The Tiger Woods Scandal Is Costing More Than Just Tiger Woods

A new study from University of California, Davis finance professors estimates that shareholders of such Tiger Woods-endorsed stocks as Nike(NKE Quote) and PepsiCo(PEP Quote) — which makes Gatorade — have lost between $5 billion to $12 billion in market value since the Tiger sex scandal broke.

Victor Stango, a professor of economics at the UC Davis Graduate School of Management, and co-author of the study along with economics professor Christopher Knittel, looked at stock-market returns for the 13 trading days that fell between Nov. 27, the date of the car crash that ignited the Woods’ scandal, and Dec. 17, a week after the golf great announced his indefinite leave from the sport.

Tiger Woods Costs Investors $12 Billion (The Street)

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