Using exogenous shocks on the ability to issue seasoned equity offerings (SEOs), we show SEOs lead to a higher employee skill composition, i.e., a lower (higher) proportion of low (high) skilled workers. Low-skilled workers decrease more than high-skilled workers increase, leading to lower...

This paper conducts a thorough data analysis using cross-sectional data from a study carried out in Mexico including over 16,500 observations. In the study, clusters were selected in areas Compartamos Banco, a Microfinance institution (MFI), has not lent in before. The clusters were randomly...