1[2 {"id":"C1","text":"The estimation sample has 1800 firm-years from 300 firms after removing 40 exact duplicates and 300 firm-years with unobserved outcomes (origin year 2022).","results_keys":["n_analysed","n_firms","n_input_rows","data_issues"],"status":"supported","caveat":"Duplicates were identical, so keeping the first copy has no effect."},3 {"id":"C2","text":"rating_2025 was excluded as a look-ahead variable; in the data only rating-D firms ever default.","results_keys":["variables_excluded","default_rate_by_rating_2025_diagnostic"],"status":"supported","caveat":"The diagnostic only shows leakage; it is not used in estimation."},4 {"id":"C3","text":"Baseline next-year default rate in the estimation sample is 0.121.","results_keys":["default_rate"],"status":"supported","caveat":""},5 {"id":"C4","text":"Conditional on cash ratio and log sales, a one-unit increase in leverage is associated with a 0.264 higher probability of next-year default (firm-clustered SE 0.041, 95% CI 0.184-0.344).","results_keys":["beta_leverage","se_leverage_cluster","ci95_leverage_cluster","pvalue_leverage_cluster"],"status":"supported","caveat":"Association in an LPM on synthetic data; not causal."},6 {"id":"C5","text":"The model explains little individual-level variation (R2 = 0.035).","results_keys":["r2"],"status":"supported","caveat":""}7]8