% ============================================================================
\section{Data}
\label{sec:data}
% ============================================================================

\subsection{Data Sources}
\label{subsec:data_sources}

We obtain data from \ldots{} Our sample spans the period from January~1990 to December~2023, covering \ldots{} We exclude \ldots{} consistent with standard practice in the literature \citep{fama1993common}.

\subsection{Variable Construction}
\label{subsec:variables}

Our dependent variable is \ldots{} defined as:
%
\begin{equation}
  r_{i,t} = \ln\!\left(\frac{P_{i,t}}{P_{i,t-1}}\right),
  \label{eq:returns}
\end{equation}
%
where $P_{i,t}$ denotes the adjusted closing price of asset~$i$ at time~$t$.

The main explanatory variables include \ldots{}

\subsection{Summary Statistics}
\label{subsec:summary_stats}

Table~\ref{tab:summary_stats} presents the descriptive statistics for our key variables.

\input{tables/summary_stats}

Several patterns emerge from the summary statistics. First, \ldots{} Second, \ldots{} The standard deviations indicate \ldots{}