Table 3 Number of delistings by SEO type...

Table 3

Number of delistings by SEO type and horizon

Panel A: Total number of SEOs and delistings
Total number of SEOs	Number of delistings		% Delisted
2,057	Within 12 months	149	7.2%
	Within 24 months	346	16.8%
	Within 36 months	498	24.2%

Panel A: Total number of SEOs and delistings
2,057	Within 12 months	149	7.2%
	Within 24 months	346	16.8%
	Within 36 months	498	24.2%

Panel B: By offering type
Offering type	Number of SEOs	Number of delistings		% Delisted	Diff. in proportion test (Z-score)
Rights	1,090	Within 12 months	36	3.3%
		Within 24 months	93	8.5%
		Within 36 months	146	13.4%
Public	967	Within 12 months	113	11.7%	7.32***
		Within 24 months	253	26.2%	10.67***
		Within 36 months	352	36.4%	12.16***

Panel B: By offering type
Offering type	Number of SEOs	Number of delistings		% Delisted	Diff. in proportion test (Z-score)
Rights	1,090	Within 12 months	36	3.3%
		Within 24 months	93	8.5%
		Within 36 months	146	13.4%
Public	967	Within 12 months	113	11.7%	7.32***
		Within 24 months	253	26.2%	10.67***
		Within 36 months	352	36.4%	12.16***

Panel C: By market
Market	Number of SEOs	Number of delistings		% Delisted	Diff. in proportion test (Z-score)
KOSPI	430	Within 12 months	22	5.1%
		Within 24 months	52	12.1%
		Within 36 months	66	15.4%
KOSDAQ	1,627	Within 12 months	127	7.8%	1.91*
		Within 24 months	294	18.1%	2.95***
		Within 36 months	432	26.6%	4.82***

Panel C: By market
Market	Number of SEOs	Number of delistings		% Delisted	Diff. in proportion test (Z-score)
KOSPI	430	Within 12 months	22	5.1%
		Within 24 months	52	12.1%
		Within 36 months	66	15.4%
KOSDAQ	1,627	Within 12 months	127	7.8%	1.91*
		Within 24 months	294	18.1%	2.95***
		Within 36 months	432	26.6%	4.82***

Panel D: By bond rating
Bond rating	Number of SEOs	Number of delistings		% Delisted	Diff. in proportion test (Z-score)
Rated	281	Within 12 months	3	1.1%
		Within 24 months	25	8.9%
		Within 36 months	33	11.7%
Not Rated	1,776	Within 12 months	165	9.3%	4.68***
		Within 24 months	340	19.1%	4.18***
		Within 36 months	484	27.3%	5.57***

Panel D: By bond rating
Bond rating	Number of SEOs	Number of delistings		% Delisted	Diff. in proportion test (Z-score)
Rated	281	Within 12 months	3	1.1%
		Within 24 months	25	8.9%
		Within 36 months	33	11.7%
Not Rated	1,776	Within 12 months	165	9.3%	4.68***
		Within 24 months	340	19.1%	4.18***
		Within 36 months	484	27.3%	5.57***

Note(s): * and *** indicate the statistical significance level at 10% and 1%. This table reports the number of SEOs for the Rights and Public offering methods, and the number of delistings by horizon and market. The data cover SEOs from September 2000 to December 2015

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