The Option to Wait to Invest and Equilibrium Credit Rationing
指出，当投资风险在未来会明朗时，风险更高的项目等待的回报更大，因此其保留利率更低，银行无需配给信贷，这与Stiglitz和Weiss（1981）的结论相反。
Stiglitz and Weiss (1981) show that firms considering risky projects have higher reservation interest rates and hence it is optimal for a bank to reduce loan supply. In this note we show that when the risk involved in an investment will be resolved in the future, investors with riskier projects have a greater return from waiting. More risky projects have lower reservation interest rates and hence there is no motive for banks to ration credit demand.