\begin{table}[H]\centering\small
\caption{Forward-return regressions. Column (1): two-way (firm $\times$ year) fixed-effects panel, SE double-clustered by firm and year. Column (2): Fama--MacBeth, Newey--West \textit{t}. Dependent variable is the winsorized forward 12-month return; signals are within-year $z$-scores.}\label{tab:panel}
\begin{tabular}{lcc}\toprule
& (1) Two-way FE & (2) Fama--MacBeth \\\midrule
AI adoption ($z$) & -0.0047 \tstat{-0.24} & -0.0000 \tstat{-0.00} \\
AI infrastructure ($z$) & +0.0134 \tstat{0.61} & +0.0158 \tstat{1.54} \\
AI disruption risk ($z$) & -0.0153 \tstat{-1.00} & +0.0001 \tstat{0.01} \\
Size ($z$) & -0.2242 \tstat{-7.17} & -0.0330 \tstat{-8.21} \\
Momentum ($z$) & -0.0024 \tstat{-0.25} & +0.0081 \tstat{1.08} \\
Volatility ($z$) & +0.0197 \tstat{2.12} & +0.0687 \tstat{3.56} \\
\midrule
Firm FE & Yes & No \\
Year FE & Yes & (by construction) \\
N (obs / years) & 6811 & 15 \\
\bottomrule
\end{tabular}\end{table}