A parbox is a box whose contents are created in paragraph mode. The \parbox has two mandatory arguments:
LaTeX will position a parbox so its center lines up with the center of the text line. An optional first argument allows you to line up either the top or bottom line in the parbox, by using as optional position argument t or b, respectively.
A \parbox command is used for a parbox containing a small piece of text, with nothing fancy inside. In particular, you shouldn't use any of the paragraph-making environments inside a \parbox argument. For larger pieces of text, including ones containing a paragraph-making environment, you should use a minipage environment.
The \parbox command is fragile.
See Spaces and Boxes
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