Pinegar, J. Michael; Ravichandran, R. - In: Journal of Financial and Quantitative Analysis 38 (2003) 01, pp. 213-230
We examine the relative prices of sibling American Depositary Receipts (ADRs). These ADRs are issued against classes of shares with different voting rights that are issued by the same foreign firm. Though superior and inferior voting siblings begin trading in the U. S. at nearly equal values,...