Credit as a Production-Smoothing Device: The Case of Automobiles, 1913–1938
研究了两次世界大战期间美国汽车销售融资中，制造商通过设立金融公司为经销商提供批发库存融资，从而平滑季节性生产、降低平均成本，并涉及非法排挤独立金融公司的行为。
Credit financing of automobile sales and dealer inventories was provided primarily by hundreds of sales finance companies in the interwar United States. The few finance companies tied to auto manufacturers wrote 90 percent of credit business. Manufacturers initially established finance companies not to bolster retail sales but to finance dealers' wholesale inventory so manufacturers could lower average costs by smoothing seasonal production patterns. Moreover, until the Justice Department intervened, manufacturers apparently illegally coerced franchised dealers into using the manufacturer's preferred finance company rather than an independent.