Which of the following are similarities between a spin$-$off and a split$-$off?

Both types of divestiture involve the exchange of shares of the parent for shares of the subsidiary.

Both types of divestiture are used as a means of disposing of unprofitable operations.

Both types of divestiture result in a reduction of consolidated assets and liabilities.

Both types of divestiture result in a reduction in the parent company's outstanding shares.