\begin{tabular}{lrrrrrr} \toprule Variable & N & Mean & SD & P10 & Median & P90 \\ \midrule Scaled operating-income surprise $S_q$ & 97,788 & 0.001628 & 0.4107 & -0.02718 & -0.0001251 & 0.02603 \\ Adverse surprise ($S_q \le -0.5\%$) & 97,788 & 0.3015 & 0.4589 & 0 & 0 & 1 \\ ROA (latest available) & 97,788 & 0.002093 & 0.5508 & -0.06 & 0.01 & 0.03 \\ Debt / assets & 97,788 & 0.2999 & 0.2796 & 0.01417 & 0.2717 & 0.5954 \\ log market cap & 97,788 & 21.88 & 2.25 & 19.48 & 21.91 & 24.51 \\ 20-day return & 97,787 & -0.006 & 0.1441 & -0.1455 & 4.213e-05 & 0.1219 \\ 20-day daily volatility & 97,787 & 0.02624 & 0.02662 & 0.01002 & 0.01981 & 0.04738 \\ Amihud illiquidity (60d, $\times 10^6$) & 97,740 & 0.007446 & 0.1977 & 6.559e-05 & 0.000824 & 0.01244 \\ 1-min realized variance (daily mean) & 97,788 & 0.001269 & 0.002998 & 0.0001311 & 0.0004644 & 0.00288 \\ 1-min relative jump & 97,788 & 0.1187 & 0.04981 & 0.06302 & 0.1096 & 0.1886 \\ 1-min negative semivariance share & 97,788 & 0.5 & 0.01981 & 0.4749 & 0.5002 & 0.5247 \\ 1-min down-bar volume share & 97,788 & 0.4331 & 0.04498 & 0.3735 & 0.4362 & 0.4872 \\ 1-min bars present (share) & 97,788 & 0.7674 & 0.2107 & 0.4373 & 0.8242 & 0.9967 \\ 30-min realized variance & 97,788 & 0.0008903 & 0.002253 & 0.000101 & 0.0003425 & 0.00196 \\ 5-min realized variance & 97,788 & 0.001035 & 0.002424 & 0.000114 & 0.000394 & 0.002339 \\ Days since last release & 97,728 & 62.48 & 14.4 & 42 & 63 & 82 \\ \bottomrule \end{tabular}