spb/uqo-research-db

1\begin{table}[H]\centering\small2\caption{Forward 12-month returns (\%) by AI-disclosure quintile. Q5$-$Q1 is the high-minus-low spread; \textit{t} uses Newey--West (3 lag) errors on the 15 annual spreads.}\label{tab:sorts}3\begin{tabular}{lrrrrrrr}\toprule4Signal (weighting) & Q1 & Q2 & Q3 & Q4 & Q5 & Q5$-$Q1 & \textit{t} \\\midrule5AI adoption (EW) & 16.2 & 17.9 & 19.1 & 18.6 & 20.8 & +4.6 & 1.83 \\6\quad value-weighted & 12.8 & 15.6 & 19.1 & 16.9 & 15.4 & +2.6 & 0.84 \\7AI infrastructure (EW) & 16.8 & 18.4 & 17.3 & 19.6 & 20.6 & +3.9 & 1.58 \\8\quad value-weighted & 11.4 & 18.2 & 15.0 & 20.0 & 16.9 & +5.5 & 2.01 \\9AI disruption risk (EW) & 16.1 & 18.7 & 17.2 & 19.2 & 21.4 & +5.3 & 2.27 \\10\quad value-weighted & 13.7 & 17.6 & 16.7 & 17.1 & 17.6 & +3.9 & 1.74 \\11\midrule12AI composite (EW) & 16.1 & 19.0 & 17.3 & 19.2 & 21.0 & +4.9 & 1.88 \\13\quad value-weighted & 11.7 & 17.8 & 16.2 & 19.5 & 16.6 & +4.9 & 1.61 \\14\bottomrule15\end{tabular}\end{table}