“…Challengers, on the other hand, are often inexperienced, unknown to the public, and face considerable fundraising obstacles, including the high start-up costs associated with establishing a campaign organization and the need to demonstrate their competitiveness and credibility to would-be contributors (Biersack, Herrnson, & Wilcox, 1993;Herrnson, 2012;Krasno, Green, & Cowden, 1994). The reliance of challengers on both party expertise and monetary assistance is the major reason why independent expenditures likely do not have a significant impact on the candidate's predicated vote margin despite the fact that the amounts of these expenditures exceed direct contributions and coordinated expenditures by twelvefold during the time period of this study.…”