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1\begin{tabular}{@{}lrrrrrrr@{}}2\toprule3Construction of the panel & $T$ & TSI & ES & NQ & VIX & BTC & USDJPY \\4\midrule5Original: calendar days, forward-filled, RV levels & 3651 & 55.4 & $+$26.8 & $+$19.7 & $-$23.4 & $+$1.2 & $-$5.0 \\6Trading days, RV levels & 2514 & 50.0 & $+$41.6 & $+$29.8 & $-$23.4 & $+$1.6 & $-$8.0 \\7Trading days, log RV (revised baseline) & 2514 & 54.8 & $+$35.9 & $+$25.6 & $-$20.6 & $+$1.7 & $-$5.2 \\8\bottomrule9\end{tabular}