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Results are stated as propositions with proofs, and numerical illustrations are given in figures.",146   "units_stated_in_notes": false,147   "standard_errors_description": "none"148  },149  "figures": {150   "uncertainty_shown": "no"151  },152  "conclusion": {153   "bounded_claims": true,154   "policy_implications": true,155   "open_questions": false,156   "restates_contribution": true157  },158  "hedging": {159   "level": "low",160   "typical_devices": [161    "conditional statements (if shareholders cannot commit...)",162    "'generally'/'typically'",163    "'may' in policy suggestions",164    "'consistent with' when linking to evidence"165   ]166  },167  "claim_evidence": [168   {169    "claim": "Shareholders lose from any leverage reduction once debt is in place, because the reduction transfers wealth to existing creditors",170    "evidence_type": "equation_or_proof",171    "evidence_ref": "Intro paragraph 1 algebra; Section II.B"172   },173   {174    "claim": "Resistance to leverage reduction persists even when the reduction alleviates bankruptcy or agency costs and raises firm value",175    "evidence_type": "equation_or_proof",176    "evidence_ref": "Section II.B-C"177   },178   {179    "claim": "Shareholders gain from issuing junior debt even when it destroys firm value",180    "evidence_type": "figure",181    "evidence_ref": "Section II.D; Figures 1-2"182   },183   {184    "claim": "Without commitment, equilibrium leverage takes stable levels that ratchet up with each shock",185    "evidence_type": "figure",186    "evidence_ref": "Section III; Figures 3-4"187   },188   {189    "claim": "When forced to delever, shareholders prefer asset sales over pure recapitalization",190    "evidence_type": "figure",191    "evidence_ref": "Section IV; Figures 6-7"192   },193   {194    "claim": "Firms respond asymmetrically to tax changes, consistent with the ratchet effect",195    "evidence_type": "prior_literature",196    "evidence_ref": "Conclusion citing Heider and Ljungqvist (2015)"197   }198  ],199  "structural_summary": "A theory paper. The abstract states the core mechanism and names it. The introduction states the contribution and builds intuition with simple algebra. It positions the paper against the Black-Scholes result, previews static, dynamic and asset-transaction results, and ends with banking and policy implications. A separate literature section follows. The body has three model sections: a one-time adjustment with frictions, dynamic equilibrium with shocks, maturity and covenants, and alternative deleveraging modes. The conclusion lists bulleted testable predictions and discusses welfare and policy. Proofs are in the appendix.",200  "writing_profile_keywords": [201   "analytical theory",202   "named effect",203   "propositions and proofs",204   "intuition after results",205   "testable predictions",206   "policy implications",207   "banking application"208  ],209  "confidence": 0.85,210  "notes": "Section IV was rule-labeled as robustness but is an extension of the model. The intro appears truncated, so no roadmap is visible."211 },212 "deterministic_checks": {213  "roadmap_regex": false,214  "contribution_regex_in_intro": false,215  "magnitude_in_abstract": false,216  "abstract_n_sentences": 5,217  "intro_n_paragraphs": 5,218  "intro_n_words": 830,219  "causal_words_in_abstract": 1,220  "hedge_words_in_abstract": 1,221  "stars_mentioned": false,222  "clustered_se_mentioned": false,223  "internet_appendix_mentioned": false,224  "section_roles_rule": {225   "0": "introduction",226   "1": "literature",227   "2": "other",228   "3": "theory",229   "4": "robustness",230   "5": "conclusion",231   "6": "appendix"232  }233 },234 "schema_valid": true,235 "code_version": "feb6c9e-dirty"236}
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