How the filing-pattern classification is built.
The method uses records available at the historical cut-off date, then observes later KRX listing outcomes for a defined period.
Keep the filing title, date, and document number as filed.
Apply a consistent English event name without replacing the Korean source.
Use the published disclosure-pattern rules available at the cut-off date.
Observe later listing outcomes for the defined historical period.
At the 28 Feb 2022 validation cut-off, 32 of 76 companies classified as Band 5: HIGHEST were later delisted for cause. The market-wide rate was 4.2%.
| Filing-pattern band | Companies | Later delisted for cause | Historical rate |
|---|---|---|---|
| Band 1: LOWEST | 1,714 | 19 | 1.1% |
| Band 2: LOW | 416 | 14 | 3.4% |
| Band 3: MODERATE | 89 | 12 | 13.5% |
| Band 4: HIGH | 94 | 23 | 24.5% |
| Band 5: HIGHEST | 76 | 32 | 42.1% |
Universe: 2,389 companies. Historical cut-off: 28 Feb 2022. Observation window: Mar 2022 to Aug 2026. SPACs (blank-check shells) excluded from universe and outcomes: their wind-up at the 3-year deadline is a scheduled liquidation (holders get the escrow back), not a distress delisting