1% ============================================================================2% UQO Working Paper Template — Economics / Finance3% ============================================================================4\documentclass[12pt,letterpaper]{article}56% --- Encoding & Language ---7\usepackage[utf8]{inputenc}8\usepackage[T1]{fontenc}9\usepackage[english]{babel}1011% --- Page Layout ---12\usepackage[13 letterpaper,14 top=1in,15 bottom=1in,16 left=1in,17 right=1in18]{geometry}1920% --- Math (amsthm must precede newtxmath) ---21\usepackage{amsmath,amsthm}22\usepackage{mathtools}23\allowdisplaybreaks2425% --- Typography ---26\usepackage{newtxtext} % Times text27\usepackage[varvw,cmintegrals,cmbraces]{newtxmath} % matching Times math with proper metrics28\usepackage{bm} % bold math for vectors29\usepackage{dsfont} % \mathds{1} indicator30\usepackage{microtype} % Improved typographic refinements31\usepackage{setspace}32\onehalfspacing % 1.5 line spacing3334% --- Math ---3536% --- Tables ---37\usepackage{booktabs}38\usepackage{tabularx}39\usepackage{multirow}40\usepackage{threeparttable}41\usepackage{siunitx}42\sisetup{43 input-symbols = {()},44 table-format = -1.3,45 parse-numbers = false46}4748% --- Figures ---49\usepackage{graphicx}50\usepackage{subcaption}51\usepackage{float}52\usepackage{longtable}53\usepackage{adjustbox}5455% --- Colors & Links ---56\usepackage[dvipsnames]{xcolor}57\usepackage[58 pdftitle={The Invisible Balance Sheet},59 pdfauthor={Simon-Pierre Boucher},60 colorlinks = true,61 linkcolor = NavyBlue,62 citecolor = NavyBlue,63 urlcolor = NavyBlue,64 breaklinks = true65]{hyperref}6667% --- Bibliography ---68\usepackage[authoryear,round,semicolon]{natbib}69\bibliographystyle{aer}7071% --- Captions ---72\usepackage[73 font = small,74 labelfont = bf,75 labelsep = period,76 justification = justified,77 singlelinecheck = false78]{caption}7980% --- Headers & Footers ---81\usepackage{fancyhdr}82\pagestyle{fancy}83\fancyhf{}84\renewcommand{\headrulewidth}{0pt}85\fancyfoot[C]{\thepage}8687% --- Section Formatting ---88\usepackage{titlesec}89\titleformat{\section}{\large\bfseries}{\thesection.}{0.5em}{}90\titleformat{\subsection}{\normalsize\bfseries}{\thesubsection.}{0.5em}{}91\titleformat{\subsubsection}{\normalsize\itshape}{\thesubsubsection.}{0.5em}{}9293% --- Appendix Support ---94\usepackage[toc,page]{appendix}9596% --- Misc ---97\usepackage{enumitem}98\setlist{nosep,leftmargin=*}99100% ============================================================================101% METADATA102% ============================================================================103\input{results_macros}104\newcommand{\WPnumber}{39}105\newcommand{\WPtitle}{The Invisible Balance Sheet}106\newcommand{\WPsubtitle}{Can Intraday Financial Markets Detect Corporate Deterioration Before Accounting Disclosures?}107\newcommand{\WPdate}{November 2026}108\newcommand{\WPversion}{1.0}109\newcommand{\WPabstract}{\input{sections/abstract}}110\newcommand{\WPkeywords}{intraday data, sampling frequency, earnings surprises, fundamental analysis, point-in-time data, machine learning, market efficiency}111\newcommand{\WPjel}{G14, G12, G17, M41, C53, C58}112113% --- Author ---114\newcommand{\WPauthor}{Simon-Pierre Boucher}115\newcommand{\WPaffiliation}{%116 Département des sciences administratives\\117 Université du Québec en Outaouais%118}119\newcommand{\WPemail}{simon-pierre.boucher@uqo.ca}120\newcommand{\WPaddress}{%121 Gatineau -- Pavillon Alexandre-Taché\\122 283, boulevard Alexandre-Taché\\123 Gatineau, Québec, Canada J9A 1L8%124}125126% --- Notation macros (consistent symbols throughout) ---127\newcommand{\E}{\mathbb{E}}128\newcommand{\Prob}{\mathbb{P}}129\newcommand{\ind}[1]{\mathds{1}\!\left[#1\right]}130\newcommand{\Info}{\mathcal{I}}131\newcommand{\Acc}{\mathcal{A}}132\newcommand{\Loss}{\mathcal{L}}133\newcommand{\LFDS}{\mathrm{LFDS}}134\newcommand{\RV}{\mathrm{RV}}135\newcommand{\BPV}{\mathrm{BPV}}136\newcommand{\RS}{\mathrm{RS}}137\newcommand{\TA}{\mathit{TA}}138\newcommand{\dlog}{\Delta\Loss}139\newcommand{\set}[1]{\left\{#1\right\}}140\newcommand{\abs}[1]{\left\lvert#1\right\rvert}141\newcommand{\tr}{^{\mkern-1.5mu\mathsf{T}}}142\newcommand{\bgamma}{\bm{\gamma}}143\newcommand{\bX}{\bm{X}}144145% ============================================================================146% DOCUMENT147% ============================================================================148\begin{document}149150\input{sections/titlepage}151152\input{sections/introduction}153\input{sections/theory_hypotheses}154\input{sections/literature}155\input{sections/data}156\input{sections/methodology}157\input{sections/results}158\input{sections/mechanisms}159\input{sections/robustness}160\input{sections/conclusion}161162\newpage163\bibliography{references}164165\input{appendix/appendix}166167\end{document}168