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51.
There is much evidence against the so-called “too big to fail” hypothesis in the case of bailouts to subnational governments. We look at a model where districts of different size provide local public goods with positive spillovers. Matching grants of a central government can induce socially-efficient provision, but districts can still exploit the intervening central government by inducing direct financing. We show that the ability and willingness of a district to induce a bailout and district size are negatively correlated. Furthermore, we argue that these policies can be equilibrium strategies. 相似文献
52.
The aim of this paper is to introduce the notion of symmetry in a Lévy market. This notion appears as a particular case of a general known relation between prices of put and call options, of both the European and the American type, which is also reviewed in the paper, and that we call put–call duality. Symmetric Lévy markets have the distinctive feature of producing symmetric smile curves, in the log of strike/futures prices. Put–call duality is obtained as a consequence of a change of the risk neutral probability measure through Girsanov's theorem, when considering the discounted and reinvested stock price as the numeraire. Symmetry is defined when a certain law before and after the change of measure through Girsanov's theorem coincides. A parameter characterizing the departure from symmetry is introduced, and a necessary and sufficient condition for symmetry to hold is obtained, in terms of the jump measure of the Lévy process, answering a question raised by Carr and Chesney (American put call symmetry, preprint, 1996). Some empirical evidence is shown, supporting that, in general, markets are not symmetric. 相似文献
53.
The extremely challenging external environment poses numerous challenges to union formation among call centre agents in India. Complicating matters is the acquired professional identity of call centre agents. In this scenario, the union organising call centre employees envisaged that partnership with employers was the only possibility acceptable to call centre agents, employer organisations and society at large, enabling them to regain some acceptability and credibility for the heretofore tainted Indian trade union movement. 相似文献
54.
Phil Taylor Premilla D'Cruz Ernesto Noronha Dora Scholarios 《New Technology, Work and Employment》2014,29(2):105-123
This article locates Indian business process outsourcing (BPO) within the global supply chains of business services delivery and an international division of service labour. It acknowledges the BPO market's essential dependence on demand from lead firms in the United States and United Kingdom. Drawing on a conceptual synthesis of the Global Commodity Chain, Global Value Chain and Global Production Network frameworks, the article examines the impact of 2008's financial crisis on employment, work organisation and the experience of work in Indian BPO. Employer/industry sources and employee interviews reveal reconfigured local labour market dynamics, tightened work discipline, an extensification of working time, work intensification and unprecedented growth in job insecurity. Such changed characteristics suggest a watershed that raises questions concerning the sustainability of models of BPO work constructed in pre‐crisis years. 相似文献
55.
56.
Laura Antonucci Corrado Crocetta Francesco D. d’Ovidio Ernesto Toma 《Quality and Quantity》2014,48(1):337-345
To analyse the level of passenger satisfaction of a public local transport service, after an explorative factorial analysis, a Structural Equation Model was adopted. The main goal of this paper is to verify how much some service characteristics could influence the perceived quality of the service. The passengers are found very sensitive to the level of the service organization and to the way the service is delivered (punctuality and regularity, and short waiting time). The safety and reliability of buses, the level of comfort and cleanness and the professionalism and courtesy of staff had, also, a big weight to determinate of the customer satisfaction. Applying a further analysis on different sub-samples, based on individual characteristics, we found that the model above identified is full invariant for different residence area and frequency of use of the service, and partially invariant for age groups, employment status, time slot of use and reason of use. The test of invariance the structural coefficients failed considering gender or education level of the passengers. 相似文献
57.
This study examines the affect of IMF-induced structural adjustment programs on several key indicators regarding the status
of women in Ecuador. In particular, we focus on the evolution of female primary and secondary school enrollment and female
labor force participation in time series data from 1987 to 2003. The analysis is conducted using ordinary least squares regression
with corrections for heteroscedasticity. The findings suggest that structural adjustment programs reduced female enrollment
in primary and secondary schools and caused a reduction in the reported female labor force participation rate.
相似文献
58.
Ernesto Dal Bó Pedro Dal Bó Rafael Di Tella 《Journal of Economics & Management Strategy》2007,16(3):577-598
We present a model where a long run player is allowed to use both money transfers and threats to influence the decisions of a sequence of short run players. We show that threats might be used credibly (even in arbitrarily short repeated games) by a long-lived player who gains by developing a reputation of carrying out punishments. Particular cases of the model are a long-lived pressure group offering rewards and punishments to a series of targets (public or corporate officials) in exchange for policy favors, or that of a long-lived extorter who demands money in order not to punish. We use the model to analyze the "convicted nonpayor" debate around judicial corruption. The model highlights formal similarities between lobbying and extortion. 相似文献
59.
Joao Leitao Joaquim Ferreira Ernesto Santibanez-Gonzalez 《Business Strategy and the Environment》2021,30(4):2077-2090
This study assesses the non-linear effects of green bonds, conventional bonds and energy commodities on the behaviour of the cap-and-trade European Union carbon market (European Union Emissions Trading System [EU-ETS]). By estimating four models, using Markov-switching (MS) econometric methodology, non-linearities are confirmed in dynamic behaviours, observing in the global calculation a positive effect of green bonds (S&P Green and Sol Green) on the carbon market, in regimes of both high and low volatility, whereas conventional bonds (S&P Agg) and energy commodities (DJCI En) contribute to a decrease in the carbon market in regimes of high volatility. The relevance of green bonds is underlined in determining the behaviour of the carbon market, besides observing greater persistence of the low volatility regime. These results allow both investors and fund managers to implement strategies in different volatility or economic activity contexts through a diversified portfolio and green/climate structure. 相似文献
60.
Ernesto Ganuza Héloïse Nez Ernesto Morales 《International journal of urban and regional research》2014,38(6):2274-2291
The emergence of new participatory mechanisms, such as participatory budgeting, in towns and cities in recent years has given rise to a conflict between the old protagonists of local participation and the new citizens invited to participate. These mechanisms offer a logic of collective action different from what has been the usual fare in cities — one based on proposal rather than demand. As a result, urban social movements need to transform their own dynamics in order to make room for a new political subject (the citizenry and the non‐organized participant) and to act upon a stage where deliberative dynamics now apply. This article aims to analyse this conflict in three different cities that set up participatory budgeting at different times: Porto Alegre, Cordova and Paris. The associations in the three cities took up a position against the new participatory mechanisms and demanded a bigger role in the political arena. Through a piece of ethnographic research, we shall see that the responses of the agents involved (politicians, associations and citizens) in the three cities share some arguments, although the conflict was resolved differently in each of them. The article concludes with reflections on the consequences this conflict could have for contemporary political theory, especially with respect to the role of associations in the processes of democratization and the setting forth of a new way of doing politics by means of deliberative procedures. 相似文献