They examined the stocks of the companies over four years to reach an average and then compared them with competitors to conclude that ''the overall pattern of losses at the parent companies is unlikely to stem from ordinary day-to-day variation in their stock prices''.
The losses Woods's sponsors suffered will far outstrip the losses suffered by the golfer himself, it also said. Up until the scandal Woods earned an estimated $112 million from sponsorships and endorsements from Nike, Gatorade, Gillette, Electronic Arts, Tag Heuer and Accenture. One of the sponsors, the consulting firm Accenture, which had distanced itself from Woods on December 13, had experienced ''no ill effects,'' it said. ''Sports-related sponsorships are critical to sports video games, sports drinks and apparel.