| Shareholders of Tiger Woods' sponsors lost up to $12 billion |
| News - Financial News |
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--(www.FinancialNewsUSA.com)-- 12/30/2009 - Most Popular industry news provided by Financial News USA. While Tiger Woods may be wondering what a divorce would cost him personally, shareholders in companies he endorses are already stinging from losses many times the golfer's net worth. At least that's what a new university study says. 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. Stango, together with co-author UC Davis economics professor Christopher Knittel, looked at stock market returns for the 13 trading days between November 27, when the car crash that ignited the Woods' scandal happened, and December 17, a week after the golfer announced his indefinite leave from the sport. For the study, they compared returns for Woods' sponsors during this period with those of the total stock market and of each sponsor's closest competitor. The two economists also reviewed returns for four years before the car accident to determine how each sponsor's market performance normally correlates with that of the total market and of competitor firms. Naturally, many other factors could also affect trading at that time. The study includes eight listed sponsors: Accenture [ACN 41.82 -0.03 (-0.07%) ], AT&T [ATT 26.74 -0.04 (-0.15%) ], Tiger Woods PGA Tour Golf (Electronic Arts) [ERTS 17.92 0.02 (+0.11%) ], Gillette (Procter and Gamble) [PG 61.58 0.33 (+0.54%) ], Nike [NKE 66.21 0.71 (+1.08%) ], Gatorade (PepsiCo) [PEP 61.10 -0.06 (-0.1%) ], TLC Laser Eye Centers and Golf Digest (Conde Nast). About Financial News USA Financial News USA is a Next Generation Financial Communications firm focused on the distribution of market moving news. Financial News USA has developed leading edge e-publishing tools including programming proprietary RSS feeds and enabling open source press release publishing across its network. Financial News USA has been aggressively expanding its news distribution network by targeting direct feeds to financial news and data providers such as FinancialContent, Yahoo (NASDAQ: YHOO), among others. Financial News USA offers a free news feed available online (www.financialnewsusa.com) to websites and financial services looking for content and for individual investors looking to stay informed on the financial markets. Financial News USA and its affiliates charge each client cash for news distribution and may take an equity position in the companies mentioned herein, please visit the disclaimer at www.financialnewsusa.com. 
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