{
  "vercy": "1.0-draft",
  "publication": {
    "status": "research-draft",
    "adjudicationStatus": "unreviewed",
    "publishableCanonical": false,
    "generatedAt": "2026-09-12T04:21:31Z",
    "providers": [
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    "breadth": "written by Claude from model knowledge without web access - no source was read, every claim is a lead to verify",
    "pass": 2,
    "wave": 2,
    "engine": "claude",
    "enrichment": {
      "pass": 3,
      "engine": "claude",
      "producedAt": "2026-10-05T23:50:00Z",
      "ingestedAt": "2026-10-05T20:56:19+00:00",
      "fields": [
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  },
  "metaModel": {
    "id": "THING-Q167064",
    "registryId": "vr.tr.debt-to-equity-ratio",
    "name": "debt-to-equity ratio",
    "version": "0.2.0-wave.2",
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    "family": "Thing Registry",
    "domain": [
      "XCT.REL"
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  "model": {
    "registry_id": "vr.tr.debt-to-equity-ratio",
    "name": "debt-to-equity ratio",
    "purpose": "Let an agent explain the debt-to-equity ratio and how it is calculated and interpreted, describe variations in definition and industry norms, support financial analysis at a general level, and avoid personalised investment advice.",
    "definition": "A financial leverage ratio that compares the total debt or liabilities of a company to the equity of its shareholders, calculated from the balance sheet and used by analysts, lenders and investors to assess how a company finances its assets, its financial risk and its capacity to absorb losses, with acceptable levels varying by industry and with definitions differing in what counts as debt; the ratio is a standard tool of financial analysis and credit assessment.",
    "what_it_is_for": "Ratio of company debt to shareholder equity.",
    "affordances": [
      "explain calculation and interpretation",
      "describe definitional variations",
      "support general analysis",
      "avoid personalised advice"
    ],
    "distinguishing_features": [
      "Leverage measure",
      "Balance sheet based",
      "Industry-dependent norms",
      "Definition variants"
    ],
    "appearance": "Not physical; a number in financial reports.",
    "visual_identification": [
      "Debt divided by equity",
      "Leverage measure",
      "The debt ratio divides by assets; interest coverage compares earnings to interest"
    ],
    "physical_properties": [],
    "families_and_kinds": [
      "total debt to equity",
      "long-term debt to equity",
      "net debt to equity",
      "market value based ratios",
      "sector-specific leverage ratios"
    ],
    "related_models": [
      {
        "relation": "is a kind of",
        "target": "leverage ratio",
        "why": "category"
      },
      {
        "relation": "is related to",
        "target": "interest",
        "why": "cost of debt"
      },
      {
        "relation": "is related to",
        "target": "accountant",
        "why": "professionals preparing the figures"
      },
      {
        "relation": "is related to",
        "target": "proportion",
        "why": "ratios generally"
      }
    ],
    "identifiers": [],
    "standards_and_regulation": [
      "Accounting standards defining debt and equity",
      "Financial disclosure rules",
      "Bank capital and lending regulations"
    ],
    "failure_modes_and_hazards": [
      "Comparing ratios computed with different definitions",
      "Ignoring industry context",
      "Agents giving personalised investment advice"
    ],
    "in_scope": [],
    "out_of_scope": [],
    "characteristics": [],
    "agent_conduct": {
      "may": [
        "Calculate a company's debt-to-equity ratio from its published balance sheet, stating which liabilities are included.",
        "Compare ratios only between companies using the same definition and period.",
        "Explain what the ratio does and does not show."
      ],
      "must_not": [
        "Give personalised investment advice based on the ratio.",
        "Mix definitions, such as total liabilities and interest-bearing debt, without saying so.",
        "Present a company as sound or failing on this ratio alone.",
        "Use non-public financial data in breach of insider rules."
      ],
      "requires_human": [
        "Lending, investing or rating decisions that rely on the ratio."
      ]
    },
    "ethics": {
      "considerations": [
        "Misread leverage figures can mislead investors and lenders.",
        "Financial judgements about companies affect their workers and suppliers."
