develop a series of hypotheses that focus on determinants of Chief Executive Officer (CEO) turnover in IPO firms. We studied CEOs who had been with their companies at the IPO with a sample of 120 firms. The results indicate that having outsiders on the board of directors, selling shares at the time of the IPO, and being a part-time CEO all increase the risk of CEO turnover. CEO tenure at the time of the IPO, however, reduces turnover. Contrary to what we expected, being the founder of the company has no effect on CEO turnover

The discrete-time quaternionic quantum walk and the second weighted zeta function on a graph

We define the quaternionic quantum walk on a finite graph and investigate its properties. This walk can be considered as a natural quaternionic extension of the Grover walk on a graph. We explain the way to obtain all the right eigenvalues of a quaternionic matrix and a notable property derived from the unitarity condition for the quaternionic quantum walk. Our main results determine all the right eigenvalues of the quaternionic quantum walk by using complex eigenvalues of the quaternionic weighted matrix which is easily derivable from the walk. Since our derivation is owing to a quaternionic generalization of the determinant expression of the second weighted zeta function, we explain the second weighted zeta function and the relationship between the walk and the second weighted zeta function.Comment: 15 page