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81.
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The demand for money and its stability in Australia has received a great deal of attention in the past and has resulted in its own literature. Depending upon estimation method and period of analysis, previous research has provided mixed findings. By including a measure of economic uncertainty and a measure of monetary uncertainty (both GARCH‐based) in the long‐run money demand for M3, and by using the bounds testing approach under which variables could be stationary or non‐stationary, we provide strong evidence that the M3 money demand in Australia is stable. Both uncertainty measures do have short‐run as well as long‐run effects on the demand for M3 in Australia, factors that previous research did not consider. 相似文献
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An individual who chooses to serve as a market-maker is assumed to optimize his position by setting a bid-ask spread which maximizes the difference between expected revenues received from liquidity-motivated traders and expected losses to information-motivated traders. By characterizing the cost of supplying quotes, as writing a put and a call option to an information-motivated trader, it is shown that the bid-ask spread is a positive function of the price level and return variance, a negative function of measures of market activity, depth, and continuity, and negatively correlated with the degree of competition. Thus, the theory of information effects on the bid-ask spread proposed in this paper is consistent with the empirical literature. 相似文献
85.
Using data from the Current Population Survey and a new matched survey of employers and employees, this paper investigates error in the measurement of employer-provided health insurance. The often-used March CPS gives lower coverage estimates than the April/May CPS, which focuses on employer-provided coverage. In addition, individuals who are in both the March CPS and April/May CPS often give inconsistent responses on their health insurance status, perhaps due to differences in the wording of the health insurance questions. A new survey shows that workers tend to report higher rates of coverage than do firms and that many individuals also disagree with their employers about their coverage. The differences in the firm and worker reports of coverage are uncorrelated with standard worker and firm characteristics, suggesting classical measurement error that does not bias the parameters of models explaining health coverage. When health insurance is used as an explanatory variable, however, measurement error results in significant bias toward zero. 相似文献
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This study explores motivations underlying managers’ resource adjustments. We focus on the impact of incentives to meet earnings targets on resource adjustments and the ensuing cost structures. We find that, when managers face incentives to avoid losses or earnings decreases, or to meet financial analysts’ earnings forecasts, they expedite downward adjustment of slack resources for sales decreases. These deliberate decisions lessen the degree of cost stickiness rather than induce cost stickiness. The results suggest that efforts to understand determinants of firms’ cost structures should be made in light of the managers’ motivations, particularly agency‐driven incentives underlying resource adjustment decisions. 相似文献
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This study examines shareholder reactions to the announcements of OSHA penalties in the press over the years 1979-89. The analysis demonstrates that investors react negatively to the announced sanctions over the time interval immediately surrounding the announcement day. The decreases in the values of the subject firms are, however, found to be unrelated to the relative size of the penalty, to the number of non-record-keeping violations, and to whether the penalties were attributable to employee injury or death. The findings suggest that for the stockholders the nature of the announced OSHA sanctions is largely irrelevant, and they further point toward a reassessment of the assumed deterrent impact of the penalities. 相似文献