Nope. Windowless objects are rendered on a different βplaneβ for windowed objects (such as ActiveX controls, in the case of IE). Microsoft's explanation is obviously applicable only to Internet Explorer, but other browsers work in a similar way.
All window elements are painted on top of all windowless elements, despite the wishes of their container. However, window elements follow the z-index attribute with respect for each other, just like windowless elements follow the z-index attribute relative to each other.
All windowless elements are displayed on the same MSHTML plane and window elements are drawn on a separate MSHTML plane. You can use z-index to manipulate elements in one plane but not mix and match elements in different planes. You can change the z-index of elements on each plane, but the window plane always rests on top without the Window plane.
http://support.microsoft.com/kb/177378
This is actually beneficial for the advertising service - it prevents publishers from masking, covering and slightly changing their ads (for example, placing an image in front of the ad so that it merges with the site).
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