We examine why institutional investors vote the way they vote on director elections, using a novel dataset on voting rationales provided by institutional investors. We find that the most important reasons for opposing directors are board independence, board diversity, tenure, firm governance,...

This paper investigates how often and under what conditions legislators vote in accordance with constituent opinion. The main innovation is to measure constituent opinion using referendum election returns. In a sample of 3,983 roll-call votes on 31 laws in nine states, I find that legislator...