Journal of Economics and Behavioral Studies 2021-09-14T07:58:02-04:00 Editor Open Journal Systems <p><strong>Journal of Economics and Behavioral Studies (JEBS)</strong> is an open access peer reviewed journal (ISSN 2220-6140) that publishes original unpublished research work. JEBS provides a forum for the intellectual exchange of academic research in the fields of economics, finance and behavioral studies. JEBS publishes 6 issues per year.</p> <p><img src="/public/site/images/admin/cc_by2.png"></p> <p>This work is licensed under a&nbsp;<a href="" target="_blank" rel="license noopener">Creative Commons Attribution 4.0 International License</a></p> A Performance Comparison of Various Bootstrap Methods for Diffusion Processes 2021-09-14T07:58:02-04:00 Jung S. You Minsoo Jeong <p>In this paper, we compare the finite sample performances of various bootstrap methods for diffusion processes. Though diffusion processes are widely used to analyze stocks, bonds, and many other financial derivatives, they are known to heavily suffer from size distortions of hypothesis tests. While there are many bootstrap methods applicable to diffusion models to reduce such size distortions, their finite sample performances are yet to be investigated. We perform a Monte Carlo simulation comparing the finite sample properties, and our results show that the strong Taylor approximation method produces the best performance, followed by the Hermite expansion method.</p> 2021-09-04T02:07:25-04:00 Copyright (c) 2021 Jung S. You, Minsoo Jeong The Effects of Exchange Rates on Zimbabwe’s Exports 2021-09-06T16:29:20-04:00 Mable Chimhore Shynet Chivasa <p>The study reviewed the effect of exchange rates on exports in Zimbabwe using the Ordinary Least Squares (OLS) technique. The objective of the study was to examine the effects of exchange rate on export growth in Zimbabwe using mainly the multicurrency era data.&nbsp;This is because the exchange rate plays a key role in policy formulation and implementation. The study is significant as understanding the role of exchange rate on export guides policymakers in coming up with the right policy mix to stimulate exports. Using secondary data from ZIMSTAT and World Bank, obtained results from a robust regression showed that South Africa’s exchange rates (SAEXRT) were weakly significant at 10%, South Africa broad money supply (SAM2) was significant at 5%&nbsp;and imports (DDIMP) were important to Zimbabwe’s export growth at 1% level of significance. To increase exports, there is a need for policy shift, shifting from overly focusing on foreign direct investment and increasing gross domestic product (GDP) because empirical results showed that FDI and gross domestic product were not significant in the model. Policies such as trade cooperation between South Africa and Zimbabwe may increase exports given the impact of South Africa's broad money supply on Zimbabwe’s exports.</p> 2021-09-04T03:13:50-04:00 Copyright (c) 2021 Mable Chimhore, Shynet Chivasa Regional differentials in early antenatal care, health facility delivery and early postnatal care among women in Uganda 2021-09-06T16:28:56-04:00 Ruth Atuhaire Robert Wamala Leonard. K. Atuhaire Elizabeth Nansubuga <p>This study aimed at examining regional differentials in maternal healthcare services in Uganda. Using a sample of 1,521 women of reproductive ages (15-49) from Eastern and Western sub-regions of Uganda, and non-linear Oaxaca’ Blinder Multivariate Decomposition method, we assessed differentials in utilization of early antenatal care, health facility delivery and early postnatal care services among the women, henceforth, establishing main predictors of regional inequalities that will enable policymakers to make better evenly interventions and focused decisions. The study reveals that differentials in the utilization of maternal healthcare services are not only hindered by social and economic barriers, but also widespread disparities in the utilization of existing services. Significant differentials were attributed to both variation in women’s characteristics and effects of coefficients. Findings showed that the gap in early antenatal care would reduce on average by 31.6% and 34.7% of differences in availability of community health workers and media exposure respectively, were to disappear. Furthermore, the gap would increase on average by 68.8% and 12.6% in absence of the variation in effects of maternal education, and wealth respectively. The gap in health facility delivery would reduce on average by 24.6% and 37.2% of differences in community health worker availability and media exposure were to disappear respectively and increase on average by 54.9% in the absence of variations in effects of maternal education. The gap in EPNC would reduce on average by 18.5% and 17.17% of differences in maternal education and community health worker availability were to disappear respectively and increase on average by 52.8% and 8.4% in the absence of the variation in effects of maternal education and wealth respectively. Progress towards equitable maternal health care should focus more on&nbsp;strategies that guarantee even distribution of community health workers, broad dissemination of maternal healthcare information and girl child education completion in Uganda.