Fuller, Netter & Stegemoller (2002) identify episodes of buying "frenzies" whereby a single rm acquires at least five different companies in less than three years. For each of these "serial" acquirers, they analyze acquirer stock returns around the announcement of the acquisition of a company. In the table below, they show the average cumulative abnormal return (CAR) from holding the acquirer stock from just before the announcement to just after the announcement, depending on a) whether the target is public or private and b) whether this is the first acquisition recently announced by the bidder or the bid is at least the fifth in the list of recent acquisitions announced by the bidder. Public target 1st bid -0.88% At least the 5th bid -1.73% Private target 3.22% 0.72% a. Describe what is happening to the wealth of the bidder's shareholders for each group of acquisitions.