Nicholas M. Kiefer, "Default Estimation, Correlated Defaults, and Expert Information", Journal of Applied Econometrics, Vol. 26, No. 2, 2011, pp. 173-192. Default rates were computed for cohorts of mid-portfolio corporate bonds from S&P-rated firms in the KMV North American Non-Financial Dataset. There were ten cohorts, for 1994 through 2003. The data were: 162 180 179 197 228 264 258 242 233 254 0 1 0 0 0 2 6 5 4 2 The first row is n, the number at risk. The second row is r, the number of defaults. Nicholas M. Kiefer Ta-Chung Liu Professor Departments of Economics and Statistical Sciences Cornell University 490 Uris Hall Ithaca, NY 14853 http://www.arts.cornell.edu/econ/kiefer/