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spb/wp27_uqo

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1\begin{tabular}{lrrrrrrrr}2\toprule3Cell & Mean $|P/V-1|$ (\%) & Time to absorb (ticks) & Quoted spread (bp) & Price impact (bp/100 lots) & Bubble episodes & Max drawdown & Crashes & Vol. clustering $\sum_{1}^{10}\mathrm{ACF}|r|$ \\4\midrule5Control & 0.63 & 25.27 & 20.69 & 10.76 & 0.00 & 0.03 & 0.00 & 2.02 \\6Placebo shock & 0.52$^{***}$ & -- & 19.03$^{*}$ & 9.35$^{*}$ & 0.00 & 0.03 & 0.00 & 1.73$^{*}$ \\7Trend followers 16\% & 1.49$^{***}$ & 34.47 & 34.63$^{***}$ & 14.04$^{**}$ & 0.13$^{**}$ & 0.06$^{***}$ & 0.00 & 2.27 \\8Leveraged 19\% & 2.74$^{***}$ & 52.80$^{***}$ & 36.26$^{***}$ & 15.13$^{***}$ & 0.90$^{***}$ & 0.08$^{***}$ & 0.13$^{**}$ & 2.42$^{*}$ \\9Leveraged 19\% + funding shock & 2.96$^{***}$ & 60.43$^{***}$ & 38.00$^{***}$ & 16.49$^{***}$ & 1.37$^{***}$ & 0.09$^{***}$ & 0.30$^{***}$ & 2.39$^{*}$ \\10Market makers withdraw & 0.64 & 33.17$^{**}$ & 19.38 & 8.72$^{***}$ & 0.00 & 0.03 & 0.00 & 1.63$^{***}$ \\11Signal precision 0.5 & 0.60 & 24.97 & 20.27 & 9.52 & 0.00 & 0.03$^{*}$ & 0.00 & 2.03 \\12Signal precision 8 & 0.58 & 26.20 & 17.67$^{***}$ & 8.58$^{**}$ & 0.00 & 0.03$^{**}$ & 0.00 & 1.83 \\13Misleading news 50\% & 0.71$^{***}$ & 23.17 & 23.52$^{**}$ & 12.00 & 0.00 & 0.04$^{***}$ & 0.00 & 2.04 \\14Circuit breaker 5\% & 0.64$^{*}$ & 25.13 & 20.60 & 10.56 & 0.00 & 0.03 & 0.00 & 1.96 \\15Position limit 300 & 1.89$^{***}$ & 53.30$^{***}$ & 38.48$^{***}$ & 12.30 & 0.63$^{***}$ & 0.03 & 0.00 & 0.77$^{***}$ \\16Call auction (5 ticks) & 1.36$^{***}$ & 25.10 & -- & -2.83$^{***}$ & 0.13 & 0.06$^{***}$ & 0.00 & 0.24$^{***}$ \\17Mock LLM 25\% & 0.66 & 28.23 & 16.26$^{***}$ & 11.04 & 0.00 & 0.03 & 0.00 & 1.97 \\18Mock LLM 50\% & 0.68 & 28.30$^{*}$ & 13.57$^{***}$ & 12.36$^{*}$ & 0.00 & 0.03 & 0.00 & 2.40$^{**}$ \\19\midrule20Seeds per cell & 30 & & & & & & & \\21\bottomrule22\end{tabular}
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