Robustness: Industry Fixed-Effects
Model	β̂t+2	SEt+2	pt+2	β̂t+3	SEt+3	pt+3	Within R²
Firm + Year FE (original)	−168.53	76.39	0.030	−191.10	76.33	0.014	0.033
Firm + Year + BICS FE	−168.53	76.70	0.030	−191.10	76.24	0.015	0.033
Standard errors clustered by firm; all specifications use the matched sample.