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1\begin{table}[H]\centering\small2\caption{Summary statistics, firm-year panel with tradeable forward returns (N=6852 firm-years, 497 firms, formation years 2010-2024).}\label{tab:summ}3\begin{tabular}{lrrrrr}\toprule4Variable & Mean & SD & p5 & Median & p95 \\\midrule5AI adoption (wmean) & 0.040 & 0.028 & -0.000 & 0.038 & 0.089 \\6AI infrastructure (wmean) & -0.023 & 0.033 & -0.073 & -0.024 & 0.033 \\7AI disruption risk (wmean) & 0.026 & 0.030 & -0.018 & 0.024 & 0.080 \\8Forward 12m return & 0.186 & 0.415 & -0.279 & 0.142 & 0.735 \\9Forward return, mkt-adj. & 0.036 & 0.395 & -0.401 & -0.005 & 0.537 \\10Momentum (12m) & 0.178 & 0.337 & -0.257 & 0.141 & 0.728 \\11Volatility (ann.) & 0.269 & 0.144 & 0.126 & 0.240 & 0.492 \\12Log market cap & 23.725 & 1.178 & 21.942 & 23.636 & 25.741 \\13\bottomrule14\end{tabular}\end{table}