When partially inalienable managerial entrenchment is introduced to Zwiebel's 1996 model of dynamic capital structure, anticipated debt renegotiation between a higher-type manager and the creditor reduces expected firm value. Only lower-type managers can issue debt to avoid shareholder takeover

I analyze the country-level product ranges offered by multinational laundry detergent manufacturers in Western Europe. Observed product range variation across countries is too great to be the optimal firm-level response to differences in consumer preferences and retail environments....