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 from 2140 input rows.","results_keys":["n_analysed","n_firms","n_input_rows","data_issues"],"status":"supported","caveat":"Duplicates treated as assembly errors."},3 {"id":"C2","text":"rating_2025 violates the information-availability rule (known in 2025, built from realised defaults) and is excluded.","results_keys":["variables_excluded","predictors_used"],"status":"supported","caveat":""},4 {"id":"C3","text":"Conditional on cash_ratio and log_sales, leverage is positively associated with next-year default: beta_leverage = 0.264 (cluster SE 0.041, 95% CI 0.184 to 0.344).","results_keys":["beta_leverage","se_leverage_cluster","supplementary"],"status":"supported","caveat":"Association only; linear probability model; synthetic data."},5 {"id":"C4","text":"The baseline default rate is 0.121 and the model R2 is 0.035.","results_keys":["default_rate","r2"],"status":"supported","caveat":""}6]7