areaid treatment spandana othermfi anymfi spandana_amtothermfi_amt anymfi_amt

2 0 0.010309278 0.1752577275 0.2061855644 103.09278351 1823.5051546 2017.5257568

7 0 0 0 0 0 0 0

8 0 0.6071428657 0.1071428582 0.6071428657 7123.2142857 1125 7321.4287109

9 0 0.1170212775 0.1648351699 0.2446808517 1349.4680851 1819.5652174 3095.7446289

12 0 0.0454545468 0 0.0454545468 681.81818182 0 681.81817627
13 0 0.125 0.0833333358 0.1666666716 1695.8333333 500 2208.333252

15 0 0.0416666679 0 0.0833333358 208.33333333 0 220.83332825

16 0 0 0.0833333358 0.0806451589 0 695.4 677.41937256
17 0 0 0.1470588297 0.1470588297 0 1642.8571429 1720.5882568
19 0 0.1166666672 0.1333333403 0.2333333343 958.33333333 1443.5483871 2466.666748
21 0 0 0.0927835032 0.0927835032 0 1377.2164948 1381.4433594
30 0 0.137931034 0.4186046422 0.4482758641 1245.9770115 4108.7209302 5367.815918
32 0 0.0142857144 0.2142857164 0.2285714298 200 2478.2857143 2685.7143555
34 0 0.146341458 0.1219512224 0.2682926953 1848.7804878 1487.804878 3439.0244141
36 0 0 0.1739130467 0.1666666716 0 2239.1304348 2145.833252
37 0 0.0434782617 0 0.0434782617 339.56521739 0 347.82608032
38 0 0.0142857144 0.0144927539 0.0142857144 142.85714286 285.71428571 292.85714722
39 0 0 0.0188679248 0.0188679248 0 18.518518519 18.867923737
40 0 0 0 0 0 0 0
43 0 0.0206185561 0.1875 0.2061855644 105.15463918 1802.7575758 2012.3710938
48 0 0 0.3789473772 0.3636363745 0 4250 4121.2119141
49 0 0.375 0.1458333284 0.4166666567 5102.9166667 2634.375 7666.6665039
51 0 0 0.2333333343 0.2295081913 0 2815.0819672 2901.6394043
52 0 0 0.1000000015 0.0990099013 0 1267.3267327 1267.3267822
53 0 0.095238097 0.1190476194 0.1666666716 1035.7142857 1238.0952381 2285.7143555
55 0 0.0135135138 0.1571428627 0.1486486495 202.7027027 1596.7142857 1722.9730225
58 0 0 0 0 0 0 0
59 0 0 0 0 0 0 0
62 0 0.200000003 0.200000003 0.400000006 1600 2000 3600
64 0 0.0714285746 0.0500000007 0.1190476194 659.52380952 273.75 928.57141113
71 0 0.1162790731 0.1428571492 0.2558139563 1232.5581395 1261.9047619 2465.1162109
72 0 0.0434782617 0.227272734 0.2463768125 517.82608696 2545.4545455 2956.5217285
73 0 0 0.0833333358 0.0833333358 0 944.44444444 972.222229
74 0 0 0 0 0 0 0
75 0 0.3000000119 0.1864406765 0.400000006 3636.3333333 1641.8333333 5516.6665039
78 0 0 0.1111111119 0.1052631587 0 1194.4444444 1131.5789795
79 0 0.125 0.15625 0.21875 1187.5 1406.25 2687.5
 80 0 0 0 0 0 0 0
81 0 0 0 0 0 0 0
82 0 0.0090909088 0.3831775784 0.3727272749 72.727272727 5992.8703704 5731.8183594
83 0 0 0.1684210598 0.1632653028 0 2154.7368421 2091.8366699
85 0 0 0.2413793057 0.2413793057 0 1931.0344828 1931.0344238
86 0 0 0.0869565234 0.0851063803 0 652.17391304 523.40423584
87 0 0.0102040814 0.0729166642 0.0816326514 153.06122449 687.5 826.53063965
91 0 0.0365853645 0.2682926953 0.2926829159 156.70731707 3234.939759 3437.1950684
93 0 0 0.1395348907 0.1363636404 0 1995.3488372 1954.5454102
97 0 0 0.4255319238 0.4255319238 0 4351.0638298 4340.425293
99 0 0.0399999991 0.0833333358 0.1199999973 480 1000 1440
101 0 0 0.340206176 0.3300000131 0 6823.7755102 6665
102 0 0.3414634168 0.0769230798 0.3658536673 5593.6585366 769.23076923 6414.6342773
103 0 0 0.1643835604 0.1621621549 0 1744.1780822 1797.2972412
104 0 0 0.1475409865 0.140625 0 2065.5737705 1875
areaid treatment spandana othermfi anymfi spandana_amtothermfi_amt anymfi_amt
1 1 0.088888891 0.055555556 0.1555555612 1213.3333333 507.39130435 1944.444458
3 1 0.2241379321 0.0175438598 0.2241379321 2406.8965517 137.93103448 2500
4 1 0.349999994 0.1012658253 0.4250000119 3533.75 682.92682927 4037.625
5 1 0.1176470593 0 0.1176470593 1176.4705882 0 1176.4705811
6 1 0.4065934122 0.1208791211 0.4505494535 3073.0769231 1448.9130435 4571.4287109
