This paper completes Meirowitz (2008) by analyzing the effect of a cap on political campaign spending in an environment where voters have initial preferences over political candidates. The policy implications are starkly different from the previously analyzed case where voters are indifferent...

Information affecting a candidate's reputation might have significant electoral consequences. Do candidates respond to the release of information? Using Brazilian elections and audits as an exogenous source of information, I show that both incumbent and challenger increase their campaign...