Sunshine Laws and the Press: The Effect of Campaign Disclosure on News Reporting in the American States

Abstract

This study examines the relationship between the quality of campaign finance disclosure in the American states and print news coverage of campaign finance. Does better disclosure of money in politics have an effect on the quantity, content, and timing of news articles? The implications are important for the effectiveness of disclosure in informing voters about the role of money in politics and holding politicians accountable. In theory, better disclosure should decrease the cost of information, allowing journalists to write more articles in a timely manner and move beyond the typical horserace story about which candidate has more money. The findings provide strong evidence that better disclosure regimes tend to reduce horserace coverage but do not necessarily increase the number of articles that focus on potentially improper political contributions or expenditures. While there is a slight increase in the quantity of news articles about political money, there is no evidence that better disclosure improves timeliness of news reporting. A discussion follows about the implications of these findings for regulating money in politics, and proposes further research to evaluate the link between campaign finance transparency and political accountability.