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\begin{table}[htbp]
\centering
\small
\caption{Panel Regressions: $\log$(RV) on Post $\times$ Stance (5-min, $\pm$30 min)}
\label{tab:panel_logrv_stance}
\begin{threeparttable}
\begin{tabular}{lccccccc}
\toprule
 & E-mini S\&P 500 & VIX Futures & 10Y T-Note & 5Y T-Note & Dollar Index & Crude Oil WTI & Gold \\
\midrule
Intercept & -14.8474*** & -19.9268*** & -17.7088*** & -17.9767*** & -22.6514*** & -14.9591*** & -15.0663*** \\
 & (0.4794) & (0.4462) & (0.4275) & (0.4466) & (0.1175) & (0.4704) & (0.4845) \\
Post $\times$ Stance & -5.3084*** & -3.2805*** & -5.2530*** & -4.1583*** & 0.1481 & -5.8682*** & -6.0348*** \\
 & (0.8271) & (0.7803) & (0.6490) & (0.7052) & (0.2836) & (0.8526) & (0.8609) \\
\midrule
$N$ & 9,028 & 7,930 & 9,028 & 9,028 & 9,028 & 9,028 & 8,967 \\
$R^2$ & 0.134 & 0.047 & 0.133 & 0.091 & 0.001 & 0.149 & 0.166 \\
Adj.\ $R^2$ & 0.134 & 0.047 & 0.132 & 0.091 & 0.001 & 0.149 & 0.166 \\
\bottomrule
\end{tabular}
\begin{tablenotes}[flushleft]
\small
\item \textit{Notes:} Dependent variable: $\log(\text{RV}_t(5))$. Post$\times$Stance = $\mathbf{1}[t > 0] \times \text{Stance}$ (z-scored). Post$\times$Novelty = $\mathbf{1}[t > 0] \times \text{Novelty}$ (z-scored). $K = 5$ min rolling window, $\pm 30$ min event window. Clustered SE by event date. Stars: BH-adjusted.
\item $^{***}p<0.01$, $^{**}p<0.05$, $^{*}p<0.10$.
\end{tablenotes}
\end{threeparttable}
\end{table}
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