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/fig9_eventtime.pdf (copy in paper/figures_r3k/).2% \input{figures_r3k/fig9_eventtime} on its own places the float with its caption; inside an existing figure wrapper only the graphic is printed.3\ExhibitFigure{fig:eventtime}{\textbf{Event-time profile of the premium on pre-determined AI exposure, Russell~3000.} Coefficient on pre-determined AI exposure $\times$ outcome-cohort dummies in a regression of the forward return (winsorized within the formation year) with the main effect of exposure included, so that each point is the difference from the 2021 reference cohort (zero by construction; the 2021 slope itself is +5.9 pp per SD, $t$ 5.95). Bars are 95\% intervals from firm-clustered standard errors ($N$ = 21,111). The committed v2.0 figure plotted absolute slopes from a model without the main effect, which is why it appeared flat. Shaded cohorts interact outcomes with language written afterwards (look-back selection, not a pre-trend test); the trailing-exposure variant avoids this. The pre-launch differences are not zero, so parallel trends do not hold (Table~\ref{tab:eventtime}).}{\includegraphics[width=\textwidth]{fig9_eventtime.pdf}}4