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Economists: Tiger Woods cost shareholders $12 billion
8:01 AM on 12/29/2009
Tiger Woods with family AP Photo/Damian Dovarganes
DAVIS, Calif. (AP) -- Tiger Woods' problems at home are apparently being felt by the companies that pay to have Woods endorse them.
According to researchers at the University of California-Davis, the total losses for shareholders at companies like Gillette and AT&T are as much as 12 billion dollars.
Two economics professors looked at stock market returns for 13 trading days after Tiger Woods' car crash near his Florida home in November, leading up to the day Woods announced his indefinite leave from golf.
The report shows investors in three sports related companies, EA Sports, Nike and Gatorade, fared the worst. Consulting firm Accenture reported no negative financial effects connected to Tiger Woods.
Before the scandal broke, Tiger Woods was earning about 100 million dollars a year in endorsements.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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