We then merge the data from the FISD database with COMPUSTAT and CRSP and with the LPC Dealscan database of
syndicated debt. In merging FISD and COMPUSTAT, we require a minimum of three months between fiscal year end and
public debt issuances to ensure debt holders have current financial information. We also require each public debt to be
rated by S&P or Moody’s (see footnote 13). We acquire ownership information of loan lenders from bank loans within five