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/fig1_quintiles.pdf (copy in paper/figures_r3k/).2% \input{figures_r3k/fig1_quintiles} on its own places the float with its caption; inside an existing figure wrapper only the graphic is printed.3\ExhibitFigure{fig:quintiles}{\textbf{Mean forward return by AI-composite quintile before and after the ChatGPT launch.} Equal-weighted mean forward twelve-month return of the within-cohort quintiles of the AI composite, averaged over the pre-launch cohorts (2010--2021) and the post-launch cohorts (2022--2024), for the raw return (left) and the return winsorized at 1/99 within the formation year (right). Error bars are 95\% $t$-intervals over cohorts; the post-launch intervals rest on three cohorts. Russell~3000 universe, $N$ = 27,354 firm-years. The winsorized full-sample Q5$-$Q1 spread is +3.9 pp (Table~\ref{tab:sortsboth}).}{\includegraphics[width=\textwidth]{fig1_quintiles.pdf}}4