Perceptual multistability refers to cases where perception alternates between two or more interpretations of an unchanging sensory stimulus. In a first experiment we trained eight pigeons to discriminate horizontal and vertical apparent motion stimuli and then presented a multistable display. In five cases their behavior showed alternations similar to human experiments. In a second experiment w...

1. The aim was to test whether provision of foraging material and food form influence feather pecking and feather damage in laying hens. 2. From week 19 of age, 16 groups of 11 hens (white Lohman Selected Leghorn hybrids) were kept in pens with or without access to long-cut straw as foraging material and fed on either mash or pellets. 3. Foraging behaviour was increased in hens with access to s...

Pecking order models of international finance suggest that countries should become less reliant on international bank lending as they develop. Reduced information costs are one of the factors behind this trend towards disintermediation. This paper presents a simple model on the choice between bank debt and bond finance which builds on Rajan (1992), and it uses two new datasets to test the impli...

Feather pecking is a behavioural disorder in laying hens which consists of pecking the feathers of conspecifics, causing feather damage or even injuries to the skin. Its development can be explained by redirection of foraging behaviour. While the occurrence of feather pecking strongly depends on the kind of housing condition, it is also known that there are strain differences in the tendency to...

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, ...

1. The aim of the present study was to investigate whether individual birds specialise in feather pecking. Growers were individually marked and reared in groups of 30 or 31 in pens with a slatted floor. At an age of 4 to 6 weeks feather pecking was frequent in all pens. 2. On average 83% of all group members (10 groups, experiment 1) were recorded at least once as initiator of a feather pecking...