spb/wp7_uqo

1\begin{table}[H]2\centering3\caption{Leave-one-year-out panel $R^2$.}4\label{tab:loyo}5\begin{threeparttable}6\small7\begin{tabular}{@{}lrrrr@{}}8\toprule9Excluded year & 5-day return $R^2$ (\%) & HAR-RV $R^2$ & HAR $+$ IV $R^2$ & $\Delta R^2$ (\%) \\10\midrule112010 & 0.33 & 0.418 & 0.461 & +10.4 \\122011 & 0.37 & 0.417 & 0.461 & +10.4 \\132012 & 0.30 & 0.419 & 0.462 & +10.3 \\142013 & 0.32 & 0.415 & 0.458 & +10.4 \\152014 & 0.29 & 0.419 & 0.461 & +9.8 \\162015 & 0.28 & 0.422 & 0.465 & +10.2 \\172016 & 0.27 & 0.418 & 0.460 & +10.0 \\182017 & 0.36 & 0.417 & 0.459 & +9.9 \\192018 & 0.32 & 0.425 & 0.464 & +9.2 \\202019 & 0.32 & 0.420 & 0.464 & +10.3 \\212020 & 0.27 & 0.330 & 0.394 & +19.5 \\222021 & 0.30 & 0.416 & 0.460 & +10.5 \\232022 & 0.53 & 0.420 & 0.460 & +9.6 \\242023 & 0.26 & 0.423 & 0.465 & +9.9 \\252024 & 0.32 & 0.420 & 0.462 & +10.1 \\262025 & 0.28 & 0.418 & 0.462 & +10.4 \\27\bottomrule28\end{tabular}29\begin{tablenotes}[flushleft]\footnotesize30\item \textit{Notes.} Each row re-estimates the pooled 5-day return regression (ten predictors, HC1) and the two realized-variance models for $RV_{t+1}$ (common sample, per-ticker winsorization) on the full panel excluding the indicated calendar year.31\end{tablenotes}32\end{threeparttable}33\end{table}34