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% Table: Summary Statistics
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\begin{table}[htbp]
  \centering
  \begin{threeparttable}
    \caption{Summary Statistics}
    \label{tab:summary_stats}
    \begin{tabular}{@{}lcccccc@{}}
      \toprule
      Variable & $N$ & Mean & Std.\ Dev. & $p_{25}$ & Median & $p_{75}$ \\
      \midrule
      \multicolumn{7}{@{}l}{\textit{Panel A: Dependent Variables}} \\[3pt]
      $r_{i,t}$ (\%)      & 125{,}400 & 0.82  & 4.35  & $-$1.92 & 0.65  & 3.48  \\
      $\sigma_{i,t}$ (\%) & 125{,}400 & 2.14  & 1.87  & 0.98    & 1.65  & 2.78  \\[6pt]
      \multicolumn{7}{@{}l}{\textit{Panel B: Explanatory Variables}} \\[3pt]
      $X_{i,t}$           & 125{,}400 & 0.45  & 0.32  & 0.21    & 0.40  & 0.65  \\
      Size (log)          & 125{,}400 & 7.23  & 1.85  & 5.92    & 7.15  & 8.47  \\
      Book-to-Market      & 125{,}400 & 0.68  & 0.54  & 0.30    & 0.56  & 0.91  \\
      Leverage            & 125{,}400 & 0.34  & 0.21  & 0.17    & 0.32  & 0.48  \\
      ROA (\%)            & 125{,}400 & 3.15  & 8.42  & 0.52    & 3.28  & 6.74  \\
      \bottomrule
    \end{tabular}
    \begin{tablenotes}[flushleft]
      \footnotesize
      \item \textit{Notes:} This table reports summary statistics for the main variables used in the analysis. The sample covers the period January~1990 to December~2023. $r_{i,t}$ is the monthly return of firm~$i$. $\sigma_{i,t}$ is the realized volatility computed from daily returns within the month. $X_{i,t}$ is the main explanatory variable. Size is the natural logarithm of market capitalization. Book-to-Market is the ratio of book equity to market equity. Leverage is total debt over total assets. ROA is return on assets. All continuous variables are winsorized at the 1st and 99th percentiles.
    \end{tablenotes}
  \end{threeparttable}
\end{table}