Study: Woods' scandal cost $12 billion

DAVIE, Calif., Dec. 28 (UPI) -- Researchers at the University of California, Davis say golfer Tiger Woods' marital infidelity scandal cost sponsor company shareholders as much as $12 billion.

UC Davis economics professors Victor Stango and Christopher Knittel said their study into the impact of the scandal on Woods' sponsorship efforts with various companies found revelations of the professional golfer's infidelity had major financial fallout, the Sacramento Bee said Monday.

"Our analysis makes clear that while having a celebrity of Tiger Woods' stature as an endorser has undeniable upside, the downside risk is substantial, too," Stango said.

To estimate the losses blamed on the Woods scandal, Stango and Knittel monitored the stock market for 13 days after Woods' Nov. 27 car accident that ultimately led to Woods' confession of being unfaithful to his wife.

The two researchers said shareholder value in Accenture, American Express, AT&T, Tiger Woods PGA Tour Golf (Electronic Arts), Gillette, Nike, Gatorade, TLC Laser Eye Centers and Golf Digest fell 2.3 percent during the time period at a value of nearly $12 billion.