A Theory and Test of Credit Rationing: Some Further Results
扩展了套利论证到多种风险资产，指出均衡杠杆率随资产风险变化，杠杆变动可替代利率变动，但竞争性杠杆不足以纠正固定利率下的市场无效配置。
The arbitrage argument extends to the case of many risk assets: the equilibrium leverage ratio will vary with the riskiness of the asset backing up the loan and variations in leverage will then substitute for variations in the interest rate. However, it can readily be shown along the lines of [Vernon L.] Smith that competition in leverage terms would be insufficient to correct the inefficient allocation of claims produced by the market when the interest rate is fixed.4