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Seasoned Equity Offerings, Technological Changes, and Employment

We study how the infusion of capital through SEOs affects employment through a technology channel. Using exogenous shocks on the eligibility to issue SEOs in China, we find that SEOs lead to more expenditures on technology-related assets, more high skill workers, and fewer low skill workers. Low skill workers decrease more than the increase of high skill workers, resulting in a net decline in employment at the firm level. Employment declines more when firms invest more in technology postSEO. The impacts on technology and employment are greater for more financially constrained firms pre-SEO. Average wages increase because of the higher skill composition of employees; however, total wages remain unchanged because fewer employees remain. Finally, we find that firm profitability and productivity improve following SEOs. These findings illustrate how SEOs can change firms that have an opportunity to adopt productivity-improving technologies.