Following the Money: Super PACs and the 2012 Presidential Nomination

The entrance of Super Political Action Committees (Super PACs), outside groups with no caps on fundraising or independent expenditures, prompts a reexamination of the role of money in campaigns and elections. We investigate the influence of Super PAC expenditures in the 2012 Republican nomination contest. A compressed calendar makes nomination campaigns expensive and money crucial, especially for lesser-known candidates, such that outside expenditures likely made a difference. Indeed, we find Super PACs helped to extend Santorum's long-shot candidacy but also helped Romney by weakening momentum from Gingrich and Santorum wins. Using panel data of candidate dynamics, we also find that candidate and Super PAC expenditures within various key primary states reactively complement each other. However, we do not find dispositive evidence that Super PACs coordinate with campaigns, thereby acting, at least in this context, within the bounds of their legally mandated independence.