This document analyzes the effects of promotions run by five retailers on their affiliate marketing programs. It finds that most transactions involve only one affiliate referral, occur within 24 hours, and take place within one hour. Promotions that offer exclusive codes to loyalty affiliates see increases in sales volume, value, and average order value. While some affiliates may overwrite others, the data shows affiliates are "click winners" rather than "click stealers." The conclusions question common multi-attribution models and suggest most sales have a single referrer.