The relation between reinforcer magnitude and timing behavior was studied using a peak procedure. Four rats received multiple consecutive sessions with both low and high levels of brain stimulation reward (BSR). Rats paused longer and had later start times during sessions when their responses were reinforced with low-magnitude BSR. When estimated by a symmetric Gaussian function, peak times also were earlier; when estimated by a better-fitting asymmetric Gaussian function or by analyzing individual trials, however, these peak-time changes were determined to reflect a mixture of large effects of BSR on start times and no effect on stop times. These results pose a significant dilemma for three major theories of timing (SET, MTS, and BeT), which all predict no effects for chronic manipulations of reinforcer magnitude. We conclude that increased reinforcer magnitude influences timing in two ways: through larger immediate after-effects that delay responding and through anticipatory effects that elicit earlier responding. (Contains 2 tables and 6 figures.)