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/fig16_placebo_launches.pdf (copy in paper/figures_r3k/).2% \input{figures_r3k/fig16_placebo_launches} on its own places the float with its caption; inside an existing figure wrapper only the graphic is printed.3\ExhibitFigure{fig:placebolaunches}{\textbf{Placebo launch dates: the event-study design applied to 30 November of 2015--2021.} The ChatGPT event study (IWV market model, terciles of the prior cohort's AI composite, one-year horizon) re-run with a fictitious launch on 30 November of each year 2015--2021, beside the actual 2022 launch. Left: one-year High$-$Low cumulative abnormal return for the full sample and the largest 1,000 firms; right: the dependence-robust CDA $t$ of the full-sample High$-$Low portfolio with the $\pm 1.96$ reference lines. The 2022 launch ranks 1 of 8 by High$-$Low and 1 by $t$; the placebo $t$-statistics range over -1.11 to 1.61 (Table~\ref{tab:eventcda}).}{\includegraphics[width=\textwidth]{fig16_placebo_launches.pdf}}4