1[2 {"id":"C1","text":"The estimation sample has 1800 firm-years from 300 firms, after removing 40 exact duplicate rows and 300 firm-years (2022) with unobserved outcome from 2140 input rows.","results_keys":["n_analysed","n_firms","n_input_rows","data_issues"],"status":"supported","caveat":"Duplicates assumed to be assembly errors (all exact copies)."},3 {"id":"C2","text":"rating_2025 is excluded because it was known only in 2025 and was built from realised defaults and average leverage.","results_keys":["variables_excluded","predictors_used"],"status":"supported","caveat":"Based on the codebook description."},4 {"id":"C3","text":"The OLS LPM coefficient on leverage is 0.264 with firm-clustered SE 0.041; the 95% CI [0.184, 0.344] excludes zero.","results_keys":["beta_leverage","se_leverage_cluster","supp_ci95_leverage_cluster"],"status":"supported","caveat":"Association, not causal; synthetic data."},5 {"id":"C4","text":"The baseline next-year default rate is 12.1% and the model R^2 is 0.035.","results_keys":["default_rate","r2"],"status":"supported","caveat":""}6]7