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The Idiosyncratic Nature of Sibling Adrs Issued by Mexican Firms: A Clinical Study

We examine the relative prices of "sibling" American Depositary Receipts (ADRs). These ADRs are issued by the same foreign firms against shares with different voting rights. Though superior and inferior voting siblings begin their US trading experience at nearly equal values, relative prices of Mexican and non-Mexican sibling ADRs quickly move in opposite directions. Superior voting ADRs command a median premium for non-Mexican firms, but a median discount for Mexican issuers. The Mexican evidence represents an extreme exception to the inverse relation between the voting premium documented in other countries and the degree of legal protection enjoyed by outside shareholders. This apparent anomaly cannot be explained by differences in cash flow rights, total or systematic risk, liquidity, voting control of major blockholders, or ownership restrictions. Despite voting premiums and discounts, neither sibling in most pairs appears to have been an attractive investment for US investors.