The firm-specific losses under MAAR are then summed up to obtain aggregate dollar losses under the respective methods; the same goes for DLPF.
Dollar Losses in Time Interval (|D.sub.2~ - 1, |D.sub.2~) for 57 Exchange-Listed White Knights, 1978-1987 MAAR DLPF ($/million) ($/million) Total number of firms 57 57 Two-day dollar loss -4606.0(*) -4290.0(*) Mean -80.8 -75.3 Median -17.7 -22.9 Standard deviation 218.3 216.2 Maximum 735.0 765.0 Minimum -1003.5 -984.6 Note: *p |is less than~ 0.01.
It reports that white knights suffer an aggregate loss of $4.606 billion under MAAR ($4.290 billion under DLPF) over the two-day interval ending on |D.sub.2~.
The further losses to white knights who bid more than once amount to $0.9 billion under MAAR ($1.3 billion under DLPF).
This was anticipated since, under the DLPF method, changes in the stock price were not corrected for variations due to changes in the market index.
6 For an explanation of DLPF and MAAR, please see Section IV.B.