1[2 {"id":"C1","text":"The estimation sample has 1800 firm-years from 300 firms after removing 40 duplicate rows and 300 rows with unobserved outcomes from 2140 input rows.","results_keys":["n_analysed","n_firms","n_input_rows","data_issues"],"status":"supported","caveat":"Duplicates were identical, so dropping them does not depend on which copy is kept."},3 {"id":"C2","text":"rating_2025 violates the information-availability rule (outcome leakage) and is excluded.","results_keys":["variables_excluded","predictors_used"],"status":"supported","caveat":"Based on the codebook's definition and the observed perfect separation of defaults by rating."},4 {"id":"C3","text":"Conditional on cash_ratio and log_sales, leverage is positively associated with next-year default: beta_leverage = 0.264 (firm-clustered SE 0.041; 95% CI 0.184 to 0.344).","results_keys":["beta_leverage","se_leverage_cluster","ci95_leverage_cluster","p_leverage_cluster"],"status":"supported","caveat":"Associational, linear-probability model, synthetic data."},5 {"id":"C4","text":"The baseline next-year default rate is 12.1% and the model R2 is 0.035.","results_keys":["default_rate","baseline_default_rate","r2"],"status":"supported","caveat":"In-sample fit only."}6]7