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FILE - This is an Aug. 9, 2009, file photo showing Tiger Woods, right, holding the trophy with PGA Tour commissioner Tim Finchem, after Woods won the Bridgestone Invitational golf tournament in Akron, Ohio. Finchem says Tiger Woods' indefinite leave doesn't spell

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FILE - This is an Aug. 9, 2009, file photo showing Tiger Woods, right, holding the trophy with PGA Tour commissioner Tim Finchem, after Woods won the Bridgestone Invitational golf tournament in Akron, Ohio. Finchem says Tiger Woods' indefinite leave doesn't spell "gloom and doom" for golf. Finchem said Thursday, Dec. 17, 2009, that while the sport's biggest star's absence will hurt and television ratings won't be as strong, the tour will have a prosperous season in 2010. (AP Photo/Phil Long, File)

Study shows Tiger Woods hurting shareholders

December 29, 2009 7:36 AM

Associated Press

DAVIS, CA -- Tiger Woods' problems at home are apparently being felt by the companies that pay to have Woods endorse them.

According to researchers at the University of California-Davis, the total losses for shareholders at companies like Gillette and AT&T are as much as 12 billion dollars.

Two economics professors looked at stock market returns for 13 trading days after Tiger Woods' car crash near his Florida home in November, leading up to the day Woods announced his indefinite leave from golf.

The report shows investors in three sports related companies, EA Sports, Nike and Gatorade, fared the worst. Consulting firm Accenture reported no negative financial effects connected to Tiger Woods.

Before the scandal broke, Tiger Woods was earning about 100 million dollars a year in endorsements.

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