\begin{landscape}
\begin{table}[htbp]
\centering
\scriptsize
\caption{Robustness: Event-Level Regressions --- RV Ratio and $\Delta\beta$ (30-Minute Window, Interaction Model)}
\label{tab:robustness_B}
\begin{threeparttable}
\begin{tabular}{lllrrllllll}
\toprule
Contract & Dep.\ Var. & Regressor & $\hat{\beta}$ & $t$ & $p_{\text{NW}}$ & $p_{\text{Boot}}$ & $p_{\text{Clust}}$ & $p_{\text{QReg}}$ & $p_{\text{Perm}}$ & \#Sig \\
\midrule
Crude Oil WTI & RV Ratio & Stance & 0.0611 & 0.13 & 0.895 & 0.894 & 0.894 & -- & 0.886 & 0 \\
Crude Oil WTI & RV Ratio & Novelty & 0.4481 & 1.16 & 0.249 & 0.479 & 0.232 & -- & 0.123 & 0 \\
Crude Oil WTI & RV Ratio & St. $\times$ Nov. & -0.1615 & -0.28 & 0.784 & 0.777 & 0.782 & -- & 0.694 & 0 \\
Dollar Index & RV Ratio & Stance & -1.1473 & -1.50 & 0.158 & -- & -- & -- & -- & 0 \\
Dollar Index & RV Ratio & Novelty & -0.4007 & -2.15 & 0.051 & -- & -- & -- & -- & 1 \\
Dollar Index & RV Ratio & St. $\times$ Nov. & 0.3796 & 1.66 & 0.121 & -- & -- & -- & -- & 0 \\
E-mini S\&P 500 & RV Ratio & Stance & -0.4896 & -1.62 & 0.110 & 0.846 & 0.021 & -- & 0.167 & 1 \\
E-mini S\&P 500 & RV Ratio & Novelty & -0.1825 & -1.58 & 0.118 & 0.851 & 0.079 & -- & 0.403 & 1 \\
E-mini S\&P 500 & RV Ratio & St. $\times$ Nov. & 0.2511 & 1.20 & 0.232 & 0.856 & 0.088 & -- & 0.382 & 1 \\
Gold & RV Ratio & Stance & 0.0845 & 0.16 & 0.872 & 0.896 & 0.881 & -- & 0.876 & 0 \\
Gold & RV Ratio & Novelty & 0.6432 & 1.41 & 0.162 & 0.432 & 0.159 & -- & 0.093 & 1 \\
Gold & RV Ratio & St. $\times$ Nov. & -0.5527 & -1.08 & 0.284 & 0.650 & 0.254 & -- & 0.296 & 0 \\
VIX Futures & RV Ratio & Stance & 0.4669 & 1.79 & 0.081 & 0.655 & 0.142 & -- & 0.214 & 1 \\
VIX Futures & RV Ratio & Novelty & -0.3809 & -1.33 & 0.191 & 0.641 & 0.289 & -- & 0.290 & 0 \\
VIX Futures & RV Ratio & St. $\times$ Nov. & -0.0118 & -0.08 & 0.940 & 0.984 & 0.954 & -- & 0.963 & 0 \\
5Y T-Note & RV Ratio & Stance & -0.0861 & -0.65 & 0.523 & 0.559 & 0.486 & -- & 0.360 & 0 \\
5Y T-Note & RV Ratio & Novelty & 0.0596 & 0.42 & 0.675 & 0.717 & 0.666 & -- & 0.667 & 0 \\
5Y T-Note & RV Ratio & St. $\times$ Nov. & -0.0415 & -0.57 & 0.574 & 0.716 & 0.624 & -- & 0.666 & 0 \\
10Y T-Note & RV Ratio & Stance & -0.0692 & -0.63 & 0.536 & 0.642 & 0.605 & -- & 0.476 & 0 \\
10Y T-Note & RV Ratio & Novelty & 0.0436 & 0.36 & 0.717 & 0.781 & 0.775 & -- & 0.744 & 0 \\
10Y T-Note & RV Ratio & St. $\times$ Nov. & 0.1231 & 1.54 & 0.133 & 0.562 & 0.182 & -- & 0.234 & 0 \\
\midrule
Crude Oil WTI & $\Delta\beta$ & Stance & -0.0008 & -0.01 & 0.993 & 0.998 & 0.994 & -- & 0.996 & 0 \\
