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There is a debate on the excess volatility of long‐term bond yields. It is found that whether long‐term bond yields are excessively volatile or excessively smooth depends critically on the knowledge of the long‐run properties of the short‐term interest rate process. Uses a span of 200 years of data on interest rates and finds that the short rates from the USA and the UK are characterized by stationarity after the tests for unit root have accounted for structural breaks. Volatility tests reveal for the whole and sub‐sample periods that the long rates are excessively smooth.

PurposeWith emerging markets representing great growth opportunities and serving as indispensable components in the global supply chain, it is unclear how well modern supply chain management theories developed in advanced markets apply to emerging markets. This study integrates the institution-based view with supply chain management literature to examine how integration capabilities can be leveraged to achieve supply chain agility in emerging markets and how the efficacy of integration capabilities is shaped by internal and external institutional contexts.Design/methodology/approachThis study examines how firms in emerging markets can leverage their platform integration and knowledge integration capabilities with channel distributors to improve the supply chain agility and how such relationships are shaped by both the internal (proxy by ownership structure) and external (proxy by regional openness) institutional contexts in which firms operate. Survey and archival data collected from 207 firms operating in China, one of the largest emerging markets, were used to test the proposed research model.FindingsThe results reveal that platform integration and knowledge integration are two driving forces for supply chain agility in the emerging markets. Moreover, the results indicate that state-owned firms are able to achieve higher supply chain agility from their investments in knowledge integration with channel distributors than non-state-owned firms. While firms in regions with a high level of openness enjoy higher supply chain agility from knowledge integration, firms in regions with a low level of openness can catch up by investing in platform integration with their channel distributors.Originality/valueThe authors extend the extant study on supply chain integration (SCI) research to examine how operational and strategic integration with channel distributors can help the focal firm achieve supply chain agility in emerging markets. The study results also enrich the existing studies in emerging markets by revealing the importance of the institutional context in which firms operate on B2B channel management.

This paper provides some additional empirical evidence on the effect of exchange‐rate volatility on exports. The novelties of the study include: a regime‐switching model in conditional volatility is employed to better capture the exchange‐rate uncertainty; a 2SLS method as suggested by Hsiao is used to estimate a system of the dynamic export equations; and an attempt has been made to reconcile the empirical findings with existing theories. We find that the regime‐switching model captures the exchange‐rate risks better and the empirical evidence by and large is consistent with Viaene and Vries, who argued that the existence of the forward markets and current account positions of the country would determine the impact of the exchange uncertainty on trade.

ABSTRACTUnderstanding the nature of service failures and their impact on customer responses and designing cost‐effective recovery strategies have been recognized as important issues by both service researchers and practitioners. We first propose a conceptual framework of service failure and recovery strategies. We then transform it into a mathematical model to assist managers in deciding on appropriate resource allocations for outcome and process recovery strategies based on customer risk profiles and the firm's cost structures. Based on this mathematical model we derive optimal recovery strategies, conduct sensitivity analyses of the optimal solutions for different model parameters, and illustrate them through numerical examples. We conclude with a discussion of managerial implications and directions for future research.