Schill Zhou.Pricing an Emerging Industry 11 Figure I.Total Market Value of Parent Relative to Parent's Holdings in Internet Subsidiary(Continued) Panel C.HNC Software and its holdings in Retek 4.0 3.5 3.0 Subsidiary Holdings Spin-Off Effective 2.5 Parent Announces Spin-Off 2.0 1.5 Total Parent Value 1.0 0.5 Parent Files S-1. 0.0 6 Panel D.Creative Computers and its holdings in uBid 1.6 1.4 Subsidiary Holdings 1.2 1.0 0.8 Parent Announces Spin-Off 0.6 Spin-Off Effective Total Parent Valuc 0.4 Parent Files S-】 丛以 0.2 00 6-o