1step,rule,n_before,n_after,n_removed,rationale21_drop_rating_2025,"drop column rating_2025 (known 2025, built from realised defaults through 2022)",2140,2140,0,violates information-availability rule; column removal only32_dedup,"remove exact duplicate rows (identical firm_id, year and all values in the original file); keep first",2140,2100,40,assembly error: same firm-year listed twice43_outcome_observed,drop firm-years with default_next empty,2100,1800,300,outcome year not observed at data cut (origin years [2022]); no imputation54_complete_predictors,drop rows with missing leverage/cash_ratio/log_sales,1800,1800,0,complete-case for regressors6