Riding the waves of money: Contribution dynamics in the 2008 Presidential nomination campaign

The 2008 primary was the most nuanced and expensive nomination contest in history. We investigate how this massive battle for contributions played out over 2007 and the first half of 2008 by analyzing the daily dynamics of candidate contributions using the Federal Elections Commission's collection of individual contributions. Not surprisingly, Giuliani and Clinton were the leaders in contribution momentum during the latter parts of the so-called money primary. This pattern abruptly changed in 2008 as both parties experienced a structural change in contribution flows. While Iowa and New Hampshire placements helped their causes, the South Carolina primary was by far the most rewarding early contest for Obama and McCain. Furthermore, primary victories do not benefit all candidates equally, as Clinton and Huckabee gained far less than their counterparts in response to their early victories.