\begin{table}[htbp]
\centering\footnotesize
\begin{threeparttable}
\caption{Markets analysed: Polymarket metadata and daily closing prices}
\label{tab:descriptive_stats}
\setlength{\tabcolsep}{4pt}
\begin{tabular}{l r r r r r r r r}
\toprule
Contract & Volume & Liquidity & $T$ & First & Mean & Min & Max & Last \\
\midrule
\multicolumn{9}{l}{\textit{Panel A: Fed decision, June 2026 FOMC meeting (event 101772; volume and liquidity in USD)}} \\
    25 bps decrease & 6,849,280 & 225,586 & 146 & 0.535 & 0.301 & 0.006 & 0.570 & 0.009 \\
    25 bps increase & 6,923,152 & 255,431 & 146 & 0.035 & 0.032 & 0.005 & 0.084 & 0.009 \\
    50+ bps decrease & 8,765,442 & 780,011 & 146 & 0.130 & 0.057 & 0.004 & 0.130 & 0.004 \\
    No change & 6,483,789 & 964,295 & 146 & 0.360 & 0.610 & 0.300 & 0.981 & 0.978 \\
    50+ bps increase & 8,740,316 & 1,849,158 & 146 & 0.040 & 0.016 & 0.002 & 0.061 & 0.003 \\
\midrule
\multicolumn{9}{l}{\textit{Panel B: Presidential Election Winner 2024 (event 903193; volume, USD million)}} \\
    Donald Trump & 1,531.5 & -- & 306 & 0.405 & 0.527 & 0.405 & 0.705 & 0.580 \\
    Kamala Harris & 1,037.0 & -- & 305 & 0.027 & 0.177 & 0.006 & 0.539 & 0.421 \\
    Other Republican Politician & 241.7 & -- & 304 & 0.009 & 0.005 & 0.001 & 0.015 & 0.001 \\
    Michelle Obama & 153.4 & -- & 305 & 0.013 & 0.024 & 0.001 & 0.080 & 0.001 \\
    Robert F. Kennedy Jr. & 141.6 & -- & 306 & 0.029 & 0.017 & 0.001 & 0.049 & 0.001 \\
    Other Democrat Politician & 116.6 & -- & 304 & 0.007 & 0.009 & 0.001 & 0.081 & 0.001 \\
    Nikki Haley & 107.5 & -- & 306 & 0.085 & 0.006 & 0.001 & 0.085 & 0.001 \\
    Hillary Clinton & 93.3 & -- & 305 & 0.008 & 0.002 & 0.001 & 0.025 & 0.001 \\
    Joe Biden & 72.2 & -- & 306 & 0.365 & 0.227 & 0.001 & 0.445 & 0.001 \\
    Gavin Newsom & 54.2 & -- & 306 & 0.050 & 0.012 & 0.001 & 0.074 & 0.001 \\
    Ron DeSantis & 46.3 & -- & 305 & 0.023 & 0.003 & 0.001 & 0.023 & 0.001 \\
    AOC & 22.0 & -- & 304 & 0.011 & 0.003 & 0.001 & 0.500 & 0.001 \\
    Vivek Ramaswamy & 21.2 & -- & 305 & 0.019 & 0.002 & 0.001 & 0.019 & 0.001 \\
    Elizabeth Warren & 14.7 & -- & 304 & 0.008 & 0.001 & 0.001 & 0.008 & 0.001 \\
    Chris Christie & 14.2 & -- & 304 & 0.002 & 0.001 & 0.001 & 0.003 & 0.001 \\
    Bernie Sanders & 9.8 & -- & 304 & 0.002 & 0.001 & 0.001 & 0.005 & 0.001 \\
    Kanye & 9.2 & -- & 304 & 0.007 & 0.001 & 0.001 & 0.007 & 0.001 \\
\bottomrule
\end{tabular}
\begin{tablenotes}
\small
\item \textit{Notes:} Volume is cumulative traded notional reported by the Gamma API at the snapshot date (22 May 2026); liquidity is the resting order-book depth reported by the same end-point (not available for closed markets). $T$ is the number of daily closes after exclusion of each contract's first recorded point, which carries the quote seeded at listing (0.50 for most election contracts; the Fed seeds are reported in Section~\ref{sec:data}); ``First'' is the first regular close. The maximum of 0.500 for the AOC contract is an isolated print on 9 April 2024. Prices are in USDC per \$1 payoff. Panel B contracts are ordered by volume; the sample ends at the close of 5 November 2024 (00:00 UTC on 6 November), before results were known.
\end{tablenotes}
\end{threeparttable}
\end{table}