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/fig17_attrition.pdf (copy in paper/figures_r3k/).2% \input{figures_r3k/fig17_attrition} on its own places the float with its caption; inside an existing figure wrapper only the graphic is printed.3\ExhibitFigure{fig:attrition}{\textbf{Attrition of IWV constituents by market-value tercile, from dated holdings captures.} Share of the constituents of each dated iShares Russell~3000 ETF holdings file (17 Internet Archive captures, 2006 and May 2019--August 2025) that are no longer held on 28 August 2025, by market-value tercile within the capture. The small tercile's annualised exit rate is two to four times the large tercile's (Table~\ref{tab:attrition}). No capture exists between 2007 and May 2019, and delisted firms have no AI scores, so attrition by AI quintile cannot be computed; the figure documents the size gradient of the survivorship that conditions the whole panel.}{\includegraphics[width=\textwidth]{fig17_attrition.pdf}}4