00Thaler_FM i-xxvi.qxd

C. Time Pattern of Negative Stubs

Figures 4.1– 4.4 show the time series of stub values for the six cases of nega-
tive stubs. Except in figure 4.2, the solid line shows the stub prior to distribu-
tion and the dashed line shows the parent share price after the distribution.
Several patterns are apparent. First, stubs start negative and gradually get
closer to zero, eventually becoming positive. Second, the announcement of

140 LAMONT AND THALER

  











   





   





   













   



   









   









   

























     









 





  

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Figure 4.1. Creative Computers/UBID stub, December 4, 1998–August 24, 1999.

  































































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Figure 4.2. Stub values for HNC/Retek, Daiseytek/PFSWeb, and Metamor/Expedior.