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Tiger Cost His Sponsors Up To $12 Billion!
Posted on Wed Dec 30, 2009 03:00 PM PDT
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Tiger Woods' sex scandal has cost shareholders of his main sponsors up to $12 billion, according to a new study at UC Davis.
And get this...the losses are separate from (and possibly even greater than) the damage to Tiger's own earnings! Before the accident, Tiger earned approximately $100 million a year in endorsement income, so you can bet that he's trying to salvage his bank account along with his tarnished reputation.
Victor Stango, a professor of economics at the UC Davis Graduate School of Management and co-author of the study says, “Total shareholder losses may exceed several decades’ worth of Tiger Woods’ personal endorsement income."
The study examined eight sponsors for which stock prices were available: Accenture; AT&T; Tiger Woods PGA Tour Golf (Electronic Arts); Gillette (Proctor and Gamble); Nike; Gatorade (PepsiCo); TLC Laser Eye Centers; and Golf Digest (Conde Nast). Stango and fellow UC Davis economics professor Christopher Knittel studied stock market returns for the 13 trading days that fell between November 27 and December 17.
To assess shareholder losses, Stango and Knittel reviewed returns for Tiger's sponsors during this period to those of both the total stock market and of each sponsor’s closest competitor. The economists also looked at returns for four years before the scandal broke to determine how each company's market performance typically correlates with that of the total market and of competing firms.
Knittel and Stango concluded that the scandal reduced shareholder value in the sponsor companies by 2.3 percent, or about $12 billion. “(This) pattern of losses is unlikely to stem from ordinary day-to-day variation in their stock prices,” the researchers added. Way to go, Tiger!
How much do you think Tiger's own income will suffer?
Report: TIger Woods Dating 22-Year-Old College Student - Mar 21, 2011
Tiger Woods Fined For Spitting At Golf Tournament In Dubai - Feb 14, 2011
Golf Digest Ends 13-Year Endorsement Deal With Tiger Woods - Jan 07, 2011
Tiger Woods Finally Joins Twitter - Nov 17, 2010
X17 EXCLUSIVE - Vivid Head Steven Hirsch Calls Tiger Woods Sex Tape "Nonsense" - Oct 03, 2010
Comments
Tiger = the face of a LOSER!
I hope the shareholders sue him, because he willfully engaged in conduct that would adversely impact the value of the stock; he knew it; and he had been the spokesperson so he was aware of expectations. They should sue. And who gives a rat's ass about his money? I hope Elin gets it all!
AT&T is taking a lot of hits lately. lol
That's some expensive Ho's!!! Hope it was worth it Tiger.
Tiger should go broke-and break his DONG-better yet, cut and discard! Tiger=LOSER and DISGUSTING ASS!!!!
PAY UP Tiger! Tiger can pay his whores money to shut up, he can pay everyone back! SUE his ass, shareholders!!
seems he screwed up in the wrong decade
the vulture culture is picking at his bones and the girls get careers
strange times we live in
ah hes' just a bad boy: charlie sheen
die scumbag: tiger
no double standard going on
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Golf sponsors lost 12 Billion?! Sniff, sniff, how will the world survive? LOL!
I am sure Tiger could pay that debt off. He is a lying, cheating, ugly TIGERPUSS!!
Sponcers were using Tiger for their own benefit; that last shell backfired. Good going there;TeyeG...