10 1 0.4712643623 0.1860465109 0.5632184148 5716.091954 2926.744186 9068.9658203
11 1 0.1958762854 0.0927835032 0.2680412233 2415.3195876 1149.5959596 3610.6186523
14 1 0.0722891539 0.195121944 0.2289156616 1072.2891566 1937.9518072 2943.3735352
18 1 0.0714285746 0.0602409653 0.1071428582 631.54761905 530.58823529 1191.666626
20 1 0 0.0869565234 0.0740740746 0 1250 1111.111084
22 1 0.200000003 0.0158730168 0.2142857164 2264.7142857 76.923076923 2414.2856445
23 1 0.3225806355 0 0.3225806355 3809.3548387 0 4032.2580566
24 1 0.1666666716 0.0833333358 0.25 2166.6666667 1666.6666667 3916.666748
25 1 0.3366336524 0.2061855644 0.4851485193 3753.019802 2113.9215686 5821.7822266
26 1 0.0760869533 0.1978022009 0.2282608747 750 2659.3548387 3500
27 1 0.2293577939 0.0467289723 0.2568807304 2372.6146789 481.48148148 3146.7890625
28 1 0.0215053763 0.0215053763 0.0430107526 430.10752688 258.06451613 688.17205811
29 1 0.0142857144 0.0147058824 0.0285714287 69.285714286 73.529411765 142.85714722
31 1 0.0344827585 0.068965517 0.1034482792 275.86206897 270.34482759 689.65515137
33 1 0.048780486 0 0.048780486 890.24390244 0 902.43902588
35 1 0.2314814776 0.2129629701 0.342592597 2105.6481481 2537.5 4791.6665039
41 1 0.1900826395 0.0940170959 0.2314049602 2231.6942149 1287.1794872 3314.8759766
42 1 0.3181818128 0 0.3181818128 2739.7727273 0 2636.3635254
44 1 0.1702127606 0.048780486 0.1914893687 1914.893617 660.46511628 4106.3828125
45 1 0.1304347813 0.0930232555 0.2173912972 1128.2608696 1162.7906977 2239.1303711
46 1 0.1724137962 0.1785714328 0.3103448153 2306.8965517 2001.7857143 4534.4829102
47 1 0.157303378 0 0.157303378 1106.741573 0 1112.3594971
 50 1 0.3333333433 0.2641509473 0.3888888955 2611.1111111 2819.7169811 5388.8886719
54 1 0.2830188572 0.2190476209 0.4150943458 3084.4339623 2708.7428571 5904.7167969
56 1 0.1926605552 0.1199999973 0.2660550475 1743.1192661 1465 3064.2202148
57 1 0.1639344245 0.0517241396 0.2295081913 1975.4098361 827.5862069 2803.2788086
60 1 0.2040816396 0.0652173907 0.2653061152 1977.5510204 652.17391304 2816.326416
61 1 0 0 0 0 0 0
63 1 0.0363636352 0.0188679248 0.0363636352 196.81818182 339.62264151 527.27270508
65 1 0.4554455578 0.3663366437 0.5742574334 4673.2673267 4913.6633663 9653.4658203
66 1 0.0549450554 0.3736263812 0.3956044018 543.40659341 5355.5434783 5010.9887695
67 1 0.1000000015 0.350515455 0.3700000048 1637 5211.8556701 8185
68 1 0.3225806355 0.1967213154 0.3870967627 3298.0645161 2228.3606557 5580.6450195
69 1 0.306122452 0.2680412233 0.4081632793 3526.5306122 2865.8163265 6448.9794922
70 1 0.1081081107 0.0135135138 0.1216216236 1296.6216216 194.4 1540.5405273
76 1 0.051282052 0.5 0.4871794879 512.82051282 5487.8947368 6051.2822266
77 1 0.2173912972 0.0222222228 0.2391304374 2304.3478261 391.30434783 2695.6520996
84 1 0.2019230723 0.1538461596 0.3076923192 1838.1730769 1761.2380952 3692.3076172
88 1 0.1969697028 0.0909090936 0.2121212184 2240.9090909 1335.6060606 3795.4545898
89 1 0.1142857149 0 0.1142857149 1104.2857143 0 1400
90 1 0.3243243098 0.3302752376 0.4594594538 3360.8108108 4613.6697248 7882.8828125
92 1 0.0285714287 0.0149253728 0.0285714287 485.71428571 149.25373134 628.57141113
94 1 0.3253012002 0.1975308657 0.4337349534 3053.4939759 2793.902439 6058.4335938
95 1 0.4838709533 0.1935483813 0.5161290169 4306.4516129 2483.8709677 6725.8066406
96 1 0.4130434692 0.0217391308 0.4347825944 8373.9130435 260.86956522 5282.6088867
98 1 0.2195121944 0.0263157897 0.2195121944 3312.6829268 328.94736842 3829.2683105
100 1 0.0909090936 0.048780486 0.113636367 1068.1818182 707.31707317 1727.2727051
bizassets bizinvestment bizprofit women_emp_indexfemale_biz_new
2165.625 71.875 -152.44827271 0.046855174005 0
959.09088135 159.090911865234 -873.9833374 0.04762851819396 2