Crude Oil WTI & $\Delta\beta$ & Novelty & -0.1290 & -1.26 & 0.210 & 0.586 & 0.213 & -- & 0.149 & 0 \\
Crude Oil WTI & $\Delta\beta$ & St. $\times$ Nov. & -0.1772 & -0.84 & 0.403 & 0.442 & 0.393 & -- & 0.157 & 0 \\
Dollar Index & $\Delta\beta$ & Stance & 0.0137 & 1.48 & 0.144 & 0.456 & 0.162 & -- & 0.100 & 1 \\
Dollar Index & $\Delta\beta$ & Novelty & -0.0086 & -1.15 & 0.254 & 0.391 & 0.310 & -- & 0.118 & 0 \\
Dollar Index & $\Delta\beta$ & St. $\times$ Nov. & 0.0011 & 0.13 & 0.894 & 0.935 & 0.889 & -- & 0.813 & 0 \\
Gold & $\Delta\beta$ & Stance & 0.1244 & 1.43 & 0.156 & 0.579 & 0.116 & -- & 0.157 & 0 \\
Gold & $\Delta\beta$ & Novelty & -0.0539 & -1.56 & 0.121 & 0.721 & 0.127 & -- & 0.335 & 0 \\
Gold & $\Delta\beta$ & St. $\times$ Nov. & -0.0852 & -1.13 & 0.262 & 0.646 & 0.177 & -- & 0.270 & 0 \\
VIX Futures & $\Delta\beta$ & Stance & -0.0190 & -0.07 & 0.943 & 0.944 & 0.946 & -- & 0.936 & 0 \\
VIX Futures & $\Delta\beta$ & Novelty & 0.1096 & 1.20 & 0.236 & 0.704 & 0.272 & -- & 0.497 & 0 \\
VIX Futures & $\Delta\beta$ & St. $\times$ Nov. & -0.0818 & -0.80 & 0.425 & 0.757 & 0.495 & -- & 0.642 & 0 \\
5Y T-Note & $\Delta\beta$ & Stance & 0.0195 & 1.23 & 0.221 & 0.583 & 0.393 & -- & 0.409 & 0 \\
5Y T-Note & $\Delta\beta$ & Novelty & -0.0064 & -0.88 & 0.381 & 0.786 & 0.481 & -- & 0.639 & 0 \\
5Y T-Note & $\Delta\beta$ & St. $\times$ Nov. & 0.0074 & 0.99 & 0.325 & 0.820 & 0.381 & -- & 0.693 & 0 \\
10Y T-Note & $\Delta\beta$ & Stance & 0.0118 & 0.59 & 0.554 & 0.772 & 0.693 & -- & 0.714 & 0 \\
10Y T-Note & $\Delta\beta$ & Novelty & -0.0096 & -0.94 & 0.349 & 0.736 & 0.403 & -- & 0.665 & 0 \\
10Y T-Note & $\Delta\beta$ & St. $\times$ Nov. & 0.0064 & 0.55 & 0.585 & 0.849 & 0.599 & -- & 0.830 & 0 \\
\bottomrule
\end{tabular}
\begin{tablenotes}[flushleft]
\scriptsize
\item \textit{Notes:} Continuation of Table~\ref{tab:robustness_A}. The upper panel reports RV Ratio coefficients (post/pre RV); the lower panel reports $\Delta\beta$ coefficients (change in realized beta relative to ES). All regressors are z-scored. The same five inference methods are used: Newey--West HAC, wild bootstrap, clustered SE, quantile regression, and permutation test. RV Ratio and $\Delta\beta$ results are generally weaker than the $\Delta$RV and $\Delta\log$RV results in Table~\ref{tab:robustness_A}, suggesting that the volatility channel operates primarily through level changes rather than ratio adjustments or co-movement shifts.
\end{tablenotes}
\end{threeparttable}
\end{table}
\end{landscape}