A dynamic analysis of the role of war chests in campaign strategy

Theory: War chest dynamics affect challenger entry. Hypotheses: Large war chests deter challengers from entering. High quality challengers should be particularly influenced. Methods: Repeated measures analysis of variance and duration analysis with time varying covariates and temporally disaggregated war chest data are employed. Results: The primary contribution of this paper is the empirical evidence that war chests affect entry decisions of high quality challengers.