Dec 29th 2009 By Jeremy Taylor
Our happy hour fact to amaze you drinking buddies with.
Tiger Woods' corporate sponsors have lost about $12 billion in stock value in the wake of the golfer's scandal.
Collecting data over the two weeks following Woods' suspicious SUV crash
, two economics professors at University of California, Davis, determined the financial damage to the brands in bed with Tiger by comparing the stock price of the nine publicly traded companies that Woods endorses
to both their competitors and the market as a whole.
"Our analysis makes clear that while having a celebrity of Tiger Woods' stature
as an endorser has undeniable upside, the downside risk is substantial, too," said the economists. Accenture, the management consulting firm that dropped Woods soon after the scandal broke, suffered no loss in valuation.
We can already see big business flocking to Washington in early-2010 and lobbying Congress for a "Tiger bailout."