# Log
- 2026-10-29 P0 passed: contract written.
- 2026-10-29 P1 passed: audit clean (balanced 100×12, no NA/dups); exclusions ledger with 0 removals.
- 2026-10-29 P2 passed: pooled OLS baseline 1.268.
- 2026-10-29 Decision: cluster SE uses CR1 with K excluding firm FE nested in clusters (reghdfe/xtreg fe convention); CI uses t(G−1). Alternatives reported as supplementary keys.
- 2026-10-29 P3 passed: analysis.py written, no randomness (random_seed null).
- 2026-10-29 P4 passed: determinism and cross-checks (see checks.md).
- 2026-10-29 P5 passed: report and claims written.