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/fig13_cohorts_both.pdf (copy in paper/figures_r3k/).2% \input{figures_r3k/fig13_cohorts_both} on its own places the float with its caption; inside an existing figure wrapper only the graphic is printed.3\ExhibitFigure{fig:cohortsboth}{\textbf{Annual AI-composite spreads by cohort, Russell~3000 universe versus S\&P~500 members.} Equal-weighted Q5$-$Q1 spread of the AI composite (forward return winsorized within the formation year) for each formation cohort, with quintiles formed within each universe and cohort. In both universes the 2022 cohort is negative and the post-launch average is driven by the 2024 cohort (Russell~3000 post cohorts: 2022: -5.0, 2023: +3.1, 2024: +19.9 pp; S\&P~500: 2022: +14.8, 2023: -7.1, 2024: +32.0 pp). Cohort-level confidence intervals and the pooled member-versus-non-member test are in Tables~\ref{tab:prepostboth} and \ref{tab:contrasts}.}{\includegraphics[width=\textwidth]{fig13_cohorts_both.pdf}}4