This is the most efficient way that I know of to create a box from a square. First cut along the pink lines. Use two of the cut off squares as bases. Then fold the paper along all the horizontal lines. And then glue/tape the bases on.

Now it can be made into a prism with length, width, and height as shown.
length = s/4
width = s/4
height = 3s/4
volume of original prism = lwh
volume of original prism = (s/4)(s/4)(3s/4)
volume of original prism = 3s3/64
If we divide the original square into 4 squares, the side length of each square will halve.
volume of littler prism = 3(s/2)3 / 64 = 3s3/512
There are 4 littler prisms, so total volume of all 4 littler prisms = 4(3s3/512) = 3s3/128
volume of original prism : volume of all littler prisms = \(\frac{3s^3}{64}:\frac{3s^3}{128}=1:\frac12\)
So..the volume of all 4 littler prisms together is half the volume of the 1 big prism 
*edited because my first answer was messed up*