% Auto-generated by scripts/17_revision_checks.py — do not edit numbers.
\begin{table}[htbp]\centering\begin{adjustbox}{max width=\textwidth}\begin{threeparttable}
\caption{Design diagnostics: pre-event levels, co-arrivals, mean reversion, and clustering}
\label{tab:design_checks}
\small\begin{tabular}{lrrr}
\toprule
\multicolumn{4}{l}{\emph{Panel A: Pre-event levels at $t-5$ ($\times10^{-4}$)}} \\
 & Real & Placebo & Real $-$ placebo \\ \midrule
Breadth & 1,044 & 1,004 & 40.25 (1.18) \\
Intensity & 13,226 & 12,488 & 737.77 (115.12) \\
\addlinespace
\multicolumn{4}{l}{\emph{Panel B: By number of source events in the same minute}} \\
Events in minute (share of events) & $\Delta\Delta$Breadth$_{5}$ & $\Delta\Delta$Breadth$_{30}$ & Network diff$_{5}$ \\ \midrule
1 (21.7\%) & 1.74 (1.67) & 3.69 (1.89) & 51.01 (2.55) \\
2 (27.1\%) & -2.97 (1.80) & -2.29 (1.98) & 64.17 (2.67) \\
3–5 (43.6\%) & -3.01 (1.79) & -8.35 (2.13) & 66.87 (2.99) \\
6+ (7.7\%) & 9.12 (5.19) & 1.39 (5.68) & 76.49 (7.40) \\
\addlinespace
\multicolumn{4}{l}{\emph{Panel C: Market-wide breadth, alternative estimands ($\times10^{-4}$)}} \\
Horizon & Post level, real $-$ placebo & $\Delta\Delta$ (baseline) & Pre-level stratified \\ \midrule
$h=5$ & 39.63 (1.28) & -1.04 (0.87) & 19.48 (0.88) \\
$h=15$ & 39.46 (1.36) & -1.46 (1.00) & 19.59 (0.98) \\
$h=30$ & 37.93 (1.42) & -3.10 (1.07) & 18.41 (1.04) \\
\addlinespace
\multicolumn{4}{l}{\emph{Panel D: Bootstrap standard errors by clustering unit ($\times10^{-4}$)}} \\
Statistic & Estimate & Day clusters & Ticker clusters \\ \midrule
$\Delta\Delta$Breadth$_{5}$ & -1.04 & (0.90) & (0.96) \\
$\Delta\Delta$Breadth$_{30}$ & -3.10 & (1.06) & (0.93) \\
Network diff$_{5}$ & 64.02 & (1.89) & (4.72) \\
\addlinespace
\multicolumn{4}{l}{\emph{Panel E: Signed response, real $-$ placebo ($\times10^{-4}$)}} \\
Horizon & $h=1$ & $h=5$ & $h=30$ \\ \midrule
sign$(e_{i,t})\times$ mean $z_{j,t+h}$ & 151.33 (104.90) & 9.57 (91.95) & -65.70 (89.23) \\
\bottomrule\end{tabular}
\begin{tablenotes}[flushleft]\footnotesize
\item Notes: All statistics from the baseline event files (isolated $|z|\ge6$ source
shocks, lagged top-500 universe, 1992--2026; matched within-stock placebos).
Day-block bootstrap standard errors (500 replications) in parentheses unless stated.
Panel A: levels of the outcomes five minutes before the event minute. Panel B: events
classified by the number of source events detected in the same minute (the isolation
filters cap the share of simultaneous $|z|>4$ names at 2\%, not the number of $|z|\ge6$
events); each placebo inherits the class of its real event. Panel C: `post level' is
the real-minus-placebo difference in breadth at $t+h$ without pre-differencing; `pre-level
stratified' reweights the same difference within deciles of the pre-event breadth level.
Panel D: standard errors from resampling trading days versus resampling source tickers.
Panel E: cross-sectional mean standardized return of receivers signed by the source shock.
\end{tablenotes}\end{threeparttable}\end{adjustbox}\end{table}