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 in the 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, the proxy adviser Glass-Lewis among them, pitted against more management friendly ones
Year of publication: |
2019
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Authors: | Bolton, Patrick |
Other Persons: | Li, Tao (contributor) ; Ravina, Enrichetta (contributor) ; Rosenthal, Howard (contributor) |
Publisher: |
[2019]: [S.l.] : SSRN |
Subject: | Ideologie | Ideology | Anlageverhalten | Behavioural finance | Kapitalanlage | Financial investment | Institutioneller Investor | Institutional investor |
Saved in:
freely available
Extent: | 1 Online-Ressource (76 p) |
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Series: | NBER Working Paper ; No. w25717 |
Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 2019 erstellt |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012889476