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 (origin year 2022) with unobserved outcome from 2140 rows read.", "results_keys": ["n_analysed", "n_firms", "n_input_rows", "data_issues"], "status": "supported", "caveat": "Duplicates were identical in all columns."},3 {"id": "C2", "text": "rating_2025 is excluded because it was assigned in 2025 using realised default history and is not known at the end of year t.", "results_keys": ["variables_excluded", "predictors_used"], "status": "supported", "caveat": ""},4 {"id": "C3", "text": "The baseline default rate in the estimation sample is 12.11%.", "results_keys": ["default_rate"], "status": "supported", "caveat": ""},5 {"id": "C4", "text": "Leverage is positively associated with next-year default: beta_leverage = 0.264 (firm-clustered SE 0.041, 95% CI 0.184 to 0.344), i.e. about +2.6 pp per 0.10 leverage, conditional on cash ratio and log sales.", "results_keys": ["beta_leverage", "se_leverage_cluster", "ci95_leverage_cluster"], "status": "supported", "caveat": "Association in synthetic data; LPM specification; not causal."},6 {"id": "C5", "text": "The model explains little of the variation in default (R2 = 0.035).", "results_keys": ["r2"], "status": "supported", "caveat": ""}7]8