2875 0 615.54168701 0.1123274415731 1

2127.3935547 90.4255294799805 26.385408401 -0.0825597345829 3

1254.5454102 90.9090881347656 481.82925415 -0.0238085724413 2
3773.9130859 2608.69555664063 -1471.666626 0.1230218559504 0

4791.3476563 100 -803.72729492 0.0656621977687 0

1096.7741699 330.645172119141 1186.3050537 -0.1001211628318 2
5777.1430664 3985.71435546875 588.328125 0.1661455780268 3
3095.9677734 817.741943359375 111.52727509 -0.0699568241835 5
2570.3125 105.208335876465 452.36264038 -0.0415723882616 4
1152.2988281 1.14942526817322 849.88415527 -0.0303167272359 2
1338.5714111 0 276.82540894 -0.1358495950699 1
3147.3684082 0 1156.5142822 0.0044292411767 0
3764.583252 0 1366.9545898 -0.1451810747385 1
5318.1816406 231.818176269531 288.36364746 0.0667393952608 1
1950.7113037 0 356.15493774 0.1321149617434 2
887.03704834 59.2592582702637 -213.4151001 0.07043731212616 1
9421.4287109 39.6825408935547 1668.689209 -0.1814459115267 5
1024.4897461 0 4693.4853516 -0.1423657536507 3
2902.5251465 494.949493408203 506.52807617 0.0115335583687 1
498.94735718 533.157897949219 1588.5090332 0.1271388083696 7
2109.6774902 483.870971679688 1429.6553955 -0.0178538244218 2
1546.534668 227.722778320312 926.38830566 -0.0919865369797 3
3428.5715332 17.8571434020996 2146.9404297 0.0622610263526 1
4784.027832 41.6666679382324 2204.1982422 -0.0163669362664 2
2751.4284668 38.0952377319336 852.86456299 -0.0538129620254 1
1774.5762939 277.966094970703 457.07144165 -0.1241319328547 0
500 0 -10321.200195 0.00306560844183 0
1688.0952148 47.6190490722656 1127.3000488 0.02636749856174 1
6727.9067383 127.90697479248 1184.4594727 0.0477405637503 0
2033.333374 147.826080322266 657.81536865 -0.1382958889008 0
1664.7957764 352.112670898437 715.83331299 0.11607763171196 2
5531.3725586 39.2156867980957 901.93182373 0.0387007519603 1
2359.0490723 4.9180326461792 -1346.0943604 0.022497728467 3
8236.8417969 1710.5263671875 1063.3125 -0.2212148308754 1
921.875 15.625 346.29824829 0.1356109380722 0
387.96295166 0 -94.11428833 0.0004600819084 0
3432.1696777 221.428573608398 897.22644043 -0.0814428776503 2
1201.3636475 99.0909118652344 1129.7767334 0.2008827775717 2
3642.708252 166.66667175293 613.39324951 0.200427338481 1
431.03448486 86.2068939208984 1457.1538086 0.0766280889511 1
5185.1064453 3255.31909179687 -1264.5744629 -0.0985331013799 2
1577.664917 85.1063842773437 2.3186812401 -0.0299578644335 1
3146.3415527 146.341461181641 -1327.3218994 -0.0584183558822 7
3209.3022461 186.046508789063 949.12823486 0.1066818460822 1
1815.2174072 115.217391967773 -422.33334351 -0.1155663132668 0
1940 0 597.95452881 -0.1122891977429 0
2587.3737793 642.424255371094 1649.385498 -0.0711368769407 2
1132.5 387.5 1968.5142822 0.1426468342543 0
1577.7027588 297.297302246094 615.04614258 -0.0359808392823 1
3955.46875 0.03125 3900.9123535 0.1287897229195 0
bizassets bizinvestment bizprofit women_emp_indexfemale_biz_new
768.13189697 54.9450531005859 10.654766083 0.2110554724932 3
1571.0526123 45.6140365600586 1828.4375 0.029746517539 0
1696.2962646 69.1358032226563 14.57333374 0.0539664886892 0
2218.75 0 1006.7857056 0.0465020686388 1
1682.0651855 407.608703613281 -64.252807617 0.1806607097387 4