</p> 2021-09-04T03:21:50-04:00 Copyright (c) 2021 Ruth Atuhaire, Robert Wamala, Leonard. K. Atuhaire, Elizabeth Nansubuga Have-on-Mask and Maintain-Physical-Distance: Are they the Outcome of Lockdown-Laws in Corona-Virus Crisis Country-Wise? 2021-09-06T16:28:33-04:00 Akim M. Rahman <p style="margin: 0in; margin-bottom: .0001pt; background: white; vertical-align: baseline;">The COVID-19 pandemic is an infectious disease that was initially detected in December 2019 in Wuhan City, China. Since then, it has been spreading country-wise on mild to severe scales, where Bangladesh, like most countries, was not prepared to meet the challenges. Addressing the crisis, Bangladesh, like many countries, starting with the philosophy of the traditional approach. In the 1<sup>st</sup>-wave of COVID-19, the government implemented lockdown laws and enforced to <em>have-on-mask</em> and <em>maintain-physical-distance</em>. However, no government effort was seen ensuring modern-approach for convincing people, making people for their way understanding consequences &amp; preventive-measures thus people can take own decision facing perceived-risk. In the proposed approach, under Consumer Choice Theory, an individual’s utility received from using <em>face-mask</em> and <em>maintaining distance</em> is equal to expected utility. Here outcome depends on an individual’s efforts and the quality of the product individual uses. Any changes to these may risk getting infected, which may defeat the individual in fights with COVID-19. Rather than investing efforts only within main cities, the government could have reached out to rural areas by having local administration engaged. It could have weakened today’s trends of catastrophes. The proposed approach could have been appealing to people for their actions in choices. It could ensure peoples’ roles in society on moral-responsibility grounds. However, today's nation is witnessing the 2<sup>nd</sup>-wave and strict lockdown with provisions of arrest, penalties for violators. Since the number of death and infected people daily remained almost unchanged and since the mostly populated rural-area situation is not fully known, it is difficult to assess the effectiveness of government policies where the empirical study is warranted overcoming limitation. But people are now familiar with consequences and preventive measures in choices. This progression was not free-of-cost but with high-price-tag “so many lives”, which could have been curtailed if modern strategies were in place.</p> 2021-09-04T03:37:42-04:00 Copyright (c) 2021 Akim M. Rahman Antecedents of Regional Financial Independence: A Moderating Effect of Capital Expenditure at Local Government Level in Indonesia 2021-09-06T16:28:10-04:00 Fathan Qoriiba Khoirul Aswar Ermawati <p>This study aims to examine regional tax, general allocation fund, special allocation fund, and capital expenditure as a mediating on regional financial independence. Regency/City in West Java Province was used as a sample in this study. The purposive sampling method was used in this study to select a sample of 27 districts/cities in West Java Province from 2016 to 2019. Hypotheses in this study were tested using Structural Equation Model using Smart PLS 3.0 software. This study results in Regional Tax, General Allocation Fund, and Special Allocation Fund have a significant effect on regional financial independence, while capital expenditure is not able to mediate the effect of regional tax, general allocation fund, and special allocation fund on regional financial independence. For Local Governments, it is expected to optimize local taxes through the improvement of adequate public services. Then, given that the composition of general allocation funds and special allocation funds is quite dominant, the funds should be optimized for the development sectors so that their use can be efficient which will encourage economic growth and indirectly increase regional financial independence.</p> 2021-09-04T03:47:53-04:00 Copyright (c) Lebanese Investors’ Decision Making Analysis from Conventional and Behavioral Perspectives Simultaneously 2021-09-06T16:27:46-04:00 Latifa Ghalayini Sally Ziad Alkees <p>The investment decision Process varies from one individual to another and from one country to another respectively. These decisions are usually taken based on either a Conventional basis or linked to the sentimental side of investors and reflected through behavioral finance gateway, where biases and psychological side of investors control their way of thinking and affect their investment decisions endlessly. Furthermore, based on previous literature the majority of investors tend to incorporate both gateways during their investment process as they don’t depend solely on Conventional gate, but their psychological part appears to play a big role while deciding and similarly for Lebanon. However, the main aim of this paper lies in investigating the main factors from both gates triggering Lebanese individual investors’ decision-making during their investment process. Moreover, the empirical part lies on focusing on a bunch of samples from individual Lebanese investors distributed along with most Lebanese districts; where 211 complete responses are interpreted within the SPSS program, undergoing factor analyses and Regression models. Results obtained indicates that Lebanese individual investors tend to incorporate both gateways in their investments decision, where the main goal stays utility and profit maximization; that to say tending to seek profits regardless of the investment field and approach. Nevertheless, during seeking profits Lebanese investor is being exposed to certain behavioral errors and biases that appear to impact and control his decisions significantly during investment making the process so far, and theses biases are affecting the Lebanese individual investors clearly more than that of conventional ones.</p> 2021-09-04T03:57:52-04:00 Copyright (c) 2021 Latifa Ghalayini, Sally Ziad Alkees