The logistic regression results (not tabulated) for effects of Reg FD on the relation between bad news MF likelihood and MBE consistency show that the estimated coefficients on CMBE[X] (b1, b2, and b3) are positive before Reg FD (0.40, 0.53, and 0.70, respectively), and increase significantly after Reg FD (0.72, 1.02, and 1.46).