1step,rule,n_before,n_after,n_removed,rationale20_read,all data rows of data/firm_panel.csv,2140,2140,0,rows read (header excluded)31_drop_column_rating_2025,drop columns not known at end of year t,2140,2140,0,"rating_2025 becomes known in 2025 and encodes the outcome; column removal, no rows removed"42_drop_exact_duplicates,"remove exact duplicate rows (identical on all columns, incl. rating_2025)",2140,2100,40,assembly error: firm-years appearing twice with identical values53_drop_unobserved_outcome,remove firm-years with default_next missing (not imputed),2100,1800,300,outcome year not observed at data cut (end 2022); missing origin years: [2022]64_drop_missing_predictors,remove rows with any missing predictor,1800,1800,0,complete-case on predictors7