1[2 {"id":"C1","text":"Conditional on cash ratio and log sales, leverage at end of year t is positively associated with default in t+1: beta = 0.264 (clustered SE 0.041), about 2.6 pp per 0.10 leverage.","results_keys":["beta_leverage","se_leverage_cluster"],"status":"supported","caveat":"Association only; linear probability model; synthetic data."},3 {"id":"C2","text":"The estimation sample has 1,800 firm-years from 300 firms after removing 40 exact duplicates and 300 firm-years from 2022 with unobserved outcomes.","results_keys":["n_analysed","n_firms","n_input_rows","data_issues"],"status":"supported","caveat":"Outcomes were not imputed."},4 {"id":"C3","text":"rating_2025 was excluded as look-ahead leakage because it was built from realised defaults and became known in 2025.","results_keys":["variables_excluded","predictors_used"],"status":"supported","caveat":""},5 {"id":"C4","text":"The model has low explanatory power (R^2 = 0.035) against a baseline default rate of 12.1%.","results_keys":["r2","default_rate"],"status":"supported","caveat":"In-sample R^2."}6]7