{
  "task_id": "F1-conf-03",
  "n_analysed": 1800,
  "n_firms": 300,
  "predictors_used": [
    "leverage",
    "cash_ratio",
    "log_sales"
  ],
  "variables_excluded": [
    {
      "variable": "rating_2025",
      "reason": "known only in 2025 (after origin year t); constructed from realised default history through 2022 and full-sample average leverage, so it leaks the outcome"
    }
  ],
  "beta_leverage": 0.2637836102938267,
  "se_leverage_cluster": 0.04075692804346149,
  "r2": 0.03490564212216729,
  "default_rate": 0.12111111111111111,
  "feasibility": "complete",
  "feasibility_reason": null,
  "data_issues": [
    {
      "issue": "40 exact duplicate rows (40 duplicated firm_id-year keys; all duplicates identical in every column), giving 40 firms 8 rows instead of 7",
      "handling": "dropped duplicate copies, keeping one row per firm-year"
    },
    {
      "issue": "300 firm-years with missing default_next, all in year(s) [2022] (outcome year 2023 not observed at end-2022 cut)",
      "handling": "excluded from estimation and recorded in the exclusion ledger; no imputation"
    },
    {
      "issue": "rating_2025 is a final-vintage (2025) field derived from realised defaults and average leverage; it perfectly separates defaulters (all defaults have rating D)",
      "handling": "excluded from the analytic dataset and the model (information rule)"
    },
    {
      "issue": "leverage has a mass point at its minimum 0.02 (54 analysed rows), suggesting floor-coding/censoring in the extract",
      "handling": "kept as recorded; noted as a limitation"
    },
    {
      "issue": "56 firms have default_next = 1 in more than one year (no exit after default)",
      "handling": "kept; each firm-year treated as an observation as the estimand specifies; firm-clustered SEs"
    }
  ],
  "n_input_rows": {
    "firm_panel.csv": 2140
  },
  "random_seed": null,
  "ci95_leverage": [
    0.18390149920815163,
    0.34366572137950174
  ],
  "p_leverage": 9.663918872288908e-11,
  "coef_all": {
    "Intercept": 0.08997926409935522,
    "leverage": 0.2637836102938267,
    "cash_ratio": -0.18594837465723182,
    "log_sales": -0.007342181807581363
  },
  "se_cluster_all": {
    "Intercept": 0.04351602070943619,
    "leverage": 0.04075692804346149,
    "cash_ratio": 0.058886083766457535,
    "log_sales": 0.007626106514531851
  }
}