Woods' blunder costs USD 12 billion to sponsors

Sponsors of golf superstar Tiger Woods have lost around USD 5 to 12 billion since reports of his extramarital affairs broke out, a new survey has said.

The new study by the University of California, Davis (UC Davis) examined stock market returns for the 13 trading days that fell between November 27, the date of Woods' car crash and December 17, a week after the sports champion announced his indefinite leave from golf.

Two UC Davis economics professors, Victor Stango and Christopher Knittel looked at eight of his sponsors - 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).

source : http://www.indiareport.com/India-usa-uk-news/latest-news/728312/2/30/20/30