Enrichetta Ravina, Patrick Bolton, Tao Li, Howard Rosenthal" />

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Research Details

"Investor Ideology"


We estimate institutional investor preferences based on their proxy voting records in publicly listed Russell 3000 firms. We employ a spatial model of proxy voting, the W-NOMINATE method for scaling legislatures, and map institutional investors onto a left-right dimension based on their votes for fiscal year 2012. The far-left are socially responsible and the far-right are “money-conscious” investors. Significant ideological differences reflect an absence of shareholder unanimity. The proxy adviser ISS, similar to a political leader, makes voting recommendations that place it center; to the left of most mutual funds. Public pension funds and other investors on the left support a more social and environment-friendly orientation of the firm and fewer executive compensation proposals. A second dimension reflects a more traditional governance view, with management disciplinarian investors, with Glass-Lewis among them, pitted against more management friendly ones.


Working Paper


Enrichetta Ravina, Patrick Bolton, Tao Li, Howard Rosenthal

Date Published



Ravina, Enrichetta, Patrick Bolton, Tao Li, and Howard Rosenthal. 2019. "Investor Ideology".


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