      ],
      "affected_parties": [
        "Investors",
        "Lenders",
        "Employees of the company"
      ]
    },
    "owners": {
      "steward": "Nobody owns the measure; the company answers for the figures it reports.",
      "master_systems": [
        "Company registers and filed annual accounts"
      ]
    }
  },
  "sources": [
    {
      "id": "wikidata",
      "title": "Wikidata item Q167064: debt-to-equity ratio",
      "url": "https://www.wikidata.org/wiki/Q167064",
      "url_status": "live",
      "what_it_supports": "identity and sense of the item",
      "checked_by": "wikidata-api"
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    {
      "id": "wikipedia-en",
      "title": "Wikipedia: Debt-to-equity ratio",
      "url": "https://en.wikipedia.org/wiki/Debt-to-equity_ratio",
      "url_status": "live",
      "what_it_supports": "general description of the item",
      "checked_by": "wikidata-api sitelink"
    }
  ],
  "structure": {
    "bundles": [
      {
        "id": "understand",
        "name": "Understand",
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        "rationale": "Finance.",
        "layers": [
          {
            "id": "definition",
            "name": "Definition",
            "description": "Definition and calculation.",
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              {
                "id": "definition-finding",
                "name": "Definition",
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                "questions": [
                  {
                    "text": "How is the debt-to-equity ratio calculated, and what counts as debt and equity under different definitions?",
                    "kind": "definition"
                  },
                  {
                    "text": "Is personalised investment advice being sought, which is out of scope?",
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                ]
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                    "text": "What does a high or low ratio indicate about financial risk and structure, and how do industry norms differ?",
                    "kind": "provenance"
                  },
                  {
                    "text": "Which entry fits financial ratios?",
                    "kind": "action"
                  }
                ]
              }
            ]
          }
        ]
      },
      {
        "id": "analyse",
        "name": "Analyse",
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          {
            "id": "compute",
            "name": "Compute",
            "description": "Computing from statements.",
            "findings": [
              {
                "id": "compute-finding",
                "name": "Compute",
                "description": "Computing.",
                "questions": [
                  {
                    "text": "How is the ratio computed from this balance sheet, and how does it compare with peers?",
                    "kind": "action"
                  },
                  {
                    "text": "Which entry fits balance sheets?",
                    "kind": "action"
                  }
                ]
              }
            ]
          },
          {
            "id": "limits",
            "name": "Limits",
            "description": "Limits and pitfalls.",
            "findings": [
              {
                "id": "limits-finding",
                "name": "Limits",
                "description": "Limits.",
                "questions": [
                  {
                    "text": "What are the pitfalls of the ratio, such as off-balance-sheet debt and accounting differences?",
                    "kind": "provenance"
                  },
                  {
                    "text": "Which entry fits financial analysis?",
                    "kind": "action"
                  }
                ]
              }
            ]
          }
        ]
      },
      {
        "id": "context",
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        "rationale": "Regulation.",
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          {
            "id": "lending",
            "name": "Lending",
            "description": "Use by lenders and investors.",
            "findings": [
              {
                "id": "lending-finding",
                "name": "Lending",
                "description": "Lending.",
                "questions": [
                  {
                    "text": "How do lenders, rating agencies and investors use leverage ratios in decisions and covenants?",
                    "kind": "provenance"
                  },
                  {
                    "text": "Which entry fits credit rating?",
                    "kind": "action"
                  }
                ]
              }
            ]
          },
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            "id": "regulation",
            "name": "Regulation",
            "description": "Regulatory use.",
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                "id": "regulation-finding",
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                "description": "Regulation.",
                "questions": [
                  {
                    "text": "How do regulators use leverage measures for banks and other institutions?",
                    "kind": "provenance"
                  },
                  {
                    "text": "Which entry fits bank regulation?",
                    "kind": "action"
                  }
                ]
              }
            ]
          }
        ]
      },
      {
        "id": "learn",
        "name": "Learn",
        "description": "History and teaching.",
        "rationale": "Education.",
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            "id": "history",
            "name": "History",
            "description": "History.",
            "findings": [
              {
                "id": "history-finding",
                "name": "History",
                "description": "History.",
                "questions": [
                  {
                    "text": "How did leverage analysis develop in corporate finance?",
                    "kind": "provenance"
                  },
                  {
                    "text": "Which references are standard?",
                    "kind": "provenance"
                  }
                ]
              }
            ]
          },
          {
            "id": "teach",
            "name": "Teach",
            "description": "Teaching.",
            "findings": [
              {
                "id": "teach-finding",
                "name": "Teach",
                "description": "Teaching.",
                "questions": [
                  {
                    "text": "How can financial ratios be taught?",
                    "kind": "action"
                  },
                  {
                    "text": "Which misconceptions arise?",
                    "kind": "provenance"
                  }
                ]
              }
            ]
          }
        ]
      }
    ]
  },
  "openQuestions": [
    "Should leverage ratios be a separate entry?",
    "How should accounting standards be linked?",
    "How should industry benchmarks be linked?"
  ],
  "statistics": {
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    "layers": 8,
    "findings": 8,
    "questions": 16
  }
}