Small Campaign Donors

We gratefully acknowledge helpful comments and suggestions from insightful discussions of Mike Barber and Alexander Fouirnaies, from seminar participants at HEC Montreal, New York University, Princeton University, the Joint-School Online Political Economy Seminar, Sciences Po Paris, and the Virtual Quantitative Marketing Seminar, and from conference participants at the CBS-Princeton Money in Politics Conference, CEPR Political Economy Symposium, the EJPE Conference, the NBER Summer Institute, and UC Berkeley (Research Workshop on American Politics). Joaquín Barrutia, Circé Maillet, Juan Margitic, Luke Miller, JJ Naddeo, Vincent Rollet, Evan Soltas and Lucie Xu provided outstanding research assistance. We are grateful to Jörg Spenkuch and David Toniatti for their help with using the code and TV ad data from Spenkuch and Toniatti (2018). We are grateful to Michael Bailey for generously sharing his data on candidate ideology with us. The research leading to this project has received funding from the European Research Council under the European Union’s Horizon 2020 research and innovation programme (Grant Agreement no. 948516). All errors remain our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• data appendix

• May 12, 2022