Comments: Luxi Han

[magicahan]

Nice presentation of plots. Construction of index is clear. Potential improvement can be made on the introduction part. Specifically, why is understanding the relationship between capital structure and asset liquidity important? Furthermore, this part can shed light on the conclusion: what is the causal relationship between liquidity and capital structure? Are you trying to understand the causal relationship?
As for life cycle index, it can be a little bit more clear on the method you use for classification. Are you using supervised or unsupervised learning? Or it’s a simple construction of index? For the general suggestion on the paper, it would be great if you can further explore the specific characteristic of the five types of firms: what causes the relationship described in the paper?
In general, I think this is a good presentation and the research question is defined clearly.