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The insignificant long-run performance of tracking stock is similar to the long-run performance of equity carve-outs (see Vijh, 1999). Rowe said incumbent "brick" providers who were developing "clicks" platforms were the best positioned to create shareholder value through an equity carve-out. An equity carve-out is the sale by a public company of a portion of one of its subsidiaries' common stock through an initial public offering. |
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