7967.1162109 223.720932006836 66.875 0.0312552750111 3
1788.65979 314.432983398437 393.18182373 -0.0074556386098 0
747.64703369 100 -92.112503052 -0.1169760897756 2
4181.7646484 74.1176452636719 316.43670654 0.1077696532011 0
1303.5714111 0 -23.799999237 -0.1526660770178 1
2546.527832 41.6666679382324 12.442856789 -0.1336430609226 2
5388.3334961 400 1077.7857666 -0.0583847276866 0
3858.333252 0 116.66666412 -0.1421713680029 2
1274.2857666 400 -185.47999573 0.1020042672753 1
2374.1936035 16.1290321350098 529.84997559 0.0291424356401 4
5462.5 842.592590332031 -102.88235474 -0.1414889991283 3
2201.0751953 32.2580642700195 570.37780762 -0.1639258414507 3
2624.2856445 64.2857131958008 779.68463135 0.0891599804163 5
3487.5 253.571426391602 8528.2919922 0.1113021671772 0
8582.9267578 3324.14624023437 1230.8684082 -0.0699834004045 2
970.0513916 0 1322.2058105 -0.0271788239479 3
902.47930908 359.504119873047 342.63858032 -0.1198294535279 3
6730.4345703 682.608703613281 2349.4284668 0.1240300983191 1
1689.7958984 0 5045.5 0.0582416132092 3
7020.6523438 86.9565200805664 905.79760742 -0.1598512977362 3
535.71429443 71.4285736083984 2468.4643555 0.12806111574173 5
5384.2807617 4545.505859375 1590.9876709 -0.0013402451295 5
268.51852417 0 5616.5800781 -0.1284095197916 2
2250 2200 1077.2750244 -0.0278626158834 3
1330.2752686 197.247711181641 0.8372092843 -0.1112752780318 1
6789.6552734 344.827575683594 2719.0981445 0.02640868537128 2
2300 268.085113525391 204.58695984 0.0958026498556 6
0 0 0 -0.2612202465534 0
2703.7036133 331.481475830078 700.16326904 0.20539915561676 3
1109.901001 406.930694580078 5811.3989258 0.0238059274852 4
1657.5108643 0 1111.1304932 -0.0669714361429 4
5080.7626953 1030.30297851563 550.90319824 0.0063063837588 7
2463.7097168 348.387084960937 1497.963623 0.2011238634586 7
2434.6938477 1551.02038574219 -664.77172852 -0.0874655395746 6
7528 6661.33349609375 646.26153564 0.0975362285972 2
2307.9736328 231.578948974609 899.86206055 0.2715101838112 2
2142.5532227 42.5531921386719 810.82141113 0.0915077403188 2
3067.3076172 340.384613037109 763.83660889 -0.0697759315372 3
3529.5454102 653.0302734375 1048.3060303 0.1491558253765 6
3426.4707031 94.1176452636719 736.43939209 -0.1194256469607 3
4789.6396484 212.612609863281 973.98529053 0.2116770148277 14
1990 72.8571395874023 1402.6015625 -0.1269224733114 3
4450.5952148 1964.28576660156 1160.4925537 -0.0132115166634 3
1241.9354248 0 69.783332825 -0.0864694342017 1
4676.0869141 76.0869598388672 1487.055542 -0.1398783922195 1
9019.5117188 60.9756088256836 7407.9746094 -0.0841359347105 1
6856.8183594 695.454528808594 1695.8421631 0.1797990649939 3
 Control
Neighborhoo Treatment
d Neighborhood Difference
Average Loan size from any
microfinance institution 2256.818124 3593.0718331 1336.2537
No of Women-run business 83 148 65
No of Neighborhoods 52 52 0
No of Neighborhoods with
positive profit 41 45 4
Proportion of Positive Profit 0.788461538 0.86538461538
XLSTAT 2020.5.1.1038 - Tests for two proportions - Start time: 2020-11-12 at 23:55:46
Frequency 1: 41
Sample size 1: 52
Frequency 2: 45
Sample size 2: 52
Hypothesized difference (D): 0

