In this paper we deal with the capital structure problem in the pharmaceutical industry that has recently changed its business model because of the biotechnology advent. We propose a set of hypotheses that explains the drivers of capital structure decision in this industry and then we test their validity over a sample of 50 biopharmaceutical firms. The obtained results show that pecking order t...

Spatial variation in lighting environments frequently leads to population variation in colour patterns, colour preferences and visual systems. Yet lighting conditions also vary diurnally, and many aspects of visual systems and behaviour vary over this time scale. Here, we use the bluefin killifish (Lucania goodei) to compare how diurnal variation and habitat variation (clear versus tannin-stain...

This study investigates how two competing capital structure theories: the pecking order and the static trade-off models, impact financing decisions in multinational interand intra-firm innovation collaborations. The results show that for the pecking order model, debt repayment, working capital, capital expenditure and operating cash flow are the main variables determining a deficiency in intern...

Today the developments in genetics are exciting. Perhaps this explains why geneticists sometimes seem to overlook common sense solutions. One example of this is the selection experiment done by Bijma et al. (2007a,b). These authors developed a sophisticated statistical method of group selection against mortality in hens randomly placed together. One may safely assume that this mortality is due ...

Purpose – The objective of this paper is to identify and analyze if there are differences in the determinants capital structure companies listed B3 (Brazil, Stock exchange, Over-The-Counter), with without risk bankruptcy.Design/methodology/approach We used bankruptcy prediction index (Z2) Altman, Baidya Dias (1979) separate bankruptcy, addition multiple regression model estimated by OLS, a samp...

Pigeons were given a small, immediate food reinforcement for pecking a key, and a larger, delayed reinforcement for not pecking this key. Most subjects pecked the key on more than 95% of trials. However, when pecking a differently colored key at an earlier time prevented this option from becoming available, three of 10 subjects consistently pecked it, thereby forcing themselves to wait for the ...

The active generation of behavioral variability is thought to be a pivotal element in reinforcement based learning. One example for this principle is song learning in oscine birds. Oscines possess a highly specialized set of brain areas that compose the song system. It is yet unclear how the song system evolved. One important hypothesis assumes a motor origin of the song system, i.e. the song s...

Animals coping with operant conditioning tasks often show behaviors that are not recorded by keys, levers and similar response transducers. Nevertheless, these adjunctive behaviors should not be disposed of by classifying them as incidental. Often they are found to be at least partially influenced by the experimentally programmed contingencies, and under certain conditions they can in turn infl...