A new study says that Tiger Woods spectacular fall from grace has cost shareholders of the firms that used him as a spokesperson to lose $12 billion in value.
Total shareholder losses may exceed several decades’ worth of Tiger Woods’ personal endorsement income,” said Victor Stango, a professor of economics at the University of California, Davis and co-author of the study.
Stango and a colleague looked at stock market returns for the 13 trading days that fell between Nov. 27, the date of the car crash that ignited the Woods’ scandal, and Dec. 17, a week after Woods announced his indefinite leave from the sport. They compared the stocks to the total market and to competing stocks, plus they looked back four years to get a sense of how the stocks have historically done in comparison to the market and to competitors.
Meanwhile, Mr. Woods is said to be entering reheb for sex addiction.
Tiger Woods’ Affairs Cost Billions in Stock Market [Yahoo!]