Variance: pq(1/n1+1/n2)
Continuity correction: Yes
Significance level (%): 5

Please wait until the analysis is finished.

z-test for two proportions / Two-tailed test:

95% confidence interval on the difference between the proportions:

] -0.241 , 0.087 [

Difference -0.077
z (Observed v -0.778
z (Critical val 1.960
p-value (Two- 0.437
alpha 0.05

Test interpretation:
H0: The difference between the proportions is equal to 0.
Ha: The difference between the proportions is different from 0.
As the computed p-value is greater than the significance level alpha=0.05, one cannot reject the null hypothesis H0.
 Control Neighborhood
No of Neighborhoods 52
No of Neighborhoods with
positive profit 41
Proportion of Positive Profit 0.788461538461538

Using a significance level of 0.05, we found the p-value (0.437) to be higher than the significance
value. Hence we cannot conclude whether the presence of a Spandana branch
increased the proportion of neighborhoods where the average profit was positive

The p-value is 0.437

e null hypothesis H0.

 Treatment Neighborhood
52

45
0.865384615384615

(0.437) to be higher than the significance

e of a Spandana branch
average profit was positive
XLSTAT-Student 2020.5.1.1038 - Two-sample t-test and z-test - Start time: 2020-11-12 at 23:52:25 / End time: 2020-11
Sample 1: Workbook = Microfinance.xlsx / Sheet = Data / Range = Data!$M$1:$M$53 / 52 rows and 1 column
Sample 2: Workbook = Microfinance.xlsx / Sheet = Data / Range = Data!$M$54:$M$106 / 52 rows and 1 column
Hypothesized difference (D): 0
Significance level (%): 5
Population variances for the t-test: Assume equality

Summary statistics:

Obs.
Observation Obs. with Std.
Variable without Minimum Maximum Mean
s missing data deviation
missing data
Control 52 0 52 0.000 7.000 1.596 1.660
Treatment 52 0 52 0.000 14.000 2.846 2.420

t-test for two independent samples / Two-tailed test:

95% confidence interval on the difference between the means:

[ -2.057, -0.443 ]

Difference -1.250
t (Observed v -3.071
|t| (Critical v 1.983
DF 102
p-value (Two- 0.003
alpha 0.05

Test interpretation:
H0: The difference between the means is equal to 0.
Ha: The difference between the means is different from 0.
As the computed p-value is lower than the significance level alpha=0.05, one should reject the null hypothesis H0, and
accept the alternative hypothesis Ha.

