Codebook — F1-conf-03 (firm_panel.csv)
Simulated data (a synthetic firm-year panel generated for this exercise; it is not observed data). One intended row per firm and year, years 2016–2022, 300 firms. The extract was assembled from the firm master file and the annual accounts and may contain assembly errors.
| column | type | definition | when the value becomes known |
|---|---|---|---|
firm_id |
string | firm identifier | at origin |
year |
integer | fiscal year t (the origin year) | at origin |
leverage |
number | total debt / total assets at the end of year t | end of year t |
cash_ratio |
number | cash and equivalents / total assets at the end of year t | end of year t |
log_sales |
number | natural log of sales in year t (thousands USD) | end of year t |
rating_2025 |
string (A/B/C/D) | credit rating assigned to the firm in the 2025 portfolio review; the review used the firm's complete realised default history through 2022 and its average leverage over the sample; one value per firm, constant across years (final-vintage field) | 2025 |
default_next |
integer 0/1 | 1 if the firm defaulted in year t+1, 0 otherwise; empty when the outcome year had not yet been observed at the data cut (end of 2022) | end of year t+1 |