spb/wp17_uqo

1% Generated by scripts/r3k_19_figures_v2.py -- do not edit by hand (FIRC-0002 v2.1, Stage E exhibits). Figure file: figures/r3k_v2/fig12_size_groups.pdf (copy in paper/figures_r3k/).2% \input{figures_r3k/fig12_size_groups} on its own places the float with its caption; inside an existing figure wrapper only the graphic is printed.3\ExhibitFigure{fig:sizegroups}{\textbf{Pre- and post-launch AI-composite spreads by size group and index membership.} Equal-weighted Q5$-$Q1 spreads with quintiles formed within each sub-sample and cohort, averaged over the pre-launch (2010--21, twelve cohorts) and post-launch (2022--24, three cohorts) formation cohorts, on the raw and the within-year winsorized return, with 95\% $t$-intervals over cohorts. The post-launch intervals are wide because they rest on three cohorts; the point estimates rise for the largest 1,000 firms and the S\&P~500 members only, but the formal large-versus-small contrast (+10.8 pp, firm $t$ 1.83, two-way $t$ 1.55, wild $p$ 0.22, MDE 16.5 pp; Table~\ref{tab:contrasts}) is not significant and the large-cap post mean without the 2024 cohort equals its pre mean (Table~\ref{tab:groups}).}{\includegraphics[width=\textwidth]{fig12_size_groups.pdf}}4