1% ============================================================================2\section{Data}3\label{sec:data}4% ============================================================================56\subsection{Data Sources}7\label{subsec:data_sources}89We obtain data from \ldots{} Our sample spans the period from January~1990 to December~2023, covering \ldots{} We exclude \ldots{} consistent with standard practice in the literature \citep{fama1993common}.1011\subsection{Variable Construction}12\label{subsec:variables}1314Our dependent variable is \ldots{} defined as:15%16\begin{equation}17 r_{i,t} = \ln\!\left(\frac{P_{i,t}}{P_{i,t-1}}\right),18 \label{eq:returns}19\end{equation}20%21where $P_{i,t}$ denotes the adjusted closing price of asset~$i$ at time~$t$.2223The main explanatory variables include \ldots{}2425\subsection{Summary Statistics}26\label{subsec:summary_stats}2728Table~\ref{tab:summary_stats} presents the descriptive statistics for our key variables.2930\input{tables/summary_stats}3132Several patterns emerge from the summary statistics. First, \ldots{} Second, \ldots{} The standard deviations indicate \ldots{}33