spb/wp7_uqo

1\begin{table}[H]2\centering3\caption{Quantile regression coefficients (5-day returns, bps).}4\label{tab:quantile}5\begin{threeparttable}6\small7\begin{tabular}{@{}lrrrrr@{}}8\toprule9Predictor & $\tau=0.10$ & $\tau=0.25$ & $\tau=0.50$ & $\tau=0.75$ & $\tau=0.90$ \\10\midrule11$IV_{ATM,30d}$ & $-$173.4 & $-$81.4 & 3.6 & 92.7 & 178.9 \\12IV term slope & $-$1.4 & $-$2.3 & $-$2.2 & 0.3 & 1.7 \\13Skew$_{25\delta}$ & 5.3 & 14.3 & 26.1 & 20.4 & 6.8 \\14Implied skewness & $-$5.4 & $-$1.6 & $-$5.7 & $-$3.6 & $-$4.2 \\15Implied kurtosis & 12.0 & 5.2 & 1.6 & $-$3.2 & $-$6.9 \\16PC volume ratio & 3.0 & 2.1 & 2.7 & 1.4 & 1.6 \\17PC OI ratio & $-$4.5 & $-$4.4 & $-$3.6 & $-$3.3 & $-$5.2 \\18Net gamma exposure & 5.2 & 2.1 & $-$2.2 & $-$4.4 & $-$3.6 \\19$RV_t$ & $-$8.5 & $-$6.2 & $-$1.3 & 5.7 & 2.2 \\20$RV_t^{(w)}$ & 0.8 & $-$7.8 & 3.5 & 15.3 & 0.3 \\21\bottomrule22\end{tabular}23\begin{tablenotes}[flushleft]\footnotesize24\item \textit{Notes.} Quantile regression coefficients \citep{koenker1978regression} of the 5-day return on the standardized predictors (basis points per standard deviation), full panel, estimated by iteratively reweighted least squares. No standard errors are computed; the table documents the sign and magnitude of the coefficients across the conditional distribution only.25\end{tablenotes}26\end{threeparttable}27\end{table}28