Table 4 Mean and median difference tests...

Table 4

Mean and median difference tests

	Rights		Public		Mean diff.	Median diff.
Year relative to SEO	Mean	Median	Mean	Median	(t-value)	(Z-score)
Panel A: Investment
−1	0.0396	0.0095	0.0794	0.0242	−0.0399*** (−3.07)	−0.0147* (−1.92)
0	0.0942	0.0323	0.1263	0.0339	−0.0321** (−2.33)	−0.0016 (−0.31)
+1	0.0344	0	0.0772	0.0170	−0.0428*** (−3.32)	−0.0170*** (−2.83)
+2	0.0268	−0.0006	0.0514	0.0112	−0.0246* (−1.92)	−0.0118** (−1.99)
+3	0.0201	−0.0017	0.0541	0	−0.0340*** (−2.66)	−0.0017 (−1.32)
Panel B: ROA
−1	−0.1064	−0.0440	−0.1603	−0.0929	0.0539*** (5.21)	0.0489*** (7.97)
0	−0.1084	−0.0500	−0.1768	−0.1057	0.0684*** (6.43)	0.0557*** (8.79)
+1	−0.1076	−0.0432	−0.1671	−0.0875	0.0594*** (4.83)	0.0443*** (6.22)
+2	−0.0922	−0.0391	−0.1177	−0.0733	0.0255*** (2.72)	0.0342*** (5.39)
+3	−0.0880	−0.0287	−0.1207	−0.0637	0.0327*** (2.63)	0.0350*** (5.46)
Panel C: Sales/Assets
−1	0.8997	0.8126	0.7378	0.6124	0.1619*** (6.51)	0.2002*** (8.22)
0	0.7923	0.7251	0.6419	0.5262	0.1504*** (6.78)	0.1989*** (7.99)
+1	0.7974	0.7232	0.6482	0.5266	0.1493*** (6.22)	0.1966*** (7.00)
+2	0.7911	0.6928	0.6743	0.5653	0.1168*** (4.52)	0.1275*** (5.00)
+3	0.7998	0.7034	0.707	0.5602	0.0928*** (3.23)	0.1432*** (3.87)

	Rights		Public		Mean diff.	Median diff.
Year relative to SEO	Mean	Median	Mean	Median	(t-value)	(Z-score)
Panel A: Investment
−1	0.0396	0.0095	0.0794	0.0242	−0.0399*** (−3.07)	−0.0147* (−1.92)
0	0.0942	0.0323	0.1263	0.0339	−0.0321** (−2.33)	−0.0016 (−0.31)
+1	0.0344	0	0.0772	0.0170	−0.0428*** (−3.32)	−0.0170*** (−2.83)
+2	0.0268	−0.0006	0.0514	0.0112	−0.0246* (−1.92)	−0.0118** (−1.99)
+3	0.0201	−0.0017	0.0541	0	−0.0340*** (−2.66)	−0.0017 (−1.32)
Panel B: ROA
−1	−0.1064	−0.0440	−0.1603	−0.0929	0.0539*** (5.21)	0.0489*** (7.97)
0	−0.1084	−0.0500	−0.1768	−0.1057	0.0684*** (6.43)	0.0557*** (8.79)
+1	−0.1076	−0.0432	−0.1671	−0.0875	0.0594*** (4.83)	0.0443*** (6.22)
+2	−0.0922	−0.0391	−0.1177	−0.0733	0.0255*** (2.72)	0.0342*** (5.39)
+3	−0.0880	−0.0287	−0.1207	−0.0637	0.0327*** (2.63)	0.0350*** (5.46)
Panel C: Sales/Assets
−1	0.8997	0.8126	0.7378	0.6124	0.1619*** (6.51)	0.2002*** (8.22)
0	0.7923	0.7251	0.6419	0.5262	0.1504*** (6.78)	0.1989*** (7.99)
+1	0.7974	0.7232	0.6482	0.5266	0.1493*** (6.22)	0.1966*** (7.00)
+2	0.7911	0.6928	0.6743	0.5653	0.1168*** (4.52)	0.1275*** (5.00)
+3	0.7998	0.7034	0.707	0.5602	0.0928*** (3.23)	0.1432*** (3.87)

Note(s): *, ** and *** indicate the statistical significance level at 10%, 5% and 1%. This table reports means and medians of selected variables for Rights and Public offers of seasoned equity, and tests of their differences. Investment is the sum of R&D and cash flow from investment activities, scaled by total assets. ROA is operating profit scaled by total assets, and Sales/Assets is sales over total assets. Investment and ROA are industry-median adjusted, where industry is classified by 2-digit KSIC (Korea Standard Industry Code). The data cover SEOs from September 2000 to December 2015

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