Substantial academic interest and public policy debate centers on campaign finance reform. Campaign resources can provide benefits to constituencies if candidates use them to fund the distribution of useful information. On the other hand, voters can potentially be harmed if candidates trade...

Campaign expenditures are not effective in increasing candidates vote shares if voters do not respond to the advertisement when they believe that campaign expenditures are financed with tainted money. In this situation, limiting contributions may reduce the number of policy favors that...