Pigeons responded in a successive-encounters procedure that consisted of a search period, a choice period, and a handling period. The search period was either a fixed-interval or a mixed-interval schedule presented on the center key of a three-key chamber. Upon completion of the search period, the center key was turned off and the two side keys were lit. A pigeon could either accept a delay fol...

We use the staggered introduction of a major financial reporting regulation worldwide as an exogenous shock to the information environment of individual companies and study whether treated firms change financing decisions consistent with the pecking-order theory. Exploiting within country-year variation in firms’ financing frictions, we document that financially constrained firms increase the i...

Using a novel information asymmetry index based on measures of adverse selection developed by the market microstructure literature, we test whether information asymmetry is an important determinant of capital structure decisions, as suggested by the pecking order theory. Our index relies exclusively on measures of the market’s assessment of adverse selection risk rather than on ex ante firm cha...

Apomorphine (apo), an unspecific direct dopamine agonist, elicits an intense and lasting pecking bout in pigeons. Apo yielded orderly dose-response functions, and repeated administrations led to sensitization. Strain and individual differences in sensitivity to apo were at least partly due to genetic factors. However, a strong cage-context dependency of the sensitization, which is indicative of...