% Auto-generated by scripts/12_stage_f_baseline.py — do not edit numbers.
\begin{table}[t]\centering\begin{adjustbox}{max width=\textwidth}
\begin{threeparttable}
\caption{Baseline abnormal propagation after idiosyncratic shocks}
\label{tab:baseline_propagation}
\small\begin{tabular}{lrrrrrrrr}
\toprule
Horizon (min) & 1 & 2 & 5 & 10 & 15 & 30 & 60 & 120 \\
\midrule
$\Delta\Delta$ Breadth ($\times 10^{-4}$) & -1.31 & -0.85 & -1.04 & -0.27 & -1.46 & -3.10 & -1.24 & -2.69 \\
 & (0.85) & (0.92) & (0.90) & (1.00) & (0.98) & (1.01) & (1.21) & (1.47) \\
\addlinespace
$\Delta\Delta$ Intensity ($\times 10^{-2}$) & 1.02 & -0.66 & 1.43 & 1.61 & 0.23 & -0.18 & 5.70 & 0.25 \\
 & (1.43) & (1.15) & (1.44) & (0.97) & (1.28) & (1.37) & (2.35) & (1.34) \\
\addlinespace
Events with valid $h$ & 1,827,839 & 1,822,057 & 1,806,236 & 1,782,163 & 1,757,825 & 1,687,295 & 1,545,783 & 1,246,819 \\
\bottomrule\end{tabular}
\begin{tablenotes}[flushleft]\footnotesize
\item Notes: $\Delta\Delta$ = [outcome$(t{+}h)$ $-$ outcome$(t{-}5)$] for
real shocks minus the same difference for matched placebos (same stock,
same minute of day, calm day). Breadth = share of eligible receivers with
$|z|>2$; intensity = mean $|z|$. Source shocks: $|z|\ge 6$, market-calm and
simultaneity isolation filters, lagged top-500 universe, 1992--2026.
Day-block bootstrap standard errors (500 replications) in parentheses.
\end{tablenotes}\end{threeparttable}
\end{adjustbox}\end{table}