Three experiments were conducted to test an interpretation of the response-rate-reducing effects of unsignaled nonresetting delays to reinforcement in pigeons. According to this interpretation, rates of key pecking decrease under these conditions because key pecks alternate with hopper-observing behavior. In Experiment 1, 4 pigeons pecked a food key that raised the hopper provided that pecks on...

We examine the impact of explicitly incorporating a measure of debt capacity in recent tests of competing theories of capital structure. Our main results are that if external funds are required, in the absence of debt capacity concerns, debt appears to be preferred to equity. Concerns over debt capacity largely explain the use of new external equity financing by publicly traded firms. Finally, ...

Even with a beak and claws as weapons, domestic hens are rarely dangerous. However, they can be defensive and aggressive in territorial protection or breeding. Hen pecking of human eyes is rare but has been reported with varied visual outcomes, and may occur with or without provocation. Probably because of its sharp contrast to the face, eyes are an attractive site for pecking. We report a very...

Woodpeckers are capable of repeated pecking on a tree at remarkably high decelerations (on the order of 10 000m s 2 or 1000 g). In this paper, I re-examine previous studies of pecking and scaling effects in brain injury. I find that there are three keys to woodpeckers’ ability to withstand high decelerations: their small size, which reduces the stress on the brain for a given acceleration; the ...

the aim of this empirical study is to explore the trade-off model and pecking order model of capital structure. the investigation is performed using panel data procedures for a sample of 76 firms listed in tehran stock exchange during 2007-2010.the study employs ols regression model in examining the capital structure of firms in iran. the study employs variables reflecting differing theoretical...

This paper explores the factors that influence capital structure decisions in South Africa from the perspective of the Chief Financial Officer (CFO). The results of a survey of 33 CFOs of JSE listed companies find that South African CFOs are equally likely to follow the Pecking Order or Static Trade-Off theories. However, smaller companies are more likely to follow the Pecking Order theory whil...