Scholars estimating policy positions from political texts typically code words or sentences and then build left-right policy scales based on the relative frequencies of text units coded into different categories. Here we reexamine such scales and propose a theoretically and linguistically superior alternative based on the logarithm of oddsratios. We contrast this scale with the current approach of the Comparative Manifesto Project (CMP), showing that our proposed logit scale avoids widely acknowledged flaws in previous approaches. We validate the new scale using independent expert surveys. Using existing CMP data, we show how to estimate more distinct policy dimensions, for more years, than has been possible before, and make this dataset publicly available. Finally, we draw some conclusions about the future design of coding schemes for political texts.l sq_6 123..156Almost anyone interested in party competition, whether this takes place in legislatures, the electoral arena, or government, needs sooner or later to estimate the policy positions of key political actors, whether these be individual legislators or the political parties to which they affiliate. Indeed, "how to best measure the policy preferences of individual legislators and of legislative parties" (Loewenberg 2008, 499) forms one of the central problems of legislative research. This is particularly true for scholars of comparative legislative research. While in the American settings policy preferences of legislators have been conceptualized as individual-level variables, tight party discipline in many non-American contexts makes it difficult to derive