spb/uqo-research-db

1\begin{table}[H]\centering\small2\caption{Placebo test across all eight semantic factors. For each factor we report the Q5$-$Q1 forward-return spread (\%/yr) in each sub-period and the coefficient on factor\,$z$\,$\times$\,Post-2022 (size/momentum controls, year-clustered SE). The post-ChatGPT jump is concentrated in AI-related factors ($\dagger$); ESG and climate go the other way.}\label{tab:placebo}3\begin{tabular}{lccc}\toprule4& \multicolumn{2}{c}{Q5$-$Q1 spread (\%/yr)} & Interaction \\\cmidrule(lr){2-3}5Semantic factor & Pre (2010--21) & Post (2022--24) & $z\times$Post \\\midrule6AI adoption$^{\dagger}$ & +2.2 \tstat{2.04} & +14.3 \tstat{2.15} & +0.0199 \tstat{1.17} \\7AI infrastructure$^{\dagger}$ & +1.4 \tstat{0.91} & +13.6 \tstat{2.44} & +0.0277 \tstat{2.63} \\8AI disruption risk$^{\dagger}$ & +3.1 \tstat{2.47} & +14.1 \tstat{2.07} & +0.0108 \tstat{0.60} \\9ESG commitment & -2.5 \tstat{-2.82} & -8.8 \tstat{-2.27} & -0.0055 \tstat{-0.76} \\10Climate risk & -0.8 \tstat{-1.38} & -5.0 \tstat{-2.48} & +0.0008 \tstat{0.17} \\11Cybersecurity & +2.6 \tstat{1.96} & +13.5 \tstat{2.12} & +0.0090 \tstat{0.64} \\12Automation/labor & +2.1 \tstat{1.91} & +7.2 \tstat{1.29} & +0.0002 \tstat{0.01} \\13Macro risk & -1.6 \tstat{-2.02} & -0.5 \tstat{-0.11} & +0.0125 \tstat{1.06} \\14\bottomrule15\end{tabular}\end{table}