This paper uses event study methodology to measure whether firms that gave soft money to political parties received excessively high rates of returns from their contributions.
In this essay, Smith tries to analyze the doctrinal strengths and weaknesses of the McConnell decision. Instead of discussing the full contours of the opinion, he makes two points about the majority opinion which run counter to how it has been widely characterized. He hopes that calling attention to these points now will assist others in more detailed analysis. He also makes a few general predictions about the practical effects of the decision, which may also be useful as we look to see how the law works in practice.