Release of UC Davis Study Indicating that Shareholders of Tiger Woods Sponsors have Lost up to $12 Billion in the Wake of Scandal

Shareholders of Woods' sponsors lost up to $12 billion in the wake of the scandal involving his extramarital affairs, according to a study by researchers at the University of California, Davis.

"Total shareholder losses may exceed several decades' worth of Tiger Woods' personal endorsement income," Victor Stango, a professor of economics at the UC Davis Graduate School of Management and co-author of the study, said in a statement.

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.