The negative value for the coefficient restriction in the Deloitte subsample indicates that Deloitte’s conditional mean log-odds rate of client loss was smaller than that of KPMG. The exponent of −1.503 is 0.22, which indicates that the ratio of Deloitte to KPMG client loss odds was 0.22. That is, Deloitte’s odds of a client loss in the pre-event period were only 22% of KPMG’s loss odds.