We study the consequences of campaign finance disclosure laws in a model of informative campaign finance. Campaign spending can affect electoral outcomes and also signal policy information to politicians. Under mandatory disclosure donors may engage in spending that runs counter to their...

We provide a model of dark money in elections. An ideologically extreme donor with private information about candidate ideology and quality can advertise on behalf of a candidate. Advertising reveals information about candidate quality to voters, who can learn from either donor-funded or neutral...