\begin{landscape}
\begin{table}[htbp]
\centering
\small
\caption{Panel Regressions: RV on Post $\times$ Stance (5-min)}
\label{tab:panel_rv_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 & 2.79*** & 7.86*** & 0.88*** & 0.54*** & 0.23** & 4.32*** & 2.92*** \\
 & (0.40) & (1.56) & (0.10) & (0.08) & (0.09) & (0.56) & (0.30) \\
Post $\times$ Stance & -1.27 & -7.49* & -0.76** & -0.35 & 0.05 & -4.97** & -1.79* \\
 & (0.91) & (3.41) & (0.28) & (0.24) & (0.22) & (1.92) & (0.85) \\
\midrule
$N$ & 9,028 & 7,930 & 9,028 & 9,028 & 9,028 & 9,028 & 8,967 \\
$R^2$ & 0.008 & 0.021 & 0.042 & 0.012 & 0.000 & 0.036 & 0.021 \\
Adj.\ $R^2$ & 0.008 & 0.021 & 0.042 & 0.012 & 0.000 & 0.036 & 0.021 \\
\bottomrule
\end{tabular}
\begin{tablenotes}[flushleft]
\small
\item \textit{Notes:} Dependent variable: RV (bps, 5-min). 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}
\end{landscape}
