spb/wp17_uqo

1% Generated by scripts/r3k_20_tables_v2.py from results/r3k_v2/results2.json (did, spid), t17_refit.json -- do not edit by hand (FIRC-0002 v2.1, Stage E exhibits).2% Placement decided at Stage E: main. \input{tables/tab_did_spid} on its own prints the whole float; inside an existing float wrapper only the body is printed.3\ExhibitTable{tab:didspid}{\textbf{Difference-in-differences on pre-determined exposure and the SPID project signal, Russell~3000.} Panel A: forward return (within-year winsorized, pp) on the interaction of pre-determined AI exposure (firm mean of the composite over filing years 2019--2021, binary above-median or continuous) with the post-launch dummy, with firm and year fixed effects and two-way clustered $t$ (brackets); the event-time version with the reference year at zero is in Figure~\ref{fig:eventtime} and Table~\ref{tab:eventtime}. Panel B: pooled regressions with the explicit terms signal, post, signal $\times$ post, composite, composite $\times$ post, size and momentum (pp per SD, or pp per unit of the indicator); $t$-statistics clustered by firm and two-way by firm and cohort; 95\% CI from the firm-clustered SE.}{\scriptsize}{%4\begin{threeparttable}\setlength{\tabcolsep}{4pt}5\begin{tabular}{lrrrr}6\toprule7Specification & \makecell[b]{Coefficient \\ {(pp)}} & [$t$ firm] & [$t$ firm$\times$cohort] & 95\% CI (firm) \\8\midrule9\multicolumn{5}{@{}l}{\textit{Panel A: difference-in-differences with firm and year fixed effects (treatment = pre-determined 2019--21 exposure)}} \\10Treated (above-median exposure) $\times$ post & +4.71 & -- & [1.28] & -- \\11Continuous exposure ($z$) $\times$ post & +2.79 & -- & [1.28] & -- \\12\multicolumn{5}{@{}l}{\quad $N$ = 26{,}664; firm + year FE; two-way clustered} \\13\midrule14\multicolumn{5}{@{}l}{\textit{Panel B: pooled regressions of the forward return on the SPID project signal, the composite and their post-launch interactions}} \\15SPID technology projects ($z$) & +0.40 & [1.21] & [0.60] & [-0.25, +1.04] \\16SPID technology projects ($z$) $\times$ post & -1.93 & [-1.93] & [-0.96] & [-3.88, +0.03] \\17AI composite ($z$) & +2.00 & [5.78] & [2.24] & [+1.32, +2.68] \\18AI composite $\times$ post & +1.77 & [1.63] & [0.82] & [-0.36, +3.91] \\19Post-launch cohorts & +9.54 & [9.91] & [0.85] & [+7.65, +11.43] \\20\multicolumn{5}{@{}l}{\quad $N$ = 26{,}933; design rank 8 of 8; condition number 2.8} \\21\addlinespace22Any AI-initiative project (0/1) & +0.73 & [0.18] & [0.07] & [-7.01, +8.46] \\23Any AI-initiative project (0/1) $\times$ post & +4.20 & [0.62] & [0.32] & [-9.00, +17.39] \\24AI composite ($z$) & +2.02 & [5.89] & [2.31] & [+1.34, +2.69] \\25AI composite $\times$ post & +1.49 & [1.36] & [0.69] & [-0.65, +3.63] \\26Post-launch cohorts & +9.34 & [9.59] & [0.83] & [+7.43, +11.25] \\27\multicolumn{5}{@{}l}{\quad $N$ = 26{,}933; design rank 8 of 8; condition number 18.5} \\28\addlinespace29Any technology project (0/1) & +1.41 & [1.76] & [0.62] & [-0.16, +2.98] \\30Any technology project (0/1) $\times$ post & -4.52 & [-2.02] & [-0.89] & [-8.90, -0.14] \\31AI composite ($z$) & +1.99 & [5.74] & [2.22] & [+1.31, +2.67] \\32AI composite $\times$ post & +1.75 & [1.61] & [0.82] & [-0.38, +3.88] \\33Post-launch cohorts & +10.70 & [9.49] & [0.91] & [+8.49, +12.91] \\34\multicolumn{5}{@{}l}{\quad $N$ = 26{,}933; design rank 8 of 8; condition number 6.2} \\35\addlinespace36\bottomrule37\end{tabular}38\begin{tablenotes}[flushleft]\scriptsize39\item \emph{Notes:} The committed v2.0 exhibit printed $t$ = 0.00 in every row of Panel B from a rank-deficient fit; the refit of the committed panel (design rank 8 of 8, condition number 2.82, $N$ = 25{,}135) gives SPID $\times$ post -1.57 pp [$t$ -1.72 firm / -0.88 two-way], and the rebuilt panel above gives -1.93 [-1.93 / -0.96]. The parallel-trends condition of Panel A is not satisfied (Table~\ref{tab:eventtime}), so the DiD coefficients are descriptive, not causal. The SPID measure is sparse (any-AI prevalence 2.0\% of firm-years) and unvalidated; its minimum detectable effects are in Table~\ref{tab:spidbinary}. Source: results/r3k\_v2/results2.json (did, spid), t17\_refit.json.40\end{tablenotes}41\end{threeparttable}}42