Under sequential voting, voting late enables conditioning on which
candidates are viable, while voting early can influence the field of
candidates. But the latter effect can be harmful: shrinking the field
increases not only the likelihood that future voters vote for one's
favorite candidate, but also that they vote for an opponent. Specifically, if one's favorite candidate is significantly better than all
others then early voting is disadvantageous and all equilibria are
equivalent to simultaneous voting. Conversely, when some other
candidate is almost as good then any Markov, symmetric, anonymous equilibrium involves sequential voting (and differs from simultaneous voting).
Dekel, Eddie, and Michele Piccione.
"The Strategic Dis/advantage of Voting Early."
American Economic Journal: Microeconomics,
Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior