% Auto-generated by scripts/10_stage_e_figures.py — do not edit numbers.
\begin{table}[t]\centering\begin{adjustbox}{max width=\textwidth}
\begin{threeparttable}
\caption{Summary statistics by decade, top-1000 universe}
\label{tab:summary_by_decade}
\small\begin{tabular}{llrrrrrrrr}
\toprule
Decade & Variable & Mean & SD & p1 & p5 & p50 & p95 & p99 & $N$ \\
\midrule
1992–1999 & Minute log return (bps) & -0.17 & 90.42 & -158.31 & -65.57 & 0.00 & 65.09 & 157.48 & 8,844,318 \\
 & High--low log range (bps) & 17.60 & 93.48 & 0.00 & 0.00 & 0.00 & 83.22 & 190.48 & 8,890,611 \\
 & Dollar volume per bar (\$000) & 228.72 & 910.93 & 1.60 & 3.12 & 42.09 & 948.24 & 2,942.87 & 8,890,611 \\
\addlinespace
2000–2009 & Minute log return (bps) & -0.04 & 333.07 & -61.16 & -23.50 & 0.00 & 23.17 & 60.61 & 21,554,950 \\
 & High--low log range (bps) & 14.42 & 348.96 & 0.00 & 0.00 & 5.26 & 47.73 & 113.00 & 21,619,622 \\
 & Dollar volume per bar (\$000) & 386.36 & 23,791.54 & 2.30 & 5.35 & 87.62 & 1,315.95 & 4,372.70 & 21,619,622 \\
\addlinespace
2010–2019 & Minute log return (bps) & -0.01 & 45.04 & -26.39 & -12.54 & 0.00 & 12.49 & 26.21 & 23,038,817 \\
 & High--low log range (bps) & 7.26 & 64.62 & 0.00 & 0.00 & 4.62 & 22.26 & 42.64 & 23,103,541 \\
 & Dollar volume per bar (\$000) & 586.51 & 3,504.50 & 5.11 & 14.99 & 173.84 & 1,939.16 & 6,120.19 & 23,103,541 \\
\addlinespace
2020–2026 & Minute log return (bps) & 0.00 & 13.10 & -36.19 & -17.14 & 0.00 & 17.17 & 36.24 & 22,114,997 \\
 & High--low log range (bps) & 9.47 & 14.11 & 0.00 & 0.00 & 5.85 & 30.53 & 59.57 & 22,180,658 \\
 & Dollar volume per bar (\$000) & 1,338.66 & 7,744.21 & 15.80 & 41.87 & 337.03 & 4,125.48 & 16,852.31 & 22,180,658 \\
\bottomrule\end{tabular}
\begin{tablenotes}[flushleft]\footnotesize
\item Notes: Regular trading hours, lagged top-1000 dollar-volume universe,
OHLC-violation and split-window rows excluded. Statistics from a stratified
three-months-per-decade sample (Mar/Jun/Sep of an early, middle, and late
year); full-decade moments in the Internet Appendix.
\end{tablenotes}\end{threeparttable}
\end{adjustbox}\end{table}