Political campaigns are dynamic struggles between candidates to define the informational context for voters. Although much research describes how campaigns unfold or explores their effects on voters, less attention has been given to developing and testing a dynamic theory of candidate interaction during campaigns. In this study, the authors examine three different theories of candidate behavior, testing each using data on the TV advertisements aired in 23 gubernatorial elections held in 2002. The analysis examines both the total advertising efforts and the total negative advertising efforts of candidates in these races, differentiating between candidates based on partisanship, incumbency status, and whether they won or lost. The authors find support for all three theories, demonstrating their complementary nature and the value of analyzing campaigns as dynamic processes.