The quantity of "horse-race" coverage of political campaigns has been amply documented, but its consequences for the dynamics of campaigns are less well understood. This study examines the effects of media portrayals of public support for candidates on the behavior of potential campaign contributors. This relationship is tested in the context of the four leading Democratic presidential primary candidates in 1988. A time-series analysis of contributor behavior suggests that horse-race spin-that is, the extent of media coverage suggesting a candidate is gaining or losing political support ^helps determine the frequency of campaign contributions. Consistent with previous research, some contributors are motivated to donate by coverage suggesting that their strongly favored candidate is losing ground, while other candidacies benefit from coverage suggesting increased viability. Overall, findings suggest that strategic considerations weigh heavily in decisions to donate money to political candidates. The quantity of "horse-race" coverage of political campaigns has been amply documented, but its consequences for the dynamics of campaigns are less well understood. This study examines the effects ofmediaportrayalsof public support for candidates on the behavior of potential campaign contributors. This relationship is tested in the context of the four leading Democratic presidential primary candidates in 1988. A time-series analysis of contributor behavior suggests that horse-race spin-that is, the extent of media coverage suggesting a candidate is gaining or losing political support ^helps determine the frequency of campaign contributions. Consistent with previous research, some contributors are motivated to donate by coverage suggesting that their strongly favored candidate is losing ground, while other candidacies benefit from coverage suggesting increased viability. Overall, findings suggest that strategic considerations weigh heavily in decisions to donate money to political candidates.o, 'bservers of American electoral behavior have long assumed that everyone loves a winner. This principle also has been assumed to apply to the behavior of campaign contributors. In 1932, an analysis of incentives underlying campaign contributions claimed that people "give much as they put money on a winning horse" (Overacker 1932, 190-91). More recent elections abound with claims that perceptions of public support bring with them tangible benefits in the form of financial contributions. This is popularly claimed to have occurred for Carter in 1976, for Anderson in 1980, and for Hart in 1984(Pomper 1989, although the precise mechanism or dynamics of the proposed effects were never documented.Horse-race campaign coverage, that is, news emphasizing who is ahead or behind, or gaining or losing ground, is the primary means by which people develop perceptions of the extent of mass public support for candidates. Although the extent of horse-race coverage has been well documented and widely disparaged as a pernicious force in contem...