\begin{table}[H]\centering\small
\caption{Summary statistics, firm-year panel with tradeable forward returns (N=6852 firm-years, 497 firms, formation years 2010-2024).}\label{tab:summ}
\begin{tabular}{lrrrrr}\toprule
Variable & Mean & SD & p5 & Median & p95 \\\midrule
AI adoption (wmean) & 0.040 & 0.028 & -0.000 & 0.038 & 0.089 \\
AI infrastructure (wmean) & -0.023 & 0.033 & -0.073 & -0.024 & 0.033 \\
AI disruption risk (wmean) & 0.026 & 0.030 & -0.018 & 0.024 & 0.080 \\
Forward 12m return & 0.186 & 0.415 & -0.279 & 0.142 & 0.735 \\
Forward return, mkt-adj. & 0.036 & 0.395 & -0.401 & -0.005 & 0.537 \\
Momentum (12m) & 0.178 & 0.337 & -0.257 & 0.141 & 0.728 \\
Volatility (ann.) & 0.269 & 0.144 & 0.126 & 0.240 & 0.492 \\
Log market cap & 23.725 & 1.178 & 21.942 & 23.636 & 25.741 \\
\bottomrule
\end{tabular}\end{table}