Box plots

16
p=0.003*
14

12
 Box plots

16
p=0.003*
14

12

10

0
female_biz_ne female_biz_ne
w w
*: significant at level alpha=0.05
 :25 / End time: 2020-11-12 at 23:52:26 / Microsoft Excel 16.431108
s and 1 column
ows and 1 column

Treatment
Control Neighborhood Neighborhood
No of Women-run
business 83 148

The difference in the number of women-run businesses between neighborhoods with

a Spandana branch is 65

Using a significance level of α = 0.05, we found that the p-value (0.003) is less than the
value. Hence we conclude that the presence of a Spandana branch increased the num
women-run businesses in the neighborhood

The p-value is 0.003

null hypothesis H0, and

 Difference

65

en neighborhoods with and without

e (0.003) is less than the significance

nch increased the number of
XLSTAT-Student 2020.5.1.1038 - Two-sample t-test and z-test - Start time: 2020-11-12 at 23:49:33 / End time: 2020-11
Sample 1: Workbook = Microfinance.xlsx / Sheet = Data / Range = Data!$H$1:$H$53 / 52 rows and 1 column
Sample 2: Workbook = Microfinance.xlsx / Sheet = Data / Range = Data!$H$54:$H$106 / 52 rows and 1 column
Hypothesized difference (D): 0
Significance level (%): 5
Population variances for the t-test: Assume equality

Summary statistics:

Obs.
Observation Obs. with Std.
Variable without Minimum Maximum Mean
s missing data deviation
missing data
Control 52 0 52 0.000 7666.667 2256.818 2025.370
Treatment 52 0 52 0.000 9653.466 3593.072 2332.188

t-test for two independent samples / Two-tailed test:

95% confidence interval on the difference between the means:

[ -2185.887, -486.620 ]

Difference -1336.254
t (Observed v -3.120
|t| (Critical v 1.983
DF 102
p-value (Two- 0.002
alpha 0.05

Test interpretation:
H0: The difference between the means is equal to 0.
Ha: The difference between the means is different from 0.
As the computed p-value is lower than the significance level alpha=0.05, one should reject the null hypothesis H0, and
accept the alternative hypothesis Ha.

Box plots

12000
p=0.002*
10000

8000

6000
12000
p=0.002*
10000

8000

6000

4000

2000

0
anymfi_amt anymfi_amt
*: significant at level alpha=0.05
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and 1 column
ws and 1 column

Control Neighborhood
Average Loan size from
any microfinance
institution 2256.81812381744

The difference in the average loan size from any microfinance institution between neig
with and without a Spandana branch is Rs.1336

Using a significance level of α = 0.05, since the p-value (0.002) is less than the significa
conclude that the presence of Spandana branch increased the average loan size taken
in the treatment group.

The p-value is 0.002

null hypothesis H0, and

 Treatment Neighborhood Difference

3593.07183309702 1336.25370927957

m any microfinance institution between neighborhoods

.1336

the p-value (0.002) is less than the significance level α, we

ranch increased the average loan size taken out by households
areaid Identified for neighbourhood
treatment Whether neighbourhood received Spandana branch
spandana Proportion of households taking out a Spandana loan
othermfi Proportion of households taking out another microfinance institution loan
anymfi Proportion of households taking out any MFI loan In 2005, Spandan
spandana_amt Average Spandana loan size (rupees) institutions (MFIs
othermfi_amt Average other MFI loan size (rupees) neighborhoods in
anymfi_amt Average any MFI loan size (rupees) Spandana branch
bizassets Average business assets (rupees) repaid their loan
bizinvestment Average business investments (rupees) allowed to spend
bizprofit Average business profit (rupees) no business train
women_emp_indexwomen empowerment index out a microfinan
female_biz_new # of new businesses started by women living in a treatm

Paper: Miracle of
AEJ)

Data:
https://www.pov
hyderabad-india
In 2005, Spandana was one of the largest and fastest growing microfinance
institutions (MFIs) worldwide. In a controlled experiment, 52 of 104 poor
neighborhoods in Hyderabad, India were randomly selected for the opening of a
Spandana branch. Loans were made to small groups of women and if all members
repaid their loans, the group was eligible for subsequent loans. Borrowers were
allowed to spend the money as they liked, and unlike some MFIs, Spandana offered
no business training or other complementary services. All households could take
out a microfinance loan from Spandana (in addition to other MFIs) regardless of
living in a treatment or control neighbourhood.

Paper: Miracle of microfinance? Banerjee, Duflo, Glennerster, and Kinnan (2015,

AEJ)

Data:
https://www.povertyactionlab.org/evaluation/measuring-impact-microfinance-
hyderabad-india