It seems Tiger Woods' scandulous personal life is going to not only cost him but also to the shareholders of the brands that Woods has been endorsing. 
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Torrid times: Tiger Woods</td></tr></tbody></table>Two American professors have pinned the loss to shareholders from Woods' 'marital infidelity' at up to $US12 billion (Rs 55,770,00,00,000), according to the Sydney Morning Herald. The University of California, Davis, researchers said the new study speaks to the question of whether celebrity sponsorship has an impact on a firm's bottom line. "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," Victor Stango, professor of economics was quoted as saying by the Australian newspaper. Stango and fellow economics professor Christopher Knittel studied the stock market for 13 days after Woods crashed his car outside his Florida home on November 27. Since then, several women have said they had romantic affairs with Woods. Woods eventually confessed to infidelity and lost major sponsorships. The UCD economists compared returns for Woods' sponsors to those of the total stock market and of each sponsor's closest competitor, a UC Davis news release stated. The study focussed on nine sponsors: Accenture, American Express, AT&amp;T, Tiger Woods PGA Tour Golf (Electronic Arts), Gillette, Nike, Gatorade, TLC Laser Eye Centers and Golf Digest. Shareholder value fell 2.3 per cent u2014 or about $US12 billion. The pattern of losses is unlikely to stem from ordinary variation of stock prices, the Stango and Knittel stated in their study. It was also reported by the Sydney-based newspaper that investors in three sports-related companies u2014 Tiger Woods PGA Tour Golf, Gatorade and Nike u2014 fared the worst, experiencing a 4.3 per cent loss, or about half of the total losses suffered.

It seems Tiger Woods' scandulous personal life is going to not only cost him but also to the shareholders of the brands that Woods has been endorsing.

Woods' marital infidelity costs his sponsors dearly

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Woods' marital infidelity costs his sponsors dearly

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